AFM’s Financial Health is Restored

May 16, 2014

Sam Folio  -  former AFM International Secretary-Treasurer

Our financials are being prepared for the annual report. AFM members will be able to read the 2013 Annual Report and the LM reports at AFM.org in early May. 

Total current AFM assets: $14,328,749.

All filings were done early and timely. A few years ago, the AFM was in a financial down-spin to the point of possibly going out of business. As you know by following my column, the Federation made cuts and made all possible areas into profit centers. It presented a compelling plan to the 2013 AFM convention. The promises were kept by the AFM International Executive Board (IEB) and the plan was well received by delegates. 

You may recall that we owed the relocation fund almost
$3 million. I am pleased to report that we have paid back
$1 million plus interest in 2014 to the relocation fund, leaving only $500,000 due the fund. We are actively pursuing the purchase of space so as to relieve us of $700,000 per year rent and possibly turning rental expenses into rental income. There will be more details on relocation as things unfold.

We saw income over expenses of $670,000. Also, it should be noted that the convention expenses are charged in the year in which the convention occurred, 2013. 

Some funds restricted as of December 31, 2013 are: Touring Musicians Strike Fund $936,098 and Lester Petrillo Memorial Fund for sick and disabled musicians $606,880.   

Detailed financial information is available online. The Federation is healthy once again!

As a closure to this month’s column, I would like to ask AFM members to recruit nonmembers they play with or know into the AFM, whether they are musicians who have let their dues lapse or musicians who have never belonged. Membership is particularly important for any musicians with recordings, downloads, streamings, or any electronic media catalogues. The AFM and other associated funds are collecting money from multiple sources, some of which can only be distributed to members. Other funds are awaiting distribution and can’t be made available due to poor addresses.

If ever there was a time to belong to the AFM it is now. We have millions of dollars pending distribution and other funds from foreign sources that foreign collectives will only forward to members. It is a peculiar position to be begging musicians to join the AFM so that they may maximize their benefits.

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