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About Us
Admin. Letter |
July 1, 2012
Dear Participating Musician/Beneficiary,
I am extremely pleased to report that this has been another banner year for the Fund. In fact, we have just posted the second best year in the Fund's history, with nearly $84 million in contributions for fiscal year 2011-2012. This represents a 4.58% increase over last year's contributions, and is especially significant in light of the continuing industry-wide declines in the home video market.
Increased collections this year are the result of several factors, including additional product scored under the AFM Motion Picture & Television Film Agreements, both in the area of low budget and independent films, and major studio "tent-pole" productions, plus the advent of new media revenue has contributed to this growth. Also, this past year, we succsessfully resolved our long standing legal battles with NuImage/Millennium Films. Not only did the 9th Circuit Court find in our favor, but the Appellate Court upheld that decision and awarded us the full amount owed to the musicians in addition to damages, attorney fees, accounting fees and court costs. I am especially proud of the work our legal team, as well as that of the Fund's Compliance Department whose hard work, beyond the call of duty, resulted in our success.
Online Access:
While the Fund's website has served us well for a number of years, the time has come for a complete facelift and overhaul. You will see changes to the website over the next several months, and we hope you will be as excited about them as we are. In the meantime, the current website at www.fmsmf.org will continue to provide easily accessible information, including:
- The Master List of paid films - which in an effort to be more environmentally responsible and fiscally conscientious is now available only online or upon request
- A new tool to enable you to analyze the films on your Participant's Statements from various years
- A listing of obligated films, Fund financials and other useful materials for both Participants and the Industry
If you haven't yet done so, please visit www. fmsmf.org and register for "Private Area" access. Participants who have signed up for "Private Area Access" can use the online service to view and print their annual statements and make changes to their personal account information. We also strongly urge everyone who hasn't done so already to "Go Paperless." It's faster, more secure, and environmentally friendly with a cost savings to the Fund and the Participants. Please visit the website or call the Participant Services Dept. for assistance or more information.
Please take a look at the Financial Summary on page 2 for an overview of the Fund’s fiscal year 2012 performance.
Un-Audited Summary of Financial Activities
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Fiscal Year Ended |
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Fiscal Year Ended |
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3/31/2012 |
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3/31/2011 |
Collected Contributions |
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$83,659,283 |
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$79,992,652 |
Internal Processing Adjustments |
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(1,034,396) |
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(937,108) |
Contribution available for distribution |
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$82,624,887 |
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$79,055,544 |
Interest earned |
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1,253,952 |
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1,488,597 |
Prior year's unclaimed distributions |
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1,563,217 |
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1,391,995 |
Subtotal |
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$85,442,056 |
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$81,936,136 |
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Cash expenditures |
* |
($5,423,114) |
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($6,078,733) |
Estimated Employer's share of payroll taxes |
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(6,100,000) |
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(6,000,000) |
Reserve for omissions |
** |
(799,967) |
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(1,050,000) |
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(12,323,081) |
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(13,128,733) |
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Distribution amount |
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$73,118,975 |
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$68,807,403 |
Note: * Included here is the total of $643,842 payment of prior years’ unclaimed distribution.
** New beginning balance of $950,000 set for omissions this year-Sept. 2012.
Enclosed in this mailing you will find:
- A check (or Direct Deposit voucher) for your share of the annual disbursement.
- Your individual Participant’s Statement.
Please note that the enclosed check is valid for a period of 90 days from the date of issue and cannot be cashed beyond that time. We will be happy to reissue checks that expire.
The Fund is here to serve you. Please feel free to contact us directly at 818-755-7777, or toll free at 888-443-6763 and ask for the Participant Services Department.
Wishing you continued success.
Sincerely,
Fund Administrator
A PDF distribution version of the 2012 Admin letter letter is available below...
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Please report any problems to:
Ron Yungul, Site Manager
ryungul@fmsmf.org
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