Providing service and support to film and television musicians.
Dear Participating Musician/Beneficiary,
I am extremely pleased to include your July 2017 residual distribution from the Film Musicians Secondary Markets Fund. This is a residual payment made to you by the Motion Picture and Television Producers who are operating under the AFM Basic Theatrical Motion Picture Agreement and/or the AFM Basic Television Motion Picture Agreement negotiated by the American Federation of Musicians.
This has been another banner year for the Fund. Once again, the Fund's collections for the fiscal year have exceeded all prior years. For the fiscal year that ended March 31, 2017, the FMSMF collected residuals of more than $99 Million, surpassing the record set in FY 2016 of $93.4 Million. The continuing growth in residuals collected by the FMSMF during the past several years is a positive sign about the secondary market viability of AFM covered films, television programs and new media content that feature the talents of professional musicians.
You may have noticed that the Fund's website has evolved significantly since 2014. We continue to make improvements in an effort to provide current information and make navigation easier for musicians, their beneficiaries and contributing producers. If you are receiving this letter by mail, we encourage you to access the website's "online account access" feature and enroll in the Fund's "Go Paperless" option to receive all of your annual information (except W-2 Forms) electronically. It's secure, fast, helps reduce costs and supports our environment. In addition, if you Go Paperless, your minimum check amount is $10, rather than the higher de minimis amount of $50. For more information, please visit the website at fmsmf.org/faqs/pstart.php or call the Participant Services Hotline at 1-888-443-6763 for assistance. The website also contains important information on paid films, obligated films, Fund financials, Fund policies, basic FAQs and other items of interest for both Participants and Producers.
The Fund is currently reviewing its processes and policies regarding beneficiaries in order to ensure that musicians' wishes are clearly and efficiently followed as much as possible after their passing. Over the next several months, the Fund will provide updates and reminders for you to be on the lookout for new updated beneficiary forms that will be mailed to all musicians later this year. Check the Fund website, sign up for the Fund's Music Notes e-newsletter, keep your address information with the Fund current -- and when you receive future Fund mailings, be sure to open them immediately!
We hope that you're already receiving Music Notes, the Fund's e-newsletter which is emailed to participants several times each year. If not, this is a great time to ensure the Fund has your current email address. Also, if you are a current AFM member, please look for news and information from the Fund which is published in International Musician from time to time to provide updates about the Fund to working musicians. And, if you have not already done so, please be sure to like us on Facebook!
An general overview of the Fund's fiscal performance is provided in the unaudited Financial Summary found below. The final independent auditor's audited financial report for Fiscal Year 2017 will be available on the Fund's website later this year.
Fiscal Year Ended
Fiscal Year Ended
|Amounts set aside pending verifications||(1,955,894)||(793,083)|
|Contribution available for distribution||$97,501,165||$92,675,930|
|Cost Basis Adjustment on Investments||(166,195)||(276,127)|
|Retired unclaimed distributions||2,247,634||2,188,678|
|Available for distribution after Adjustments||$100,721,243||$95,422,962|
|Estimated Employers' share of payroll taxes||(6,200,000)||(6,000,000)|
|Reserve for omissions**||(1,689,055)||(715,069)|
|Projected Distribution Amount||$85,983,379||$82,697,484|
NOTE: * Includes disbursement to participants of previous years' unclaimed distributions.
Enclosed with this mailing you will also find:
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.
If you have questions or if we can be of service, please feel free to contact us toll-free at 888-443-6763 and follow the prompts to speak to a Participant Services Associate, or email us at
On behalf of the staff at the Fund, we look forward to continuing our support of the Fund's Participants, and welcome your feedback on how we can better serve you and the motion picture music community as a whole.
Each year, new films and television programs report in to the Fund for the first time and new musicians are added to the Fund's rolls as a result of new scoring work on these projects. We thank all musicians, new and returning, for your contributions to the motion picture and television industry and wish you continued success.
Kim Roberts Hedgpeth
A PDF distribution version of the 2017 Executive Director letter is available below...
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Ron Yungul, Site Manager