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Annual Distribution Letter from the Executive Director

Dear Participating Musician/Beneficiary,

CONGRATULATIONS! With the conclusion of the 2016 fiscal year, Film Musicians Secondary Markets Fund participants have once again achieved a record. For the fiscal year ending March 31st, the FMSMF collected residuals of more than $93.4 Million, surpassing the record of $92,641,562 collected last year. Residuals received at the FMSMF represent only a small percentage (generally less than 1%) of wholesale receipts generated from secondary market sales, so the residuals collections each year ebb and flow as sales of films, TV programs and new media productions into secondary markets ebb and flow. The continuing growth in residuals collected by the FMSMF during the past several years is a positive sign about the secondary market viability of covered films, television programs and content made for new media platforms.

FMSMF.ORG:

Last July, we announced a long overdue face-lift of our website at www.fmsmf.org, to make navigation easier for musicians, their beneficiaries and contributing producers. Since then we’ve added further enhancements to the site: the ability to download statements faster and in more user friendly formats, enhanced security features, easier navigation of the “unclaimed” list, and more. We will continue to make changes to enhance your online experience in the months and years ahead.

If you've received this statement through the mail in paper form, we encourage you to enroll in the "Go Paperless" option to receive all of your annual information (except W-2 Forms) electronically. It's secure, fast and a cost savings to the Fund and Participants while helping the environment. In addition, if you Go Paperless, your minimum check amount is $10, rather than the raised de minimis amount of $50. For more information, please visit the website at www.fmsmf.org/faqs/pstart.php, or call the Participant Services Hotline at (888)-443-6763 for assistance.

The website also contains important information on paid films, obligated films, Fund financials, basic FAQs and other new features and items of interest for both Participants and Producers.

ENHANCED COMMUNICATIONS

We hope that you’ve been receiving the “Music Notes” electronic newsletter that the Fund initiated in 2015, which is sent to participants, who have provided their email address to the Fund, several times each year. Also, if you are a current AFM member, please look for updates and articles published in International Musician from time to time which provide information about the Fund to working musicians. And if you have not already done so, please like us on Facebook to stay in touch!

An overview of the Fund's fiscal performance is provided in the Financial Summary found on the reverse side.

Unaudited Summary of Financial Activities

Estimates as of July 1 for
FYE March 31, 2016 and FYE March 31, 2015

  Fiscal Year Ended
3/31/16
  Fiscal Year Ended
3/31/15
Collected Contributions 93,469,013   92,641,562
Amounts set aside pending verifications (793,083)   (542,798)
Contribution available for distribution $92,675,930   $92,098,764
Interest/Dividends earned 834,481   993,123
Cost Basis Adjustment on Investments (276,127)   (379,589)
Retired unclaimed distributions 2,188,678   1,913,331
Available for distribution after Adjustments $95,422,962   $94,625,629
Cash expenditures* (6,010,409)   (6,529,078)
Estimated Employers' share of payroll taxes (6,000,000)   (6,900,000)
Reserve for omissions** (715,069)   (875,982)
Projected Distribution Amount $82,697,484   $80,320,569

NOTE:    * Includes disbursement of prior years' unclaimed distribution.
             ** New beginning balance of $925,000 set for Sept. 2016 omissions.

Enclosed with this mailing you will also find:

  1. A check (or Direct Deposit voucher) for your share of the annual disbursement.
  2. 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.

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 participants, new and returning, for your contributions to the motion picture and television industry and wish you continued success.

Sincerely,

Kim Roberts Hedgpeth
Executive Director

A PDF distribution version of the 2016 Executive Director letter is available below...

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