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2004-2005 Membership Drive 

How is CFMA funding the 2004-2005 Membership Drive, including the prizes?
The 2004-2005 Membership Drive is designed to be a self-funding activity. Income from other revenue streams (such as the recent increase in Associate Member dues) will not be used to help underwrite either the Drive or its prizes. Increased dues revenues from a gain of 2,000 new members will more than offset the money spent for all aspects of the Drive, including the cost of the prizes. In fact, Membership Drive calculations project a break-even point at approximately 500 new members – a very attainable goal. 

Why does the 2004-2005 Membership Drive offer members the chance to win substantial prizes? Is this fiscally responsible and in the best interest of CFMA?
CFMA has a history of offering prizes as an incentive to encourage member participation in national membership drives. We have not recently offered this form of incentive since we’ve not had a national membership drive in many years. As a result, CFMA’s membership has remained essentially flat over the past five years. Membership growth continues to be critical to the long-term vitality and health of CFMA and to our ability to provide expanded member products and services of the highest quality. 

Are there any tax implications for 2004-2005 Membership Drive prizewinners?
Yes. CFMA is required by Federal law to report recipients of prizes in excess of $600 during any year by filing Form 1099-MISC with the IRS (with a copy to the prize winner). Accordingly, receipt of any prize is conditioned upon the prizewinner providing CFMA with his/her tax identification number (e.g., social security number) and current contact information. 

How will a successful Membership Drive affect plans for future member dues increases?
Achieving our goal of 2,000 new members during this Membership Drive means no member dues increase in CFMA fiscal year 2006-2007. 

How is chapter member retention related to the 2004-2005 Membership Drive?
Clearly, membership retention is an integral part of any successful membership drive. Failure to retain established members will make achieving the overall goal of adding 2,000 new members much more difficult. As in the past, chapters achieving exceptional member retention rates will be recognized with the appropriate Gold, Silver or Bronze Membership Renewal Award during the Chapter Recognition Breakfast at CFMA’s Annual Conference & Exhibition.