For condo owners, fears of a one-time assessment are a way of life in communities where a sizable reserve is not present.
Now, the National Association of Broadcasters (NAB) has taken a page out of the HOA handbook. Its Board of Directors has unanimously voted to approve a one-time assessment of its members.
In a letter signed by Salem Media Group Broadcast Media President Dave Santrella, the Radio Board of Directors Chair; Graham Media Group President/CEO and TV Board of Directors Chair Emily Barr; and Joint Board of Directors Chair and Hearst Television President Jordan Wertlieb; NAB members were told that, “like your own business,” the NAB is constantly reviewing its operating budget. It’s made tough decisions “to reduce costs while ensuring continuity of operations during this period.”
These include cuts to executive compensation, “significant budget reductions” and instituting a hiring freeze at the NAB, they said.
But, that’s not enough to stem the fiscal concerns that have grown at the broadcast media industry’s largest lobbying and advocacy group — an organization now challenged by the creation of the Independent Broadcasters Association, with its intent to attract smaller and non-corporate owned radio station owners disenchanted with what they believe is the NAB’s big-market, corporate-owner focus.
In the letter, the executives state, “The reality is that the costs needed to sustain our strong advocacy remain significant, and NAB member dues alone cannot entirely fund our efforts to defend your businesses and our industry.”
That’s why a one-time assessment equal to each member’s annual membership dues and payable over three years is being issued.
The reason is blunt and succinct.
“It is intended to make up for lost revenue due to the cancellation of NAB Show, which accounted for 70% of NAB’s operating budget, as well as the expected decline in future convention revenues as the result of COVID-19,” they say.
The NAB’s membership team will be releasing information in the coming weeks on the assessment. It also offers those to call 202-775-2555 or e-mail queries to [email protected].
“As our nation prepares for possible changes in the government and we continue our
ongoing battle against the pandemic, there is much at stake for our industry,” the industry leaders conclude. “With your continued support, we will keep standing up for you in our nation’s capital, ensuring your ability to innovate, thrive and serve your communities.”