The IFMC still exist, the name has been changed. They do not tend to use the term "Folk Music, having long ago replaced it with "tradition music", and they lean more toward "Ethnomusicology" to describe their work.

So, there we have it - the International Council for Traditional Music. Maybe they got wise to the nebulosity of the the term Folk Music too. Their objective: to assist in the study, practice, documentation, preservation and dissemination of traditional music and dance, including folk, popular, classical, urban, and other genres, of all countries. One wonders how much credence they still give to the 1954 definition of Folk Music - after all, 55 years is a long for an academic theory to remain unchallenged. In the reactionary backwaters of the Folk Revival 55 years is just about long enough for it to become written in stone. Ethnomusicology is defined (by Carole Pegg) as the study of social and cultural aspects of music and dance in local and global contexts. I've known ethnomusicologists do their post-graduate research into everything from Gamelan of Java to the Barbour Shop Quartets of Teeside. I dare say, too, one might study the Folk Songs of amateur Folk Singers as practised in the Folk Clubs of Lancashire irrespective of whether or not what they're singing fits with some archaic criteria that to many here has such an absolute currency.