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AMCI Standard

The NEW AMCI Standard Of Good Practices - Updated January 1, 2019!

Members of AMC Institute have developed a Standard of Good Practices for the Association Management Company industry.  The purpose of this Standard is two-fold: (1) to collectively enhance management practices across Association Management Companies (AMCs) and (2) to assist AMCs in the establishment of internal quality service systems.

The newly updated AMCI Standard of Good Practices for the Association Management Company Industry can be found here.

     Download the Standard 

Please contact Erin Carter at ecarter@amcinstitute.org for additional information.

What has Changed?  Download the changes here. 

Below is a list of important changes to the Standard.

  • 3.5.5 An external, independent, qualified third party (CPA or outside the USA equivalent)
    shall conduct an asset and liability verification (audit or agreed upon procedures
    engagement) immediately prior to or immediately after the transfer of financial
    responsibilities to new management; if a verification is not authorized by the client,
    this fact shall be recorded in writing. 
  • 3.6 AMCs shall address in writing, whether in their contracts or other documentation, the respective intellectual property rights (e.g. copyright, trademark, patents) of the client and the AMC including: 
    3.6.1 Materials and software systems developed and customized specifically for the client. 
    3.6.2 Materials and software systems of the AMC adapted for use with the client. 
  • 6.4 AMCs shall adopt written policies and procedures addressing the acquisition, to protect the privacy, and integrity and use of client’s proceedings, records and data.
  • 6.7 AMCs shall propose to Client Boards the need for General Liability, Association Professional Liability Insurance (APLI) and Cyber Policies; if declined, this fact shall be recorded in writing. 
  • 7.1 Minimum Amount or Recommendation for AMCs to determine amount based on the suggested criteria 
    7.1.1 Commercial General Liability $1,000,000 
    7.1.2 Property (including property in transit) Full value of property 
    7.1.3 Valuable Papers Full value to reconstruct 
    7.1.4 Employee Dishonesty For both AMC and client property and funds 
    7.1.5 Money and Securities For both the AMC and client funds, maximum amount of cash on hand, including convention receipts 
    7.1.6 Computer Equipment and Data Full value of equipment and reconstruction of data 
    7.1.7 Non –Owned and Hired Auto Liability $1,000,000 
    7.1.8 Worker’s Compensation Minimum amount based on each state’s regulations 
    7.1.9 Errors and Omissions $1,000,000 
    7.1.10 Cyber Liability $1,000,000 
  • 12.1 AMCs shall adopt a schedule of internal review audit quality control verification procedures to: 
    12.1.1 Determine whether performance complies with the AMCs written plans, procedures, and programs. 
    12.1.2 Validate the effectiveness of the AMCs corrective actions. 
    12.1.3 Confirm activities are appropriately planned; 
    12.1.4 Ensure internal reviewers are independent of the procedures and people being reviewed and external auditors reviewers are recognized independent entities; 
    12.1.5 Demonstrate quality control results, corrective actions, and corrective action results and consequences are appropriately recorded; 
    12.1.6 Verify quality control conclusions are discussed with the people whose activities and results are being reviewed, and deficiencies are corrected; 
    12.1.7 Affirm copies of the quality control reports are kept on file for future reference in accordance with the records retention policy, but for not less than four years. 
     

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