Drake & Company accredited by American Society of Association Executives
CHESTERFIELD, MO (June 1, 2005) – Based on Drake & Company's dedication to upholding the standards of the association industry, the American Society of Association Executives renewed the association management firm's accreditation' through 2007.
"Drake & Company is a client-focused organization who shares the goals of the associations it serves," said owner and president Steve Drake. "ASAE accreditation is a reaffirmation of our core values."
ASAE's Association Management Company Accreditation Program assists the association community by identifying the standards and criteria that are indicative of quality management service providers.
According to ASAE, the program identifies the practices that are indicative of quality AMC services, assesses the procedures and practices of individual AMCs, formally recognizes those AMCs that meet the requirements set forth by the ASAE AMC Accreditation Commission, improves the quality and effectiveness of services provided to the association community and encourages quality service to associations by AMCs.
Fewer than 70 assocation management companies are ASAE accredited. Drake & Company was one of the first AMCs to be accredited by ASAE and is a charter-accredited organization.
Accreditation requires all applicable insurance coverage, authority to conduct business in states where the applicable and all specific services performed are verified in each client's agreement.
Additional accreditation standards include:
- AMCs recognize the unique missions, goals, structures, and needs of their association clients and use their best efforts to meet those needs.
- AMCs operate ethically and in compliance with all applicable laws and regulations.
- AMCs accurately represent the expertise, experience, credentials, and services of their companies and their employees to the public.
- AMCs manage all client accounts and funds in compliance with accounting rules and regulations as promulgated by the Financial Accounting Standards Board.
- AMCs observe federal tax requirements for maintaining the tax status of their clients.
- AMCs have written policies precluding co-mingling of assets among client associations or with assets of the AMC.
- AMCs disclose to clients all income received by commission, finder's fee, and other sources related to that client.
- AMCs enter into written contracts with each association client stating, at a minimum, the services to be provided, fees and billing procedures, and the term and termination aspects of the contracts.
- AMCs ensure that employees are certified or qualified to provide services to clients when certification or a particular qualification is necessary to serve the clients effectively.
- AMCs maintain bonding insurance to protect association clients against employee dishonesty.
- AMCs maintain comprehensive insurance coverage in amounts reasonably sufficient to protect association clients. AMCs also encourage clients to acquire appropriate officers and directors insurance.
- AMCs maintain full and accurate records of current and prior association clients, maintain the confidentiality of all association client records, data, proceedings, contracts, and other information, and maintain and provide a written confidentiality policy to all clients (either as part of or separate from the written contract with the client).
- AMCs investigate all potential conflicts of interest in their representation of association clients, avoid all conflicts of interest unless an express written waiver of such conflicts is obtained from all relevant parties, and maintain and provide a written conflicts of interest policy to all clients (either as part of or separate from the written contract with the client).
- AMCs communicate regularly with their association clients to ensure that the AMC is providing all contracted services in an effective and efficient manner.
- AMCs ensure the integrity and confidentiality of each association client's relationship with its legal counsel, including but not limited to the protection of all privileges
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Contact:
Steve Drake
Drake & Company
(636) 449-5050
drake@drakeco.com