Friday, October 19, 2012

ACM Competitor Closes its Doors

The Baltimore Business Journal in an article published yesterday, http://www.bizjournals.com/baltimore/blog/real-estate/2012/10/legacy-investment-closes-its-doors.html reported that Legacy Investment Management, LLC, a Columbia based property management company closed its doors on Friday. The Legacy statement said the closure was the result of a dispute with a local bank resulting in the bank’s freezing Legacy’s funds.

We will learn more in the near future as to what occurred that caused these events to take place, however I think it appropriate that I emphasize to all clients of ACM the importance of maintaining a strong verifiable bank reporting system. We take very seriously our obligation to provide our clients with financial information within 30 days following each monthly period. The availability of online reporting, record keeping and the creation of a separately managed facilities management department, are just a few of the protections our company puts in place for our clients. We are currently attempting to provide even more controls for clients especially in the area of reserve funding.

Our company supports the review of community records by an outside auditor and we encourage each community to provide Directors & Officers Liability insurance as well as Fidelity insurance as required by state law. Most importantly, we want your continued involvement in what we do; helping us better serve your community.

ACM is a community management administrative company. We support the efforts of the common interest community board in their efforts to manage the community. We will continue to bring qualified professionals to all of our departments: accounting, property/facilities management, community management, and community administration. We will not give any individual or department the total authority to represent the interests of our community clients. ACM’s unique method of community management is certainly not the least expensive and requires all team members stay involved with our management, however we believe it is the best process to assist the community board in their management.

By: M.L. Herzberger, Jr., President