a new study conducted by the amc institute looks at the performance of amc's in recession and found that more standalone associations operated at a deficit in 2008, the first year of the recession, than those managed by association management companies. they found that 53 percent of standalone associations operated at a loss at the end of 2008, up from 30 percent the two previous years. the study found that only 34 percent of amc managed associations operated at a loss in 2008. amc's had better operating efficiency, calculated by dividing total assets by total revenues, than standalone associations during the recession. the study was based on surveys of 109 standalone associations and 113 amc-managed associations. for more information about this study contact leidida ocon at 312-372-2200.