Responsibilities of a Small Condo Association Trustee

condo-associationA condo association trustee for a small condo association has various responsibilities including repairs, financial duties, collecting and setting fees, and writing and enforcing by-laws. Associations are often run by a board of trustees but can also be run by board members who work to resolve issues and ensure the proper maintenance of the properties to keep the property value as high as possible.

Roles for Condo Association Trustees

In a small condo association setting the major roles are the president, the treasurer, and the secretary although sometimes one person will take on two or three roles. The president is mandated with calling and conducting meetings which must be held at least once per year. The secretary takes the association’s minutes and the treasurer has the duty of managing the financial aspects of the condo association. Read more

What Happens When a Homeowners Association Goes Bankrupt

homeowners-association-bankruptcyA homeowners association (HOA) is mainly funded by monthly fees from homeowners. A homeowners association is run like a business and when they are mismanaged they run the risk of becoming bankrupt. Bankruptcy mainly occurs due to embezzlement, mismanagement, or theft which is very rare. Additionally, their revenue can greatly decrease due to home foreclosures which causes the number of paying members to decrease. The first sign of problems is noted when the homeowners association begins to withhold the financial situation from its members. Read more