Condo associations are typically run by a board of trustees, or board members, who are responsible for many aspects of the association such as repairs or financial requirements. Small condo association trustees are typically all the owners within the unit. These owners must work together to resolve differences and maintain the values of the units for all members of the association.
Typical roles within a condo association are the president, secretary and treasurer. The president calls and runs meetings which must be held at least annually. The secretary takes the meeting minutes or notes, and the treasurer is responsible for finances of the association. Small condo associations may or may not have all these positions. In some associations the positions may be combined. The condo's bylaws will state what roles the condo association has and the responsibilities of each role.
The small condo association trustee must still hold meetings. The meeting must occur at least annually to vote for new trustees and set the budget for the association for the year. Meetings held more than once a year may benefit the association by helping solve disputes between neighbors and address immediate needs that arise without having to wait months for the issue to be discussed. Notes, or meeting minutes, must be taken and then distributed to all board members and owners in the association after the meeting has taken place.
The trustees are also responsible for setting and collecting fees from the homeowners. Condo associations have association dues that are paid each month to the condo association. These fees cover costs such as lawn maintenance, snow removal, utilities of the association and establishing reserves for major projects that must be paid in the future. The trustees must decide what the monthly amount should be and collect the fees from owners.
It is the condo association trustees' duty to monitor the financial aspects of the condo association, such as paying bills and keeping detailed financial records. The trustees must decide what contractors will be hired to complete maintenance if required and what amounts the association is willing to pay for these services.
The trustees are responsible for enforcing and updating bylaws. The bylaws state specifically which responsibilities are those of the homeowner and those of the association. Typically, the association is responsible for all common areas and the unit owner is responsible for the inside of his own units. However, small condo associations may want to transfer more responsibility to the unit owners to avoid disputes. For example, each unit owner is responsible for the roof of the unit instead of the association. This relieves financial strain from the association and avoids possible disputes.
Michael Carpenter has been writing blogs since 2007. He is a mortgage specialist with over 12 years of experience as well as an expert in financing, credit, budgeting and real estate. Michael holds licenses in both real estate and life and health insurance.