Nevada Trust Accounts
& Financial Controls

• Authorizing the opening and closing of all trust accounts and reporting changes to NRED within 30 days
• Establishing written authorization thresholds for trust account disbursements
• Reviewing all trust account bank statements as they are received
• Reviewing, approving, and personally signing every monthly three-way reconciliation
• Investigating every reconciliation discrepancy — no matter how small — before signing
• Confirming all incoming trust funds are deposited within one business day of receipt
• Confirming security deposits are maintained in a separate trust account
• Confirming no commingling of client and company funds occurs under any circumstances
• Reviewing owner and tenant ledger balances in Buildium on a monthly basis
• Responding personally to any Nevada Real Estate Division inquiry about trust account activity

A Broker who delegates the preparation of the monthly reconciliation worksheet to a bookkeeper is exercising appropriate operational management. The bookkeeper prepares the worksheet. The Broker reviews it. The Broker investigates any discrepancy. The Broker signs the completed reconciliation. This is supervised delegation — appropriate and how most professional brokerages operate.

What is not appropriate is unsupervised delegation. A Broker who signs reconciliations without reviewing them, or who trusts a bookkeeper's assurance that everything balances without verifying it personally, has not exercised supervision. They have abdicated responsibility while retaining accountability — the worst possible combination.

Buildium is an exceptional property management accounting tool. It does not replace the Broker's judgment, oversight, or legal responsibility. The Broker uses Buildium as a tool — reviewing its outputs, verifying its accuracy, and making the decisions that only a licensed broker can make.

• Formal complaint and investigation by the Nevada Real Estate Division
• License suspension or revocation for the Broker and potentially for affiliated licensees
• Civil liability to clients whose funds were mishandled
• Criminal prosecution in cases involving intentional misappropriation or conversion of trust funds
• Mandatory trust account audits at the brokerage's expense
• Restitution orders requiring repayment of improperly handled funds with interest
• Significant reputational damage to the brokerage and all affiliated licensees

The operating account is Strata's general business account. It holds company funds only — brokerage income, management fees earned and distributed from trust, payroll, and all other funds that belong to the brokerage rather than to clients. No client fund of any kind is ever deposited into the operating account. No brokerage operating expense is ever paid from any trust account. The separation is absolute.

The primary trust account for Strata's property management activities. It holds client funds in the active stage of management. Funds maintained in this account include:

• Rent payments received from tenants — held pending disbursement to owners
• Owner reserves — funds held for anticipated maintenance, repairs, or approved expenditures
• Vendor payment funds — amounts designated for payment against specific owner accounts
• Management fees — held in trust from receipt until earned and properly transferred to the operating account

The aggregate of all owner ledger balances in Buildium must equal the reconciled bank balance of this account at all times.

A dedicated, separate trust account that holds only tenant security deposits. Nevada law and sound property management practice require that security deposits be maintained separately from operating rent funds. The commingling of security deposits with operating rent — even in two separately identified ledgers within a single bank account — is not an acceptable substitute for maintaining a genuinely separate account.

Every dollar in the Security Deposit Trust Account is attributable to a specific tenant on a specific property. No owner funds, no earned management fees, and no operating funds of any kind are commingled with this account.

All trust accounts must be registered with the Nevada Real Estate Division. Any change to a registered trust account — new account, closed account, change in banking institution or account number — must be reported to the Division in writing within 30 days of the change. Trust accounts must be titled in a manner that identifies them as trust accounts.

Every property owner under Strata management has an individual owner ledger in Buildium — a running account of all financial activity associated with the owner's properties. The owner ledger balance represents the amount of funds held in the Property Management Operating Trust Account on behalf of that specific owner at any given time.

A negative owner ledger balance — showing that more has been disbursed or charged than has been received — is an anomaly that must be investigated and corrected immediately. A negative balance for any owner for more than 45 consecutive days is a regulatory threshold that may subject the Broker to discipline.

• Trust account register — chronological listing of all deposits and disbursements for a given period
• Owner ledger summary — a listing of all owner ledger balances at a given date
• Tenant ledger summary — a listing of all tenant ledger balances including security deposit balances
• Bank reconciliation report — Buildium's output for reconciling the ledger balance to the bank statement
• Accounts payable aging — outstanding vendor invoices awaiting payment
• Owner statement report — the formatted monthly statement sent to each owner

Buildium is not self-auditing — it records what is entered. An incorrect entry produces an incorrect ledger. No entry in Buildium is modified or deleted without the Broker's knowledge and a documented reason for the change. Any attempt to alter historical entries to conceal an error or misrepresent a transaction is a serious violation of Strata policy and Nevada law.

Deposited exclusively into the Security Deposit Trust Account. Never into the Property Management Operating Trust Account. A security deposit entered into the wrong account — even temporarily — is a commingling violation.

Deposited into the Property Management Operating Trust Account. Rent received in advance is held in trust until the period begins, at which point it may be disbursed.

Deposited into the Property Management Operating Trust Account and credited to the specific owner's ledger. Held until disbursed for authorized purposes or returned to the owner.

All trust funds must be deposited into the appropriate trust account within one business day of receipt. The Nevada Real Estate Division interprets this requirement literally. The practical standard at Strata is same-day deposit for all funds received before 2:00 PM on a banking day. Funds received after 2:00 PM are deposited the following banking day. No funds sit in a desk drawer, a safe, or a vehicle overnight waiting for deposit.

• Cashier's checks — preferred for move-in funds and security deposits
• Money orders from licensed financial institutions
• Electronic ACH transfers through Buildium's tenant payment portal
• Wire transfers — confirmed by the receiving bank before keys or services are released

Cash is not accepted under any circumstances. Any person who attempts to pay cash for any trust fund obligation is directed to obtain a cashier's check or money order.

Personal checks are not accepted for move-in funds due to the risk of return after keys have been released. Personal checks may be accepted for ongoing monthly rent per the property-specific policy established in the lease.

Every trust fund receipt is documented at the time it is received: date and time of receipt, amount, form of payment, check or confirmation number, payer's name, property, and purpose of payment. A receipt is generated and provided to the payer for every trust fund payment.

When a payment is returned by the bank, Strata takes the following steps within one business day of notification: record the returned payment in Buildium with the date and reason; notify the owner the same day; notify the tenant in writing that their payment was returned and the NSF fee that will be assessed; require replacement funds in the form of cashier's check or money order.

Adjust the ending bank statement balance for outstanding items — deposits in transit (recorded in Buildium but not yet on the bank statement) and outstanding disbursements (issued but not yet cleared). The formula:

The Buildium general ledger balance should match the adjusted bank balance from Step 1. Common causes of discrepancies: bank fees not recorded in Buildium, NSF returns not yet entered, duplicate entries, transposed amounts, and payments applied to the wrong account. Every discrepancy, regardless of size, must be identified and corrected.

The combined total of all individual owner ledger balances plus all individual tenant security deposit ledger balances must equal the adjusted bank balance. Process:

• Export the owner ledger summary from Buildium — balance of every owner's account as of the reconciliation date
• Export the tenant security deposit ledger summary — security deposit balance for every tenant
• Sum all owner ledger balances
• Sum all tenant security deposit balances
• Add together: Total Owner Ledgers + Total Tenant Security Deposit Ledgers = Combined Client Balance
• Confirm Combined Client Balance equals the Adjusted Bank Balance from Steps 1 and 2

A negative balance in any owner or tenant ledger is an anomaly that must be investigated immediately. Under Nevada's trust account regulations, a negative ledger balance that persists for more than 45 consecutive days may subject the Broker to discipline. Strata's standard is to investigate and resolve any negative balance within 24 hours of discovery.

The Broker personally reviews and signs every completed monthly three-way reconciliation. The Broker's signature confirms that the Broker has reviewed the reconciliation, confirmed that all three figures agree, reviewed any discrepancies and confirmed they have been resolved, and accepts responsibility for the accuracy of the trust account records for the period covered.

No reconciliation is signed by the Broker until it balances. A reconciliation showing a discrepancy — even a small one — is returned for investigation and correction. The reconciliation is signed only when it is complete and accurate.

Security deposits must be maintained in a trust account that is separate from the Property Management Operating Trust Account. This is not merely a bookkeeping distinction — it requires a physically separate bank account with a separate account number and separate bank statements. Two ledgers within a single bank account do not satisfy the segregation requirement.

Every tenant has a dedicated security deposit ledger in Buildium that records: the amount received and date; any additional deposits (pet, cleaning) and dates; any interest accrued; any partial disbursements during the tenancy with authorization and documentation; and the final deposit disposition — amount returned, deductions taken, and date.

The sum of all individual tenant security deposit ledger balances must equal the bank balance of the Security Deposit Trust Account at all times.

Upon termination of the tenancy and surrender of possession, the security deposit must be returned to the former tenant or accounted for with a written itemized statement of deductions within 30 days. The 30-day clock begins running from the date of actual surrender — not the lease end date.

• Move-out inspection completed and photographed within 24 hours of surrender
• Vendor invoices or estimates obtained for all deductible items
• Disposition worksheet prepared and submitted to the Broker for review
• Itemized disposition statement prepared listing each deduction with amount and documentation
• Security deposit balance returned by check to the tenant's forwarding address
• Buildium tenant ledger updated to reflect the disposition
• Disposition letter and documentation uploaded to the tenant file
• All documents retained for five years

Strata produces a monthly owner statement for every property owner in the management portfolio. Statements are generated through Buildium and reviewed by the assigned agent before delivery. Statements are delivered to owners by the 15th of the month following the statement period.

• Rent received — the amount and date of each rent payment collected during the period
• Management fees — the fee assessed for the period per the property management agreement
• Repair and maintenance charges — each expenditure identified by vendor, date, and property
• Owner distributions — the net amount disbursed to the owner during the period
• Reserve balance — the beginning and ending reserve balance
• Security deposit balance — the amount held in the Security Deposit Trust Account for the current tenant

No item appears on an owner statement without a corresponding Buildium transaction record and, where applicable, a supporting invoice. Estimated amounts are not charged to owner accounts — only actual, invoiced costs are processed.

Management fees are charged to the owner's ledger in Buildium at the time of each rent posting and are transferred from the trust account to Strata's operating account at the time of the monthly owner distribution. Management fees are never retained in the trust account beyond the point at which they have been earned and the owner statement has been prepared — unnecessary retention of earned fees in trust is a prohibited practice.

Distributions are not made before: all tenant rent payments for the period have cleared the bank; all vendor invoices for the period have been processed; the owner's ledger shows a positive balance sufficient to cover the distribution; and the Broker has confirmed the distribution is authorized.

• Vendor payments for routine maintenance — authorized by the property management agreement's maintenance threshold and the vendor invoice
• Vendor payments above the maintenance threshold — require written owner approval before work is commissioned or the invoice is processed
• Emergency vendor payments — may be processed without advance owner approval where the emergency requires immediate action; owner notification required within 24 hours
• Owner distributions — authorized by the property management agreement's distribution schedule and confirmed against the owner's ledger balance
• Management fee transfers — authorized by the property management agreement and the current month's statement
• Security deposit disbursements to former tenants — authorized by the deposit disposition worksheet reviewed and approved by the Broker

Strata's standard authorization threshold is $500 per incident. Repairs or vendor services that exceed this threshold require written owner approval before the work is commissioned or the invoice is paid. Written approval means email or text confirmation from the owner — a verbal approval is documented in Buildium with the date, time, and content, followed by written confirmation as soon as practicable.

Emergency repairs — those involving an immediate threat to life, health, safety, or significant property damage — may be authorized by the agent above the standard threshold without advance owner approval. The emergency disbursement exception is not a routine workaround. Every emergency disbursement is documented in Buildium at the time of the decision, supported by the vendor invoice, reported to the owner within 24 hours, and confirmed by written owner authorization as soon as practicable.

An unauthorized disbursement — regardless of intent — is a serious trust account violation. Upon discovery, the Broker is notified immediately, the disbursement is documented, the error is corrected to the extent possible, the affected owner is notified, and the incident is evaluated for regulatory reporting obligations.

Commingling is the mixing of client funds with brokerage funds in any account. It is a statutory violation under NAC 645 regardless of the amount involved and regardless of whether any client was harmed. The most common source of unintentional commingling is the improper handling of management fees — retaining earned fees in the trust account rather than transferring them promptly to the operating account.

Conversion is the use of client trust funds for any purpose other than the purpose for which they were deposited. Conversion does not require that the funds be taken permanently. A 'temporary' borrowing of trust funds — with every intention of repaying — is conversion. The intent to repay is irrelevant. The use of trust funds for any unauthorized purpose is the violation.

Each client's funds in the trust account are the property of that client exclusively. Using Owner A's trust account balance to cover a vendor payment for Owner B's property — even temporarily — is a prohibited cross-client payment. It is a form of conversion regardless of the amounts involved.

All trust account records are retained for a minimum of five years from the date of the transaction or the date the account was closed, whichever is later. Strata does not destroy any trust account record before the five-year period has elapsed and before the Broker has confirmed that no litigation, regulatory proceeding, or unresolved dispute requires extended retention.

• Monthly bank statements for all trust accounts
• Deposit slips and deposit confirmation records
• Cancelled checks or ACH disbursement confirmations
• Bank correspondence relating to trust accounts

• Completed, signed monthly three-way reconciliation worksheets
• Bank statement register reports used in the reconciliation
• Owner ledger summaries used in the reconciliation
• Tenant security deposit ledger summaries used in the reconciliation

• Monthly owner statements
• Owner ledger transaction histories in Buildium
• Tenant ledger transaction histories including security deposit accounting
• Security deposit disposition letters and supporting invoices

• All vendor invoices
• Disbursement authorizations
• Owner written approvals for expenditures above the maintenance threshold
• Emergency disbursement documentation

Under NRS 645 and NAC 645, the Nevada Real Estate Division has the authority to audit trust account records without advance notice, request production of any trust account record within the five-year retention period, investigate complaints, interview the Broker and affiliated licensees, impose discipline ranging from a letter of reprimand to license revocation, and refer criminal violations to law enforcement.

• Read the audit notice completely and identify every record requested and every deadline specified
• Contact Strata's legal counsel immediately if the notice involves a complaint investigation or disciplinary proceeding
• Begin assembling the requested records from Buildium and the document files
• Review the assembled records for completeness and accuracy before producing them
• Produce the requested records within the deadline specified
• Document all communications with the Division in Strata's regulatory correspondence file

The Broker does not respond to an NRED audit inquiry by delegating the response to a bookkeeper or a property manager. All substantive communications with the Division are conducted by or with the direct involvement of the Broker.

NRED trust account audits most commonly identify the following deficiencies. Strata's procedures are specifically designed to prevent each of these:

• Late deposits — trust funds not deposited within one business day of receipt
• Incomplete reconciliations — monthly reconciliations not completed or not signed by the Broker
• Negative ledger balances — owner or tenant ledgers in deficit without documentation or correction
• Commingling — brokerage funds in trust accounts above the $150 maximum
• Missing invoices — vendor payments without supporting documentation
• Improper security deposit handling — deposits not maintained in a separate account
• Record retention failures — records not maintained for the full five-year period

Every calendar month, without exception, the Broker conducts a formal review of all trust account activity for the preceding month. The monthly review includes:

• Review of all bank statements received for the month
• Review and signing of the completed three-way reconciliation for each trust account
• Review of all owner ledger balances — confirming no negative balances and no unexplained variances
• Review of the Security Deposit Trust Account balance against all tenant security deposit ledgers
• Review of the deposit log — confirming all receipts were deposited within one business day
• Review of all disbursements — confirming authorization and invoice documentation for each
• Review of any NSF events and their resolution
• Confirmation that no broker funds in excess of $150 are in any trust account
• Confirmation that all owner statements have been prepared and delivered

Any discrepancy identified during the monthly review is investigated immediately — the same business day. No discrepancy is dismissed as inconsequential based on its size. A $5 discrepancy is an accounting error that must be found and corrected. Both require the same response: identification, correction, documentation.

If a discrepancy cannot be resolved within 48 hours, the Broker contacts legal counsel and evaluates whether notification to the Nevada Real Estate Division is appropriate. Prompt self-disclosure of an identified trust account error — before discovery in an audit — is generally treated more favorably than a violation discovered in an audit the brokerage was aware of and did not report.

Form 546 is the Nevada Real Estate Division's standard annual trust account reconciliation report. The Broker must affirmatively represent that:

• All trust accounts are registered with the Nevada Real Estate Division
• All trust accounts have been reconciled monthly throughout the reporting period
• No trust account shows an unexplained deficiency
• All trust funds are maintained separately from brokerage operating funds
• Trust account records are maintained and available for inspection

The Broker completes Form 546 personally. The information is verified against the monthly reconciliation records retained in Buildium before the form is signed. A Form 546 that contains inaccurate information — even through inadvertence — exposes the Broker to regulatory discipline for the inaccuracy in addition to any underlying trust account issues.

Form 546A is available to brokers who did not maintain a trust account during the reporting period. Strata Real Estate & Leasing, as an active property management brokerage, does not file Form 546A. Strata maintains active trust accounts throughout the year and is required to complete and file the full Form 546 reconciliation report.

Brokers who file Form 546A when Form 546 is required — because they did in fact maintain trust accounts during the year — are making a false filing with the Nevada Real Estate Division. The consequences of a false filing are significantly more serious than the consequences of filing Form 546 with a disclosed deficiency.

Annual trust account reports are due within thirty days of the renewal date for the brokerage's license, or by the date specified by the Nevada Real Estate Division in its reporting instructions for the applicable year. Annual reporting deadlines are never allowed to pass without either a filed report or direct communication with the Division about an extension.

Annual reporting does not replace monthly reconciliation. Form 546 asks the Broker to certify annual trust account status — it presupposes that the underlying monthly reconciliations have been completed throughout the year. A Broker who cannot truthfully certify that monthly reconciliations were performed should not sign Form 546 without first consulting legal counsel.

Strata maintains two separate property management trust accounts, each at a federally insured banking institution, each registered with the Nevada Real Estate Division, and each reconciled separately every month. These accounts are not interchangeable, and funds do not move between them except as specifically authorized by Nevada law and the applicable property management agreements.

• Rent receipt — entered in Buildium on the date of receipt, credited to the specific tenant's ledger and property owner's account, deposited to the Rental Operating Trust Account within one business day
• Management fee — assessed in Buildium at the time of rent posting, transferred to the operating account at the time of the monthly owner distribution
• Vendor payment — entered in Buildium with vendor name, property, amount, and invoice number; paid from the Rental Operating Trust Account; charged to the specific property owner's ledger
• Owner distribution — calculated in Buildium as rent received less management fee less authorized expenses less any reserve holdback; disbursed by ACH or check to the owner; recorded in Buildium with the distribution date and amount
• Reserve deposit — received from the owner, deposited to the Rental Operating Trust Account, credited to the owner's reserve ledger

• Security deposit receipt — entered in Buildium on the date of receipt, credited to the specific tenant's security deposit ledger, deposited to the Security Deposit Trust Account within one business day
• Pet or cleaning deposit receipt — entered separately on the tenant's security deposit ledger and deposited to the Security Deposit Trust Account
• Mid-tenancy adjustment — any partial disbursement during the tenancy is documented in Buildium with the reason, amount, and authorization source
• Deposit disposition — the deposit disposition worksheet is completed in Buildium, deductions recorded against the tenant's ledger, any balance returned to the tenant, and the tenant ledger closed

• No funds transferred between the Rental Operating Trust Account and the Security Deposit Trust Account without Broker authorization and documentation
• No funds from the Security Deposit Trust Account used for operating purposes, vendor payments, or owner distributions under any circumstances
• All wire transfers and ACH disbursements from either trust account require Broker authorization
• Bank account credentials for both trust accounts held by the Broker
• Buildium access to trust account ledger functions restricted to authorized personnel with individual login credentials
• Monthly reconciliations prepared by the bookkeeper and reviewed and signed by the Broker — the same person does not both prepare and sign the reconciliation

The maximum amount of broker funds that may be maintained in any single trust account to cover bank service charges is $150. This amount is established by Nevada regulations and is not subject to individual interpretation or adjustment. A broker who maintains $200 in a trust account, even intending it for bank service charges, has $50 in excess of the permitted amount — and that $50 constitutes commingling regardless of intent.

The $150 does not carry over between accounts. Each trust account may hold up to $150 in broker funds for service charges. Strata maintains two trust accounts and may hold up to $150 in each, for a combined maximum of $300 in broker funds across both accounts.

The $150 exception exists for one purpose only: to ensure that bank service charges are covered by brokerage funds rather than by client funds. The $150 broker funds balance may not be used for any operating expense of the brokerage, any vendor payment, any payment to or on behalf of any client, or any purpose other than bank service charges assessed against that specific trust account.

All executed documents and trust funds received by any affiliated licensee or staff member must be delivered to the Broker within five calendar days of receipt or execution. Strata's internal standard is more demanding: documents and funds received during business hours are delivered to the office the same day, and documents or funds received outside business hours are delivered the following business morning.

• Fully executed lease agreements and all addenda
• Property management agreements and amendments
• Move-in condition reports and photographs
• Security deposit receipts
• Move-in fund receipts
• Inspection reports
• HOA registration confirmations
• Any other document that forms part of the transaction file

The five-calendar-day document delivery requirement and the one-business-day deposit requirement operate simultaneously. An agent who receives a security deposit check must deposit the funds within one business day AND deliver the receipt and supporting documentation to the Broker within five calendar days. The more demanding of the two timelines governs funds. Cash is never accepted and never held by any agent under any circumstances.

Strata does not retain unclaimed trust funds indefinitely in its trust accounts. When trust funds cannot be disbursed to the owner after reasonable effort to locate them, Strata follows the statutory process under NRS Chapter 120A for the transfer of unclaimed funds to the Nevada State Treasurer's Unclaimed Property Division.

Before any trust funds are transferred to the state, Strata must demonstrate reasonable efforts to locate the owner, including:

• Review of all contact information on file — address, phone, email, and emergency contacts
• At least two phone contact attempts on different days and times
• Contact attempts by email
• Review of any new address information from the property — forwarding labels on returned mail
• For former tenants, a check of the security deposit disposition letter address

All efforts to locate the owner are documented in Buildium with the date, method, and result of each attempt.

After the applicable dormancy period has elapsed (typically three years from the date the funds became distributable), Strata prepares and submits the unclaimed property report required by the Nevada State Treasurer. The annual reporting deadline is typically November 1. The transfer is documented, all ledgers are closed in Buildium with a notation reflecting the transfer date and amount, and all documentation is retained for five years.

Electronic records have the same legal standing as physical records under Nevada law, provided they are accurate, complete, and accessible. No Buildium record is deleted or modified without a documented reason and the Broker's authorization. The Buildium audit trail, which records all modifications to entries, is preserved and not manipulated. Monthly exports of critical records are saved to cloud backup in addition to remaining in Buildium.

When a Designated Property Manager separates from Strata, the Broker assumes direct supervisory responsibility for all trust account activity immediately. No gap in oversight is permitted. The Broker initiates transition procedures on the day of separation.

• Immediate review of all pending trust account transactions — deposits awaiting posting, disbursements pending authorization, outstanding reconciliations
• Review of all active owner and tenant files for any open items
• Communication to all affected owners advising of the transition and introducing the interim contact
• Review of all vendor relationships and any outstanding invoices
• Confirmation that security deposit balances in Buildium match the Security Deposit Trust Account bank balance

In the event of a planned voluntary closure, the Broker initiates a structured wind-down process that addresses trust account obligations before the closure date:

• Notification to all property owners with adequate advance notice to arrange alternative management
• Termination of all property management agreements per their terms
• Collection and accounting of all outstanding rent and other funds through the termination date
• Payment of all outstanding vendor invoices and authorized expenses
• Final owner statements prepared and delivered for all managed properties
• Distribution of all remaining owner balances from the Rental Operating Trust Account
• Final security deposit accounting for all active tenancies
• Confirmation that the trust accounts are at zero balance before closure
• Filing of final trust account closure notification with the Nevada Real Estate Division
• Retention of all trust account records for the full five-year period

No trust account is closed until its balance is zero and every client's funds have been properly distributed or transferred.

• Confirm that the account balance is zero before initiating closure
• Obtain written confirmation from the banking institution of the account closure
• Remove the account from the brokerage's registered trust accounts with NRED within thirty days of closure
• Retain all records associated with the closed account for five years from the date of the last transaction
• Document the closure in Buildium with the date, the reason, and the disposition of any residual balance

If Strata or the Broker becomes subject to bankruptcy proceedings, the treatment of trust account funds is governed by both bankruptcy law and Nevada real estate licensing law. The foundational principle is that trust funds held in fiduciary capacity do not belong to the brokerage — they belong to clients and generally do not become property of the bankruptcy estate.

Strata's obligations upon the commencement of bankruptcy proceedings: notify the Nevada Real Estate Division immediately; consult bankruptcy counsel and real estate legal counsel on the same day; preserve all trust account records; and cooperate with the bankruptcy trustee while asserting the fiduciary nature of all trust account funds.