I am a firm believer that small forums should be handled by the admin until the forum gets big enough to warren the need for a moderator and here is why! I use to run a Michigan forum and activity was great so I hired a Moderator and she was around for a good 6 months and she bonded with members and a lot of people liked her.
And then one day she was like "ok i am done i don't want to do this anymore". Not only did it shock me, but key members of the forum got upset and left the forum and posting on the forum took a nosedive. After that I swore to myself to never hire another moderator until the forum needed it. Because the early stages of a forum is vital to the forums success and I don't want something like that to happen again and ruin a good forum. So my question to you is do you use a Moderator on your forum?