Township of Palatine

The committee reviewed the fiscal year 2025-2026 to date, noting that the Town Fund line item for Legal was over 100% of the yearly budget and agreed to monitor it. They also discussed invoices and vouchers, finding no issues.

The meeting included a review of the Needy Family Fund recap and financial reports. The board discussed and approved the corporate name change to Palatine Township Foundation, including the necessary filings and amendments. There was a consideration of draft bylaws for the new foundation and a plan for next steps, including setting the date for the next meeting. The importance of maintaining separate records and reimbursements between the Palatine Township Foundation and Palatine Township was emphasized.

The Finance Committee meeting included a review of fiscal year 2025-2026 to date, a discussion of invoices and vouchers, and other business. No issues were found during the review and discussion.

The meeting included a financial review by Governmental Accounting, Inc. (GAI), where the Palatine Township Needy Family Fund Financial Reports for the 13 Months Ending March 31, 2023, were discussed. The board considered options for higher interest accounts and the possibility of transferring funds into a certificate of deposit, deciding to maintain current accounts until the new by-laws meeting. Positive Pay for bank accounts was suggested for review. Additionally, the board discussed the need to allocate labor/expense for all NFF work on the financials and anticipated reviewing revised by-laws at the next meeting.

The meeting included a review of fiscal year 2025-2026 to date and a discussion of invoices and vouchers, during which no issues were found.