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April 20, 2024

Atlanta Library District’s vanishing $10k CD –

By John Kraft & Kirk Allen

On August 27, 2018

Atlanta, IL. (ECWd) –

Did the Atlanta Public Library District “lose” a $10,000 CD, or do the trustees not take their job seriously?

The September 15, 2016 minutes (here) reflect then-Trustee and Treasurer, Bill Thomas, presented the treasurer’s report to the board, including “…the purchase of a $10,000 CD…[and]…new savings account…established for the $10,000 anonymous donation.   Thomas was also present at the next board meeting where the September minutes were approved as written.  Motion passed.    

Financial reports show the purchase.  The check register shows a $10,000 CD purchase on 8/29/16, and the P&L shows $10,000 in “651 CD Purchase”.  The Review of Board Minutes Compliance Report for July 1, 2016 to June 30, 2017 states “…have found no discrepancies.  We therefore certify the accuracy and completeness of the Secretary’s records.”

Now, in response to an inquiry on the $10k CD, the library states the CD never existed.  Two years later the trustees realize it was all a mistake and “there was no way to differentiate in QuickBooks between a CD purchase and a savings account deposit.”  What version of QuickBooks did they use that can’t differentiate between the two?  The Monthly Report was not generated by QuickBooks, yet it states a CD purchase. 

Not one trustee, nor the treasurer, went on record two years ago stating the CD did not exist?  Not one trustee, nor the treasurer, realized this?  

missing CD

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  • jannie
    Posted at 07:23h, 28 August

    In reading the minutes it sounds like the new savings account was the $10,000 CD they purchased. And, If the CD was actually purchased it’s confusing. The minutes are confusing as then it says $2500 will be used annually for the library collection. — that sounds more like a separate savings account than a CD as a CD is for a specfic time frame with a penalty if you take it out early.
    I’m assuming the Treasurer report continues to show the $10,000 if a CD if not they co-mingled the money in the general funds.

    • jmkraft
      Posted at 07:58h, 28 August

      it was part of a $20k donation…

  • Brenda Hawkins
    Posted at 09:48h, 28 August

    Just another thing to sweep under the rug! Face it no matter the amount of non – compliance you find no one will be held accountable.

  • Texas Red
    Posted at 08:57h, 03 September

    Check their investment of public funds report … 30 ILCS 235

    (10) a policy establishing at least quarterly written

    reports of investment activities by the public agency’s chief financial officer for submission to the governing body and chief executive officer of the public agency. The reports shall include information regarding securities in the portfolio by class or type, book value, income earned, and market value as of the report date;