Frankfort Library Board Accepts Audit Showing $498,000 Increase in Net Position
Frankfort Public Library District Board Meeting | Nov. 20, 2025
Article Summary: The Frankfort Public Library District Board of Trustees reviewed and accepted a clean financial audit for the fiscal year, revealing a nearly half-million-dollar increase in the library’s net position. Trustees also approved monthly bills and discussed maintenance expenditures during the November meeting.
Financial Audit Key Points:
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Net Position Growth: The library’s net position increased by approximately $498,000 for the fiscal year 2024-2025.
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Audit Acceptance: The Board voted unanimously to accept the audit presented by Illinois NFP Audit & Tax, LLP.
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Maintenance Spending: The Treasurer’s Report noted $18,000 in expenses to Excel Electric for heater and air curtain replacements.
The Frankfort Public Library District Board of Trustees on Thursday, November 20, 2025, formally accepted the annual financial audit for the 2024-2025 fiscal year, which indicated a strengthening of the district’s financial standing.
Auditor Alfredo Rodriguez of Illinois NFP Audit & Tax, LLP presented the findings to the board. Rodriguez highlighted that the library maintains a special reserve fund and a working cash fund, financial tools that he noted not all libraries possess. The audit revealed an increase of $498,000 in the library’s net position.
During the presentation, the auditor referenced a management letter explaining the policy of detailing the library’s long-term assets and liabilities to assess overall financial health. Trustee Jeffrey Otway identified a typographical error regarding the ending balance in the documents, which the auditor agreed to correct before sending a final copy.
Following the presentation, Trustee Otway moved to accept the FY24-25 Annual Audit, seconded by Trustee Jenifer Stenoish. The motion passed with a unanimous roll call vote of the trustees present.
In other financial business, the board approved the Treasurer’s Report and bills for October 2025. The report detailed $18,000 in maintenance expenses paid to Excel Electric. These funds covered the replacement of the West End women’s restroom heater, the main entrance air curtain, and the vestibule heater.
Data presented showed that the library has received 93% of its revenue for the FY25-26 cycle. While reviewing the balance sheet, it was noted that some budget items were not balancing due to a potential software issue with QuickBooks Online, though the total expenditure amount was confirmed correct. Library management is currently working with the accountant to resolve the attribution errors.
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