Foreign Fire Insurance Board Formation
We are finally forming our Foreign Fire Insurance Board and I'm having problems finding out some of the particular's in Illinois. I know that our treasurer needs to be bonded but our Village is part of the Illinois Municipal League and the insurance we have with them covers bonding that person. What I'm more interested in is that the law says that we have to have an annual audit by a CPA that is submitted to the Village Board. The amount of money we are getting is just under $7,000 and we were quoted that it would cost around $2,000 for just the audit of this fund. Does this sound legit? Does anyone know specifically what we need to do or is there some state paperwork that needs filled out? Thanks!
D.J. Dunn II, Lieutenant
Savoy Fire Department