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Mental Health Board shifts $6 million into two brokerage accounts, seeks quicker sales-tax transfer
Summary
The McHenry County Mental Health Board moved $4 million to a Schwab separately managed account and $2 million to a more liquid 'I Prime' account, and asked county finance to transfer sales-tax receipts into its account within 2–3 days to improve cash access.
The McHenry County Mental Health Board reported this month that it has moved $6 million of board assets into two brokerage accounts and has asked county finance to accelerate transfers of sales-tax receipts into the board’s account.
Mel, a board member who presented the update, said, “In October, $4,000,000 in our assets were moved into an investment account,” and that roughly $2,000,000 followed into what she referred to as an “I Prime” account two weeks earlier. She described one account as structured for liquidity—“similar to a money market account, where we can…
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