Title 702 | Chapter 003 | Regulation 130
702 KAR 3:130.Internal accounting.
Section 1.
Definition. "Activity funds" means all school funds including funds derived from fundraising activities sponsored under the auspices of the school and does not mean funds raised or received by organizations that do not come under the direct supervision of school authorities.Section 2.
District Responsibilities.(1)
A district board of education shall have the responsibility for administration and control of all activity funds and comply with "Accounting Procedures for Kentucky School Activity Funds", which is also known as the "Redbook".(2)
(a)
The March 2013 edition of the Redbook shall be used through July 31, 2019.(b)
The August 2019 edition of the Redbook shall be used beginning on August 1, 2019.Section 3.
Audits.(1)
Activity fund internal accounts shall be audited annually by a certified public accountant, and a report shall be made to the district board of education.(2)
Audit reports shall be reviewed and accepted by the local board of education, and appropriate action taken.(3)
Recommendations and exceptions listed in the audit shall be reviewed by staff of the Department of Education.(4)
A copy of the school audit report shall be on file in both the office of the principal and the office of the superintendent of the local school district. It shall be open for public inspection in both locations.Section 4.
Incorporation by Reference.(1)
"Accounting Procedures for Kentucky School Activity Funds", August 2019, is incorporated by reference.(2)
This material may be inspected, copied, or obtained, subject to applicable copyright law, at the Department of Education, Division of District Support, 300 Sower Boulevard, 4th Floor, Frankfort, Kentucky, Monday through Friday, 8 a.m. to 4:30 p.m.HISTORY: (SBE 21.250, 21.260, 21.270, 21.280, 21.290, 21.295, 21.300, 21.305; 1 Ky.R. 71; eff. 11-13-1974; Am. 5 Ky.R. 816; eff. 6-6-1979; 6 Ky.R. 581; eff. 7-2-1980; 17 Ky.R. 428; 1353; eff. 10-14-1990; 20 Ky.R. 1684; eff. 2-2-1994; 21 Ky.R. 2244; eff. 6-1-1995; 23 Ky.R. 185; eff. 9-5-1996; 28 Ky.R. 1204; 1633; eff. 1-14-2002; 34 Ky.R. 1800; 2092; eff. 4-4-2008; 39 Ky.R. 1321; 1891; 2173; eff. 5-31-2013; 46 Ky.R. 252, 1122; eff. 11-1-2019.)
702 KAR 3:130.Internal accounting.
Section 1.
Definition. "Activity funds" means all school funds including funds derived from fundraising activities sponsored under the auspices of the school and does not mean funds raised or received by organizations that do not come under the direct supervision of school authorities.Section 2.
District Responsibilities.(1)
A district board of education shall have the responsibility for administration and control of all activity funds and comply with "Accounting Procedures for Kentucky School Activity Funds", which is also known as the "Redbook".(2)
(a)
The March 2013 edition of the Redbook shall be used through July 31, 2019.(b)
The August 2019 edition of the Redbook shall be used beginning on August 1, 2019.Section 3.
Audits.(1)
Activity fund internal accounts shall be audited annually by a certified public accountant, and a report shall be made to the district board of education.(2)
Audit reports shall be reviewed and accepted by the local board of education, and appropriate action taken.(3)
Recommendations and exceptions listed in the audit shall be reviewed by staff of the Department of Education.(4)
A copy of the school audit report shall be on file in both the office of the principal and the office of the superintendent of the local school district. It shall be open for public inspection in both locations.Section 4.
Incorporation by Reference.(1)
"Accounting Procedures for Kentucky School Activity Funds", August 2019, is incorporated by reference.(2)
This material may be inspected, copied, or obtained, subject to applicable copyright law, at the Department of Education, Division of District Support, 300 Sower Boulevard, 4th Floor, Frankfort, Kentucky, Monday through Friday, 8 a.m. to 4:30 p.m.HISTORY: (SBE 21.250, 21.260, 21.270, 21.280, 21.290, 21.295, 21.300, 21.305; 1 Ky.R. 71; eff. 11-13-1974; Am. 5 Ky.R. 816; eff. 6-6-1979; 6 Ky.R. 581; eff. 7-2-1980; 17 Ky.R. 428; 1353; eff. 10-14-1990; 20 Ky.R. 1684; eff. 2-2-1994; 21 Ky.R. 2244; eff. 6-1-1995; 23 Ky.R. 185; eff. 9-5-1996; 28 Ky.R. 1204; 1633; eff. 1-14-2002; 34 Ky.R. 1800; 2092; eff. 4-4-2008; 39 Ky.R. 1321; 1891; 2173; eff. 5-31-2013; 46 Ky.R. 252, 1122; eff. 11-1-2019.)