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Title 745 | Chapter 001 | Regulation 015

745 KAR 1:015.Fund acquisition and disbursement.

Section 1.

The Board of Regents of Kentucky State University elects to perform the financial management functions set forth in KRS 164A.560(2), related to the receipt, deposit, collection, retention, investment, disbursement, and accounting of all funds, and set forth in KRS 164A.565 related to the installation of an accrual basis accounting system, other records, and annual reports.

Section 2.

The Board of Regents of Kentucky State University elects to comply with KRS 164A.560(2)(b), to limit disbursements to the accounts and for the purposes for which the state appropriations, or other monies have been received for through the enacting resolution of the institution's annual operating budget.

Section 3.

The Board of Regents of Kentucky State University shall install an accrual basis accounting system and fund structure in conformance with generally accepted accounting principles and procedures established for colleges and universities by the National Association of College and University Business Officers and the American Institute of Certified Public Accountants, and shall act to ensure further compliance with KRS 164A.565(2), (3), (6), (7), and (8).

HISTORY: (17 Ky.R. 3069; Am. 3452; eff. 6-7-91; Crt eff. 2-21-2020.)

7-Year Expiration: 2/21/2027

Last Action: 12/15/2021

Page Generated: 2/15/2022, 12:12:13 PM