Title 755 | Chapter 001 | Regulation 010

755 KAR 1:010.Acquisition and disbursement of funds, accounting system - records and annual report.

Section 1.

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

Section 2.

The Morehead State University Board of Regents elects to comply with KRS 164A.560, Section (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 Morehead State University Board of Regents shall use an accrual basis accounting system and fund structure that conforms 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 Sections (2), (3), (6), (7), and (8) of KRS 164A.565.

HISTORY: (16 Ky.R. 2292; eff. 6-10-1990; Cert eff. 12-16-2019.)

7-Year Expiration: 12/16/2026

Last Updated: 1/26/2024

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