121.230 Use of portion of income tax designated to political party -- Records and reports -- Audit. - Kentucky Statutes

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Page 1 of 2 121.230 Use of portion of income tax designated to political party -- Records and reports -- Audit. (1) No state or local governing authority of a political party to which funds are remitted under KRS 141.071 to 141.073 shall use such funds other than in support of the
party's candidates in a general election and for the administrative costs of
maintaining a political party headquarters. (2) Each state or local governing authority of a political party to which funds are remitted under KRS 141.071 to 141.073 shall deposit such funds in a bank account
and shall report the amount of such funds received as a separate entry on its
committee report. All expenditures from such remitted funds shall be by check. A
copy of each canceled check written on the account of funds remitted under KRS
141.071 to 141.073 shall be retained by the state or local governing authority of the
political party for a period of not less than four (4) years. (3) The designated official of each state or local governing authority of a political party to which funds are remitted under KRS 141.071 to 141.073 shall maintain a current
record of the receipts, balance, and expenditures of the funds so remitted. In
addition, the official shall, within thirty (30) days after each general election,
forward to the Registry of Election Finance a report of:
(a) The unexpended and unobligated balance of such remitted funds; and
(b) An itemized listing of each expenditure authorized, incurred or made from such remitted funds, indicating the amount, date, and purpose of each
expenditure, regardless of the amount, and the name, address, and occupation
of each person to whom an expenditure of fifty dollars ($50) or more was
made, since the date of the last report. (4) The reports required by subsection (3) of this section shall be a matter of public record open to inspection by any member of the public immediately upon receipt of
the report by the registry. (5) The Registry of Election Finance may annually audit the accounts and records of receipts and expenditures of funds in the amount of one thousand five hundred
dollars ($1,500) or less that are remitted to each state or local governing authority of
a political party under KRS 141.071 to 141.073. The registry shall annually audit
the accounts and records of receipts and expenditures of funds in the amount of
more than one thousand five hundred dollars ($1,500) that are remitted to each state
or local governing authority of a political party under KRS 141.071 to 141.073. The
registry shall report the results of each audit conducted to the General Assembly. In
the course of such audits, the registry or its authorized agents may ascertain the
amount of such remitted funds on deposit in the separate bank account, required by
subsection (2) of this section, of the political party audited and may audit the
account on the books of the bank. No bank shall be liable for making available to
the registry any of the information required under this section. Effective: July 15, 1998
History: Amended 1998 Ky. Acts ch. 599, sec. 5, effective July 15, 1998. -- Amended 1996 Ky. Acts ch. 372, sec. 3, effective April 12, 1996. -- Amended 1982 Ky. Acts
ch. 167, sec. 3, effective January 1, 1983. -- Amended 1980 Ky. Acts ch. 292, Page 2 of 2 sec. 11, effective July 15, 1980. -- Created 1978 Ky. Acts ch. 255, sec. 1, effective
June 17, 1978.