164A.560 Election by institution to perform in accordance with KRS 164A.555 to 164A.630. - Kentucky Statutes

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Page 1 of 1 164A.560 Election by institution to perform in accordance with KRS 164A.555 to 164A.630. (1) The governing boards of the postsecondary educational institutions electing to perform in accordance with KRS 164A.555 to 164A.630 regarding the acquisition
of funds, accounting, purchasing, capital construction, and affiliated corporations
shall do so by regulation. The responsibility for this election is vested with the
governing boards, any other statute to the contrary notwithstanding. The governing
board may delegate these responsibilities by regulation to appropriate officials of
the institution. The anticipated investment earnings which have been credited to the
general fund and the anticipated investment earnings on funds in the capital
construction account, excluding revenue bonds, for fiscal years 1982-83 and 1983-
84 may be deducted from the respective institution's trust and agency funds on
deposit prior to the issuance of a check or transfer to the governing board. (2) The governing boards of institutions may elect to receive, deposit, collect, retain, invest, disburse, and account for all funds received or due from any source
including, but not limited to, state and federal appropriations for the support or
maintenance of the general operations or special purpose activities of such
institutions. In the event of such election by the governing board:
(a) The treasurer of the institution shall deposit on a timely basis all tuition fees, fees for room and board, incidental fees, contributions, gifts, donations,
devises, state and federal appropriations, moneys received from sales and
services, admittance fees, and all other moneys received from any source, in a
depository bank or banks designated by the governing board. (b) The governing board shall promulgate rules and regulations limiting disbursements to the amounts and for the purposes for which state
appropriations have been made, or for which other moneys have been
received. All disbursements shall be recorded in a system of accounts as set
forth in KRS 164A.555 to 164A.630. The treasurer of each institution shall
prescribe forms to be used with the system of accounts, and no treasurer shall
approve any disbursement document unless he determines that the
disbursement is to satisfy a liability of the institution incurred for authorized
purposes and that the disbursement is to be made from the unexpended
balance of a proper allotment. Effective: May 30, 1997
History: Amended 1997 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 137, effective May 30, 1997. -- Created 1982 Ky. Acts ch. 391, sec. 3, effective July 15, 1982.