KRS § 164A.560 Election by institution to perform in accordance with KRS 164A.555 to 164A.630.
AI-assisted research summary: Governing boards of postsecondary institutions may elect to handle certain funds and related financial activities by regulation, and if they do, the institution’s treasurer must timely deposit listed funds and follow limits on disbursements.
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.