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

Link to law: http://www.lrc.ky.gov/kar/755/001/010.htm
Published: 2015

      755 KAR 1:010.

Acquisition and disbursement of funds, accounting system - records and annual

report.

 

      RELATES TO: KRS

164A.560, 164A.565

      STATUTORY

AUTHORITY: KRS 164A.560

      NECESSITY,

FUNCTION, AND CONFORMITY: The governing boards of the public institutions of

higher education may elect to perform the financial management functions of KRS

164A.555 to 164A.630 by issuing administrative regulations to do so. This

administrative regulation implements the provisions of KRS 164A.560 and

164A.565 at Morehead State University.

 

      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.

(16 Ky.R. 2292; eff. 6-10-90.)
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