765 KAR 1:010.
Acquisition and disbursement of funds, accounting system - records and annual
RELATES TO: KRS
AUTHORITY: KRS 164A.560
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 the University of Kentucky.
Section 1. The
University of Kentucky Board of Trustees 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
University of Kentucky Board of Trustees 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
University of Kentucky Board of Trustees 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.
(17 Ky.R. 708; eff. 10-14-90.)