KRS 154.35-046: Establishment of accounts for individual research centers -- Report to

Legislative Research Commission -- Audits.

(1) The council is authorized to establish accounts for each research center approved by

the council. Each account shall be kept separ ately from any other accounts

established by the council and shall be kept separately from any other moneys and

accounts at participating research institutions.

(2) Each approved center may draw money from its account as approved by the council.

(3) On or before January 5, 1996, and annually on or before January 5 thereafter, the

council shall submit to the Legislative Research Commission a written status report

on the projects and activities of each center of the infrastructure.

(4) The Auditor of Public A ccounts shall be responsible for a biennial financial post

audit of the books and records of the infrastructure and each center approved by the

infrastructure. The audit shall be conducted in accordance with generally accepted

accounting principles and shall be paid for by the infrastructure.