KRS 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 deleg ate 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, exc luding 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 pur pose 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 rule s 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.5 55 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.