{"data":{"id":"us-ky/krs-164.096","jurisdiction":"us-ky","citation":"KRS 164.096","heading":"Postsecondary institutions -- Annual sworn financial disclosure statement.","body":"(1) (a) No later than June 30 of each year, the president or chief executive officer of\neach state institution or independent institution that is licensed or overseen by\nthe Council on Postsecondary Education, and the chair of the governing board\nof each institution, shall jointly execute a signed, sworn statement attesting to\nwhether the institution:\n1. Was in sound financial standing with a stable financial base to su pport\nthe mission of the institution and the scope of its programs and services\nduring the previous fiscal year;\n2. Underwent an institutional audit for the most recent fiscal year prepared\nby an independent certified public accountant or appropriate government\nauditing agency employing the appropriate audit guide during the\nprevious fiscal year; and\n3. Has an annual budget for the upcoming fiscal year that is preceded by\nsound planning, subject to sound fiscal procedures, and approved by the\npresident of the institution and the chair of the governing board.\n(b) In executing the statement required by paragraph (a) of this subsection, a\npresident or chief executive officer and chair of the governing board of an\ninstitution may reasonably rely upon the representations of an employee of the\ninstitution that is responsible for the financial management and accounting of\nthe institution, including the treasurer or chief financial officer of the\ninstitution, and external financial service providers.\n(2) Each institution shall provide the sworn statement required by subsection (1) of this\nsection to the president of the Council on Postsecondary Education, the chairs of the\nBudget Review Subcommittee on Education of the Interim Joint Committee on\nAppropriations and Rev enue, and the co -chairs of the Interim Joint Committee on\nAppropriations and Revenue.\n(3) If an institution fails to provide a statement as required by subsection (2) of this\nsection, the Council on Postsecondary Education shall have the authority to conduct\nan investigation and request any financial documentation necessary to inform a\nreport on the financial data required by subsection (1) of this section. The council\nshall report its findings to the chairs of the Budget Review Subcommittee on\nEducation of the Interim Joint Committee on Appropriations and Revenue and the\nco-chairs of the Interim Joint Committee on Appropriations and Revenue.","path":["KRS Chapter 164"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=52991","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:14Z","sha256":"6f7bce088ada8aad6ff443346792b3ea42d03227769cb50baee8aa4a3a68747e","source_id":"us-ky","stale":false,"prev":"us-ky/krs-164.095","next":"us-ky/krs-164.097"},"notice":"GroundRules: Original legal text. Not legal advice."}