{"data":{"id":"us-ky/krs-164a.560","jurisdiction":"us-ky","citation":"KRS 164A.560","heading":"Election by institution to perform in accordance with KRS 164A.555 to","body":"164A.630.\n(1) The governing boards of the postsecondary educational institutions electing to\nperform in accordance with KRS 164A.555 to 164A.630 regarding the acquisition\nof funds,  accounting, purchasing, capital construction, and affiliated corporations\nshall do so by regulation. The responsibility for this election is vested with the\ngoverning boards, any other statute to the contrary notwithstanding. The governing\nboard may deleg ate these responsibilities by regulation to appropriate officials of\nthe institution. The anticipated investment earnings which have been credited to the\ngeneral fund and the anticipated investment earnings on funds in the capital\nconstruction account, exc luding revenue bonds, for fiscal years 1982 -83 and 1983 -\n84 may be deducted from the respective institution's trust and agency funds on\ndeposit prior to the issuance of a check or transfer to the governing board.\n(2) The governing boards of institutions may  elect to receive, deposit, collect, retain,\ninvest, disburse, and account for all funds received or due from any source\nincluding, but not limited to, state and federal appropriations for the support or\nmaintenance of the general operations or special pur pose activities of such\ninstitutions. In the event of such election by the governing board:\n(a) The treasurer of the institution shall deposit on a timely basis all tuition fees,\nfees for room and board, incidental fees, contributions, gifts, donations,\ndevises, state and federal appropriations, moneys received from sales and\nservices, admittance fees, and all other moneys received from any source, in a\ndepository bank or banks designated by the governing board.\n(b) The governing board shall promulgate rule s and regulations limiting\ndisbursements to the amounts and for the purposes for which state\nappropriations have been made, or for which other moneys have been\nreceived. All disbursements shall be recorded in a system of accounts as set\nforth in KRS 164A.5 55 to 164A.630. The treasurer of each institution shall\nprescribe forms to be used with the system of accounts, and no treasurer shall\napprove any disbursement document unless he determines that the\ndisbursement is to satisfy a liability of the institution  incurred for authorized\npurposes and that the disbursement is to be made from the unexpended\nbalance of a proper allotment.","path":["KRS Chapter 164A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=4576","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:19Z","sha256":"2bfcec3ff73ebb843139afa02c7502ddea94ee9ff42418a9147e4b300a6b2fe1","source_id":"us-ky","stale":false,"prev":"us-ky/krs-164a.555","next":"us-ky/krs-164a.565"},"notice":"GroundRules: Original legal text. Not legal advice."}