{"data":{"id":"us-ky/krs-251.370","jurisdiction":"us-ky","citation":"KRS 251.370","heading":"Licensees using paper documents or electronic documents -- Business","body":"records required -- Retention schedule -- Accounting functions -- Financial\nstatements -- Administrative regulations.\n(1) A licensee using paper scale tickets, settlement s heets, or purchase contracts shall\ncomply with the following requirements:\n(a) Documents shall be pre-numbered sequentially; and\n(b) Settlement sheet information shall be cross-referenced with scale tickets.\n(2) A licensee using electronic scale tickets, s ettlement sheets, purchase contracts, or\nother documents shall conform to the formats and procedures required by the\ndepartment.\n(3) A licensee shall provide, and make available to the department or the board, a\ncomplete and accurate set of business records, including:\n(a) Records of all transactions, including records and accounts of all grains\nreceived and withdrawn or delivered;\n(b) Records, filed in numerical order, of all scale tickets, warehouse receipts, and\nsettlement sheets that have been issued, voiced, or lost; and\n(c) Copies of contracts for the sale or storage of grain.\n(4) A licensee shall retain its business records for a minimum of four (4) years.\n(5) A licensed grain warehouse operator shall retain copies, either digitally or on paper,\nof warehouse receipts or other documents evidencing ownership of any grain, or any\nliability of the grain warehouse operator, so long as such documents evidence a\nvalid ownership interest or debt. A licensee shall retain copies of such documents\nfor a period of not less than four (4) years from the date when the ownership interest\nor debt was extinguished.\n(6) A licensee's accounting functions shall be performed in conformity with generally\naccepted accounting principles.\n(7) A licensee's business records shall accurately identify any liens or encumbrances on\ngrain that is held or owned by the licensee.\n(8) Upon request by the board, a licensee or applicant for a license shall provide to the\ndepartment either:\n(a) A review engagement report issued by an independe nt certified public\naccountant stating whether, based on the review, he or she is aware of any\nmaterial modifications that should be made to the financial statements in order\nfor them to be in accordance with the applicable reporting framework; or\n(b) An audit and written report issued by an independent certified public\naccountant expressing an opinion whether the financial statements are\npresented fairly, in all material aspects, in accordance with the applicable\nfinancial reporting framework.\n(9) The board, in conjunction with the department, shall have authority to promulgate\nadministrative regulations setting forth additional recordkeeping requirements for\nlicensees.","path":["KRS Chapter 251"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=50445","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:04Z","sha256":"922a374158eafcce0963709dab9cda76c2da9034417c79c6bb7ea8e0c22c9d4b","source_id":"us-ky","stale":false,"prev":"us-ky/krs-251.365","next":"us-ky/krs-251.375"},"notice":"GroundRules: Original legal text. Not legal advice."}