772 KAR 1:010. Acquisition and disbursement of funds, accounting system - records and annual report.
RELATES TO: KRS 164A.560, 164A.565
STATUTORY AUTHORITY: KRS 164A.560
NECESSITY, FUNCTION, AND CONFORMITY: The governing boards of the public institutions of higher education may elect to perform the financial management functions of KRS 164A.555 to 164A.630 by issuing administrative regulations to do so. This administrative regulation implements the provisions of KRS 164A.560 and 164A.565 at Murray State University.
Section 1. The Murray State University Board of Regents elects to perform the financial management functions set forth in KRS 164A.560, Section (2), related to the receipt, deposit, collection, retention, investment, disbursement, and accounting of all funds; and KRS 164A.565 related to the installation of an accrual basis accounting system, other records and annual reports.
Section 2. The Murray State University Board of Regents elects to comply with KRS 164A.560, Section (2)(b) to limit disbursements to the amounts and for the purposes for which the state appropriations have been made, or other monies have been received through the enacting resolution of the institution's annual operating budget.
Section 3. The Murray State University Board of Regents shall use an accrual basis accounting system and fund structure that conforms with generally accepted accounting principles and procedures established for colleges and universities by the National Association of College and University Business Officers and the American Institute of Certified Public Accountants, and shall act to ensure further compliance with Sections (2), (3), (6), (7), and (8) of KRS 164A.565. (25 Ky.R. 139; eff. 9-3-98.)