Kentucky Statutes 171.321 – Receipts by society from nongovernmental sources — Audit of fund
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(1) Receipts by the Kentucky Historical Society of gifts, bequests, and devises from private persons, corporations, and other nongovernmental entities shall be held, deposited, invested, and used by the Kentucky Historical Society under the direction of its governing board and shall be exempt from the requirements of KRS § 41.070. Such receipts shall be deemed to include gifts, bequests, and devises heretofore made to the society and separately accounted for by the society under the names of donors as well as gifts, bequests, and devises received after July 13, 1984, and shall also include payments to the Boone day fund and to the Kentucky junior historical society fund, neither of which shall accept any governmental appropriations or grants.
(2) Funds held by the Kentucky Historical Society as provided in this section shall be audited by an independent certified public accounting firm, at least once each fiscal year, at the expense of the society, which shall be paid for from the fund being audited unless otherwise provided for. A copy of the audit shall be forwarded promptly to the Governor as chancellor of the society, who shall file it with the Secretary of State.
(3) This section shall not exclude the society from the requirements of KRS § 41.070 with respect to any funds received by it which are appropriated from the State Treasury, or received by the society other than as a gift, bequest, devise, or contribution enumerated in subsection (1) of this section or derogate from the status of the society as an independent agency of the Commonwealth otherwise subject to all requirements of state law applicable to such agencies.
Effective: June 24, 2015
History: Amended 2015 Ky. Acts ch. 69, sec. 7, effective June 24, 2015. — Created
1984 Ky. Acts ch. 242, sec. 1, effective July 13, 1984.
(2) Funds held by the Kentucky Historical Society as provided in this section shall be audited by an independent certified public accounting firm, at least once each fiscal year, at the expense of the society, which shall be paid for from the fund being audited unless otherwise provided for. A copy of the audit shall be forwarded promptly to the Governor as chancellor of the society, who shall file it with the Secretary of State.
Terms Used In Kentucky Statutes 171.321
- Bequest: Property gifted by will.
- Devise: To gift property by will.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
(3) This section shall not exclude the society from the requirements of KRS § 41.070 with respect to any funds received by it which are appropriated from the State Treasury, or received by the society other than as a gift, bequest, devise, or contribution enumerated in subsection (1) of this section or derogate from the status of the society as an independent agency of the Commonwealth otherwise subject to all requirements of state law applicable to such agencies.
Effective: June 24, 2015
History: Amended 2015 Ky. Acts ch. 69, sec. 7, effective June 24, 2015. — Created
1984 Ky. Acts ch. 242, sec. 1, effective July 13, 1984.