Kentucky Statutes 164.096 – Postsecondary institutions — Annual sworn financial disclosure statement
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(1) (a) No later than June 30 of each year, the president or chief executive officer of each state institution or independent institution that is licensed or overseen by the Council on Postsecondary Education, and the chair of the governing board of each institution, shall jointly execute a signed, sworn statement attesting to whether the institution:
1. Was in sound financial standing with a stable financial base to support the mission of the institution and the scope of its programs and services during the previous fiscal year;
2. Underwent an institutional audit for the most recent fiscal year prepared by an independent certified public accountant or appropriate government auditing agency employing the appropriate audit guide during the previous fiscal year; and
3. Has an annual budget for the upcoming fiscal year that is preceded by sound planning, subject to sound fiscal procedures, and approved by the president of the institution and the chair of the governing board.
(b) In executing the statement required by paragraph (a) of this subsection, a president or chief executive officer and chair of the governing board of an institution may reasonably rely upon the representations of an employee of the institution that is responsible for the financial management and accounting of the institution, including the treasurer or chief financial officer of the institution, and external financial service providers.
(2) Each institution shall provide the sworn statement required by subsection (1) of this section to the president of the Council on Postsecondary Education, the chairs of the Budget Review Subcommittee on Education of the Interim Joint Committee on Appropriations and Revenue, and the co-chairs of the Interim Joint Committee on Appropriations and Revenue.
(3) If an institution fails to provide a statement as required by subsection (2) of this section, the Council on Postsecondary Education shall have the authority to conduct an investigation and request any financial documentation necessary to inform a report on the financial data required by subsection (1) of this section. The council shall report its findings to the chairs of the Budget Review Subcommittee on Education of the Interim Joint Committee on Appropriations and Revenue and the co-chairs of the Interim Joint Committee on Appropriations and Revenue.
Effective: July 14, 2022
History: Created 2022 Ky. Acts ch. 170, sec. 1, effective July 14, 2022.
1. Was in sound financial standing with a stable financial base to support the mission of the institution and the scope of its programs and services during the previous fiscal year;
Terms Used In Kentucky Statutes 164.096
- Committee: means the Strategic Committee on Postsecondary Education created in
KRS §. See Kentucky Statutes 164.001 - Council: means the Council on Postsecondary Education created in KRS §. See Kentucky Statutes 164.001
- 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.
- governing board: means the board of trustees for the University of Kentucky or the University of Louisville, the board of regents for a comprehensive university, or the board of regents for the Kentucky Community and Technical College System. See Kentucky Statutes 164.001
- Independent institution: means a nonpublic postsecondary education institution in Kentucky whose instruction is not solely sectarian in nature, is accredited by a regional accrediting association recognized by the United States Department of Education, and is licensed by the Council on Postsecondary Education. See Kentucky Statutes 164.001
- Institution: means a university, college, community college, health technology center, vocational-technical school, technical institute, technical college, technology center, or the Kentucky Community and Technical College System. See Kentucky Statutes 164.001
- Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
- Public: means operated with state support. See Kentucky Statutes 164.001
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Sworn: includes "affirmed" in all cases in which an affirmation may be substituted for an oath. See Kentucky Statutes 446.010
- Year: means calendar year. See Kentucky Statutes 446.010
2. Underwent an institutional audit for the most recent fiscal year prepared by an independent certified public accountant or appropriate government auditing agency employing the appropriate audit guide during the previous fiscal year; and
3. Has an annual budget for the upcoming fiscal year that is preceded by sound planning, subject to sound fiscal procedures, and approved by the president of the institution and the chair of the governing board.
(b) In executing the statement required by paragraph (a) of this subsection, a president or chief executive officer and chair of the governing board of an institution may reasonably rely upon the representations of an employee of the institution that is responsible for the financial management and accounting of the institution, including the treasurer or chief financial officer of the institution, and external financial service providers.
(2) Each institution shall provide the sworn statement required by subsection (1) of this section to the president of the Council on Postsecondary Education, the chairs of the Budget Review Subcommittee on Education of the Interim Joint Committee on Appropriations and Revenue, and the co-chairs of the Interim Joint Committee on Appropriations and Revenue.
(3) If an institution fails to provide a statement as required by subsection (2) of this section, the Council on Postsecondary Education shall have the authority to conduct an investigation and request any financial documentation necessary to inform a report on the financial data required by subsection (1) of this section. The council shall report its findings to the chairs of the Budget Review Subcommittee on Education of the Interim Joint Committee on Appropriations and Revenue and the co-chairs of the Interim Joint Committee on Appropriations and Revenue.
Effective: July 14, 2022
History: Created 2022 Ky. Acts ch. 170, sec. 1, effective July 14, 2022.