SB 10 (BR 342) - T. Shaughnessy
AN ACT relating to funds held by nonprofit fiduciaries for universities and declaring an emergency.
Create a new section of KRS Chapter 164 to require every nonprofit fiduciary holding funds for the benefit of any public university or any part of the university to make a report according to generally accepted accounting principles of all money received and disbursed each fiscal year, on or before the fifteenth of July to the respective board of trustees or regents and the Council on Postsecondary Education on forms created by the council; require the annual report to be reviewed in a public meeting of the respective board of trustees and regents of the university and the council; require expenditures by nonprofit fiduciaries for salary supplements to university personnel to have annual prior approval from the respective board of trustees or regents of the university; amend KRS 164.020, duties of the council, to require nonprofit fiduciaries to submit reports as needed; amend KRS 42.540 to conform; EMERGENCY.
(Prefiled by the sponsor(s))
Jan 8-introduced in Senate
Jan 10-to Appropriations and Revenue (S)