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154.35.046 Establishment of accounts for individual research centers -- Report to Legislative Research Commission -- Audits.

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Page 1 of 1 154.35-046 Establishment of accounts for individual research centers -- Report to Legislative Research Commission -- Audits. (1) The council is authorized to establish accounts for each research center approved by the council. Each account shall be kept separately from any other accounts <br>established by the council and shall be kept separately from any other moneys and <br>accounts at participating research institutions. (2) Each approved center may draw money from its account as approved by the council. <br>(3) On or before January 5, 1996, and annually on or before January 5 thereafter, the council shall submit to the Legislative Research Commission a written status report <br>on the projects and activities of each center of the infrastructure. (4) The Auditor of Public Accounts shall be responsible for a biennial financial post audit of the books and records of the infrastructure and each center approved by the <br>infrastructure. The audit shall be conducted in accordance with generally accepted <br>accounting principles and shall be paid for by the infrastructure. Effective: July 15, 1994 <br>History: Created 1994 Ky. Acts ch. 508, sec. 53, effective July 15, 1994.