171.321 Receipts by society from nongovernmental sources -- Audit of fund.

269 words·~1 min read·/ky/chapter-171/171-321

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(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.