RELATES TO: KRS Chapter 45A, 61.410, 66.480, 156.029, 156.076,
156.160, 156.200, 158.290, Chapter 160, 161.540, 161.560, 342.640,
424.260
NECESSITY, FUNCTION, AND CONFORMITY:
KRS
156.070(1) requires the
Kentucky Board of Education to manage and control the common schools.
KRS
156.200 requires the Kentucky Board of
Education to regulate accounting procedures and reports of local school
districts. This administrative regulation establishes uniform procedures for
the accounting of school activity funds.
Section
1. Definition. "Activity funds" means all school funds including
funds derived from fundraising activities sponsored under the auspices of the
school and does not mean funds raised or received by organizations that do not
come under the direct supervision of school authorities.
Section 2. District Responsibilities.
(1) A district board of education shall have
the responsibility for administration and control of all activity funds and
comply with "Accounting Procedures for Kentucky School Activity Funds", which
is also known as the "Redbook".
(2)
(a) The March 2013 edition of the Redbook
shall be used through July 31, 2019.
(b) The August 2019 edition of the Redbook
shall be used beginning on August 1, 2019.
Section 3. Audits.
(1) Activity fund internal accounts shall be
audited annually by a certified public accountant, and a report shall be made
to the district board of education.
(2) Audit reports shall be reviewed and
accepted by the local board of education, and appropriate action
taken.
(3) Recommendations and
exceptions listed in the audit shall be reviewed by staff of the Department of
Education.
(4) A copy of the school
audit report shall be on file in both the office of the principal and the
office of the superintendent of the local school district. It shall be open for
public inspection in both locations.
Section 4. Incorporation by Reference.
(1) "Accounting Procedures for Kentucky
School Activity Funds", August 2019, is incorporated by reference.
(2) This material may be inspected, copied,
or obtained, subject to applicable copyright law, at the Department of
Education, Division of District Support, 300 Sower Boulevard, 4th Floor,
Frankfort, Kentucky, Monday through Friday, 8 a.m. to 4:30 p.m.
Notes
702 KAR 3:130
SBE 21.250,
21.260, 21.270, 21.280, 21.290, 21.295, 21.300, 21.305; 1 Ky.R. 71; eff.
11-13-1974; Am. 5 Ky.R. 816; eff. 6-6-1979; 6 Ky.R. 581; eff. 7-2-1980; 17
Ky.R. 428; 1353; eff. 10-14-1990; 20 Ky.R. 1684; eff. 2-2-1994; 21 Ky.R. 2244;
eff. 6-1-1995; 23 Ky.R. 185; eff. 9-5-1996; 28 Ky.R. 1204; 1633; eff.
1-14-2002; 34 Ky.R. 1800; 2092; eff. 4-4-2008; 39 Ky.R. 1321; 1891; 2173; eff.
5-31-2013; 46 Ky.R. 252, 1122; eff.
11-1-2019.
STATUTORY AUTHORITY:
KRS
156.070,
156.160,
156.200