KCTCS Board of Regents Policies

5.0 Kentucky Community and Technical College System (KCTCS) Financial Management Policy

The Kentucky Community and Technical College System Board of Regents endorses complete and independent financial management regarding the acquisition of funds, accounting, purchasing and affiliated corporations; and the Board endorses implementing the financial management of KCTCS as authorized by KRS 164A.550—164A.630. The Board has elected to perform the financial management functions set forth in KRS 164A.560, Section 2, related to the receipt, deposit, collection, retention, investment, disbursement, and accounting of all funds.

As the governing Board may delegate these responsibilities to appropriate officials within the institution in accordance with KRS 164A.560, the Board hereby authorizes any of the following named officers to perform all necessary financial transactions including establishing and maintaining banking and other financial relationships, opening accounts, signing checks, drafts, orders, and other necessary documents for the payment of money upon the active accounts on behalf of the Kentucky Community and Technical Colleges System:

• President
• Treasurer, Vice President (Finance)
• Assistant Treasurer

Furthermore, the President or Treasurer may execute any resolution required by its depository so long as they are in compliance with this action.