Kentucky Administrative Regulations Title 772 - MURRAY STATE UNIVERSITY
Here’s an overview of Kentucky Administrative Regulations (KAR), Title 772 – Murray State University:
📘 Structure of Title 772 – Murray State University
Title 772 pertains to administrative rules adopted by Murray State University’s Board of Regents. Chapter 001 covers seven key sections governing its administration and financial oversight (regulations.justia.com):
772 KAR 1:010 – Acquisition & disbursement of funds; accounting system; records & annual report
772 KAR 1:020 – Delegation of financial management responsibility
772 KAR 1:030 – Annual audit
772 KAR 1:040 – Purchasing, inventories, sales of surplus property, and capital construction procedures
772 KAR 1:050 – Issuance of bonds
772 KAR 1:060 – Fund for excellence
772 KAR 1:070 – Affiliated corporations
772 KAR 1:010 (Effective September 3, 1998; Current until July 1, 2026)
Scope: Establishes Murray State’s Board of Regents as the authority to manage university financial operations—including receipt, deposit, investment, disbursement, and accounting of funds. (apps.legislature.ky.gov, law.cornell.edu, regulations.justia.com)
Accounting: Mandates use of an accrual-basis system that conforms to GAAP and accounting norms set by NACUBO and AICPA, ensuring adherence to Kentucky Revised Statutes KRS 164A.560 and .565. (apps.legislature.ky.gov)
Disbursement Controls: Limits spending to appropriated or legally received funds, per institutional operating budget approvals. (apps.legislature.ky.gov)
Other Sections (772 KAR 1:020–1:070)
Though not detailed here, these regulations likely address:
Delegation protocols for financial management duties
Procedures for the university’s annual independent financial audit
Policies for procurement, property management, and capital projects
Rules for bond issuance
Administration of a “fund for excellence” to support strategic initiatives
Oversight of affiliated corporations (e.g., foundations, research arms)
These follow the general logical progression typical of board-led financial policy (regulations.justia.com, murraystate.edu).
🔎 Where to Find the Full Text
Kentucky Legislature site for official, current KAR documents (e.g. 772 KAR 1:010) (apps.legislature.ky.gov)
Legal repositories like Justia or Cornell LII for structured listings of each section of Title 772 (regulations.justia.com)
✅ Summary
Title 772 establishes Murray State University’s Board of Regents as the governing body for financial governance, accounting, audit compliance, and administrative oversight. The current version of Section 1:010 (dating to 1998, revised in 2019) will remain in effect until mid‑2026. Additional sections (1:020–1:070) round out policies covering procurement, capital projects, bonds, audits, excellence funding, and affiliated organizations.
RELATED Blog
0 comments