KRS § 160.431 — KY Code / Title XIII / Chapter 160 / Section 160.431
160.431 School finance officer -- Certification requirements -- Continuing education -- Financial reports
Status: in_force

160.431 School finance officer -- Certification requirements -- Continuing

education -- Financial reports.

(1) The local district superintendent shall appoint a finance officer who shall be

responsible for the cash, investment, and financial management of the school

district.

(2) (a) A person initially employed as a school finance officer on or after July 1,

2015, shall obtain certification from the Department of Education prior to

holding the position and entering the duties of the position of school finance

officer.

(b) The Kentucky Board of Education shall promulgate administrative regulations

to prescribe the criteria and procedures to be used in the certification process

for a school finance officer.

(c) The administrative regulations promulgated under this subsection shall

specify:

1. The initial qualification requirements for school finance officer

certification;

2. The certification application and appeal process; and

3. The certification renewal process.

(3) The school finance officer shall be required to complete forty-two (42) hours of

continuing education every two (2) years from a provider approved by the

Department of Education. The Kentucky Board of Education shall promulgate

administrative regulations to identify and prescribe the criteria for fulfilling the

requirements of this subsection. The administrative regulations shall specify:

(a) The topics of continuing education;

(b) Qualifications for continuing education providers;

(c) Consequences for failure to meet the continuing education requirement; and

(d) Requirements for reinstatement of school finance officer certification.

(4) (a) The finance officer shall present a detailed monthly financial report for board

approval to include the previous month's revenues and expenditures of the

district. The monthly report shall be posted on the district's Web site for a

minimum of six (6) months after its approval.

(b) Within six (6) months following the end of each fiscal year, the finance officer

shall submit to the Kentucky Department of Education a detailed annual

financial report to include the district's total assets, liabilities, revenues, and

expenditures. The annual report shall be posted on the district's Web site and

department's Web site for a minimum of two (2) years.

(c) 1. The Department of Education shall review each district's annual

financial report and shall provide, within two (2) months of receipt, the

local board of education a written report indicating the financial status of

the district. The department's written report shall be posted on the

department's Web site and the district's Web site for a minimum of two

(2) years.

2. The commissioner of education shall annually present to the Interim

Joint Committee on Education a copy of the department's written report

for each district.

(d) Nothing in this subsection shall lessen the obligation of a school district to

publish its financial statements in accordance with KRS 160.463.