2013 Kentucky Revised Statutes CHAPTER 121 - CAMPAIGN FINANCE REGULATION 121.230 Use of portion of income tax designated to political party -- Records and reports -- Audit.
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121.230 Use of portion of income tax designated to political party -- Records
and reports -- Audit.
(1)
(2)
(3)
(4)
(5)
No state or local governing authority of a political party to which funds are
remitted under KRS 141.071 to 141.073 shall use such funds other than in
support of the party's candidates in a general election and for the
administrative costs of maintaining a political party headquarters.
Each state or local governing authority of a political party to which funds are
remitted under KRS 141.071 to 141.073 shall deposit such funds in a bank
account and shall report the amount of such funds received as a separate entry
on its committee report. All expenditures from such remitted funds shall be by
check. A copy of each canceled check written on the account of funds remitted
under KRS 141.071 to 141.073 shall be retained by the state or local governing
authority of the political party for a period of not less than four (4) years.
The designated official of each state or local governing authority of a political
party to which funds are remitted under KRS 141.071 to 141.073 shall maintain
a current record of the receipts, balance, and expenditures of the funds so
remitted. In addition, the official shall, within thirty (30) days after each general
election, forward to the Registry of Election Finance a report of:
(a) The unexpended and unobligated balance of such remitted funds; and
(b) An itemized listing of each expenditure authorized, incurred or made from
such remitted funds, indicating the amount, date, and purpose of each
expenditure, regardless of the amount, and the name, address, and
occupation of each person to whom an expenditure of fifty dollars ($50) or
more was made, since the date of the last report.
The reports required by subsection (3) of this section shall be a matter of public
record open to inspection by any member of the public immediately upon
receipt of the report by the registry.
The Registry of Election Finance may annually audit the accounts and records
of receipts and expenditures of funds in the amount of one thousand five
hundred dollars ($1,500) or less that are remitted to each state or local
governing authority of a political party under KRS 141.071 to 141.073. The
registry shall annually audit the accounts and records of receipts and
expenditures of funds in the amount of more than one thousand five hundred
dollars ($1,500) that are remitted to each state or local governing authority of a
political party under KRS 141.071 to 141.073. The registry shall report the
results of each audit conducted to the General Assembly. In the course of such
audits, the registry or its authorized agents may ascertain the amount of such
remitted funds on deposit in the separate bank account, required by subsection
(2) of this section, of the political party audited and may audit the account on
the books of the bank. No bank shall be liable for making available to the
registry any of the information required under this section.
Effective:July 15, 1998
History: Amended 1998 Ky. Acts ch. 599, sec. 5, effective July 15, 1998. -Amended 1996 Ky. Acts ch. 372, sec. 3, effective April 12, 1996. -- Amended
1982 Ky. Acts ch. 167, sec. 3, effective January 1, 1983. -- Amended 1980 Ky.
Acts ch. 292, sec. 11, effective July 15, 1980. -- Created 1978 Ky. Acts ch. 255,
sec. 1, effective June 17, 1978.
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