121.230 Use of portion of income tax designated to political party -- Records and reports -- Audit

(1) 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 election and for the administrative costs of maintaining a political party headquarters

the party's candidates in a general of (2) 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

(3) 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, by January 31 each year, 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

(4) 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

(5) 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:June 29, 2017 History: Amended 2017 Ky. Acts ch. 122, sec. 3, effective June 29, 2017. -- 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