Current through Register Vol. 51, No. 3, September 1, 2024
RELATES TO:
KRS
325.240
NECESSITY, FUNCTION, AND CONFORMITY:
KRS
325.240(7)(b) authorizes the
Kentucky State Board of Accountancy to expend funds from its account created by
KRS
325.250 to support scholarship programs that
assist students enrolled in a Kentucky-based college or university who also
satisfy other criteria contained in an administrative regulation promulgated by
the board. This administrative regulation identifies the scholarship program
that shall be supported by the board and establishes the selection criteria
that shall be used in connection with the scholarship funds awarded by the
board.
Section 1. Definitions.
(1) "Board" is defined by
KRS
325.220(2).
(2) "CPA" means certified public
accountant.
(3) "Educational
Foundation of the Kentucky Society of Certified Public Accountants" means the
501(c)(3) organization established in 1961 by Kentucky Society of Certified
Public Accountants to strengthen and advance the profession through enriched
educational programs and scholarships.
(4) "Kentucky Society of Certified Public
Accountants" means the statewide, non-profit professional organization, founded
in 1924, serving certified public accountants in public accounting firms,
businesses, industry, government, and education.
Section 2. Scholarship Funding.
(1) The board's support of scholarship
programs shall include financial contributions made directly to the scholarship
program operated by the Educational Foundation of the Kentucky Society of
Certified Public Accountants, which recognizes scholastic achievement and
leadership qualities in students who plan to become CPAs.
(2) Decisions regarding the amount and timing
of the board's scholarship funding distributions to the program shall be made
by the board, and the expenditures shall in no way hinder or interfere with the
performance of the board's regulatory purpose or statutory
responsibilities.
Section
3. Administration of the Scholarship Program and Criteria for
Awards.
(1) Program scholarships funded by the
board shall be administered by the trustees of the Educational Foundation
consistent with the existing administrative guidelines of its scholarship
program.
(2) Apart from its
monetary contributions, the board shall have no involvement in any
administration of the scholarship program. Even with regard to scholarship
awards funded by the board, members of the Educational Foundation of the
Kentucky Society of Certified Public Accountants shall continue to administer
the program under its existing guidelines.
(3) As the one (1) and only departure from
the existing parameters and guidelines of the scholarship program established
and administered by the Educational Foundation of the Kentucky Society of
Certified Public Accountants, to be eligible to receive scholarship funds
provided by the board, an applicant shall be enrolled in a Kentucky-based
college or university.
(4) In all
other respects, the existing parameters and guidelines of the scholarship
program established and administered by the Educational Foundation of the
Kentucky Society of Certified Public Accountants governing applicant
eligibility; the application process; selection criteria; the selection
process; and award amounts, distribution and authorized use, shall be utilized
in connection with scholarship awards funded by the board's financial
contributions.
(5) Information on
each of those specific elements of the Educational Foundation's scholarship
program may be found on the Web site of the Kentucky Society of Certified
Public Accountants,
https://www.kycpa.org/edfoundation/scholarship.
STATUTORY AUTHORITY:
KRS
325.240(7)(b)
