All Commission funds shall be deposited in a commercial bank as may from time-to-time be chosen by the Commission. All checks written on the account shall be signed by at least two of the following: Chairperson; Vice-Chairperson; and Treasurer. Each of these officers shall be bonded by and at the Commission's expense to a level of at least $5,000 per person.
The purchase of non-recurring budget items that do not individually, or in the aggregate, over the course of one fiscal month exceed $1000.00 may be authorized by any individual member of the executive committee. This procedure is only to be used in exigent circumstances when a meeting of the full Executive Committee is not practical.
The reserve fund held by KCPC should be held in a separate account from the operating fund.
Purpose: to cover the costs of the Commission's KRS Chapter 100 functions and duties. Intended Life: ongoing, without end.
Goal: $500,000. This goal will be reviewed annually and adjusted as needed during the budget process.
Intended Qualifying Expenses: The Commission's statutory administrative duties or other beneficial or necessary expenses as determined by its Executive Committee and approved by a majority vote of the full Commission membership.