Ky. Rev. Stat. § 41.290
Every department, institution or other agency of the state government having private funds or contributions available for its support or for the purpose of defraying the expenses of any work done under its direction shall deposit such funds or contributions with the Treasurer, and shall certify to the Finance and Administration Cabinet the sources from which the funds or contributions were received, the terms and conditions under which, and the purpose for which, they were received, the names of the trustees or administrators of the funds or contributions, and the name of the person authorized to approve expenditures from each fund or contribution. All disbursements from such funds and contributions shall be made by the Treasurer on the warrants of the Finance and Administration Cabinet, which shall issue such warrants only upon adequate vouchers approved by the person authorized to approve the expenditures. Separate accounting shall be made for each such contribution, and the receipts and disbursements thereof shall be maintained by the Finance and Administration Cabinet. This section does not apply to private funds of students in state educational institutions nor to the private funds of patients or prisoners in state charitable or correctional institutions, when such funds are deposited with an officer of such institutions for safekeeping, nor to the private funds or contributions made and available to the governing boards of the state supported institutions of higher learning.
KRS 41.290