(1) The Finance and Administration Cabinet and the University of Kentucky shall maintain such records as necessary to account for all receipts and expenditures credited to or charged against the tobacco research-trust fund and shall establish such rules and regulations as may be necessary to implement the provisions of KRS 248.510 to 248.570.
(2) The University of Kentucky shall furnish to the Kentucky Tobacco Research Board and the Legislative Research Commission a quarterly financial report showing the status of funds and the status of all research projects authorized under the provisions of KRS 248.510 to 248.570.