N.Y. Education Law § 3314: Financing of the interstate commission

§ 3314. Financing of the interstate commission. 1. The interstate

commission shall pay, or provide for the payment of the reasonable

expenses of its establishment, organization and ongoing activities.

2. The interstate commission may levy on and collect an annual

assessment from each member state to cover the cost of the operations

and activities of the interstate commission and its staff which must be

in a total amount sufficient to cover the interstate commission's annual

budget as approved each year. The aggregate annual assessment amount

shall be allocated based upon a formula to be determined by the

interstate commission, which shall promulgate a rule binding upon all

member states.

3. The interstate commission shall not incur obligations of any kind

prior to securing the funds adequate to meet the same; nor shall the

interstate commission pledge the credit of any of the member states,

except by and with the authority of the member state.

4. The interstate commission shall keep accurate accounts of all

receipts and disbursements. The receipts and disbursements of the

interstate commission shall be subject to the audit and accounting

procedures established under its bylaws. However, all receipts and

disbursements of funds handled by the interstate commission shall be

audited yearly by a certified or licensed public accountant and the

report of the audit shall be included in and become part of the annual

report of the interstate commission.