N.Y. General Business Law § 1314: Audit and reports

§ 1314. Audit and reports. 1. The board shall annually submit:

(a) an audited financial report, prepared in accordance with generally

accepted accounting principles, on the operations of the program during

each calendar year by July first of the following year to the governor,

the commissioner, the speaker of the assembly, the temporary president

of the senate, the chair of the assembly ways and means committee, the

chair of the senate finance committee, the chair of the assembly labor

committee, the chair of the senate labor committee; and

(b) a report prepared or authorized by the board, which shall include,

but is not limited to, a summary of the benefits provided by the

program, including the number of enrollees in the program, the

percentage and amounts of investment options and rates of return, and

such other information that is relevant to make a full, fair, and

effective disclosure of the operations of the program. The annual report

shall be made by an independent certified public accountant and shall

include, but is not limited to, direct and indirect costs attributable

to the use of outside consultants, independent contractors, and any

other persons who are not state employees for the administration of the

program.

2. In addition to any other statements or reports required by law, the

board shall provide or cause to be provided periodic reports at least

annually to enrollees, reporting contributions and investment income

allocated to, withdrawals from, and balances in their program accounts

for the reporting period. Such reports may include any other information

regarding the program as the board may determine.