N.Y. Public Authorities Law § 1269-e: Financial and operational reports

§ 1269-e. Financial and operational reports. The authority shall

submit to the governor, the temporary president of the senate and the

speaker of the assembly, no later than thirty days following the

submission of the annual independent audit report pursuant to section

twenty-eight hundred two of this chapter, a complete detailed report or

reports setting forth, to the extent such matters are not fully

addressed in the annual independent audit report, the following:

1. its financial reports, including:

a. audited financials in accordance with all applicable regulations

and following generally accepted accounting principles as defined in

subdivision ten of section two of the state finance law;

b. grant and subsidy programs;

c. operating and financial risks;

d. current ratings of its bonds issued by recognized municipal bond

rating agencies and notice changes in such ratings; and

e. long-term liabilities, including leases and employee benefit plans;

and

2. an assessment of the effectiveness of its internal control

structure and procedures, including:

a. descriptions of the authority and its major units and subsidiaries;

b. the number of employees, and minority and women employees, for

each;

c. an organizational chart;

d. its charter, if any and by-laws;

e. the extent of participation by minority and women owned enterprises

in authority contracts and services in accordance with article fifteen-A

of the executive law; and

f. a listing of material changes in internal operations and programs

during the reporting year.