N.Y. Public Authorities Law § 3568: Audit and annual reports

§ 3568. Audit and annual reports. 1. In conformity with the

provisions of section five of article ten of the constitution, the

accounts of the corporation shall be subject to the supervision of the

state comptroller.

2. The corporation annually shall cause an independent certified

public accountant to perform an audit of the corporations accounts and

to prepare a financial statement, income statement, and balance sheet of

the corporation.

3. The corporation shall annually prepare a detailed report pursuant

to the provisions of section twenty-eight hundred of this chapter.

4. (a) The corporation shall also report on an annual basis the

following information: the name, principal business address and

principal business activities of each subsidiary of the corporation; the

name of all partners, managers, board members and officers of each

subsidiary; the number of employees of each subsidiary; a list of all

contracts in excess of one hundred thousand dollars entered into by the

corporation and its subsidiaries identifying the amount, purpose and

duration of such contract; and a financial statement, income statement,

and balance sheet of each of the corporation's subsidiaries, prepared by

an independent certified public accountant all in accordance with

generally accepted accounting principles.

(b) The corporation shall also report no less than quarterly its

income, expenses and relevant fiscal, programmatic and clinical data.

5. All such reports and financial statements shall be furnished to the

governor, the comptroller, the majority leader of the senate, the

speaker of the assembly, and to the chairperson of the senate finance

committee and the chairperson of the assembly ways and means committee.