N.Y. Public Authorities Law § 3642: Audit and annual reports

§ 3642. Audit and annual reports. 1. In conformity with the provisions

of section five of article ten of the state constitution, the accounts

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

comptroller, and an annual audit shall be performed by an independent

certified public accountant. The corporation shall annually submit to

the Erie county legislature, county executive, governor, state

comptroller, chairperson of the senate finance committee, and

chairperson of the assembly ways and means committee a detailed report

pursuant to the provisions of section twenty-eight hundred of this

chapter, and a copy of such report shall be filed with the clerk of the

Erie county legislature and the county executive.

2. The corporation shall 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 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

prepared by an independent certified public accountant, all in

accordance with generally accepted accounting principles applicable to

the corporation and each of its subsidiaries. At the time the reports

required by subdivision one of this section are submitted, such reports

shall be provided to the governor, the temporary president of the

senate, and the speaker of the assembly and a copy of such report shall

be filed with the clerk of the Erie county legislature and the county

executive.