§ 3642 — Audit and annual reports

§ 3642. Audit and annual reports. 1. In conformity with the provisions\nof section five of article ten of the state constitution, the accounts\nof the corporation shall be subject to the supervision of the state\ncomptroller, and an annual audit shall be performed by an independent\ncertified public accountant. The corporation shall annually submit to\nthe Erie county legislature, county executive, governor, state\ncomptroller, chairperson of the senate finance committee, and\nchairperson of the assembly ways and means committee a detailed report\npursuant to the provisions of section twenty-eight hundred of this\nchapter, and a copy of such report shall be filed with the clerk of the\nErie county legislature and the county executive.\n 2. The corporation shall report, on an annual basis, the following\ninformation: the name, principal business address, and principal\nbusiness activities of each subsidiary of the corporation; the name of\nall board members and officers of each subsidiary; the number of\nemployees of each subsidiary; a list of all contracts in excess of one\nhundred thousand dollars entered into by the corporation and its\nsubsidiaries, identifying the amount, purpose, and duration of such\ncontract; and a financial statement, income statement, and balance sheet\nprepared by an independent certified public accountant, all in\naccordance with generally accepted accounting principles applicable to\nthe corporation and each of its subsidiaries. At the time the reports\nrequired by subdivision one of this section are submitted, such reports\nshall be provided to the governor, the temporary president of the\nsenate, and the speaker of the assembly and a copy of such report shall\nbe filed with the clerk of the Erie county legislature and the county\nexecutive.\n