Section 8-79a-18 - Financial reporting and access to records(a) Each developer shall maintain complete and accurate books and records, insofar as they pertain to state moderate rental housing projects, and they shall be set up and maintained in accordance with the latest manual approved by and available from the commissioner.(b) Financial statements consisting of a balance sheet, operating statement and analysis of reserves shall be prepared quarterly for each administrative fund and submitted to the day commissioner not later than on the last of the following month. Prior to the completion of the construction or rehabilitation of the project, quarterly financial statements shall also be submitted showing program costs to date and costs as budgeted along with the balance sheet.(c) Each developer (except housing authorities) shall furnish to the commissioner within ninety days after the end of each fiscal year of the developer, audited financial statements of developer which shall include statements of(1) Assets, liabilities and partners' equity.(2) Revenues and expenses and,(3) Change in assets, liabilities and partners' equity.setting forth in each case, in comparative form, the corresponding figures for the preceding fiscal year in reasonable detail, including all supporting schedules and comments, all of which shall be reported on by an independent certified public accountant of recognized standing registered to practice in the state of Connecticut, selected by the developer and satisfactory to the commissioner, as modified to reflect reporting for income tax purposes (such modification to be explained in the financial statements), to be explained consistently by the developer for each fiscal year, except for inconsistencies explained in such reports.(d) Each developer (except housing authorities) shall obtain from its independent certified public accountant, and furnish to the commissioner together with each statement referred to in subsection (c) of section 8-79a-18, a written statement indicating that said accountants have obtained no knowledge of any default by borrower in the performance of any obligation to the state under the mortgage loan documents, or disclosing all defaults of which the accountants have obtained knowledge, provided, however, that in making their examinations the accountants shall not be required to go beyond the limits of generally accepted auditing standards.(e) Each developer shall furnish the commissioner such additional reports and statements in such manner, in such detail and at such times as he may reasonably prescribe respecting the development and operation of the project.(f) At any time during regular business hours, and as often as the commissioner may require, permit the commissioner or his representatives full and free access to the accounts, records and books of the developer relative to the project, said permission to include the right to make excerpts or transcripts from such accounts, records and books.(g) In order to assure financial stability, the developer shall require that credit checks be made on all applicants for moderate rental units.Conn. Agencies Regs. § 8-79a-18