N.Y. Comp. Codes R. & Regs. tit. 2 § 201.2

Current through Register Vol. 46, No. 45, November 2, 2024

Section 201.2 - Reporting and accounting requirements

Each public authority referred to in section 201.1(b) of this Part authority shall submit the following:

(a) the annual report of the public authority;

(b) a transmittal letter from the public authority's chairperson or chief executive officer, representing that the report is complete and has been prepared in conformity with this Part;

(c) the public authority's basic financial statements prepared in accordance with accounting principles generally accepted in the United States of America. Since public authorities are governmental entities, the accounting principles followed should be those prescribed by the Governmental Accounting Standards Board or its successors and should be applied on a consistent basis. If a public authority's basic financial statements will reflect a change in an accounting principle or principles that requires disclosure in the notes to the financial statements, the public authority must present a plan to implement a change in an accounting principle or principles to the State Comptroller not later than 30 days after the end of the public authority's fiscal year for which such change is planned. The plan to implement a change in an accounting principle or principles must set forth the reasons for the change and be accompanied by a letter from the public authority's current financial statement auditor indicating that the planned change in an accounting principle or principles would be considered an improvement in financial reporting in accordance with accounting principles generally accepted in the United States of America. No change in an accounting principle or principles may be implemented by a public authority specified in this Part without prior approval by the State Comptroller. From time to time, the State Comptroller may issue accounting directives to public authorities prescribing a specific method of implementing an accounting principle or the time of implementation. A public authority's basic financial statements must be in compliance with all such public authority accounting directives issued by the State Comptroller. Such financial statements shall be audited in accordance with government auditing standards issued by the Comptroller General of the United States. A copy of the financial statement auditor's report shall accompany the financial statements submitted pursuant to this Part

(d) the management letter comments, a report on internal controls over financial reporting, and a copy of any other communications required or allowed by government auditing standards issued by the Comptroller General of the United States to be issued by the public authority's independent auditor in connection with the most recent annual audit of the public authority's financial statements;

(e) an annual report on procurement contracts prepared in accordance with the provisions of section 2879 of the Public Authorities Law which shall include:

(1) A publicly available annual report describing procurement activity as specified in section 2879 (6) of the Public Authorities Law. Such report shall include a listing of all procurement contracts entered into, all contracts entered into with New York State business enterprises and the subject matter and value thereof, the selection process used to select such contractors, all procurement contracts which were exempt from the publication requirements of article 4-C of the Economic Development Law, the basis for any such exemption, and the status of existing procurement contracts. Such report shall list for each contract the following information:

(i) a description of the duties performed by the contractor;

(ii) the date of the contract and its duration;

(iii) the total value of the contract;

(iv) the full name and address of the contractor;

(v) the status of the contract including the amount spent or other considerations given pursuant to the contract during the reporting period and for the life of the contract to date;

(vi) whether the contractor is a certified minority- or women-owned business enterprise; and

(vii) the total number of bids or proposals received prior to the award of the contract; and

(2) a report on procurement contracts containing the information specified in section 2879 (7) of the Public Authorities Law, which shall include the procurement guidelines adopted by the public authority in accordance with the provisions of section 2879 of the Public Authorities Law, an explanation of such guidelines and any amendments thereto since the last annual report;

(f) an investment report prepared in accordance with the provisions of section 2925 (6) of the Public Authorities Law;

(g) a copy of the report of the annual independent audit of investments as required by section 2925 (3)(f) of the Public Authorities Law. The investment audit report shall contain the following:

(1) a description of the scope and objectives of the audit;

(2) a statement that the audit was made in accordance with generally accepted government auditing standards for financial and compliance audits;

(3) a description of any material weaknesses found in the internal controls;

(4) a description of any noncompliance with the public authority's own investment policies as well as applicable laws, regulations and the State Comptroller's investment guideline requirements set forth in section 201.3 of this Part; and

(5) a statement of positive assurance of compliance on the items tested; and

(6) a statement of any other material deficiency or finding identified during the audit;

(h) the management letter comments and any other communication required by professional audit standards that was issued by the public authority's independent auditor in connection with its most recent annual audit of investments;

(i) completed annual public authority data request questionnaire; and

(j) such supplementary information and other data of a financial and managerial nature as shall be required by the State Comptroller.

N.Y. Comp. Codes R. & Regs. Tit. 2 § 201.2