N.Y. Comp. Codes R. & Regs. tit. 8 § 26.4

Current through Register Vol. 46, No. 50, December 11, 2024

Section 26.4 - Financial accounting

(a) No trustee or officer of a council or association may, on behalf of the council or association, or by virtue of his position or office on the council or association, negotiate, prepare, authorize or approve a contract or authorize or approve payment thereunder when such a contract or claim may provide said trustee or officer with direct or indirect pecuniary benefit as defined in article 18 of the General Municipal Law. The provisions of this section shall in no event be construed to preclude the payment of lawful compensation and necessary expenses of any trustee, officer, or employee.

(b) The board of trustees shall:

(1) appoint a treasurer who shall hold office at the pleasure of the board;

(2) insure that the treasurer shall have free access to all financial records of the council or association;

(3) follow standard financial recording procedures acceptable to the department. A certified public accountant or a public accountant shall certify the council's or association's financial statements which are forwarded to the Regents or the commissioner;

(4) require the board treasurer to render each quarter a statement of revenue and expenses and a balance sheet for the guidance of the board of directors, or, if authorized by the board, its executive committee;

(5) forward to the commissioner a copy of the minutes of all meetings of the board of trustees and of the executive committee within 30 days of the approval of said minutes.

N.Y. Comp. Codes R. & Regs. Tit. 8 § 26.4