New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter V - Public Authorities › Part 201 - Accounting, Reporting And Supervision Requirements For Public Authorities › Section 201.2 - Reporting and accounting requirements

Current through Register Vol. 46, No. 28, July 10, 2024
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