Audit and annual reports

§ 3568. Audit and annual reports. 1. In conformity with the provisions of section five of article ten of the constitution, the accounts of the corporation shall be subject to the supervision of the state comptroller.

2. The corporation annually shall cause an independent certified public accountant to perform an audit of the corporations accounts and to prepare a financial statement, income statement, and balance sheet of the corporation.

3. The corporation shall annually prepare a detailed report pursuant to the provisions of section twenty-eight hundred of this chapter.

4. (a) The corporation shall also report on an annual basis the following information: the name, principal business address and principal business activities of each subsidiary of the corporation; the name of all partners, managers, board members and officers of each subsidiary; the number of employees of each subsidiary; a list of all contracts in excess of one hundred thousand dollars entered into by the corporation and its subsidiaries identifying the amount, purpose and duration of such contract; and a financial statement, income statement, and balance sheet of each of the corporation's subsidiaries, prepared by an independent certified public accountant all in accordance with generally accepted accounting principles.

(b) The corporation shall also report no less than quarterly its income, expenses and relevant fiscal, programmatic and clinical data.

5. All such reports and financial statements shall be furnished to the governor, the comptroller, the majority leader of the senate, the speaker of the assembly, and to the chairperson of the senate finance committee and the chairperson of the assembly ways and means committee.