Section 326. Reporting

The institute shall provide a report of an audit to
  the governor of the state of New York and each house of the  legislature
  no  later  than  six months following the close of each fiscal year. The
  report shall  set  forth  the  scope  of  the  audit  and  include  such
  statements,  together  with  the  independent auditor's opinion of those
  statements, as are necessary to present fairly the institute assets  and
  liabilities, surplus or deficit, with reasonable detail, during the year
  including  a  schedule of all contracts and grants requiring payments in
  excess of five  thousand  dollars  and  any  payments  of  compensation,
  salaries,  or  fees  at  a  rate  in excess of five thousand dollars per
  annum.