Section 3642. Audit and annual reports

1. In conformity with the provisions
  of  section  five of article ten of the state constitution, the accounts
  of the corporation shall be subject to  the  supervision  of  the  state
  comptroller,  and  an  annual audit shall be performed by an independent
  certified public accountant. The corporation shall  annually  submit  to
  the   Erie   county   legislature,  county  executive,  governor,  state
  comptroller,  chairperson  of  the   senate   finance   committee,   and
  chairperson  of  the assembly ways and means committee a detailed report
  pursuant to the provisions  of  section  twenty-eight  hundred  of  this
  chapter,  and a copy of such report shall be filed with the clerk of the
  Erie county legislature and the county executive.
    2. The corporation shall 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  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
  prepared   by   an  independent  certified  public  accountant,  all  in
  accordance with generally accepted accounting principles  applicable  to
  the  corporation  and  each of its subsidiaries. At the time the reports
  required by subdivision one of this section are submitted, such  reports
  shall  be  provided  to  the  governor,  the  temporary president of the
  senate, and the speaker of the assembly and a copy of such report  shall
  be  filed  with  the clerk of the Erie county legislature and the county
  executive.