N.Y. General Municipal Law 209-Z – Annual independent audits
§ 209-z. Annual independent audits. 1. Notwithstanding any provision of general or special law to the contrary, any fire company with revenues of four hundred thousand dollars, or such lesser amount as the state comptroller shall designate, that contracts with a city, town, village or fire district to provide fire service shall obtain an annual audit of its records by an independent certified public accountant or an independent public accountant. Such audit shall be an examination of the revenues and expenditures in connection with such contract or contracts. Such audit shall indicate whether the fire company has filed Internal Revenue Service Form 990 and any report required pursuant to section thirty-three-a of this chapter. If such filings are required and have not been made, the audit shall include an examination of all revenues, expenditures and resources from any source. For purposes of this section, the term "fire company" shall have the same meaning as set forth for such term in section three of the volunteer firefighters' benefit law.
Terms Used In N.Y. General Municipal Law 209-Z
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
2. A copy of the audit report in the form prescribed by the state comptroller and certified by the accountant shall be furnished to the entity, and the municipal corporation with which the entity contracts, within one hundred eighty days following the end of the fiscal year audited.