§ 53-c. Report on financial support of research institutes. If any state agency agrees to provide financial support or any other assistance to cover any operating loss for a research institute, such agency shall submit to the chairs of the senate committee on finance and the assembly committee on ways and means a report on the calculation of such loss. This calculation shall include all revenue of the corporation from whatever source and all expenses of the corporation. If such calculation results in an operating surplus, such surplus shall be paid to the state and may be credited to the budget of the affiliated agency subject to an appropriation by the legislature.

Terms Used In N.Y. State Finance Law 53-C

  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • 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.
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