§ 621. Annual and special reports. Within one hundred twenty days after the end of the fiscal year of the corporation, the directors thereof shall submit to the governor, the legislature, the commission and the state comptroller a complete and detailed report setting forth:

Terms Used In N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 621

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.

1. Its operations and accomplishments during such fiscal year;

2. Its receipts and expenditures during such fiscal year in accordance with categories or classifications established by the corporation for its own operating and capital outlay purposes;

3. Its assets and liabilities at the end of such fiscal year including a schedule of its bonds, notes or other obligations and the status of reserves, depreciation, special, sinking or other funds;

4. Details of branch offices being planned or in the process of being constructed or otherwise established and branch offices that have been constructed or established;

5. Such other information relating to the operations of the corporation as shall be requested by any party receiving such report.

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