N.Y. Labor Law 727 – Accounting requirements
§ 727. Accounting requirements. 1. Every labor organization, employer organization, employer and labor relations consultant shall maintain detailed and accurate books and records of account in conformity with generally accepted accounting principles and in accordance with standards prescribed by the industrial commissioner; provided, however, that the standards prescribed may vary according to the size and type of the organization. All books and records of account shall be preserved for a period of five years. The persons required to prepare reports under section seven hundred twenty-six of this article, shall be responsible for the maintenance and preservation of books and records of account required by this section.
Terms Used In N.Y. Labor Law 727
- Employer: means any person conducting a business or employing another within the state of New York, but shall not include a state government or any political or civil subdivision or other agency thereof. See N.Y. Labor Law 721
- Employer organization: means any organization of any kind which exists for the purpose, in whole or in part, of representing employers in dealing with employees or labor organizations concerning terms and conditions of employment, grievances, labor disputes, or other matters incidental to the employment relationship at a place of business maintained in the state of New York. See N.Y. Labor Law 721
- Labor organization: means any organization of any kind which exists for the purpose, in whole or in part, of representing employees employed within the state of New York in dealing with employers or employer organizations or with a state government, or any political or civil subdivision or other agency thereof, concerning terms and conditions of employment, grievances, labor disputes, or other matters incidental to the employment relationship, and shall include the parent national or international organization of a local labor organization. See N.Y. Labor Law 721
- Labor relations consultant: means any person who, for compensation, advises or represents an employer, employer organization, or labor organization concerning employee organizing, concerted activities or collective bargaining activities, but shall not include a director, officer or regular employee of such employer, employer organization or labor organization, or an attorney engaged in the practice of law. See N.Y. Labor Law 721
- Subpoena: A command to a witness to appear and give testimony.
2. The industrial commissioner, when he has reasonable cause to believe that the required accounting standards have not been maintained or that the books and records do not accurately reflect the financial condition and financial transactions of the labor organization or employer organization, may examine the books and records of the organization, subpoena witnesses and documents, and make such other investigation as is necessary to enable him to determine the facts relative thereto.
The industrial commissioner, when he has reasonable cause to believe that the books and records and the annual financial report required by section seven hundred twenty-six do not accurately reflect the matters required to be maintained or reported by the labor organization, employer organization, employer or labor relations consultant, may examine the books and records of such labor organization, employer organization, employer or labor relations consultant, subpoena witnesses and documents, and make such other investigation as is necessary to enable him to determine the facts relative thereto.