N.Y. Arts and Cultural Affairs Law 54.13 – Moneys of the trust
§ 54.13. Moneys of the trust. 1. The head of the division of the treasury in the department of taxation and finance shall be the custodian of the funds of the trust. Disbursements from the funds of the trust shall be made by the custodian or such person as may be authorized by him only upon warrants signed by the chairperson of the trust or an official thereof authorized to do so.
Terms Used In N.Y. Arts and Cultural Affairs Law 54.13
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Trust: shall mean the trust created by section 54. See N.Y. Arts and Cultural Affairs Law 54.03
2. The comptroller of the state and his legally authorized representatives are hereby authorized and empowered from time to time to examine the accounts and books of the trust including its receipts, disbursements, contracts, investments and any other matters relating to its financial standing. The report of any such audit shall be included in the report required by subdivision three of this section.
3. The trust shall submit to the governor, the chairperson of the senate finance committee, the chairperson of the assembly ways and means committee and the state comptroller, within ninety days after the end of its fiscal year (which shall be the same as the state's fiscal year), a complete and detailed report of its operations and accomplishments, including staffing and temporary transfer and assignment of employees, its receipts and disbursements, any acquisitions and deaccessions, and its assets and liabilities.