N.Y. State Fin. Law § 53-C

Current through 2024 NY Law Chapter 553

Section 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.