N.Y. Comp. Codes R. & Regs. tit. 21, § 4209.8 – Recordkeeping, auditing and reporting.

(a) Each regional corporation shall maintain adequate books and records of its activities hereunder and shall submit semi-annual reports to the corporation describing the financial assistance provided pursuant to this Part, including:
1. (1) the number of projects assisted;
2. (2) the amount and type of assistance provided;
3. (3) a description of the assisted projects;
4. (4) the number of jobs created or retained;
5. (5) the number of minority business enterprises and women business enterprises assisted, and the amount and type of assistance provided same;
6. (6) the amount of principal and interest in each working capital loan paid and outstanding;
7. (7) the amount of each loan guarantee outstanding; and
8. (8) such other information as the corporation may require.
(b) The corporation shall annually audit each regional corporation to ensure conformity to all aspects of financial assistance transactions with the substantive and procedural provisions of this Part. In the event that the corporation finds instances of substantive noncompliance by a regional corporation with any of the provisions of this Part, and such instances were, or should have been, known to be in noncompliance, the regional corporation shall be obligated to return, within a reasonable time, upon demand by the corporation, any funds advanced by the corporation for deposit into the regional corporation’s loan fund account and any interest earned thereon.