N.Y. Comp. Codes R. & Regs. tit. 8, § 172.3 – Subject matter of rules.

(a) The method to be followed in establishing an organization.
(b) The records of receipts and expenditures to be maintained and the reports to be made at least quarterly to the board of education.
(c) That authority to expand moneys shall be distinct and separate from the custody of those moneys.
(d) That an independent and impartial audit of the accounts shall be made at least annually in conjunction with the audit of the district records.
(e) The method of disposing of funds of defunct organizations.

Such rules and regulations shall require at least the following: