9 NYCRR 1647-8.1

Unless the division shall otherwise request, the requirement to submit monthly financial reports consisting of a uniform balance sheet and a schedule of investments (see § 1646-7.1) shall cease when the project has been declared substantially completed. The requirement to submit quarterly financial reports (see § 1646-7.2) within 15 days after the end of each calendar quarter shall, however, continue beyond the date of substantial completion into the operating period. Each quarterly financial report submitted subsequent to the date of substantial completion shall include, in addition to the data and schedules prescribed in Table I of section 1646-7.2 and such supplementary schedules listed in Table II of section 1646-7.2 as are required by the division to be submitted, a statement of income and expense of the project proper on form DH-621, Income and Expense—Budget Control Statement, in an original and a duplicate, form DH-621 shall be numbered schedule No. 13 of the quarterly financial report. Quarterly financial reports for the quarter ending March 31, beginning with the year in which the date of substantial completion falls, shall further include, in an original and duplicate, a reconciliation of reserve fund and reserve accounts (see § 1647-5.5) and a schedule of replacement reserve transactions (see § 1647-4.9) which shall be numbered schedules no. 14 and no. 15, respectively of the report.