N.Y. Educ. Law § 3702

§ 3702. Control and supervision of trusts for public schools. The\nlegislature may control and regulate the execution of all such trusts;\nand the commissioner of education shall supervise and advise the\ntrustees, and hold them to a regular accounting for the trust property\nand its income and interest at such times, in such forms, and with such\nauthentications, as he shall, from time to time, prescribe.\n