US Laws, Codes, Statutes & Cases

 
    §   524.  Reports,  accounts,  investigations.  1.  The  board  shall,
  consistent with the  powers  of  the  state  tax  commission,  prescribe
  uniform methods of keeping accounts, records and books to be observed by
  regional  corporations.  The  board shall, consistent with the powers of
  the state tax commission, prescribe by order forms of accounts,  records
  and  memoranda  to  be  kept  by such corporations. The board shall have
  power to visit, investigate, and place expert accountants, or such other
  persons as it may deem necessary, in the offices,  or  other  places  of
  business  of  any  such  corporation  for the purpose of seeing that the
  provisions of sections two hundred twenty-two through seven hundred five
  of this chapter and the  rules  and  regulations  issued  by  the  board
  thereunder are strictly complied with.
    2.  Each  regional  corporation  approved  by  the  board  to  conduct
  off-track pari-mutuel betting shall submit daily accounting  reports  to
  the  board,  within  forty-eight hours after each racing day, accounting
  for all tickets sold and winning tickets  cashed  or  refunds  and  such
  other information as the board may require. Copies of such daily reports
  shall  be submitted to each racing association or corporation conducting
  races  on  which  off-track  wagers  were  accepted  by  such   regional
  corporation.
    3.   Quarterly   financial  statements  shall  be  submitted  by  each
  corporation to the board within fifteen  days  after  the  end  of  each
  calendar  quarter,  and  shall  include  a balance sheet, a statement of
  revenue net  of  expenses,  statement  of  cash  flow,  a  breakdown  of
  operating   and   administrative  expenses  for  the  quarter  preceding
  submission of the report and for the year  to  date.  All  such  reports
  shall  be  subject to audit by the state comptroller and shall be public
  records.
    4. The reports required under this section shall be in such  form  and
  contain  such other matters as the board may determine from time to time
  to be necessary to  disclose  accurately  the  financial  condition  and
  operation of such corporations. The board may for good cause shown grant
  a reasonable extension of time for the filing of any such report.