2014 New York Laws
PML - Racing, Pari-Mutuel Wagering and Breeding Law
Article 5-A - (518 - 532) OFF-TRACK PARI-MUTUEL BETTING
524 - Reports, accounts, investigations.

  524.  Reports,  accounts,  investigations.    1.  The  board shall,
  consistent with the powers of the department of  taxation  and  finance,
  prescribe  uniform  methods of keeping accounts, records and books to be
  observed by regional corporations. The board shall, consistent with  the
  powers  of  the  department  of taxation and finance, 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  this
  chapter and the rules and regulations issued by the board thereunder are
  strictly  complied  with.  Upon  a  finding by the board of a reasonable
  basis to believe that any  such  offtrack  betting  corporation  is  not
  complying with the rules and regulations of the board or with applicable
  provisions  of  law, the board, after providing a written report setting
  forth its findings, may by a majority vote direct  such  corporation  to
  cause  its  business  and  managerial practices to be audited at its own
  expense to ensure that such corporation  complies  with  the  rules  and
  regulations of the board or any applicable provision of law.
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. Each regional corporation shall submit a
  copy  of  the  corporation's  annual  budget  to the board no later than
  twenty days following approval of such budget by the corporation's board
  of directors. The board may for good  cause  shown  grant  a  reasonable
  extension of time for the filing of any such report.