§ 524 — Reports, accounts, investigations

§ 524. Reports, accounts, investigations. 1. The commission shall,\nconsistent with the powers of the department of taxation and finance,\nprescribe uniform methods of keeping accounts, records and books to be\nobserved by regional corporations. The commission shall, consistent with\nthe powers of the department of taxation and finance, prescribe by order\nforms of accounts, records and memoranda to be kept by such\ncorporations. The commission shall have power to visit, investigate, and\nplace expert accountants, or such other persons as the commission may\ndeem necessary, in the offices, or other places of business of any such\ncorporation for the purpose of seeing that the provisions of this\nchapter and the rules and regulations issued by the commission\nthereunder are strictly complied with. Upon a finding by the commission\nof a reasonable basis to believe that any such off-track betting\ncorporation is not complying with the rules and regulations of the\ncommission or with applicable provisions of law, the commission, after\nproviding a written report setting forth its findings, may by a majority\nvote direct such corporation to cause such corporation's business and\nmanagerial practices to be audited at such corporation's own expense to\nensure that such corporation complies with the rules and regulations of\nthe commission or any applicable provision of law.\n 2. Each regional corporation approved by the commission to conduct\noff-track pari-mutuel betting shall submit daily accounting reports to\nthe commission, within forty-eight hours after each racing day,\naccounting for all tickets sold and winning tickets cashed or refunds\nand such other information as the commission may require. Copies of such\ndaily reports shall be submitted to each racing association or\ncorporation conducting races on which off-track wagers were accepted by\nsuch regional corporation.\n 3. Quarterly financial statements shall be submitted by each\ncorporation to the commission within fifteen days after the end of each\ncalendar quarter and shall include a balance sheet, a statement of\nrevenue net of expenses, statement of cash flow, a breakdown of\noperating and administrative expenses for the quarter preceding\nsubmission of the report and for the year to date. All such reports\nshall be subject to audit by the state comptroller and shall be public\nrecords.\n 4. The reports required under this section shall be in such form and\ncontain such other matters as the commission may determine from time to\ntime to be necessary to disclose accurately the financial condition and\noperation of such corporations. Each regional corporation shall submit a\ncopy of the corporation's annual budget to the commission no later than\ntwenty days following approval of such budget by the corporation's board\nof directors. The commission may for good cause shown grant a reasonable\nextension of time for the filing of any such report.\n