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This entry was published on 2020-10-16
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Reports, accounts, investigations
Racing, Pari-Mutuel Wagering and Breeding Law (PML) CHAPTER 47-A, ARTICLE 5-A
§ 524. Reports, accounts, investigations. 1. The commission 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 commission 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 commission shall have power to visit, investigate, and
place expert accountants, or such other persons as the commission 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 commission
thereunder are strictly complied with. Upon a finding by the commission
of a reasonable basis to believe that any such off-track betting
corporation is not complying with the rules and regulations of the
commission or with applicable provisions of law, the commission, after
providing a written report setting forth its findings, may by a majority
vote direct such corporation to cause such corporation's business and
managerial practices to be audited at such corporation's own expense to
ensure that such corporation complies with the rules and regulations of
the commission or any applicable provision of law.

2. Each regional corporation approved by the commission to conduct
off-track pari-mutuel betting shall submit daily accounting reports to
the commission, 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 commission 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 commission 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

4. The reports required under this section shall be in such form and
contain such other matters as the commission 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 commission no later than
twenty days following approval of such budget by the corporation's board
of directors. The commission may for good cause shown grant a reasonable
extension of time for the filing of any such report.