N.Y. Racing, Pari-Mutuel Wagering and Breeding Law § 524: Reports, accounts, investigations

§ 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

records.

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.