Title 9 Part 4408

Each corporation shall use generally accepted accounting principles so as to record and summarize financial information in order to produce financial statements and reports and to provide adequate internal fiscal controls.

Within 120 days after the end of the fiscal year of the corporation, each corporation shall submit to the commission a copy of its annual report of operations audited by an independent certified public accounting firm in accordance with generally accepted government auditing standards as prescribed by the Comptroller General of the United States for approval prior to its distribution. The report shall include the following supplemental schedules in a form prescribed by the commission:

The report shall include an opinion from the independent certified public accounting firm, in relation to the basic financial statements taken as a whole, on the required supplemental schedules listed above.

Each corporation shall file with the commission, within 15 days of the close of each fiscal quarter, a quarterly report of the activities of the corporation in a form prescribed by the commission. The commission may for good cause grant a reasonable extension of time for the filing of any such report.

Each quarterly report shall be signed by at least one of the corporation's principal officers and by the person who prepared the report.

The corporation shall furnish to the commission annual reports that shall include:

The commission may conduct such investigations as it deems necessary in order to effectively carry out the purposes and objectives of off-track pari-mutuel betting as provided by law. The commission may determine the method of accounts, and maintenance of books and records of each corporation, consistent with the powers of the New York State Department of Taxation and Finance and of the Office of the State Comptroller to prescribe uniform methods of accounts, records and books so as to adequately reflect the method of doing business and all financial transactions of the corporation including revenue received and distributions made thereof. Books and records of a corporation shall be maintained by the corporation as ordered by the commission and shall not be destroyed by the corporation or abandoned without the prior approval of the commission.

The commission may inspect the records of a corporation at any time at the office of the corporation. A corporation shall, upon appropriate notice, deliver promptly to the office of the commission any records that the commission shall request.