Kan. Admin. Regs. § 112-104-3

Current through Register Vol. 43, No. 37, September 12, 2024

Section 112-104-3 - Accounting records

(a) Each facility manager's internal control system shall include internal controls for accounting records. The internal controls shall be submitted to and approved by the commission according to K.A.R. 112-104-1. Each facility manager shall maintain complete, accurate, and legible records of all transactions pertaining to the revenues, expenses, assets, and liabilities of each gaming facility.

(b) General accounting records shall be maintained on a double-entry system of accounting with transactions recorded on a basis consistent with generally accepted accounting principles. Detailed, supporting, and subsidiary records sufficient to meet the requirements of subsection (c) shall also be maintained in accordance with the requirements of this article.

(c) The detailed, supporting, and subsidiary records shall include the following:

(1) Records pertaining to revenue, expenses, assets, and liabilities of all facility manager activities;

(2) records pertaining to the financial statements and all transactions impacting the financial statements of the facility manager, including contracts or agreements with licensed manufacturers, suppliers, junket enterprises, vendors, contractors, consultants, management companies, attorneys and law firms, accountants and accounting firms, insurance companies, and financial institutions, including statements and reconciliations related to these contracts or agreements;

(3) records that identify the handle, payout, actual win amounts and percentages, theoretical win amounts and percentages, and differences between theoretical and actual win amounts and percentages for each EGM on a daily, week-to-date, month-to-date, and year-to-date basis;

(4) records documenting the costs of complimentaries as defined in article 100;

(5) records created in connection with the internal control system submitted to the commission under this article;

(6) records of all returned checks;

(7) records supporting the daily and other periodic reconciliations of cash and account balances to general ledger accounts;

(8) records supporting the reconciliation of accounting records to those of the independent auditors;

(9) records supporting the preparation of any state and federal tax returns and reconciliation of all such records to general ledger accounts;

(10) records required to comply with all federal financial recordkeeping requirements as specified in 31 C.F.R. part 103; and

(11) any other relevant records that the executive director requires to be maintained.

Kan. Admin. Regs. § 112-104-3

Authorized by and implementing K.S.A. 2007 Supp. 74-8772; effective Sept. 26, 2008.