S.D. Admin. R. 20:04:32:41

Current through Register Vol. 50, page 159, June 17, 2024

Section 20:04:32:41 - Accounting records

A satellite provider must keep accurate, complete, legible, and permanent records of each transaction relating to revenue that is taxable or subject to fees under SDCL chapter 42-7 and this article in a manner approved or required by the executive secretary. A licensee who keeps permanent records in a computerized form or on microfiche must provide the executive secretary's designee, on request, with a detailed index to the microfiche or computer record.

A satellite provider must keep general accounting records on a double entry system of accounting, maintaining detailed, supporting, subsidiary records, including the following:

(1) Detailed records identifying revenues, expenses, assets, liabilities, and equity for each establishment;

(2) Detailed records of each returned check;

(3) Information received from the tote company in regards to pari-mutuel wagering; and

(4) Journal entries prepared by the licensee and its independent accountant.

Each licensee must create and maintain a record sufficient to reflect accurately gross income and expenses relating to its pari-mutuel operations.

S.D. Admin. R. 20:04:32:41

26 SDR 92, effective 1/16/2000.

General Authority: SDCL 42-7-56(9)(11)(13).

Law Implemented: SDCL 42-7-56(9)(11)(13), 42-7-58.1.