W. Va. Code R. § 110-16-25

Current through Register Vol. XLI, No. 48, November 27, 2024

Section 110-16-25 - Filing of Reports

25.1. Annual licensees and super-bingo licensees shall file, quarterly and annually, financial reports on forms provided by the commissioner. These reports shall summarize the financial activity of the licensee for the reported time period. The quarterly reports shall be filed no later than twenty (20) days after the end of the quarter which it covers. Annual reports shall be filed no later than thirty (30) days after the expiration of the license. The time period covered by the annual report is the full license year or, at the election of a licensee receiving state or federal funding, the most recently ended state or federal fiscal year. With the annual report, the licensee shall include its expired license.

25.1.1. Example 1. - Y organization obtains a license and starts bingo operations on November 1. Its quarterly reports are due on January 20 (twenty (20) days after the end of this quarter on December 31), April 20, July 20 and October 20. The annual report is due on November 30 (thirty (30) days after the expiration of the license on October 31).

25.1.2. Quarters are on standard basis. In other words January 1 - March 31, is the first quarter, April 1 - June 30, is the second quarter July 1 - September 30, is the third quarter, and October - December 1, is the fourth quarter.

25.2. Limited occasion licensees and State Fair licensees shall file a financial report on forms provided by the commissioner. These reports shall summarize financial activity for the license period. This report shall be filed within thirty (30) days after the expiration of the license and the expired license shall accompany such report.

25.3. Final reports for annual licensees and limited occasion licensees shall contain the name, address and social security number of any person who receives prizes with an aggregate value of over one hundred dollars ($100).

25.4. Any licensee failing to file a required report when due is liable for a penalty of $25.00 for each month, or fraction thereof, during which the failure continues, the penalty not to exceed $100.00 for each delinquent report.

25.5. The annual financial reports required to be filed for each license year shall contain a compilation and review of the financial report, as defined by the American Institute of Certified Public Accountants, if for the license year just completed the licensee's gross receipts exceed $50,000.00.

W. Va. Code R. § 110-16-25