W. Va. Code R. § 178-2-23

Current through Register Vol. XLI, No. 40, October 4, 2024

Section 178-2-23 - Auditing, Accounting and Reporting Requirements

23.1. Each licensee shall file audited financial statements on or before the thirtieth (30th) day of April of each year, unless otherwise authorized by the Racing Commission, covering all income and disbursements relating directly and indirectly to greyhound racing activities in the state, including, but not limited to, the following; concessions, programs, parking, pari-mutuel wagering, and breakage. The financial statements shall be prepared in accordance with generally accepted accounting principles and shall be accompanied by the report of an independent certified public accountant. The financial statements shall be prepared in accordance with generally accepted accounting principles and shall be accompanied by die report of an independent certified public accountant. If the association is a corporation, it shall provide the Racing Commission with a copy of its annual audited, consolidated financial statements contained in die corporation's annual report to its shareholders and, if applicable, as submitted to die United States Securities and Exchange Commission.

23.2. All associations granted a license from die Racing Commission shall annually submit the names of die officers and a complete list of administrative personnel, showing addresses, duties and compensations. At least two (2) weeks after the start of each meet, die association shall submit a complete list of all other employees. With die exception of lead-outs, an association shall notify the Commission of any change in racing official personnel within ten (10) days of the change.

23.3. The president or general manager of the association shall annually provide a list of all stockholders to the Racing Commission.

23.4. Thirty (30) days prior to conducting a meet, each association shall submit to the Racing Commission the conditions for all races it proposes to hold, together with die stake, purse or reward, all of which are subject to the approval of the Racing Commission. All proposed purses are exclusive of any entrance or starting fees that may be charged.

W. Va. Code R. § 178-2-23