W. Va. Code R. § 179-4-138

Current through Register Vol. XLI, No. 36, September 6, 2024

Section 179-4-138 - Standard Financial and Statistical Records

138.1. The limited gaming facility licensee, unless specifically exempted by the Commission, shall file monthly, quarterly, and annual reports of financial and statistical data in a format prescribed by the Commission. Reports prepared on Microsoft Word and Microsoft Excel may be emailed to casinoreports@wvlottery.com to comply with the reporting requirements of this rule. As technology changes and improves, the Commission may by interpretive rule specify another means of reporting.

138.2. The Commission shall periodically prescribe a set of standard reporting forms and instructions to be used in filing monthly, quarterly, and annual reports.

138.3. The Commission shall review and modify or approve each limited gaming facility's uniform chart of accounts, including account classifications, in order to ensure consistency, comparability, and appropriate disclosure of financial information. The prescribed chart of accounts is the minimum level of detail to be maintained for each accounting classification by the limited gaming facility licensee.

138.4. Annual reports shall be based on the licensee's fiscal year. Quarterly reports shall be based on the licensee's fiscal quarters.

138.5. Monthly reports shall be based on calendar months unless another accounting period is approved by the Commission. Quarterly and monthly reports shall contain a cumulative year-to-date column in this rule to facilitate analysis.

138.6. The reports required to be filed in this rule shall be sworn to and signed by the following entities:

138.6.a. If the reports are from a corporation, then the chief executive officer and one of the following individuals:

138.6.a.1. The chief Financial Officer;

138.6.a.2. The treasurer; or

138.6.a.3. The comptroller.

138.6.b. If the reports are from a limited liability company, then by a manager;

138.6.c. If the reports are from a partnership, then by a general partner and financial director;

138.6.d. If the reports are from a sole proprietorship, then by the proprietor; or

138.6.e. If the reports are from any other form of business association, then by the chief executive officer.

138.7. A report shall be addressed to the Commission and postmarked not later than the required filing date. The required filing dates are as follows:

138.7.a. A monthly report is due on the thirteenth calendar day of the following month;

138.7.b. A quarterly report is due on the fifteenth calendar day of the second month following the end of the quarter; and

138.7.c. An annual report is due on the fifteenth calendar day of the third month following the end of the year.

138.8. If there is a termination or suspension of the limited gaming facility license, a voluntary or involuntary change in the company, or a material change in ownership, then the limited gaming facility licensee shall file an interim quarterly report as of the date the event occurs, unless the event has already been disclosed in a regular quarterly report or unless exempted by the Commission. The filing date shall be 30 calendar days after the date the event occurs.

138.9. An adjustment that results from the quarterly and annual audits shall be recorded in the accounting records. If an adjustment was not reflected in the limited gaming facility licensee's quarterly or annual reports and if the West Virginia Lottery concludes that the adjustment is significant, then it may require a revised report from the limited gaming facility licensee. The revised filing is due within 30 calendar days after written notification to the limited gaming facility licensee.

W. Va. Code R. § 179-4-138