Section 71 IAC 4-2-3 - Financial reportsAuthority: IC 4-31-3-9
Affected: IC 4-31-13-6; IC 4-35-7-12
Sec. 3.
(a) The commission may require periodic audits to determine that the association has funds available to meet those distributions for the purposes required by the Act, IC 4-35-7-12, these rules, the conditions and nomination race program of the race meeting, and the obligations incurred in the daily operation of the race meeting. Such audits are in addition to the state board of accounts annual audit required by IC 4-35-7-12(h).(b) An association shall file the following: (1) A copy of all tax returns.(3) A profit and loss statement.(c) An association shall file with the commission an unaudited balance sheet and profit and loss statement as required by the commission. Those submissions must be in a format which conforms with the requirements set out in the permit.(d) An association shall file an annual consolidated financial statement, audited by independent certified public accountants, for the track and the simulcast operations, with the commission no later than March 31 after the close of its fiscal year, which reflects operations during the preceding calendar year. The audit must be in a format which conforms with the requirements set out in the permit application. The commission, upon good cause shown, may extend the time for filing.(e) An association shall file with the commission a copy of any tax audit report received from the Internal Revenue Service, Indiana department of revenue, or any other federal or state agency auditing the association.Indiana Horse Racing Commission; 71 IAC 4-2-3; emergency rule filed Feb 10, 1994, 9:20 a.m.: 17 IR 1134; emergency rule filed Jun 15, 1995, 5:00 p.m.: 18 IR 2837, eff Jul 1, 1995; emergency rule filed Mar 25, 1996, 10:15 a.m.: 19 IR 2071; readopted filed Oct 30, 2001, 11:50 a.m.: 25 IR 899; readopted filed Mar 23, 2007, 11:31 a.m.: 20070404-IR-071070030RFA; emergency rule filed Oct 29, 2009, 11:33 a.m.: 20091104-IR-071090870ERA, eff Oct 26, 2009 [IC 4-22-2-37.1 establishes the effectiveness of an emergency rule upon filing with the Publisher. LSA Document #09-870(E) was filed with the Publisher October 29, 2009.]; emergency rule filed Oct 3, 2013, 2:08 p.m.: 20131009-IR-071130452ERAReadopted filed 8/28/2019, 1:23 p.m.: 20190925-IR-071190319RFAReadopted filed 8/3/2023, 12:49 p.m.: 20230830-IR-071230428RFA