Current through Register Vol. 54, No. 45, November 9, 2024
Section 165.22 - Financial reports(a) The licensee must maintain separate general ledgers and books of original entries for each calendar or fiscal year. The following financial reports must be submitted to the Commission at the close of each licensee's racing meet and at the close of the licensee's fiscal year:(1) Statement of Assets and Liabilities.(2) Statement of Profit and Loss and Surplus.(b) Interim reports must be submitted to the Commission and must include all operations for the current period and shall be filed within 90 days of the end of each of the first three calendar quarters of the calendar or fiscal year.(c) Annual reports are to include all operations for the licensee's calendar or fiscal year, are to be audited, and must be filed with the Commission concurrently with the filing of the licensee's Federal income tax return in each succeeding year.(d) All reports must be verified under oath by at least two of the licensee's principal officers, and by the persons actually preparing the reports.(e) Separate records of each bank reconciliation must be maintained by the licensee in a manner which will clearly indicate all reconciling items between the balance per the bank statement and the balance per the licensee's books at the date of reconciliation.The provisions of this §165.22 amended November 7, 1980, effective 11/8/1980, 10 Pa.B. 4299.