W. Va. Code R. § 110-37-23
Current through Register Vol. XLI, No. 50, December 13, 2024
Section 110-37-23 - Filing of Reports23.1. Annual, limited or state fair licensees shall file annual financial reports on forms provided by the Commissioner. These reports shall summarize the financial activity of the licensee for the full license year. Each annual reports shall be filed no later than (30) days after the end of the license period which it covers. 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 this report, the licensee shall include its expired license. 23.1.1. Example 1. X organization obtains a license and holds raffle occasions on September 1, 1996. The annual report is due no later than September 30, 1997 (thirty (30) days after the expiration of the license which expires on August 31, 1997).23.2. All required reports shall contain the name, address and social security number of any person who receives during a raffle occasion prizes with an aggregate value of over one hundred dollars ($100).23.3. Any licensee failing to file a required report when due is liable for a penalty of twenty-five ($25.00) for each month, or fraction of a month during which the failure continues. The penalty shall not exceed one hundred ($100.00) for each delinquent period.23.4. The annual financial report required to be filed for each license year shall contain a compilation or 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 fifty thousand dollars ($50,000). The licensee, in lieu of a compilation or review, may file a financial report audited by a certified or licensed public accountant.W. Va. Code R. § 110-37-23