W. Va. Code R. § 179-4-58

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 179-4-58 - Reviews of Finances of Licensees

58.1. On behalf of the Commission, the Lottery Director and the Lottery administrative staff are directed to engage in systematic reviews of the finances of the entities that help the Lottery Commission to operate the regulated, controlled, owned and operated West Virginia State Lottery games. These entities may include persons licensed under the Act.

58.2. Depending on the operation, the reviews could occur monthly, quarterly or annually as directed by the Commission's Audit Committee. The reviews should include, but are not limited to:

58.2.a. A monthly financial report, or balance sheet and income statement;

58.2.b. Any contract that can or would alter or restrict the ongoing business objectives of the licensee, permit agent or vendor without implicit Commission approval;

58.2.c. Quarterly 10-Q's; and

58.2.d. Year end financial statements and 10-k's, if public entities.

W. Va. Code R. § 179-4-58