Section 8-1 - Revenue Reporting (a) Annual Report. - (i) Unless so noted within an existing lease, concession fees are based on a calender year for the payment of lease fees, along with the submission of an Annual Report, by April 15th of the following year.
- (ii) All existing and future Concessionaires must submit an Annual Report in a satisfactory and acceptable format approved by the Division, for the facility they operate. These reports will be used for establishing the commission to be paid by the concessionaire. The state also may use this information to establish historical data for evaluation and future RFP purposes. Completed reports are to be signed and dated by the Concessionaire before being submitted. The report, financial statements, appropriate tax returns and payments for the current year are then to be mailed to the Division's Concession Manager.
- (iii) Penalty fees shall be assessed for late reports, untimely payments and checks returned. Penalty fees shall be five percent (5%) of the payment amount.
- (iv) If payment is received without the Annual Report and supporting documents, the Division will request the information from the Concessionaire in writing by U.S. Postal Service, Certified Mail, Return Receipt Requested. If the information is not received within thirty (30) days of receipt of the certified letter, the Division may, at its discretion, terminate the Concession agreement.
- (v) Documentation such as tax returns, financial statements, insurance verification and others as required may also be requested at the Division's discretion when included in the effective contract. If the deadline cannot be met, the Concessionaire must inform the Concessions Manager of the situation prior to the April 15th deadline as to when the information will be received and request an extension. The division director will approve or disapprove the request.
- (vi) Non-payment of fees and failure to file required forms in a timely fashion will be cause for termination of the Concession agreement.
- (vii) The Division reserves the right to request an audit or inspection of the Concessionaire operations and bookkeeping during normal business hours.