§ 149.45. Supporting documents for annual financial statements.
(a) Each month, sales summaries shall be prepared which shall include quantities and dollar values for each separate category of product. The dollar values shall equal dollars recorded in appropriate sales accounts and shall be supported by invoices and statements. The quantities, converted to pounds, shall equal applicable figures recorded in appropriate sections of the monthly Milk Dealer’s Reports. Sections of these monthly summaries shall consider the following:
(1) Type product—Homogenized, 2.0%, Orange Juice, Iced Tea, and so on.
(2) Type container—Paper, plastic, glass, and so on.
(3) Size container—Gallon, quart, 1/2 pint, and so on.
(4) Type sale—Retail, wholesale delivered, wholesale dock, bulk, subdealer, and so on.
(5) Location of delivery—PMMB Area, out-of-State, United States Government land, and so on.
(b) The following documents shall be available on request to PMMB auditors in the event the Board has directed an audit of the financial activity of a dealer:
(1) All journals—Sales, purchases, cash receipts, cash disbursements, and so on.
(2) All ledgers—General, subsidiary, equipment, and so on.
(3) Other inventory, equipment, and so on, records such as Kardex files, 3 x 5 files, and so on.
(4) Delivery slips, sales invoices, statements, and so on.
(5) Supporting documents and worksheets for computing discounts, rebates, and so on.
(6) Check books, bank statements, and cancelled checks.
(7) Cash receipt and disbursement records required by PMMB Regulations.
(8) Monthly Milk Dealer’s Reports and all supporting documents.
(9) Chart of accounts.
(10) Independent accountant’s financial statement and certification.
(11) All leases and other agreements with customers as required by PMMB Regulations.
(12) Information concerning salaries earned by executives from other affiliated or unaffiliated organizations.
(13) All Federal and State payroll tax returns.
(14) Sales tax returns.
(15) Federal and State corporate returns including consolidated returns if appropriate.
(16) Copies of Internal Revenue Service audit reports for previous years.
(17) Worksheet reconciliation of Net Income between Federal Tax return and PMMB Financial Statement.
(18) Other supporting documents not listed in this subsection.
(c) In the event more ledger accounts are maintained that are combined into one PMMB account for financial reporting purposes, separate schedules indicating the detailed amounts and their totals as entered in the Financial Report must be available for use by PMMB auditors. Adding machine tapes are not acceptable unless each account number or title has been entered on the tapes by the side of each amount.
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