§ 185.20. Financial reports.
(a) The association 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 racing meet of the association and at the close of the fiscal year of the association:
(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 up to and including the last day of the meet. These interim reports must be filed with the Commission within 30 days after the close of the meeting.
(c) Annual reports are to include all operations for the calendar or fiscal year of the association and must be filed with the Commission within 75 days after the end of the calendar or fiscal year.
(d) All reports must be verified under oath by:
(1) At least two of the principal officers of the association.
(2) By persons preparing the reports.
(3) Separate records of each bank reconciliation must be maintained by the association in a manner which will clearly indicate all reconciling items between the balance per the bank statement and the balance per the books of the association at the date of reconciliation.
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