§ 181.13. Books and records of pari-mutuel wagering.
(a) Every licensed racing entity that conducts a horse race meeting at which pari-mutuel wagering is authorized shall maintain books and records that clearly show, by separate record, the total amount of money contributed to every pari-mutuel pool. The Commission and the Department of Revenue or their authorized representatives shall have access to examine all books and records and ascertain whether the proper amount due to the Commonwealth is being paid by the licensed racing entity.
(b) The Commission may require periodic audits to determine that the licensed racing entity has funds available to meet those distributions for the purposes required by the act, Commission rules, the conditions of the race meeting and the obligations incurred in the daily operations of the race meeting. In its audit reports to the Commission, the licensed racing entity shall include file a copy of all tax returns, a balance sheet and a profit and loss statement. The confidentiality of the audits and reports may be the subject of a request for confidentiality as set forth in the Commission’s regulations.
(c) The Commission may request that a licensed racing entity file an unaudited balance sheet and profit and loss statement. Those submissions must be in a format which conforms with the requirements set out in the licensed racing entity’s license application.
(d) An association shall file an annual audit with the Commission within the time period prescribed by the Commission. The Commission, upon good cause shown, may extend the time for filing. These annual audit reports shall include all operations for the calendar or fiscal year of the licensed racing entity and shall be:
(1) Verified under oath by at least two of the principal officers of the association.
(2) Submitted 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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