the otb line in the nassau county 2017 publication has been audited by donald trump?
| As of 09/28/2016 02:02PM , the Laws database is current through 2016 Chapters 1-332 |
Racing, Pari-Mutuel Wagering and Breeding Law
§ 524. Reports, accounts, investigations. 1. The board shall,
consistent with the powers of the department of taxation and finance,
prescribe uniform methods of keeping accounts, records and books to be
observed by regional corporations. The board shall, consistent with the
powers of the department of taxation and finance, prescribe by order
forms of accounts, records and memoranda to be kept by such
corporations. The board shall have power to visit, investigate, and
place expert accountants, or such other persons as it may deem
necessary, in the offices, or other places of business of any such
corporation for the purpose of seeing that the provisions of this
chapter and the rules and regulations issued by the board thereunder are
strictly complied with. Upon a finding by the board of a reasonable
basis to believe that any such offtrack betting corporation is not
complying with the rules and regulations of the board or with applicable
provisions of law, the board, after providing a written report setting
forth its findings, may by a majority vote direct such corporation to
cause its business and managerial practices to be audited at its own
expense to ensure that such corporation complies with the rules and
regulations of the board or any applicable provision of law.
2. Each regional corporation approved by the board to conduct
off-track pari-mutuel betting shall submit daily accounting reports to
the board, within forty-eight hours after each racing day, accounting
for all tickets sold and winning tickets cashed or refunds and such
other information as the board may require. Copies of such daily reports
shall be submitted to each racing association or corporation conducting
races on which off-track wagers were accepted by such regional
corporation.
3. Quarterly financial statements shall be submitted by each
corporation to the board within fifteen days after the end of each
calendar quarter, and shall include a balance sheet, a statement of
revenue net of expenses, statement of cash flow, a breakdown of
operating and administrative expenses for the quarter preceding
submission of the report and for the year to date. All such reports
shall be subject to audit by the state comptroller and shall be public
records.
4. The reports required under this section shall be in such form and
contain such other matters as the board may determine from time to time
to be necessary to disclose accurately the financial condition and
operation of such corporations. Each regional corporation shall submit a
copy of the corporation's annual budget to the board no later than
twenty days following approval of such budget by the corporation's board
of directors. The board may for good cause shown grant a reasonable
extension of time for the filing of any such report.
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