Connecticut Administrative Code
Title 12 - Taxation
574-A - The Operation of Thoroughbred Racing except as noted
Section 12-574-A11 - Accounting
Universal Citation: CT Reg of State Agencies 12-574-A11
Current through September 9, 2024
(a) Requirements.
(1) Associations shall so keep books and
records as to clearly show the total amount of money contributed to every
pari-mutuel pool on each race separately and within sixty (60) days after the
conclusion of every race meeting shall submit to the commission a complete
audit of its accounts, certified by a public accountant licensed to practice in
the state, and in addition, shall submit a detailed annual audit to the
commission.
(2) These audits shall
become and be maintained in the commission's confidential files and shall
include, although not limited to, the following statements and schedules:
(A) Balance sheet.
(B) Profit and loss statement.
(C) Statement application of funds.
(D) Daily distribution of pari-mutuel handle
schedule.
(E) Daily admissions,
receipts and taxes schedule.
(F)
Insurance schedule (this should include the names, addresses of all companies
with whom the policies have been placed as well as the agent with whom the
policies have been placed).
(G)
schedule.
(H) Salaries and wages of
all departments.
(I) Salaries paid
to officials and department heads.
(J) Contribution or donation
schedule.
(K) Miscellaneous revenue
schedule (this shall be in detail as to source).
(L) Illegal and accounting fees
schedule.
(M) Travel and
entertainment schedule (in complete detail showing the actual disposition of
these funds).
(N) Taxes paid and
accrued.
(O) Advertising
expense.
(P) Organizational data
(listing directors, officials, etc., a schedule of stockholders may be
submitted under separate cover).
(Q) Certificate of accountant who prepares
audit.
(b) Commission inspection. The commission or its duly authorized representatives and the tax commissioner or his agents are authorized to enter upon the premises of any association for the purpose of inspecting books and records, and examining cashiers, ticket sellers and other persons handling money on said premises.
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