Current through Register Vol. 48, No. 52, December 27, 2024
a) It shall be the duty of all retail
licensees of this Commission for the purpose of this Act, to keep the minimum
uniform records described in this Rule at a location within the State of
Illinois for the purpose of inspection at all reasonable times by
representatives authorized in writing by the chairman or a member of the
Illinois Liquor Control Commission, or by representatives authorized in writing
by any local Liquor Control Commissioner that issues the local
license.
b) Retail licensees
maintaining records on the cash basis:
1) A
record of cash receipts from all sources. This record must be kept in
accordance with the Rules and procedural requirements of the Illinois
Department of Revenue, as set forth in the Retailers Occupation Tax Act [35
ILCS 120 ] and 86 Ill. Adm. Code 130: Subpart H.
2) A record of all cash disbursements for
payment of merchandise purchases. This record must be documented by paid
invoices or receipts.
3) A record
of all cash disbursements for operating expenses (including rent, salaries,
light, power and heat, payroll and other taxes) and all other expenses. This
record shall show to whom payment was made and for what purpose.
4) Monthly or quarterly statements must be
available for inspection disclosing cash receipts, cash disbursements for
merchandise purchases and cash disbursements for operating expenses, and all
other expenses, which will reflect the licensee's gross profit, net profit or
loss, and the person or persons sharing directly or indirectly in the said net
profit or loss. Where physical inventories are not taken quarterly, it will be
permissible to determine gross profit on the basis of deducting purchases from
sales.
5) A record must also be
maintained of cash on hand and cash in the bank. Bank statements and canceled
checks must also be on file.
c) Retail licensees maintaining records on an
accrual basis:
Retail licensees who maintain records on an accrual basis may
continue their present methods. This method of record keeping must also be one
conforming to the Rules and Regulations of the Illinois Department of Revenue
as cited above. The records of such licensees shall be documented in the same
manner as those of licensees on the cash basis. In addition they shall maintain
records supporting entries made for accruals of income and expenses.
d) Beneficial interest:
1) All documents, including but not limited
to bills of sale, contracts of purchase, evidence of mortgage indebtedness or
leases of licensed premises, evidence of original capital investment, a record
of who provided such capital funds and from what bank or other lender, if any,
said funds were obtained, and any agreements for sharing profits other than on
the basis of shares of stock owned or sharing of profits set forth in the
articles of partnership, shall be maintained and available for inspection.
Also, if the licensee is a corporation, a listing of all stockholders of record
shall be maintained. If the licensee is a partnership, the articles of
partnership shall be available for inspection.
2) Requirements for maintenance of records of
beneficial interest specified under the preceding paragraph shall not be
applicable to licensees having one or more classes of equity securities
registered with the Securities Exchange Commission. Nor shall they be
applicable to licensees of which more than 50 per cent of the voting securities
are owned by a company that would be exempted hereunder if it were the
licensee.
3) Licensees availing
themselves of the exemption stated in the preceding paragraph shall notify the
Illinois Liquor Control Commission in writing that they are exempt under this
provision, as above stated, and are filing annual reports with the Securities
Exchange Commission, and that this exemption shall be effective so long as they
are filing such annual reports.
e) Each retail licensee must also have
available for inspection said licensee's Retailer's Occupation Tax Registration
Certificate as issued by the Illinois Department of Revenue.
f) Each retail licensee of this Commission
shall maintain and preserve the required records as set forth in this Rule for
at least three calendar years.