Oklahoma Administrative Code
Title 325 - Oklahoma Horse Racing Commission
Chapter 10 - Racing Organization
Section 325:10-1-12 - Accounting practices and responsibility

The organization shall maintain in an approved depository, those amounts deducted from the pari-mutuel handle for distribution for the purposes specified in the Act and the rules and regulations of the Commission. Each organization and its managing officers are jointly and severally responsible to ensure that the amounts retained from the pari-mutuel handle are distributed according to the Act and rules of the Commission and not otherwise. The organization and its managing officers shall ensure that all purse monies, disbursements, and appropriate nomination race monies are available to make timely distribution in accordance with the Act, the rules and Regulations of the Commission, the organization rules, and race conditions. Copies of all nomination payment race contracts, agreements, and conditions shall be submitted to the Commission and related reporting requirements fulfilled as specified by the Commission. Subject to approval of the Commission, the organization shall maintain on a current basis a bookkeeping and accounting program under the guidance of a Certified Public Accountant. The Commission may require periodic audits to determine that the organization has funds available to meet those distributions for the purposes required by the Act, the rules and regulations of the Commission, the conditions and nomination race program of the race meeting, and the obligations incurred in the daily operation of the race meeting. The organization shall file a copy of all tax returns, a balance sheet, and a profit and loss statement. An organization shall file with the Commission an unaudited balance sheet and profit and loss statement within forty-five (45) days following the completion of each calendar year quarter, with the submissions to be in a format that conforms to the accounts as set out in the organization license application; and an annual audit report shall be filed with the Commission within one hundred twenty (120) days after the organization licensee's fiscal year-end. The Commission, upon good cause shown, may extend the time for filing.