N.Y. Racing, Pari-Mutuel Wagering and Breeding Law § 524

§ 524. Reports, accounts, investigations. 1. The board shall,\nconsistent with the powers of the department of taxation and finance,\nprescribe uniform methods of keeping accounts, records and books to be\nobserved by regional corporations. The board shall, consistent with the\npowers of the department of taxation and finance, prescribe by order\nforms of accounts, records and memoranda to be kept by such\ncorporations. The board shall have power to visit, investigate, and\nplace expert accountants, or such other persons as it may deem\nnecessary, in the offices, or other places of business of any such\ncorporation for the purpose of seeing that the provisions of this\nchapter and the rules and regulations issued by the board thereunder are\nstrictly complied with. Upon a finding by the board of a reasonable\nbasis to believe that any such offtrack betting corporation is not\ncomplying with the rules and regulations of the board or with applicable\nprovisions of law, the board, after providing a written report setting\nforth its findings, may by a majority vote direct such corporation to\ncause its business and managerial practices to be audited at its own\nexpense to ensure that such corporation complies with the rules and\nregulations of the board or any applicable provision of law.\n 2. Each regional corporation approved by the board to conduct\noff-track pari-mutuel betting shall submit daily accounting reports to\nthe board, within forty-eight hours after each racing day, accounting\nfor all tickets sold and winning tickets cashed or refunds and such\nother information as the board may require. Copies of such daily reports\nshall be submitted to each racing association or corporation conducting\nraces on which off-track wagers were accepted by such regional\ncorporation.\n 3. Quarterly financial statements shall be submitted by each\ncorporation to the board within fifteen days after the end of each\ncalendar quarter, and shall include a balance sheet, a statement of\nrevenue net of expenses, statement of cash flow, a breakdown of\noperating and administrative expenses for the quarter preceding\nsubmission of the report and for the year to date. All such reports\nshall be subject to audit by the state comptroller and shall be public\nrecords.\n 4. The reports required under this section shall be in such form and\ncontain such other matters as the board may determine from time to time\nto be necessary to disclose accurately the financial condition and\noperation of such corporations. Each regional corporation shall submit a\ncopy of the corporation's annual budget to the board no later than\ntwenty days following approval of such budget by the corporation's board\nof directors. The board may for good cause shown grant a reasonable\nextension of time for the filing of any such report.\n