NY Rac, Pari-Mut Wag & Breeding L § 524 (2021)
2021 New York Laws PML - Racing, Pari-Mutuel Wagering and Breeding Law Article 5-A - Off-Track Pari-Mutuel Betting 524 - Reports, Accounts, Investigations.

§  524.  Reports,  accounts,  investigations. 1. The commission 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 commission 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 commission shall have power to visit, investigate, and   place  expert  accountants,  or such other persons as the commission 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   commission   thereunder  are strictly complied with. Upon a finding by the commission   of a reasonable  basis  to  believe  that  any  such  off-track  betting   corporation  is  not  complying  with  the  rules and regulations of the   commission or with applicable provisions of law, the  commission,  after   providing a written report setting forth its findings, may by a majority   vote  direct  such  corporation to cause such corporation's business and   managerial practices to be audited at such corporation's own expense  to   ensure  that such corporation complies with the rules and regulations of   the commission or any applicable provision of law.2. Each regional corporation approved by  the  commission  to  conduct   off-track  pari-mutuel  betting shall submit daily accounting reports to   the  commission,  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 commission 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 commission 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 commission 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 commission no later  than   twenty days following approval of such budget by the corporation's board   of directors. The commission may for good cause shown grant a reasonable   extension of time for the filing of any such report.