2023 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.