Florida Administrative Code › 75 - FLORIDA GAMING CONTROL COMMISSION › 75 - Departmental › Chapter 75-8 - FINANCIAL REPORTING AND PURSE REQUIREMENTS › Section 75-8.002 - Financial Reporting Requirements

Current through Reg. 50, No. 138; July 16, 2024
(1) Not less
				than 10 calendar days before opening a race or fronton meeting, each
				permitholder shall file with the division Form FGCC PMW-3520, Notification of
				Pari-Mutuel Operations, adopted and incorporated by Rule
				 75-10.001, F.A.C.
(2) Permitholders who wish to change any item
				included on Form FGCC PMW-3520, Notification of Pari-Mutuel Operations, adopted
				and incorporated by Rule
				 75-10.001, F.A.C., must notify
				the division of the change within 48 hours of implementation. Written notice of
				a change shall be deemed an amendment to Form FGCC PMW-3520. In the event that
				permitholders are unable to provide sufficient notice as a result of a change
				needed to correct an error, or an emergency change, the division must be
				notified via telephone as soon as the need for the change is determined, and
				permitholders must forward a revised copy of Form FGCC PMW-3520 to the division
				on the next working day.
(3) Every
				permitholder shall file Form FGCC PMW-3560, Monthly Remittance Report On-Track,
				adopted and incorporated by Rule
				 75-10.001, F.A.C., with the
				division by the fifth day of each calendar month for all taxes and fees imposed
				and collected during the preceding calendar month.
(4) Permitholders conducting intertrack
				wagering as hosts must file reporting forms as required by the rules governing
				intertrack wagering.
(5) Every
				permitholder shall keep records to show all financial activity and shall submit
				to the division two copies of complete audited financial statements within 120
				days after the conclusion of the permitholder's fiscal year. The financial
				statements shall contain, at a minimum, all reports and supplemental schedules
				as prescribed in Form FGCC PMW-3690, Uniform Reporting System Prescribed for
				Pari-Mutuel Permitholders, adopted and incorporated by Rule
				 75-10.001, F.A.C. All financial
				statements, supplemental schedules, and reports shall be examined in accordance
				with generally accepted auditing standards by a certified public accountant
				licensed to practice in Florida. The accountant shall express an opinion as to
				whether the financial statements, supplemental schedules, and reports are
				fairly stated in accordance with generally accepted accounting
				principles.
(6) The financial
				statements, supplemental schedules, and reports shall be maintained in the
				division's files.
(7) For the
				express purpose of overseeing the making of, and distribution from all
				pari-mutuel pools and payment of taxes and fees to the state, the division or
				its designee is authorized to inspect, examine, or test any and all files,
				books, records and independent audit reports and findings.
(8) A complete written response must be
				provided at the request of the division within thirty (30) days of the date of
				issuance of any report, audit findings, or other formal request for
				information, by the permitholder, totalisator company or auditee, unless
				otherwise specified in such request.
(9) Each permitholder shall make payments
				related to settlements of intertrack or simulcast pari-mutuel wagering to guest
				facilities or host facilities, on the day the host state taxes are due pursuant
				to Section  550.0951(5),
				F.S.
Rulemaking Authority
					  550.0251 (3), (7),
					 (9),
					 550.125(2)(b),
					 550.155(1),
					 550.3551(10),
					 550.6305(5) FS.
					 Law Implemented 550.0251,
					  550.0951(5),
					  550.125,
					  550.155,
					  550.3551,
					  550.615,
					  550.6305,
					  550.6335 FS.
New 10-20-96, Amended 12-15-97, 9-19-04, 3-4-07, Formerly
					  61D-8.002.