Section 71IAC4-2-6. Accounting, auditing, and internal control requirements

   An association, its officers, directors, officials, and employees shall fully account for all receipts, disbursements, and balances of whatever kind and shall do the following:

(1) Issue a proper receipt to the payer for all monies received detailing:

(A) the identity of the payer;

(B) whether paid by cash or check;

(C) the purpose of payment; and

(D) the date and time received.

The receipts shall be serially numbered in at least duplicates and on a form approved by the commission. This subsection does not apply to the sale of a [sic.] pari-mutuel tickets and admission, parking, programs, racing forms, and tip sheets.

(2) Maintain a monthly reconcilement between association records and depository statements.

(3) Direct their depository to provide account balance confirmations to the commission upon request.

(4) File all required federal and state tax returns required on distributions, make required withholdings, and maintain a copy of the return on file for audit.

(5) File all required Internal Revenue Service reports of cash payments and maintain a copy of the report on file for audit.

(6) Make all distributions by check to the individual recipients. No distributions shall be made in cash unless the policy for such distribution has been approved by the executive director. This subsection does not apply to the payment of a [sic.] pari-mutuel tickets.

(Indiana Horse Racing Commission; 71 IAC 4-2-6; emergency rule filed Aug 10, 1994, 3:30 p.m.: 17 IR 2904; emergency rule filed Jun 15, 1995, 5:00 p.m.: 18 IR 2838, eff Jul 1, 1995; emergency rule filed Mar 25, 1996, 10:15 a.m.: 19 IR 2072; readopted filed Oct 30, 2001, 11:50 a.m.: 25 IR 899; readopted filed Mar 23, 2007, 11:31 a.m.: 20070404-IR-071070030RFA; readopted filed Nov 26, 2013, 11:25 a.m.: 20131225-IR-071130345RFA)