61D-8.002. Financial Reporting Requirements

(1) Not less than 10 calendar days before opening a race or fronton meeting, each permitholder shall file with the division Form DBPR PMW-3520, Notification of Pari-Mutuel Operations, adopted and incorporated by Rule 61D-10.001, F.A.C.

(2) Permitholders who wish to change any item included on Form DBPR PMW-3520, Notification of Pari-Mutuel Operations,  adopted and incorporated by Rule 61D-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 DBPR 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 DBPR PMW-3520 to the division on the next working day.

(3) Every permitholder shall file Form DBPR PMW-3560, Monthly Remittance Report On-Track, adopted and incorporated by Rule 61D-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 DBPR PMW-3690, Uniform Reporting System Prescribed for Pari-Mutuel Permitholders, adopted and incorporated by Rule 61D-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. History–New 10-20-96, Amended 12-15-97, 9-19-04, 3-4-07.