N.M. Code R. § 15.1.8.14 – Tax Returns; Audited Financial Statements; Other Licensees

A. Racetrack gaming operator, distributor, and manufacturer licensees shall submit copies of their federal income tax returns to the board within thirty (30) days of filing their returns with the internal revenue service. If a licensee files an “application for automatic extension of time to file U.S. income tax return” with the internal revenue service, the licensee shall submit a copy of the request for extension within thirty (30) calendar days of submitting such request to the internal revenue service.
B. Racetrack gaming operator, distributor, and manufacturer licensees shall submit annually two (2) copies of their audited financial statements with comparative figures from the prior year covering all financial activities of the licensee to the board no later than one hundred twenty (120) days after the close of the licensee’s fiscal year end.
C. Each licensee shall engage an independent certified public accountant who shall audit the financial statements in accordance with auditing standards generally accepted in the United States of America. The financial statements shall be prepared in conformity with accounting principles generally accepted in the United States of America, international financial reporting standards (IFRS) or any other comprehensive system of accounting acceptable to the board.
D. In the event of a license termination or change in business entity, the licensee or former licensee shall, not later than ninety (90) days after the event, submit to the board two (2) copies of its financial statements, or if required by the board, audited financial statements, covering the period from the end of the period covered by the previous financial statement to the date of the event. If a license termination or change in business entity occurs within ninety (90) days after the end of a business year for which a financial statement has not been submitted, the licensee may submit financial statements covering both the business year and the final period of business rather than separate statements.
E. If a licensee changes its business year, the licensee shall prepare and submit to the board financial statements covering the period from the end of the previous business year to the beginning of the new business year, submitted within ninety (90) days after the end of the period. Such financial statements shall be audited if required by the board. With board approval, the licensee may incorporate the financial results of the period in the financial statements for the new business year.
F. The licensee shall submit to the board a copy of any audit and review findings reports and management advisory letters with the audited financial statements and independent auditor’s report on compliance with minimum internal control standards. The licensee shall submit audit and review reports and management advisory letters within thirty (30) days of receipt.
G. The board may request additional information and documents from either the licensee or the licensee’s independent certified public accountant, directly or through the licensee, regarding the financial statements or services performed by the accountant. The licensee shall provide all additional information requested by the board.
[12/31/98; 15.1.8.14 NMAC - Rn, 15 NMAC 1.8.14, 10/15/00; A, 5/14/04; A, 6/30/08; A, 10/15/15]