(a) Designation of fiscal year. A commercial bingo licensee shall specify its fiscal year in its initial license application and thereafter may change its fiscal year only with the approval of the Director, which shall not be withheld unreasonably.
(b) Annual report. Within the time established by the Director through regulation, each commercial bingo licensee shall submit an annual report under oath in the format required by the Director, including:
(1) a list of its officers, members of its board of directors, and other principals of the licensee, including the managerial employees;
(2) the ownership records and affidavits required by § 11-2-213;
(3) an annual financial statement prepared in accordance with generally accepted accounting principles reflecting the total amount of gross receipts and all payments, deductions, and computations for the period covered by the statement. The annual financial statement shall:
(i) be audited and certified by an independent certified public accountant;
(ii) include the method of calculation and a statement of the gross receipts subject to the admissions and amusement tax;
(iii) give the identity of the lender or borrower and loan amount or amounts where the amount of any single loan to or from the licensee exceeded $10,000 or where the aggregate amount of loans from a single lender or to a single borrower exceeded $10,000 for the year; and
(iv) include a certification by the independent certified public accountant that the internal controls employed by the licensee are adequate to ensure the accuracy of the licensee's tax returns, including the returns for the admissions and amusement tax.
(1985 Code, Art. 16, § 2-319) (Bill No. 96-91)