(1) By December 31, 2011, and each December 31 thereafter, the Office of the Budget shall conduct a financial audit of all funds distributed under 4 Pa.C.S. § 1406 (relating to distributions from Pennsylvania Race Horse Development Fund) for the prior fiscal year. The audit may include recommendations for changes relating to the maintenance, use or administration of these funds.
(2) The audits and audited financial statements required under this section shall be open to the public.
(3) The following apply:
(i) Each horsemen's organization shall, within 90 days after the end of the organization's fiscal year, prepare annual financial statements in accordance with generally accepted accounting principles for the horsemen's organization and all of its affiliates.
(ii) The financial statements required under subparagraph (i) shall be prepared beginning in the horsemen's organization fiscal year ending prior to June 30, 2011, and for each fiscal year thereafter.
(iii) The financial statements required under subparagraph (i) shall include additional information as necessary to reconcile the information in the financial statement to the amounts received by the horsemen's organization during the same fiscal year and as otherwise directed by the Office of the Budget.
(4) The office shall engage independent certified public accountants or actuaries to conduct the audit under paragraph (1) and to audit the annual financial statements and accompanying additional information filed under paragraph (3) for each fiscal year. The office shall provide copies of each audit to the persons listed in paragraph (5)(ii), (iii), (iv) and (v).
(5) Within ten days of completion of the audits under paragraphs (1) and (4), the horsemen's organization shall provide all financial statements and reports required under paragraph (3) to all of the following within 90 days of the end of the organization's fiscal year:
(i) The Department of Agriculture.
(ii) The chairman and minority chairman of the Community, Economic and Recreational Development Committee of the Senate and the chairman and minority chairman of the Gaming Oversight Committee of the House of Representatives.
(iii) The chairman and minority chairman of the Agriculture and Rural Affairs Committee of the Senate and the chairman and minority chairmen of the Agriculture and Rural Affairs Committee of the House of Representatives.
(iv) The Pennsylvania Gaming Control Board.
(v) The State Horse Racing Commission and the State Harness Racing Commission.
(5.1) Within 90 days of a written request by the Office of the Budget for additional information, the horsemen's organization shall provide the additional information.
(6) All distributions under 4 Pa.C.S. § 1406 shall be suspended for any horsemen's organization that the office certifies is out of compliance with the requirements of this section.
(7) Each horsemen's organization shall cooperate fully with all audits under this section and shall reimburse the office for all fees and costs to administer this section.
(8) For the purposes of this section, the term “horsemen's organization” shall have the same meaning as defined under 4 Pa.C.S. § 1103 (relating to definitions).
Credits
1929, April 9, P.L. 343, No. 176, art. XVII-O, § 1701-O, added 2011, June 30, P.L. 159, No. 26, § 12, imd. effective. Amended 2012, July 2, P.L. 823, No. 87, § 15, imd. effective; 2013, July 18, P.L. 574, No. 71, § 19, effective in 60 days [Sept. 16, 2013].
72 P.S. § 1701-O, PA ST 72 P.S. § 1701-O
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
