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Can you summarize OHAC Rule 3770:3-8-03?
Type C Sports Gaming Prize Payment > Accounting and revenue audit.
Short Summary
This legal document, part of the Ohio Administrative Code, pertains to type C sports gaming proprietors. It requires these proprietors to have procedures and systems in place for the preparation, use, and maintenance of complete, accurate, and legible accounting and gaming records. The records must include all transactions and be maintained on a double-entry system of accounting consistent with generally accepted accounting principles. Additionally, the document mandates that all books, forms, records, documents, and data submitted to the director must be properly labeled with the entity’s name, date of completion, and title. Type C sports gaming proprietors must also comply with Chapter 5753 of the Revised Code and any requests from the tax commissioner. Furthermore, they are required to have documented revenue audit procedures and maintain evidence of the performance of these procedures, any exceptions noted, and follow-up actions. The director has the authority to prescribe the method of documentation and may require additions or modifications to revenue audit procedures.
Whom does it apply to?
Type C sports gaming proprietors
What does it govern?
Accounting and revenue audit for type C sports gaming proprietors
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
Ohio