10 Del. Admin. Code § 205-7.0
Current through Register Vol. 28, No. 7, January 1, 2025
Section 205-7.0 - Accounting and Distribution Procedures; Forms, Records, and Documents7.1 Each agent and charitable gaming vendor shall submit to the Director such financial and operating information as the Director shall require and at such times and in such format as the Director shall specify.7.2 The agency may periodically prescribe a set of standard reporting forms and instructions to be used by each agent for filing reports.7.3 The agency or its designated delegates shall have the right to audit the agent's books and records including, without limitation, tax returns and IRS withholding and reporting records of any agent and each charitable gaming vendor. To such end, the agents and charitable gaming vendors shall fully cooperate with whomever undertakes the audit.7.4 The net charitable video lottery game proceeds returned to the State shall be remitted weekly, bi-weekly or monthly to the agency at the discretion of the Director through the electronic transfer of funds to an EFT account. To the extent, if any, that such weekly, bi-weekly or monthly remission cannot be achieved due to the unavailability of bank services, the remission shall be made on the first day that such services are available. Agents shall furnish to the agency all information and bank authorizations required to facilitate the timely transfer of monies to the agency. Agents shall provide the agency thirty (30) days advance written notice of any proposed account changes in order to assure the uninterrupted electronic transfer of funds.7.5 The agency is not responsible for resolving discrepancies caused by differences between actual money collected and the amount shown on the accounting meters or billing statement. Further, the agency is not responsible for the loss or theft of money prior to its deposit in the agency's account in the bank.7.6 Agents shall comply with all prescribed federal requirements for tax withholding, recording and reporting, including, without limitation, those requirements relating to the transfer of funds withheld from player winnings from the agents to the tax authorities.7.7 Any discrepancy regarding settlement of accounts will be resolved by the Director as he or she deems appropriate.7.8 All information required to be placed on any form, record, or document shall be recorded on such form, record, or document in ink or other permanent form.7.9 Each agent shall maintain complete, accurate, and legible records of all transactions pertaining to revenue and gaming activities. Each agent shall maintain detailed, supporting, subsidiary records sufficient to meet financial reporting requirements prescribed by the Director. Each agent shall also establish an inventory system of retained financial documents that facilitates their preservation and makes them readily available for review or copying by regulatory authorities and other authorized individuals or groups and also provides procedures for destruction.10 Del. Admin. Code § 205-7.0
22 DE Reg. 163 (8/1/2018) (Final)