Records

17.1. Separate accounting and bookkeeping procedures for bingo operations shall be maintained by each licensee. This means, at the minimum, that a separate bank account shall be maintained for bingo and only the preprinted serially numbered checks used in conjunction with this account may be used for the payment of expenses. The checks shall be made payable to a specific person, firm or corporation and at no time may a check be made payable to cash. The licensee shall keep Detailed books of receipts and disbursements.

17.2. The licensee shall maintain all records for at least three (3) years or for such longer period as the tax commissioner shall, in writing, order and these records shall be held open for reasonable inspection by the commissioner. Results of these inspections may be used as grounds for performing an audit of the licensee's books.

17.3. Audits of the licensee's books may be performed by the tax commissioner if he or she has reasonable cause to believe that the licensee has violated the act.

17.4. The Tax Commissioner shall perform, or cause to be performed, an audit of the books and records of any licensee that has awarded during the previous license year total prizes in excess of one hundred seventy-five thousand dollars ($175,000.00). The Tax Commissioner shall file a copy of the completed audit with the county commissioner of the county wherein the license holds bingo occasions.