(12) Reporting requirements

12.1 The licensee must provide a licensing authority with a financial report outlining the results of the Super Jackpot on the prescribed form. Copies of all deposit slips related to the events, verified (stamped) by the bank, must accompany the financial report.

12.2 The financial report must be filed by the 15th day of each month outlining the financial details of the Super Jackpot for the previous month. A licensing authority may request additional documents deemed necessary to substantiate the particulars of the event which may include receipts for each expense incurred.

12.3 The licensee must provide, within 180 days of its fiscal year end, each licensing authority that issued it a licence with:

  1. financial statements prepared in accordance with paragraph 12.4. The financial statements must include a summary of the financial information with respect to the receipt and use of lottery proceeds from all lottery schemes for which it is licensed. In addition, if not shown in a clear and concise manner in the body of the financial statements or in the notes to the financial statements, supplementary information providing by licence all expenses, disbursements, net proceeds and use of net proceeds for all lottery schemes for which it is licensed;
  2. a report on the licensee’s compliance with the terms and conditions of the licences prepared in accordance with paragraph 12.4.

12.4 A licensee that receives:

  1. less than $250,000 in gross annual revenues from all sources must prepare financial statements in accordance with the standards set out in the CICA Handbook;
  2. $250,000 or more in gross annual revenues from all sources must prepare financial statements in accordance with the standards set out in the CICA Handbook which have been audited by a public accountant.

12.5 The licensee must provide to a licensing authority within the time period specified by a licensing authority any information, materials, financial statements, audited financial statements, review engagement reports, compliance reports or auditor’s reports on compliance as a licensing authority may require.

12.6 The licensee may use lottery proceeds to pay the expenses of the financial statements and reports required by paragraph 12.4 or, with the approval of a licensing authority, by paragraph 12.5. This expense must not be included in any expense maximum within these terms and conditions.