R 432.1220 Board reports.

Rule 220. (1) The casino licensee or casino license applicant shall, on an annual basis, file a summary of all contracts and nonwagering transactions that involve an amount of more than $250,000.00 or are reasonably anticipated to be more than $250,000.00 in a 12- month period. Annual reports must be based on a calendar year beginning January 1 and ending December 31, unless otherwise approved by the board. The reports must be compiled in the manner, and on the form, prescribed by the board and include all of the following information: (a) The name, business address, and business telephone number of the party with whom the casino licensee or casino license applicant entered a contract and whether or not the party is or was a related party. (b) The amount of the transaction or payments under the contract. (c) The date of execution. (d) The nature of the contract or transaction, including the type of goods or services to be provided. (e) A determination of how the commercial reasonableness of the contract, transaction, and consideration for related goods or services was ascertained. (f) A statement certifying that all contracts and transactions summarized in the report comply with this rule. The certification statement must be signed by the general manager, senior financial officer, or person holding an equivalent position of the casino licensee or casino license applicant. (g) Other information the board determines necessary to ensure compliance with the act or these rules. (2) The annual report must contain the information set forth in subrule (1) of this rule with respect to any oral contracts or transactions that involve an amount more than $50,000.00 in a 12-month period. (3) The annual report is due on January 31 of each year.