The executive director shall:

(1) Make and keep books and records which accurately and fairly reflect each day’s transactions, including the distribution and sale of tickets, receipt of funds, prize claims, prize disbursements, or prizes liable to be paid, expenses and other financial transactions of the South Dakota Lottery necessary so as to insure accountability;

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(2) Make annual financial reports to the commission, the Governor, the state treasurer, the attorney general, and the Legislature. Such reports shall be based upon generally accepted accounting principles and include a full and complete statement of the lottery’s financial position and operations;

(3) Make available for inspection by the commission, upon request, all books, records, files, and other information and documents of the South Dakota Lottery;

(4) Have an annual audit of all accounts and transactions of the South Dakota Lottery pursuant to chapter 4-11. The audit report shall be presented to the commission, the Governor, the state treasurer, and the Legislature;

(5) Contract with an agency of state government or an independent firm experienced in security procedures to periodically conduct a comprehensive study and evaluation of all aspects of security in the operation of the South Dakota Lottery;

(6) Prepare and submit budgets and proposals for the operation of the South Dakota Lottery;

(7) Operate the state lottery so that after the initial funding, it is self-sustaining and self-funded;

(8) Include in printed promotional materials and information published for each lottery game, a list of the odds of winning such game, based upon the number of tickets projected to be sold; and

(9) Make provision for the timely and efficient transfer of funds due from lottery retailers and persons licensed pursuant to this chapter to the state general fund.

Source: SL 1987, ch 313, § 8; SL 1989, ch 368, § 4; SL 2013, ch 219, § 3.