Section 100.260 Uniform Systems of
Accounts
a) It shall be the duty of all retail licensees of this
Commission for the purpose of this Act, to keep the minimum
uniform records described in this Rule at a location within the
State of Illinois for the purpose of inspection at all reasonable
times by representatives authorized in writing by the chairman or
a member of the Illinois Liquor Control Commission, or by
representatives authorized in writing by any local Liquor Control
Commissioner that issues the local license.
b) Retail licensees maintaining records on the cash basis:
1) A record of cash receipts from all sources. This record must
be kept in accordance with the Rules and procedural requirements
of the Illinois Department of Re-venue, as set forth in the
Retailers Occupation Tax Act [35 ILCS 120] and 86 Ill. Adm. Code
130: Subpart H.
2) A record of all cash disbursements for payment of merchandise
purchases. This record must be documented by paid invoices or
receipts.
3) A record of all cash disbursements for operating expenses
(including rent, salaries, light, power and heat, payroll and
other taxes) and all other expenses. This record shall show to
whom payment was made and for what purpose.
4) Monthly or quarterly statements must be available for
inspection disclosing cash receipts, cash disbursements for
merchandise purchases, cash disbursements for operating expenses,
and all other expenses, which will reflect the licensee's gross
profit, net profit or loss, and the person or persons sharing
directly or indirectly in the said net profit or loss. Where
physical inventories are not taken quarterly, it will be
permissible to determine gross profit on the basis of deducting
purchases from sales.
5) A record must also be maintained of cash on hand and cash in
the bank. Bank statements and canceled checks must also be on
file.
c) Retail licensees maintaining records on an accrual basis:
Retail licensees who maintain records on an accrual basis may
continue their present methods. This method of record keeping
must also be one conforming to the Rules and Regulations of the
Illinois Department of Revenue as cited above. The records of
such licensees shall be documented in the same manner as those of
licensees on the cash basis. In addition they shall maintain
records supporting entries made for accruals of income and
expenses.
d) Beneficial interest:
1) All documents, including but not limited to bills of sale,
evidence of mortgage indebtedness or leases of licensed premises,
evidence of original capital investment, contracts of purchase, a
record of who provided such capital funds and from what bank or
other lender, if any, said funds were obtained, and any
agreements for sharing profits other than on the basis of shares
of stock owned or sharing of profits set forth in the articles of
partnership, shall be maintained and available for inspection.
Also, if the licensee is a corporation, a listing of all
stockholders of record shall be maintained. If the licensee is a
partnership, the articles of partnership shall be available for
inspection.
2) Requirements for maintenance of records of beneficial interest
specified under the preceding paragraph shall not be applicable
to licensees having one or more classes of equity securities
registered with the Securities Exchange Commission. Nor shall
they be applicable to licensees of which more than 50 percent of
the voting securities are owned by a company that would be
exempted hereunder if it were the licensee.
3) Licensees availing themselves of the exemption stated in the
preceding paragraph shall notify the Illinois Liquor Control
Commission in writing that they are exempt under this provision,
as above stated, and are fil-ing annual reports with the
Securities Exchange Commission, and that this exemption shall be
effective so long as they are filing such annual reports.
e) Each retail licensee must also have available for inspection
said licensee's Retailer's Occupation Tax Registration
Certificate as issued by the Illinois Department of Revenue.
f) Each retail licensee of this Commission shall maintain and
preserve the required records as set forth in this Rule for at
least three calendar years.
(Source: Amended at 18 Ill. Reg. 4811, effective March 9, 1994)