Current through Register Vol. 35, No. 6, March 26, 2024
A. Nonprofit licensees shall establish and
maintain a separate operating account exclusively for the deposit of all gaming
funds. The account shall be in a financial institution that is licensed by the
state, in a national bank with an office in the state, or in another financial
institution acceptable to the board. The bank or other financial institution
shall not be an affiliate of the nonprofit licensee.
B. The operating account is subject to the
following restrictions and requirements:
(1)
all net revenue after replenishment of imprest funds shall be deposited into
the gaming operating account;
(2)
if required by the board, a nonprofit gaming licensee shall deposit all gaming
funds into their gaming operating account after each drop and count; and, once
the deposit is made, shall write a check back to the cashier cage or vault (if
applicable) for replenishment;
(3)
by the end of the month, the required charity and educational funds shall be
transferred from the operating account into the charity account;
(4) by the end of the month, the required
gaming tax shall be transferred from the operating account into the gaming tax
account;
(5) by the end of the
month, any discretionary funds shall be transferred from the gaming operating
account shall be transferred to the licensee's general operating
account;
(6) after making the
required tax, charity and discretionary fund transfers, the remaining funds in
the gaming operating bank account are the property of the licensee. The balance
in the gaming operating bank account shall not exceed twenty thousand ($20,000)
dollars. All funds in excess of twenty thousand ($20,000) dollars shall be
transferred to the license's general operations bank account. The remaining
funds in the gaming operating bank account balance shall be maintained as a
cash reserve to replenish gaming funds, if needed; and
(7) the nonprofit licensee shall maintain
detailed records of all deposits into, and withdrawals and disbursements from,
the operating account.
C. A non-profit licensee shall not commingle
gaming funds and other monies of the nonprofit licensee or use any monies in
the operating account for any purpose other than the transfers as identified in
this section.
D. Non-profit
licensees shall establish and maintain a separate charity and education bank
account exclusively for the deposit of all required charitable and educational
funds. The account shall be in a financial institution that is licensed by the
state, a national bank with an office in the state, or in another financial
institution accepted by the board. The bank or other financial institution
shall not be an affiliate of the non-profit organization gaming operator
licensee.
E. The charitable and
education account is subject to the following restrictions and requirements:
(1) non-profit licensees shall deposit the
required charity/educational percentage of net revenue (gross revenues less
jackpot payouts) into their charity/educational account by the end of each
month;
(2) the non-profit licensee
shall maintain detailed records of all deposits into, and withdrawals, and
disbursements from, the charity/educational account ;
(3) monies in the charity/educational account
shall be used exclusively for charitable and educational payments as set forth
in the charity and educational guidelines; and
(4) charitable/educational funds shall not be
commingled with any other monies of the non-profit gaming licensee.
