Ohio Administrative Code
Title 109:1 - Charitable Foundations
Chapter 109:1-5 - Reports
Section 109:1-5-20 - Separate accounts

Universal Citation: OH Admin Code 109:1-5-20

Current through all regulations passed and filed through December 16, 2024

(A) Licensed e-bingo organization shall keep all proceeds from the sale of electronic instant bingo in a checking account devoted exclusively to the organization's electronic instant bingo activities. The checking account shall be with a financial institution with a physical presence and licensed to do business in Ohio.

(B) The licensed e-bingo organization shall make all required charitable distributions directly from the checking account devoted exclusively to electronic instant bingo into an account at an Ohio bank which shall be in the name of the charitable organization with which the organization conducting electronic instant bingo has contracted. The contracted charity's bank account shall be with a financial institution with a physical presence and licensed to do business in Ohio.

(C) The licensed e-bingo organization shall have sole and exclusive control of all withdrawals from the checking account referenced in paragraph (A) of this rule. No distributor, manufacturer, contracted charity, or any other third party shall be given the authority to initiate withdrawals of any deposited funds from the account.

Disclaimer: These regulations may not be the most recent version. Ohio may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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