Rules & Regulations of the State of Tennessee
Title 1360 - Department of State
Subtitle 1360-03 - Charitable Solicitations and Gaming Division
Chapter 1360-03-03 - Procedures for Operating Charitable Gaming Events
Section 1360-03-03-.11 - ACCOUNTING PROCEDURES
Universal Citation: TN Comp Rules and Regs 1360-03-03-.11
Current through September 24, 2024
(1) Records:
(a) Record Keeping. Accurate records shall be
kept by each authorized organization in a manner which shows in detail the
amount and source of gross receipts, the expenses incurred and the name and
address of each person receiving a prize over fifty ($50.00) dollars and the
value of the prize. Prize information shall be reported on Form SS-6066 or Form
SS-6070.
(b) Access to Records. The
Secretary of State, the Attorney General and Reporter and the Tennessee Bureau
of Investigation or their authorized agents or representatives shall at all
times have access to all books and records of any authorized organization for
the purpose of examining and checking them.
(c) Period of Retention of Records. All
records, books of account, bank statements and all other papers related to the
operation of an annual gaming event shall be retained and available for
inspection by the Secretary of State and the Tennessee Bureau of Investigation
or their authorized agents or representatives for a period of at least five (5)
years after the date of the annual gaming event to which they relate.
(d) Payment of Allowable Expenses. Money for
reasonable and necessary expenses may be paid from gross receipts only by
checks having preprinted consecutive numbers drawn on the organization's
account. Said checks must be made payable to the specific person providing the
goods or rendering the service which gives rise to the expense item and at no
time may checks be payable to "cash" or "bearer."
(e) Prizes, Donated Prizes, Goods, or
Services. The organization shall disclose the fair market value of all prizes,
goods and services as revenue (cash or in-kind) on the Financial Accounting
form (SOS Form SS-6066).
(2) Reporting. All organizations must file a financial accounting with the Division on forms approved by the Division along with the remainder fee due pursuant to Tenn. Code Ann. § 3-17-106(a)(1) and Rule 1360-03-03-.02. If the organization generates over seventy-five thousand dollars ($75,000) in gross revenue, the organization must also complete an audit of the annual event in accordance with Tenn. Code Ann. § 3-17-106(c).
Authority: T.C.A. §§ 3-17-103(a)(5)(B)(i), 3-17-106, 3-17-106(a), 3-17-106(b)(1)-(4), 3-17-106(c)(1)-(4), 3-17-108(a)(1)-(2), 3-17-115, and 3-17-115(a).
Disclaimer: These regulations may not be the most recent version. Tennessee 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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