CCRes_93-42 - Laserfiche WebLink

Home Browse Search

5-3.07 • or other reason for the deduction, and the recipient. The distribution of profits shall be itemized as to payee, purpose, amount and date of payment. 2. Gross receipts from the operation of lawful gambling shall be segregated from other revenues of the organization, and placed in a separate account. Each organization shall have separate records of its gambling operations. 3. Each organization registered to conduct lawful gambling shall report monthly to its membership, and to the city council, its gross receipts, expenses and profits from gambling, and the distribution of profits itemized as required in this section. 4. The city council shall require an annual financial audit of any organization that conducts lawful gambling in the City of Falcon Heights at the organization's expense. The audit shall include information on all gross receipts, profits, and expenses incurred by the organization in the conduct of lawful gambling as well information on uses of profits. The audit report shall be submitted to the city council at the time of the organization's registration but no later than ninety (90) days after the end of the gambling license year. 5. Any licensed organization that changes gambling managers during the license year shall report such change in writing within seven (7) days to the city clerk. 6. Each licensed organization shall remit to the city each month three percent of the gross receipts of the licensed organization from charitable gambling within the city in the previous month, less the cost of all prizes actually paid out by the organization for that month. Such remittance may be used by the city only for the purpose of regulating lawful gambling and any excess funds-collected shall be returned, pro rata, to the taxed organizations annually by March 15 for the preceding calendar year. • 22