Laserfiche WebLink
5-3.07 <br />a. The applicant shall be required to <br />spend 10% of its net profits derived from <br />lawful gambling upon a lawful purpose <br />specifically designated by the city <br />council. <br />b. Any other condition imposed by the <br />council which is reasonably calculated to <br />effectuate any legitimate city purpose. <br />E. Records of Aross receipts, expenses. profits and <br />local gambling_ <br />1. Each organization registered to conduct lawful <br />gambling shall keep records of its gross receipts, <br />quantity of free plays, if any, expenses and <br />profits for each single gathering or occasion at <br />which gambling is conducted. All deductions from <br />gross receipts for each single gathering or <br />occasion at which gambling is conducted. All <br />deductions from gross receipts for each single <br />gathering or occasion shall be documented with <br />receipts or other records indicating the amount, <br />a description of the purchased item or service <br />or other reason for the deduction, and the <br />a description of the purchased item or service <br />• or other reason for the deduction, and the <br />recipient. The distribution of profits shall be <br />itemized as to payee, purpose, amount and date <br />of payment. <br />2. Gross receipts from the operation of lawful <br />gambling shall be segregated from other revenues <br />of the organization, and placed in a separate <br />account. Each organization shall have separate <br />records of its gambling operations. <br />3. Each organization registered to conduct lawful <br />gambling shall report monthly to its membership, <br />and to the city council, its gross receipts, <br />expenses and profits from gambling, and the <br />distribution of profits itemized as required in <br />this section. <br />4. The city council shall require an annual <br />financial audit of any organization that conducts <br />lawful gambling in the City of Falcon Heights at <br />• the organization's expense. The audit shall <br />include information on all gross receipts, <br />profits, and expenses incurred by the organization <br />in the conduct of lawful gambling as well <br />32 <br />