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5 -3.07 <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 /> information on uses of profits. The audit report <br /> shall be submitted to the city council at the time <br /> of the organization's registration but no later <br /> than ninety (90) days after the end of the <br /> gambling license year. <br /> 5. Any licensed organization that changes <br /> gambling managers during the license year shall <br /> report such change in writing within seven (7) <br /> days to the city clerk. <br /> 6. Each licensed organization shall remit to the <br /> city each month three percent of the gross <br /> receipts of the licensed organization from <br /> charitable gambling within the city in the <br /> previous month, less the cost of all prizes <br /> actually paid out by the organization for that <br /> month. Such remittance may be used by the city <br /> only for the purpose of regulating lawful <br /> gambling and any excess funds- collected shall <br /> be returned, pro rata, to the taxed organizations <br /> annually by March 15 for the preceding calendar <br /> year. <br /> 22 <br />