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• <br /> 35-9. RECORDS. The following records and methods of <br /> handling accounts shall be complied with: <br /> Subd. A. Required Records. Each licensed organization <br /> shall keep records of its gross receipts and profits <br /> for each bingo occasion. All deductions from gross <br /> receipts from a bingo occasion shall be documented with <br /> receipts or other records. The distribution of profits <br /> shall be itemized as to payee, amount, and date of pay- <br /> ment. Records required by this ordinance shall be <br /> preserved for three years. <br /> Subd. B. Audit and Investigation. Gross receipts shall <br /> be compared to the checkers ' records for the bingo occasion <br /> by a person who did not sell cards for the bingo occasion. <br /> If a discrepancy exceeding $20 is found between the amount <br /> of gross receipts for a bingo occasion as determined by <br /> the checkers' records, and the amount of gross receipts <br /> as determined by totaling the cash receipts, the discrepancy <br /> shall be reported to and investigated by the council. <br /> Subd. C. Segregation of Funds. Bingo gross receipts shall <br /> be segregated from other revenues of an organization and <br /> placed in a separate account. Each organization shall <br /> maintain separate records of its bingo operations. The <br /> person who accounts for bingo gross receipts and profits <br /> shall not be the same person who accounts for other revenues <br /> of the licensed organization. <br /> 35-10. REPORTS. The following reports and returns shall <br /> be made and filed: <br /> Subd. A. Report to Members. Each licensed organization <br /> shall report monthly to its membership its gross receipts <br /> from bingo, its profits from bingo, and the distribution <br /> of those profits itemized as required by 35-9, Subd. A. <br /> Subd. B. Returns, Reports and Documents to be filed with <br /> City. At the time of making its first license <br /> application under this ordinance, and on an annual basis <br /> thereafter, each licensed organization shall file with the <br /> council copies of the following: <br /> a. The most recently filed department of the treasury, <br /> internal revenue service, "Return of Organization <br /> Exempt from Income Tax, " Form 990, or a comparable <br /> form if the organization is required to file the <br /> form with the department of the treasury, or state- <br /> ment that such is not required. <br /> b. The most recently filed department of the treasury, <br /> internal revenue service, "Exempt Organization <br /> Business Income Tax, " Form 990-T, or a comparable <br /> form if the organization is required to file the <br />