5.24.060   Profits.
   A.   Non-profit Organizations Under Revenue and Taxation Code Section 23701(d). All profits derived from a bingo game by organizations exempt from payment of the bank and corporation tax by Revenue and Taxation Code Section 23701(d) shall be kept in a special fund or account and shall not be commingled with any other fund or account. Such profits shall be used only for charitable purposes.
   B.   Other Licensed Organizations. With respect to other licensed organizations authorized to conduct bingo games, all proceeds derived from a bingo game shall be kept in a special fund or account and shall not be commingled with any other fund or account. Such proceeds shall be used only for charitable purposes, except as follows:
      1.   Such proceeds may be used for prizes;
      2.   A portion of such proceeds, not to exceed twenty percent (20%) of the proceeds after the deduction for prizes, or two thousand dollars ($2,000.00) per month, whichever is less, may be sued for rental of property, overhead and administrative expenses.
   C.   Records. Records required by this Chapter shall be retained by licensee for a period of three (3) years. Licensee’s records shall be available for inspection by the Chief of Police or designee or City officials upon demand. It is unlawful and a violation of this Chapter to fail to retain these records or make same available for inspection upon demand.
[Ord. No. 462, Section 3, 5/9/07.]