(A) All profits 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. The permittee shall keep full and accurate record of the income and expenses received and disbursed in connection with its operation conduct, promotion, supervision and any other phase of bingo games which are authorized by this chapter.
(B) With respect to organizations exempt from payment of the bank and corporation tax by Cal. Rev. & Tax. Code § 23701(d), all profits derived from a bingo game shall be used only for charitable purposes.
(C) With respect to all other organizations authorized to conduct bingo games pursuant to this chapter, all proceeds derived from a bingo game 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 10% of the proceeds after the deduction for prizes, or $500 per month, whichever is less, may be used for rental of property, overhead, including the purchase of bingo equipment, and administrative expenses.
('86 Code, § 9.10.120) (Ord. 3698, passed - - ; Am. Ord. 3730, passed - - ) Penalty, see § 9.10.210