All raffles licensed under this paragraph shall be conducted in accordance with the following provisions:
(a) Each organization licensed to conduct raffles shall keep records of the gross receipts, expenses and net proceeds of each raffle. All deductions from gross receipts for each raffle shall be documented with receipts or other records indicating the amount, reason for deduction and recipient. The distribution of net proceeds shall be itemized as to payee, purpose, amount and date of payment.
(b) Each organization licensed to conduct raffles shall report promptly after the conclusion of each raffle to its membership and the village manager its gross receipts, expenses, the net proceeds from the raffle and the distribution of net proceeds itemized as required in this section.
(c) Gross receipts from the operation of raffles shall be segregated from other revenues of a licensee organization. The person who accounts for gross receipts, expenses and net proceeds from the operation of raffles shall not be the same person who accounts for other revenues of the organization.
(d) Records required by this paragraph shall be preserved for three years. These records shall be made available for public inspection at reasonable times and places.
(Ord. No. 2017-19-3427)