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(A) Each organization licensed to conduct raffles and chances shall keep records of its gross receipts, expenses and net proceeds for each single gathering or occasion at which winning chances are determined. All deduction from gross receipts for each single gathering or occasion shall be documented with receipts or other records indicating the amount, a description of the purchased item or service or other reason for the deduction and the recipient. The distribution of net proceeds shall be itemized as to payee, purpose, amount and date of payment.
(B) Gross receipts from the operation of raffle programs shall be segregated from other revenues of the organization pursuant to license heretofore issued by the Department of Revenue of the State, and placed in a separate account. Each organization shall have separate records of its raffles. 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.
(C) Each organization licensed to conduct raffles shall report monthly to its membership, and to the licensing local unit of government, its gross receipts, expenses and net proceeds from raffles, and the distribution of net proceeds itemized as required in this section.
(D) Records required by this section shall be preserved for three years, and organizations shall make available their records relating to the operation of raffles for public inspection at reasonable times and places.
(1983 Code, § 3-3C-6)