A. Each licensee shall keep records of its gross receipts, expenses and net proceeds for each single gathering or occasion at which winning chances are determined. All deductions 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 the date of payment.
B. Gross receipts from the operation of raffles shall be segregated from other revenues of the licensee, including bingo gross receipts, if bingo games are also conducted by the same nonprofit organization pursuant to a license therefor issued by the State Department of Revenues, and placed in a separate account. Each licensee shall keep 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 licensee.
C. Each licensee shall report to its membership and to the Village its gross receipts, expenses and net proceeds from the raffle, and the distribution of net proceeds itemized as required in this section. Such report shall be made promptly after the conclusion of each raffle.
D. Raffle records shall be preserved for three (3) years and organizations shall make available their records relating to the operation of raffles for public inspection at reasonable times and places. (Ord. 05-16, 7-5-2016)