(A) Each organization shall keep records of its gross receipts, expenses and net proceeds for each single occasion at which winning chances are determined. All deductions from gross receipts for each single 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. The distribution of net proceeds shall be itemized as to payee, purpose, amount and date of payment.
(B) Each organization shall have separate records of each raffle conducted. The person who accounts for gross receipts, expenses and net proceeds from the operation of raffles on behalf of such organization 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 village, its gross receipts, expenses and net proceeds from raffles, and the distribution of net proceeds itemized. This report shall be submitted to the Village Clerk's office on the first of each month.
(Ord. 1160, passed 4-10-17)