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For a period of at least three years from the year of preparation, the licensee shall maintain accurate and complete records of the total number of persons participating in each bingo game and the number of bingo cards, pull tabs, punch boards, or other devices which are sold during each game.
(`64 Code, Sec. 8.1-27) (Ord. No. 2435)
(A) Any licensee exempt from payment of the bank and corporation tax by Cal. Rev. and Tax. Code, Section 23701(d) shall deposit all profits derived from bingo in a special fund or account and shall not commingle such funds with any other funds. Such funds shall be used only for charitable purposes.
(B) All other licensees shall deposit all proceeds derived from bingo in a special fund or account and shall not commingle such funds with any other funds. The proceeds shall be used only for charitable purposes, with the following exceptions:
(1) The proceeds may be used for prizes.
(2) A portion of the proceeds, not to exceed 20% of the total before deduction for prizes, or $2,000 per month, whichever is less, may be used for the rental of property to conduct bingo and for overhead, including the purchase of bingo equipment, administrative expenses, security equipment and security personnel.
(3) The proceeds may be used to pay license fees.
(`64 Code, Sec. 8.1-28) (Ord. No. 2435)
On or before January 31 of each year, a licensee shall file a report under penalty of perjury with the license collector containing the following information:
(A) Total amount of funds received from the operation of bingo during the previous 12 months;
(B) Total amount paid out in prizes or cash; and
(C) Detailed costs for the operation of bingo.
(`64 Code, Sec. 8.1-30) (Ord. No. 2435)
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