(A) Gross receipts from the operation of raffle programs shall be segregated from other revenues of the licensee (including bingo gross receipts, if bingo games are also conducted by the same licensee pursuant to license issued by the State Department of Revenue), and placed in a separate account. Each organization shall have separate records of its raffles.
(B) Each licensee shall keep records of gross receipts, expenses and net proceeds for each single raffle at which winning chances are determined. All reasonable operating expenses deducted from gross receipts for each single raffle 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.
(C) Each organization licensed to conduct raffles shall report promptly after the conclusion of each raffle to its membership, and to the village, 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 operation of raffles for public inspection at reasonable times and places.
(Ord. 17-26, passed 1-22-18)