A. The village president or his designee shall keep or cause to be kept a complete record of all licenses required by this chapter issued by him and shall forward a copy to the chief of police. The village president or his designee shall inform the chief of police from time to time of any changes and of the issuance, revocation or suspension of any licenses.
B. Each organization 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 deductions from gross receipts 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, if the net proceeds are being distributed to a payee for a particular purpose rather than retained as general funds for the activities of any organization which has received a determination letter from the internal revenue service qualifying as an exempt organization under section 501(c)(3) of the internal revenue code.
C. Gross receipts from the operation of raffle programs shall be segregated from other revenues of the organization, including bingo gross receipts, if licensed bingo games are also conducted by the same nonprofit organization, 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.
D. Each organization licensed to conduct raffles shall report to the village, within sixty (60) days after the conclusion of each raffle, its gross receipts, expenses and net proceeds from raffles, and the distribution of net proceeds itemized as required in this chapter.
E. Records required by this section shall be preserved for three (3) years, and organizations shall make available their records relating to operation of raffles for public inspection at reasonable times and places. (Ord. 07-8-11, 8-21-2007)