A. All profits derived from a bingo game by organizations exempt from payment of the bank and corporation tax by Section 23701(d) of the California Revenue and Taxation Code shall be kept in a special fund or account and shall not be commingled with any other fund or account. Such profits shall be used only for charitable purposes.
B. With respect to all other licensees, all receipts derived from a bingo game shall be kept in a special fund or account and shall not be commingled with any other fund or account. Such proceeds shall be used for charitable purposes, except as follows:
1. Such proceeds may be used for prizes.
2. A portion of such proceeds not to exceed twenty percent of the proceeds before the deduction for prizes, or one thousand dollars per month, whichever is less, may be used for rental of property, overhead, the purchase of bingo or security equipment, administrative expenses, and security personnel.
3. Such proceeds may be used to pay license fees.
C. Records required by this section shall be retained for a period of three years. The licensee's books and records shall be available for inspection by the Chief of Police or the City Clerk or their designated representative upon reasonable notice.
(Ord. MC-1401, 6-02-14 Ord. MC-146, 3-16-82; Ord. 3976, 10-08-80; Ord. 3684, 11-09-77; Ord. 3606, 10-26-76)