(A) Each organization licensed 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 the gross receipts for each single gathering or 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, and the recipient. The distribution of net proceeds shall be itemized as to payee, purpose, amount and date of payment.
(B) Gross receipts from the operation of raffle programs shall be segregated from other revenues of the organization, including bingo gross receipts if bingo games are also conducted by the same non-profit organization pursuant to license therefor issued by the Department of Revenue of the State of Illinois, and placed in a separate account. Each organization shall have separate records of its raffles. The person who accounts for the 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.
(C) Each organization licensed to conduct raffles shall issue a report within one (1) month of the conclusion of the raffle, to its membership and the City, and provide the following information related to the raffle which concluded: gross receipts; expenses and net proceeds from raffle; distribution of net proceeds required by this section. (Ord. No. 1921; 12-11-17)
(D) Records required by this section shall be preserved for three (3) years, and the organization shall make available their records relating to operation of raffles for public inspection at reasonable times and places. (See 230 ILCS Sec. 15/6)