(A) Each organization licensed pursuant to the provisions of this chapter to conduct a raffle shall keep records of its gross receipts, expenses, and net proceeds for each single raffle. All deductions from gross receipts for each single raffle shall be documented with receipts or other records indicating the amount, a description of the purchased items or service or other reason for 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 each single raffle shall be segregated from other revenues of the organization, including bingo gross receipts, if bingo games are also conducted by the same nonprofit organization pursuant to license therefor issued by the State Department of Revenue and placed in a separate account. Each organization shall have separate records of each separate raffle. The person who accounts for gross receipts, expenses, and net proceeds from the operation of each raffle shall not be the same person who accounts for other revenues of the organization.
(C) Each organization licensed to conduct a raffle under the provisions of this chapter shall report to its membership, and to the village, its gross receipts, expenses, and net proceeds from each raffle 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 any raffle for public inspection and inspection by the village at reasonable times and places.
(Ord. 2018-O-9, passed 4-17-2018)