Section 1 [Annual Audit, Certified Inventory, and Cash Count] increases the threshold for requiring an annual financial audit for an organization licensed to conduct charitable gaming. Under current law, licensed organizations with gross receipts of more than $500,000 must have an annual financial audit of its lawful gambling activities and funds; organizations with less than $500,000 in gross receipts are only required to conduct a financial audit when the Commissioner of Revenue requires it. This section changes the threshold for required annual audits to $750,000.
Section 2 [Attachments to Application] changes an amount certain to a minimum amount for a bond required for a linked bingo game provider to obtain a license. The bond secures payment of all linked bingo prizes. Under current law, an applicant for a linked bingo game provider license must provide evidence of a bond of $100,000. As modified in this section, the bond must be for "not less than" $100,000.
Section 3 [Off-Site Permits] increases from four to 12 the number of events in a calendar year that a licensed organization may conduct on a premises that is not its permitted premise in conjunction with a county fair, the State Fair, a church festival, or a civic celebration.
Section 4 [Accounts] increases from two days to four days the time limit for depositing gambling receipts for electronic pull-tab gamed and linked electronic bingo games into the gambling bank account for the licensed organization.
Section 5 [Pull-Tab Records] increases the threshold from $50 to $100 for the prize above which the licensed organization must require identification of the winner. This section also eliminates a requirement that the organization retain winning pull-tabs less than $100 for 3 1/2 years.
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