§ 10-163. Financial requirements.

(a)

The entire net proceeds derived from the conduct of bingo by a organization shall be deposited during the next business day in a checking account in a bank located within Marion County which shall be maintained separate and apart from all other accounts of the organization and which shall not be used for the deposit of funds received from any other activity other than the conduct of bingo. Two (2) of the principal officers of the organization shall be required to sign all checks, drafts and other instruments withdrawing or transferring funds from the checking account, without exception. The provisions of this subsection shall not preclude;

(1)

In the case of an organization, the periodic transfer of the entire net proceeds derived from the conduct of bingo into a savings or other account established for the charitable, religious, educational, fraternal, patriotic, civic, community or benevolent endeavor for which the bingo games were played.

(2)

In the case of an organization, the withdrawal of the entire net proceeds, or the necessary portion thereof, to be used on the next scheduled day of play as prizes.

(b)

An organization shall maintain adequate records according to generally accepted accounting practices and in a form prescribed by Marion County which records shall show:

(1)

Gross proceeds from any source related to the conduct of bingo, including a method of cash control with respect to admissions and other related activities.

(2)

Receipts records.

(3)

Actual expenses.

(4)

Entire or net proceeds.

(5)

The distribution or disposition of the entire or net proceeds.

These records shall be made available on demand for immediate inspection by the county administrator or his authorized representative at reasonable times during normal business hours and whenever a bingo game is in progress, but the county administrator or his authorized representative shall not interrupt an actual bingo game or interfere with the operation of the premises where bingo is played unless necessary in order to make an inspection. All records shall be retained by an organization for a minimum time of three (3) years.

(c)

Annually each organization shall file with the county administrator a financial statement, in the form prescribed by the county administrator, containing the sources and amount of the gross revenue derived by the organization from the conduct of bingo during the twelve (12) month or other period for which the statement is being filed and stating the names of the distributees of the net revenues and the amounts received by each. The financial statement shall be certified as correct by a principal officer, one of the partners or one who controls the organization but need not be audited; provided; that the foregoing language shall not prohibit an operation from filing an audited financial statement nor the county administrator from requiring the filing of an audited financial statement whenever he determines that an audited financial statement is necessary to enable him to ascertain whether the organization is obeying the law and rules promulgated under this article. The county administrator may also require an organization to submit other reports, on a periodic basis covering the activities connected with or related to the conduct of bingo, which reports shall be certified as prescribed for financial statements as set forth herein.

(Ord. No. 99-35, § 13, 11-9-99)