Agenda - Council - 05/27/1986 - Laserfiche WebLink

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G~HD:LiI',IG hlA~GEF' - POL]C.!ES. & F'ROCE[~URES. (CONTINUED) 'These r. ecords must prc, uide s.u~(~cient detail to determine the ~ctuml net rece,pts, ~ctu~l cask, prc,~t, ~nd the cash long end short ~of e~ch deal pul 1 t mlr, s, METHOD OF AC:COUNTING The cash basis method of accounting will t:,e used, except each separate Oe~l (bo×) of pulltabs must be determined or, the accr. uml basis. We shall furnish ~ 1 isling of state r-egistration stamps removed ~r-om play or other, wise dis. posed of during the tax return reporting period to the board. The tax irt, pos. ed by Minnesota Statutes, section 349.2:12 must be deductec~ or, the accr. uel basis. GENERAL GAf'IBL!NG BANK ACCOUNT We shall maintain a separate checking account at a financial institutior, located ~,ithin Minnesota, for. each gambling license received. We shat1 furnish to the board an "~uthorization to Inspect Bank Records." which shall authorize the boar. d and itu. agents to inspect the bank records of this gambl ir, g bank accour, t. Interest income must be included in gross receipts.. All receipts from garr, bl lng must be deposited in this mccount re. nd all al lovJab, le garr, bl lng expenses must be paid from this account. EXPENSES Reasonable sums that are actually expended for the following items are allots, ed to be taken from gross receipts, from lawful gambling: cash prizes given to winners., gambling suppl les and equipment, wages and related tm×es paid to employee pulltab game operators, rent, taxes imposed b>. Minnesota Statutes. (sectior, 347.212), and maintenance of devices used in lawful gambling. Ur, allowable expenses shall include advertising costs and any cost of decorating the site. GAt-4BLING TAX RETURNS The tax on lawful gambling must be paid on a monthly basis and be reported on a form prescribed by the board. The gambling tax return and payment of the tax due must be postmarked on or before the last business day of the month followir, g the month for which the report is made. This tax returr, must be signed by the Gambling Manager and the President of the Ramsay Lions Club. PRIZE AND BET LIHITATIONS The highest der, ominatior, of winning pulltabs must not be more than $250.00. Individual pulltabs must not be sold for more than $2.00.