§ 23-114-503 - Authorized uses of a bingo and raffle account. - Arkansas Statutes

23-114-503. Authorized uses of a bingo and raffle account.

(a) A licensed authorized organization may draw a check on the licensed authorized organization's bingo and raffle account only for:

(1) The payment of necessary and reasonable bona fide bingo-related and raffle-related expenses;

(2) The disbursement of net proceeds derived from the conduct of games of bingo or raffles to charitable purposes; or

(3) The transfer of net proceeds derived from the conduct of games of bingo or raffles to the licensed authorized organization's bingo and raffle savings account pending a disbursement to a charitable purpose.

(b) A licensed authorized organization shall make the disbursement of net proceeds on deposit in the bingo and raffle savings account to a charitable purpose by transferring the intended disbursement back into the licensed authorized organization's bingo and raffle account and then withdrawing an amount by a check drawn on the bingo and raffle account.