18.2-340.30 - Reports of gross receipts and disbursements required; form of reports; failure to file. - Virginia Statutes

§ 18.2-340.30. Reports of gross receipts and disbursements required; form ofreports; failure to file.

A. Each qualified organization shall keep a complete record of all inventoryof charitable gaming supplies purchased, all receipts from its charitablegaming operation, and all disbursements related to such operation. Except asprovided in § 18.2-340.23, each qualified organization shall file at leastannually, on a form prescribed by the Department, a report of all suchreceipts and disbursements, the amount of money on hand attributable tocharitable gaming as of the end of the period covered by the report and anyother information related to its charitable gaming operation that theDepartment may require. In addition, the Board, by regulation, may requireany qualified organization whose net receipts exceed a specified amountduring any three-month period to file a report of its receipts anddisbursements for such period. All reports filed pursuant to this sectionshall be a matter of public record.

B. All reports required by this section shall be filed on or before the dateprescribed by the Department. The Board, by regulation, shall establish aschedule of late fees to be assessed for any organization that fails tosubmit required reports by the due date.

C. Except as provided in § 18.2-340.23, each qualified organization shalldesignate or compensate an outside individual or group who shall beresponsible for filing an annual, and, if required, quarterly, financialreport if the organization goes out of business or otherwise ceases toconduct charitable gaming activities. The Department shall require suchreports as it deems necessary until all proceeds of any charitable gaminghave been used for the purposes specified in § 18.2-340.19 or have beendisbursed in a manner approved by the Department.

D. Each qualified organization shall maintain for three years a completewritten record of (i) all charitable gaming sessions using Departmentprescribed forms or reasonable facsimiles thereof approved by the Department;(ii) the name and address of each individual to whom any prize or jackpot inexcess of $599 from any charitable gaming is awarded, as well as the amountof the award; and (iii) an itemized record of all receipts and disbursements,including operating costs and use of proceeds incurred in operating bingogames.

E. The failure to file reports within 30 days of the time such reports aredue shall cause the automatic revocation of the permit, and no organizationshall conduct any bingo game or raffle thereafter until the report isproperly filed and a new permit is obtained. However, the Department maygrant an extension of time for filing such reports for a period not to exceed45 days if requested by an organization, provided the organization requestsan extension within 15 days of the time such reports are due and allprojected fees are paid. For the term of any such extension, theorganization's permit shall not be automatically revoked, such organizationmay continue to conduct charitable gaming, and no new permit shall berequired.

(1995, c. 837; 1997, cc. 777, 838; 1999, c. 360; 2003, c. 884; 2006, c. 644;2007, c. 541.)