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Oklahoma Administrative Code (Last Updated: March 11, 2021) |
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TITLE 45. Alcoholic Beverage Laws Enforcement Commission |
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Chapter 50. Charity Games |
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Subchapter 9. Accounting, Recordkeeping, Reporting |
SECTION 45:50-9-1. Organization operations, accounts, and reports
Latest version.
- (a) An organization shall maintain complete, accurate, and legible general accounting journals and ledgers, with detailed supporting subsidiary records sufficient to furnish information regarding all charity game transactions. The monthly accounting records shall be sufficient to adequately reflect gross receipts, prizes, net receipts, expenses, and all other charity game related accounting transactions.(b) Gross receipts shall be determined by the amount of cash and checks actually received.(c) Allowable expenses shall be determined by the amount of cash paid out, checks written, and amounts set aside to pay winners for breakopen tickets in play.(d) Copies of distributor's invoices or invoices from other sources for bingo, U-Pik-Em, and breakopen ticket games in play and in inventory shall be maintained and stored in such a manner as to be available for inspection by the Commission.(e) Each organization shall deposit its charity game proceeds in a bank account at a financial institution, located within Oklahoma.(f) A bank reconciliation shall be done each month, which lists outstanding checks, deposits in transit, and beginning and ending book balances for the month.(g) Each licensed organization that files with the United States Department of the Treasury any forms that are required for organizations exempt from the payment of income tax shall retain a copy of those forms and make them available to the Commission upon request.(h) All Records, reports and receipts required by the Act or by rule shall be maintained and stored in such a manner as to be available for inspection by the Commission on demand.