§ 5.12.120. Records and accounts—Use of proceeds.

A.

With respect to organizations exempt from payment of the bank and corporation tax by Section 23701d of the Revenue and Taxation Code, all profits derived from a bingo game shall be kept in a special fund or account and shall not be commingled with any other fund or account. Such profits shall be used only for charitable purposes. With respect to other organizations authorized to conduct bingo games pursuant to this section, all proceeds derived from a bingo game shall be kept in a special fund or account and shall not be commingled with any other fund or account. Such proceeds shall be used only for charitable purposes, except:

1.

Such proceeds may be used for prizes.

2.

A portion of such proceeds, not to exceed twenty percent of the proceeds before the deduction for prizes, or one thousand dollars per month, whichever is less, may be used for rental of property, overhead and administrative expenses.

B.

The licensee shall keep a full and accurate record of the income and expenses received and disbursed in connection with its operation, conduct, promotion, supervision and any other phase of bingo games which are authorized by this chapter. The town, by and through its authorized officers, shall have the right to examine and audit such record at any reasonable time and the licensee shall fully cooperate with the town by making such record available. (Ord. 129 §5.12.120, 1985)