Louisiana Administrative Code › Title 42 - LOUISIANA GAMING › Part I - Charitable Bingo, Keno, Raffle › Subpart 1 - Bingo › Chapter 17 - Charitable Bingo, Keno and Raffle › Subchapter B - Gaming Requirements › Section I-1742 - Minimum Internal Accounting Control

Current through Register Vol. 50, No. 6, June 20, 2024
A. Effective July 1, 1991, all licensees
					 whose gaming activities grossed over $25,000 in the prior license year or any
					 new licensee who the division projects to gross over $25,000 in a year, must
					 establish and maintain an internal accounting control system which meets
					 minimum standards established by the Division of Charitable Gaming Control. The
					 system must provide reasonable assurance that all transactions are properly and
					 accurately recorded, that gaming proceeds are disbursed in accordance with
					 established policy of the licensed organization and that assets are protected
					 against loss or theft. The director may waive this requirement for
					 organizations whose gaming activities gross over $25,000 but less than $100,000
					 provided that the organization demonstrates competency and proficiency in
					 utilizing an accounting system acceptable to the director.
B. The following are minimum internal
					 accounting controls which must be implemented by all licensees:
1. the results of each gaming session must be
					 fully and accurately documented. The "Division's Model Accounting System" will
					 be used in its entirety by all licensed organizations with an anticipated
					 annual gross of $25,000 or more in order to ensure strict accountability for
					 the handling of cash and inventory by all participating members; provide a
					 sound audit trail; and allow for the systematic accumulation of data needed for
					 preparation of the division's quarterly report;
2. a specific member must be designated as
					 session manager for each gaming session. This person will be held responsible
					 for the overall control of cash, inventory, and accounting at the session. A
					 record of such designees must be maintained; and
3. the organization must maintain a single
					 separate charitable gaming checking account. All checks on this account must be
					 prenumbered. Checks made payable to cash are prohibited; and
4. all proceeds from each gaming session,
					 other than that amount paid out as cash prizes and that amount retained as a
					 cash bank, must be deposited into the separate gaming account no later than the
					 next banking day following the close of the session; and
5. gaming session reports and deposits must
					 be reviewed quarterly by a designated organization member who is not associated
					 with gaming operations; and
6. the
					 separate gaming account must be reconciled monthly by someone other than a
					 person who is authorized to sign checks on that account; and
7. all disbursements from the separate gaming
					 account must be in strict compliance with established written policy of the
					 organization; must be fully supported by permanently filed receipts, invoices,
					 or other sufficient documentation; and must be properly and accurately
					 recorded; and
8. detailed inventory
					 records must be maintained on all gaming supplies. These records must be
					 verified by means of a physical count made at least semi-annually by an
					 organization member who is not associated with gaming operations. A record of
					 these physical counts must be maintained; and
9. all forms, bank records, and other
					 documentation described herein must be maintained for a period of three
					 years.