New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle T - New York State Gaming Commission › Chapter II - Division of Charitable Gaming › Subchapter B - Authorized Games Of Chance, Games Of Chance Currency, Conduct Of Games And Supplies And Equipment › Part 4624 - Financial Statement Of Games Of Chance Operations › Section 4624.1 - Financial statement form

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
					 financial statement of games of chance operations required by ordinances or
					 local laws, State laws and this Chapter shall be on form GC-7, as prescribed by
					 the commission. The licensee shall execute and file the original of the report
					 with the clerk or department, a copy with the commission, and when applicable,
					 a copy with the chief fiscal officer of the county, within seven days after the
					 conclusion of each license period. The licensee shall retain a copy of the
					 report for such licensee's permanent records. When an authorized organization
					 has been licensed to sell bell jar tickets, coin boards, merchandise boards and
					 seal cards, the authorized organization shall, within 15 days after the end of
					 each calendar quarter during which such tickets have been purchased and sold by
					 the licensee, prepare and file a statement of such information on form GC-7Q,
					 as prescribed by the commission. The licensee shall execute and file the
					 original of the quarterly report with the commission. The licensee shall retain
					 a copy of each report for such licensee's permanent records. Within 30 days
					 after the conclusion of an occasion during which a raffle was conducted, the
					 authorized organization conducting such raffle and the members in charge of
					 such raffle, and, when applicable, the authorized games of chance lessor that
					 rented premises therefor, shall each furnish to the clerk or department and the
					 commission a statement of such information on form GC-7R, as prescribed by the
					 commission, subscribed by the member in charge and affirmed by such member as
					 true, under the penalties of perjury, showing the number of tickets printed,
					 the number of tickets sold, the prize, and the number of tickets returned to or
					 retained by the authorized organization as unsold, a description and statement
					 of the fair market value for each prize actually awarded, the amount of the
					 gross receipts derived therefrom, each item of expenditure made or to be made
					 other than prizes, the name and address of each person to whom each such item
					 of expense has been paid, or is to be paid, a detailed description of the
					 merchandise purchased or the services rendered therefor, the net proceeds
					 derived from the raffle at such occasion, the use to which the proceeds have
					 been or are to be applied and shall be the duty of each licensee to maintain
					 and keep such books and records as may be necessary to substantiate the
					 particulars of each such statement, provided, however, where the cumulative net
					 proceeds or net profits derived from the conduct of a raffle or raffles are
					 less than $30,000 during any one occasion, in such case, the reporting
					 requirement shall be satisfied by the filing within 30 days of the conclusion
					 of such occasion a verified statement on a form prescribed by the commission
					 attesting to the amount of such net proceeds or net profits and the
					 distribution thereof for lawful purposes with the clerk or department and a
					 copy with the commission. The licensee shall retain a copy of such statement
					 for its records. Any authorized organization required to file an annual report
					 with the Secretary of State pursuant to article 7-A of the Executive Law or the
					 Attorney General pursuant to article 8 of the Estates, Powers and Trusts Law
					 shall include with such annual report a copy of the statement required to be
					 filed with the clerk or department.
(b) Notwithstanding the filing requirements
					 set forth in this Part, an authorized organization that has met the
					 self-determination requirements of section
					 4601.1(c) of this
					 Title may conduct a raffle without complying with such filing requirements,
					 provided, that such organization shall derive net proceeds from raffles in an
					 amount less than $5,000 during the conduct of one raffle and shall derive net
					 proceeds from raffles in an amount less than $20,000 during one calendar year.
					 Such authorized organizations are not relieved of any other financial reporting
					 and recordkeeping requirements of local, State or Federal laws or rules
					 regarding the receipt and expenditure of monies, including but not limited to
					 the Non-For-Profit Corporation Law.