Section 68IAC21-4-1. Records of qualified organization

   (a) A qualified organization must maintain records of all financial aspects of each allowable event adequate for the commission to conduct oversight as authorized and required by IC 4-32.2 and to report the information to the commission on forms prescribed by the commission. The organization must set up a separate and segregated checking account to account for the proceeds and expenditures of the allowable event. If a qualified organization donates gaming proceeds to a recognized subsidiary or auxiliary that is separately qualified by the commission, then the subsidiary or auxiliary must account for the donation and related expenditures in its own separate and segregated charity gaming checking account. If a qualified organization donates gaming proceeds to another qualified organization pursuant to IC 4-32.2-5-16(b), then the donee qualified organization must account for the donation and related expenditures in its own separate and segregated charity gaming checking account. The records that must be kept and the information that must be submitted on the forms prescribed by the commission include, but are not limited to, the following:

(1) Gross receipts from each type of activity conducted at each allowable event.

(2) Prize payouts.

(3) Net receipts to the organization.

The rental costs associated with conducting an allowable event, including, but not limited to, a facility lease and the lease of tangible personal property, must be included in the organization's financial records.

  (b) The appropriate financial forms prescribed by the commission must be provided as follows:

(1) Annual license holders must submit the appropriate forms prescribed by the commission postmarked not later than the tenth day of the month in which the annual license expires.

(2) Single event license holders must submit the appropriate forms prescribed by the commission not more than ten (10) days after the allowable event is concluded.

(3) Qualified organizations conducting an exempt event must submit the appropriate forms prescribed by the commission annually, one (1) year after the date of the first exempt event of a calendar year. If the value of all prizes awarded for a single exempt event exceeds one thousand dollars ($1,000), or exceeds an aggregate of a total of three thousand dollars ($3,000) for all exempt events at any point during the calendar year, a qualified organization shall submit the appropriate forms prescribed by the commission within ten (10) days of exceeding the limit.

  (c) The commission shall be granted unrestricted access to the records of a qualified organization, including, but not limited to, the following:

(1) Membership information.

(2) Financial records.

(3) Receipts for the purchase or lease of all licensed supplies.

  (d) A qualified organization must retain the following records for three (3) years from the conclusion of the financial accounting period for the license containing the allowable event:

(1) All documents associated with allowable events.

(2) All other documents kept in the regular course of allowable events.

(Indiana Gaming Commission; 68 IAC 21-4-1; filed May 30, 2007, 8:28 a.m.: 20070627-IR-068060335FRA; filed May 27, 2008, 4:09 p.m.: 20080625-IR-068070748FRA; filed Dec 30, 2009, 2:06 p.m.: 20100127-IR-068090676FRA; filed Aug 14, 2013, 2:25 p.m.: 20130911-IR-068120280FRA; readopted filed Nov 26, 2013, 3:58 p.m.: 20131225-IR-068130354RFA)