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Can I collect financial information from participants in Montana? What are the requirements?
Yes, you can collect financial information from participants in Montana, but the requirements may vary depending on the nature of your organization and the purpose of collecting financial information. Here are some relevant regulations to keep in mind:
Fiscal Year and Financial Reports
If you are collecting financial information as a state agency in Montana, you must close your fiscal records at the end of each fiscal year and prepare financial records and reconciliations as prescribed by the Department of Administration. The financial reports must be completed and distributed not more than 31 days following the end of each fiscal year. The reports are to be distributed to the Department of Administration, the Legislative Auditor, and any other state agency that the Department of Administration may prescribe. The reports must accurately and comprehensively present the financial activities of the reporting state agency in accordance with generally accepted accounting principles so that the reports can be effectively used by the executive and legislative branches of state government [2.1]([2.1]).
Nonprofit Organizations
If you are a nonprofit organization in Montana and you plan to conduct a casino night, you must submit a casino night report (form 12) to the Montana Department of Justice within 30 days after the casino night is held. The report must contain the total receipts collected from the casino night, the total administrative expenses, the total value of prizes awarded, the total amount used for a civic, charitable, or educational purpose, and a description of the civic, charitable, or educational purpose for which the proceeds were used, including the name of any entity receiving proceeds. Failure to file the report within the time required may result in the nonprofit organization not receiving additional casino night permits [4.1]([4.1]).
Conclusion
The specific requirements for collecting financial information from participants in Montana may vary depending on the nature of your organization and the purpose of collecting financial information. If you are a state agency or nonprofit organization, there are specific regulations you need to follow. It is important to review the relevant regulations carefully and ensure that you are in compliance with all applicable requirements.
Source(s):
Jurisdiction
Montana