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Can you summarize 15 AKAC 160 Article 8?
Authorized Games of Chance and Skill > Accounting and Recordkeeping
Short Summary
These legal documents govern various aspects of accounting and recordkeeping for gaming activities permitted under AS 05.15 in Alaska. The documents cover topics such as advertising expenses, depreciation of assets, promotional items, payment for services rendered, disbursements from net proceeds, scholarship requirements, transfer of net proceeds, bank account requirements, filing of reports, retention of records, and unauthorized expenses. Permittees are required to ensure that advertising expenses for gaming activities do not exceed five percent of their adjusted gross income. Assets used in gaming activities must be depreciated using the straight-line method over specific periods depending on the type of asset. Permittees may distribute free promotional items with little intrinsic value and no monetary exchange value. Payment for services rendered, gaming prizes, and expenses must not be paid from the net proceeds. Detailed records of disbursements from the net proceeds must be kept for three years. Net proceeds dedicated to scholarships must be awarded to residents of Alaska or individuals using the scholarship in the state. Net proceeds transferred to another organization must be spent in accordance with AS 05.15.150. Bank accounts with check-writing privileges must be used for depositing money collected from gaming activities, excluding cash prizes. Checks drawn on the bank account must be signed by two authorized members of the permittee who are residents of Alaska. Interest income earned on the bank account is subject to the provisions of AS 05.15.150. Permittees may apply for special permission to extend the deposit period for money from authorized activities. Third-party personal checks from players for the purchase of bingo cards or participation in gaming activities are prohibited. Permittees holding net proceeds for more than one year must account for and spend the net proceeds and earnings within the specified time period. Changes in circumstances or intention must be notified to the department. Net proceeds and earnings must be retained in a bank account required by the Alaska Administrative Code. Unauthorized expenses that exceed the annual limits are prohibited. Reports on gaming activities must be filed quarterly and annually, including information on gross receipts and net proceeds. A grace period may be granted for filing reports or reviews under certain circumstances. Records and supporting documents pertaining to gaming activities must be retained for three years. These documents apply to permittees, operators, licensed pull-tab distributors, and individuals or entities involved in gaming activities permitted under AS 05.15 in Alaska.
Whom does it apply to?
Permittees, operators, licensed pull-tab distributors, and individuals or entities involved in gaming activities permitted under AS 05.15
What does it govern?
Accounting and Recordkeeping for gaming activities permitted under AS 05.15
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties for non-compliance or violation of the provisions are mentioned in these documents.
Jurisdiction
Alaska