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Can you summarize 86 ILAC Chapter IV, Part 3000, Subpart 3000?
RIVERBOAT AND CASINO GAMBLING > OWNERSHIP AND ACCOUNTING RECORDS AND PROCEDURES
Short Summary
The first document governs the financial and statistical reporting requirements for holders of Owner’s Licenses in the Illinois gaming industry. It establishes the filing requirements for monthly, quarterly, and annual reports of financial and statistical data, as well as the responsibility of the Chief Executive Officer or their designee to file these reports. The document also outlines the requirements for maintaining a cash reserve to protect patrons against defaults in gaming debts. The second document governs the Admission Tax and Wagering Tax for owner licensees and managers in the context of riverboat and casino gambling in Illinois. It establishes the tax and fee liability assessment, method of payment, and the requirement to maintain an account with sufficient funds to pay all tax and fee liabilities. The third document governs the accounting controls within the cashier’s cage, requiring cashiers to maintain assets on an imprest basis and reconcile inventories at the end of each shift. The fourth document governs the acceptance and handling of tips or gratuities in the gaming industry, prohibiting certain employees from accepting tips or gratuities and outlining the accounting and distribution procedures for tips and gratuities given to dealers. The fifth document governs the exchange of checks and granting of credit in gaming activities, specifying the requirements for recording credit transactions, check cashing privileges, and reporting obligations. The sixth document outlines the procedures for placing currency in the drop box and converting cash to chips at gaming tables. The seventh document governs the maintenance of accounting records using a double entry system of accounting, specifying the records to be maintained and the level of detail required for each accounting classification. The eighth document outlines the specific records that must be kept and provided to the Illinois Gaming Board upon request, depending on the type of entity (corporation, partnership, or sole proprietorship). The ninth document outlines the requirements for annual and special audits, as well as other reporting obligations for holders of an Owner’s License in the Illinois gaming industry. It specifies the procedures, reporting deadlines, and the need for an independent certified public accountant to perform the audits. These documents provide a comprehensive framework for the ownership, accounting records, and procedures in the Illinois gaming industry and federal credit unions.
Whom does it apply to?
Holders of Owner's Licenses in the Illinois gaming industry, including Chief Executive Officers or their designees, cashiers responsible for assets within the cashier's cage, dealers, Riverboat Gaming Operation Key Persons, boxpersons, floorpersons, and other employees in supervisory positions, gaming employees who receive cash or cash equivalents from patrons in the gaming area, federal credit unions, their members, officials and employees, and individuals or entities involved in transactions with federal credit unions
What does it govern?
Financial and statistical reporting requirements for holders of Owner's Licenses in the Illinois gaming industry, Admission Tax and Wagering Tax for owner licensees and managers, accounting controls within the cashier's cage, acceptance and handling of tips or gratuities in the gaming industry, exchange of checks and granting of credit in gaming activities, placement of currency in the drop box and conversion of cash to chips at gaming tables, maintenance of accounting records using a double entry system of accounting, specific records to be kept and provided to the Illinois Gaming Board, requirements for annual and special audits, and other reporting obligations for holders of an Owner's License in the Illinois gaming industry
What are exemptions?
Specific exemptions or exceptions are not mentioned in these documents.
What are the Penalties?
Specific penalties for non-compliance or violation of the provisions are not mentioned in these documents.
Jurisdiction
Illinois