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Can you summarize NDAC Chapter 99-01.3-03?
Games of Chance > Accounting Rules
Short Summary
These accounting rules govern the financial aspects of games of chance in North Dakota. They require organizations involved in games of chance to retain purchase invoices, receipts, accounting and bank records, as well as receipts documenting eligible uses and solicitations for net proceeds. These records must be retained for three years from the end of the quarter in which the activity was reported on a tax return. Organizations are also required to establish a written system of internal control, which must be reviewed by authorized personnel determined by the governing board. The document specifies the objectives of accounting controls and outlines the requirements for administrative controls. Gaming accounts must be maintained at financial institutions located in North Dakota, and transfers of net proceeds must be made by the last day of the quarter following the quarter in which the net proceeds were earned. The document also specifies the requirements for maintaining a prize register, preparing a record of win for players, maintaining inventory records, conducting bank deposits and audits, and filing tax returns. Overall, these accounting rules aim to ensure transparency and accountability in the financial operations of games of chance in North Dakota.
Whom does it apply to?
Organizations involved in games of chance in North Dakota
What does it govern?
Accounting rules for organizations involved in games of chance
What are exemptions?
Organizations that only conduct certain specified activities or are involved in conducting no more than two events during a fiscal year, each lasting no more than fourteen calendar days
What are the Penalties?
No specific penalties are mentioned in the document.
Jurisdiction
North Dakota