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Can you summarize NDAC Section 99-01.3-03-04?
Accounting Rules > Restrictions and requirements.
Short Summary
These Accounting Rules govern the financial aspects of games of chance in North Dakota. The rules specify various restrictions and requirements for organizations involved in games of chance. Some key provisions include: allowing organizations an expense limit for any purpose that complies with gaming laws and rules; prohibiting basing employee compensation on a percentage of proceeds; regulating payment and reimbursement for media advertising and sign advertising related to games at a site; allowing organizations to reduce a player’s cash prize by the amount of an uncollectible check; considering net cash short as an expense and net cash long as other income for a quarter; specifying accounting methods for unsold or defective tickets; requiring organizations to report theft of gaming funds to the attorney general; classifying income from renting gaming equipment as nongaming income; mandating completion and signing of accounting records with permanent ink; maintaining a register of individuals who sign records or reports; reporting fees and prizes for twenty-one tournaments as other income; valuing merchandise prizes and gift certificates at actual cost for tax purposes; requiring organizations to own or have access to prizes being offered; allowing conversion of ineligible merchandise prizes to cash or other merchandise prizes; requiring amendment of tax returns for unclaimed prizes; mandating verification of game serial numbers; specifying treatment of insurance fees and prizes for insured contingency prizes; regulating temporary release of site authorization; and requiring action plans for license revocation or non-renewal. These 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 Games of Chance under the North Dakota Administrative Code
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
North Dakota