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Can you summarize WAAC 230-07-065?
Charitable and nonprofit rules. > Group III, IV, and V management control system.
Short Summary
This legal document pertains to the management control system for charitable or nonprofit licensees assigned to Groups III, IV, and V. The licensees must develop and implement a management control system that is overseen by an independent group of officers or board of directors. The system must include written policies that define responsibilities and authority, affirmative management and accounting controls to protect funds and assets obtained from gambling proceeds, and a planning process to set goals for the use of gambling proceeds. Additionally, the system must have internal accounting controls to reduce errors and safeguard assets. The licensees’ officers or board of directors must monitor compliance with established controls. The document also requires organizations reserving funds in endowments or trust funds to have a formal business plan or budget. The management control system must be documented and available for review. No exemptions are mentioned, and specific penalties for non-compliance are not specified.
Whom does it apply to?
Charitable or nonprofit licensees assigned to Groups III, IV, and V
What does it govern?
Group III, IV, and V management control system
What are exemptions?
None mentioned
What are the Penalties?
Not specified
Jurisdiction
Washington