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Can you summarize WAAC 230-07-090?
Charitable and nonprofit rules. > Keeping and depositing all gambling funds separate from other funds.
Short Summary
According to the Washington Administrative Code, charitable or nonprofit licensees engaged in gambling activities must keep all funds generated from gambling separate from their general funds. They are required to maintain a separate gambling receipts account in a recognized Washington state bank, mutual savings bank, or credit union. Only gambling receipts should be deposited into this account. Licensees may also deposit receipts from nongambling activities operated in conjunction with bingo games into the gambling receipts account if detailed receipting records are maintained. All gambling receipts must be deposited into the account before spending or transferring them into other accounts, except for prize payouts. Funds received from commercial amusement game operators must be deposited into the gambling receipts account within the second banking day of receipt. Licensees must make separate deposits of net gambling receipts from each activity and keep the validated deposit receipt as part of their records. Certain exemptions apply to organizations conducting specific activities and not having any other license(s) from the Gambling Commission.
Whom does it apply to?
Charitable or nonprofit licensees
What does it govern?
Keeping and depositing all gambling funds separate from other funds
What are exemptions?
Organizations conducting only specific activities and not having any other license(s) from the Gambling Commission
What are the Penalties?
Not specified in the provided document
Jurisdiction
Washington