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Can you summarize WAAC 230-07-150?
Charitable and nonprofit rules. > Financial statements required for Groups III, IV, V, and electronic raffle licensees.
Short Summary
This legal document, found in the Washington Administrative Code under the Gambling Commission’s Charitable and nonprofit rules, outlines the financial statement requirements for certain licensees. In addition to the information required in WAC 230-07-145, charitable or nonprofit licensees in Groups III, IV, V, and electronic raffle licensees must submit complete financial statements prepared in accordance with generally accepted accounting principles (GAAP). Licensees in Groups IV and V must have the financial statements prepared by an independent certified public accountant. The financial statements must be submitted no later than one hundred twenty days following the end of the licensee’s fiscal year. The required financial statements include a statement of financial position, a statement of activities, a statement of cash flows, and a statement of functional expenses. Additionally, the financial statements must disclose loans to or from officers, board members, and employees, civil penalties, fines, bribes, or embezzlements incurred or discovered during the period, and any adjustments made to prior period capital accounts or net asset balances. Licensees must also provide an explanation of material differences between amounts reported on gambling activity reports and the financial statements. The document also mentions that additional information may be required to ensure completeness of the reported information, and organizations may request additional time to submit the required information in case of hardship.
Whom does it apply to?
Charitable or nonprofit licensees in Groups III, IV, V, and electronic raffle licensees
What does it govern?
Financial statements required for Groups III, IV, V, and electronic raffle licensees
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No specific penalties are mentioned
Jurisdiction
Washington