1 Colo. Code Regs. § 206-1-14.A.13

Current through Register Vol. 44, No. 24, December 25, 2021
Section 1 CCR 206-1-14.A.13 - MUSL Accounting and Finance
A. At the time a lottery joins the "Powerball®" Product Group, MUSL revises the existing budget and assesses the lottery for the additional costs. Each July, thereafter, MUSL sets the budget for the impending year and assesses each Party Lottery their proportionate share. The Party Lottery receives a copy of these costs and an election form.
B. Each September and March, MUSL re-evaluates the amounts that each Party Lottery must contribute to any Prize reserves. Any additional contributions to the Prize reserves are funded by reducing the contribution from sales to the Grand Prize as referred to in 14.A.9.
C. The draw reports determine whether the Lottery owes and needs to transfer funds to MUSL, or MUSL owes and needs to transfer funds to the Lottery. (The procedures and corresponding time lines documenting the timely and effective transfer of funds between the Lottery and MUSL can be found in the Lottery's financial procedures.) Three different transfers are made on a continual basis:
1. Draw receivables transferred from the Lottery to MUSL;
2. Set Prize payments and initial Grand Prize payments transferred from MUSL to the Lottery; and
3. Subsequent Grand Prize annuity payments from MUSL to the Lottery.

1 CCR 206-1-14.A.13

38 CR 03, February 10, 2015, effective 3/2/2015
38 CR 11, June 10, 2015, effective 6/30/2015
38 CR 15, August 10, 2015, effective 10/4/2015
39 CR 04, February 25, 2016, effective 7/2/2016
39 CR 18, September 25, 2016, effective 10/19/2016
39 CR 20, October 25, 2016, effective 5/1/2017
42 CR 16, August 25, 2019, effective 9/14/2019
44 CR 13, July 10, 2021, effective 8/23/2021