Current through Register Vol. 35, No. 11, June 11, 2024
Section 15.4.10.9 - ACCOUNTING PROCEDURESA. All information set forth in the act is required to be documented on forms prescribed by the board.B. The licensee shall separately account for the gross receipts from all games of chance on the prescribed quarterly report forms.C. Each licensee shall maintain a bingo operating account to be used for all games of chance. All gross receipts shall be deposited and all disbursements shall be made from this account.D. A licensee must have at least one separate general operating account in addition to a bingo operating account.E. Funds from games of chance shall not be co-mingled with any other funds used by the licensee.F. The bingo operating account shall have an end-of-month cutoff date.G. The licensees shall reconcile bank statements monthly.H. Licensees shall use a check, not a debit card, ATM card or any form of electronic transfer to pay any expense out of the bank operating account unless an electronic payment is required by IRS, federal, state or, bank regulations or an automated payroll system that uses direct deposits to employees' accounts.I. If a licensee elects to pay bingo and raffle payroll using direct deposit, the licensee shall maintain adequate records to document each individual transaction and will provide all copies of such deposit record transactions with the corresponding bingo and raffle quarterly report form. If an independent bookkeeping or payroll company is used, the licensee shall keep a copy of the agreement that authorizes them as the assigned agent to perform these duties.J. Licensees with pull-tab dispensers shall empty and reconcile the receipts and payouts weekly and at the end of each month. The bingo manager shall ensure the audit printout is legible and retained in its original condition.K. The gross receipts from all games of chance conducted during a bingo occasion shall be deposited into the bingo operating account no later than the next business day. Gross receipts from pull-tab dispensers shall be deposited into the bingo operating account on a weekly basis and at the end of each month.L. Licensees utilizing pull-tab dispensers without a concurrent bingo occasion shall complete an approved record as defined in 15.4.1.7 NMAC for each pull-tab dispenser on a weekly basis.M. Deposit records must be sufficient to allow a determination of deposits made from each occasion and each game of chance.N. Signature stamps shall not be allowed.O. Pre-signed checks shall not be allowed.P. Checks shall be consecutively numbered and signed by two authorized persons.Q. No check shall be drawn to "cash" or a fictitious payee. All checks used to withdraw funds from the bingo operating account to replenish prize payouts or the change fund shall be made payable to the licensee and the memo section shall state "prize payouts" or "change fund".R. A perpetual inventory of the bingo paper and pull-tabs shall be maintained by the bingo manager on a form approved by the board.S. All bingo paper and pull-tab not intended for sale due to defect, damage or any other reason shall be segregated, and destroyed or returned to a licensed distributor:(1) prior to the segregation or destruction of any bingo paper and pull-tabs: (a) the material shall be inventoried and recorded on a form approved by the board;(b) the form signed by the highest ranking officer of the licensee that does not hold a valid staff permit; and(c) the form shall be submitted to the board's audit division.(2) all bingo paper and pull-tab returned to a licensed distributer shall:(a) be inventoried and recorded on a form approved by the board;(b) have this form signed by a representative of the licensed distributor;(c) any monies paid by the distributor to the operator for returns shall not be subject to the bingo and raffle tax; and(d) segregated pull-tabs and documentation regarding the return of pull-tabs to a licensed distributor or the destruction of pull-tabs shall be retained pursuant to 15.4.1.12 NMAC.T. All unaccounted for bingo paper and pull-tabs may be subject to the bingo and raffle tax.U. Bingo paper and pull-tab inventories shall not be stored or in any way comingled with the bingo paper and pull-tabs of any other licensee.V. Any deposits made into the bingo operating account from the organization's general operating account for the purpose of sustaining bingo, pull-tab and raffle activity shall be noted on the deposit slip. These deposits are not considered to be bingo and raffle activity receipts and therefore, not subject to bingo and raffle tax.15.4.10.9 NMAC - N, 4/15/2013, Adopted by New Mexico Register, Volume XXXII, Issue 04, February 23, 2021, eff. 2/23/2021