Statutes, codes, and regulations
Virginia Administrative Code
Title 11 - GAMINGAgency 20 - DEPARTMENT OF AGRICULTURE AND CONSUMER SERVICES, CHARITABLE GAMINGChapter 20 - CHARITABLE GAMING REGULATIONSPart II - Charitable Gaming Organizations
Article 3 - Bank Accounts, Recordkeeping, Financial Reporting, Audits, Fees
Section 11VAC20-20-80 - Bank accounts

11 Va. Admin. Code § 20-20-80

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Current through Register Vol. 41, No. 8, December 2, 2024
Section 11VAC20-20-80 - Bank accounts
A. A qualified organization shall maintain a charitable gaming bank account that is separate from any other bank account, and all gaming receipts, except receipts from electronic gaming, shall be deposited into the charitable gaming bank account.
B. Disbursements for expenses other than prizes and reimbursement of meal expenses shall be made by check directly from a charitable gaming bank account or a bank account authorized pursuant to subsection A of this section. However, expenses related to a network bingo game, distributed pull tab system, or operator may be disbursed through an electronic fund transfer to the network bingo provider, the permitted manufacturer or supplier providing the distributed pull-tab system, or operator, provided that such an arrangement is agreed upon by both (i) the qualified or social organization and (ii) the network bingo provider, permitted manufacturer or supplier, or operator. A written agreement specifying the terms of this arrangement shall be required prior to any electronic fund transfer occurring between the two parties.
C. All records related to the charitable gaming bank account or the other bank account, authorized pursuant to subsection A of this section, including monthly bank statements, canceled checks or facsimiles thereof, and reconciliations, shall be maintained for a minimum of three years following the close of a fiscal year.
D. All receipts from each session of bingo games, network bingo games, raffles, instant bingo, pull-tabs, or seal cards shall be deposited by the second business day following the session at which they were received. All receipts from electronic gaming shall be deposited at least once every seven calendar days.
E. All receipts from a poker tournament shall be deposited by the second business day following the poker tournament at which they were received. However, receipts received by an operator for administering a poker tournament for a qualified organization may be deposited through an electronic fund transfer into the qualified organization's charitable gaming account provided that such an arrangement is agreed upon by both the qualified organization and the operator. A written agreement specifying the terms of this arrangement is required prior to any electronic fund transfer occurring between the two parties.
F. Raffle proceeds unrelated to a session shall be deposited into the qualified organization's charitable gaming bank account or a bank account authorized pursuant to subsection A of this section no later than the end of the calendar week following the week during which the organization received the proceeds.
G. A social organization operating and conducting electronic gaming or a qualified organization renting a premises from a social organization for the purpose of electronic gaming shall maintain a separate bank account for all receipts rebates, discounts, or refunds from electronic gaming.

11 Va. Admin. Code § 20-20-80

Derived from Virginia Register Volume 39, Issue 14, eff. 3/29/2023; Amended, Virginia Register Volume 40, Issue 17, eff. 5/9/2024.

Statutory Authority: § 18.2-340.19 of the Code of Virginia.