§ 4-32.3-5-5 — Financial records; deposit of funds; audits; submission of documents

Indiana § 4-32.3-5-5

• Jurisdiction: Indiana
• Art. 32.3: CHARITY GAMING
• Ch. 5: Conduct of Allowable Activities

Text

(a) A qualified organization shall maintain and
submit to the commission accurate records of all financial aspects of an
allowable event as set forth in rules adopted by the commission under
IC 4-22-2. A qualified organization shall make accurate reports of all
financial aspects of an allowable activity to the commission within the
time established by the commission as set forth in rules adopted by the
commission under IC 4-22-2.
(b) Except for a candidate's committee, a convention license, and an
exempt event, a qualified organization shall deposit funds received
from an allowable activity in a separate and segregated account set up
for that purpose.
(c) A qualified organization conducting a bingo event or raffle under
an annual affiliate license shall deposit the funds received from each
activity conducted by its separate Indiana affiliates into a single
account maintained by a financial institution physically located in
Indiana. All expenses of the qualified organization with respect to an
allowable activity shall be paid from the separate account.
(d) The commission may require a qualified organization to submit
any records maintained under this section for an independent audit by
a certified public accountant selected by the commission. A qualified
organization must bear the cost of any audit required under this section.
(e) A bona fide veterans organization holding a three (3) year
charity gaming license issued under IC 4-32.3-4-16 must submit the
following to the commission before the annual anniversary date of the
issuance of the three (3) year charity gaming license:
(1) An event summary for each allowable event conducted under
the license.
(2) An annual financial report.
(3) An annual gross receipts report.
(f) Notwithstanding subsection (d), a qualified organization that:
(1) conducts casino game night activities; and
(2) has an adjusted gross revenue with annual gross receipts of
over one million dollars ($1,000,000) from casino game night
activities for the purpose of the license fee assessed under IC 4-32.3-6-7 or IC 4-32.3-6-7.5;
shall submit any records maintained under this section related to the
year described in subdivision (2) for an independent audit by a certified
public accountant selected by the qualified organization. A qualified
organization shall submit the results of the independent audit to the
commission not later than ninety (90) days after the qualified
organization pays the license fee assessed under IC 4-32.3-6-7 or IC 4-32.3-6-7.5 as part of the qualified organization's application for
renewal. The commission and a qualified organization may agree on an
extension to the deadline to submit the independent audit.

Legislative History

As added by P.L.58-2019, SEC.4. Amended by P.L.111-2025, SEC.5.