South Carolina § 12-21-4100 Record keeping and reporting requirements.

South Carolina Statutes

§ 12-21-4100 — Record keeping and reporting requirements.

South Carolina·Title 12 TAXATION·Ch. 21 STAMP AND BUSINESS LICENSE TAX

(A)Each licensed nonprofit organization conducting bingo games shall submit quarterly to the department on the last day of the month following the close of the calendar quarter a report under oath containing the following information:

(1)the amount of the gross proceeds derived from the games;

(2)each item of expense incurred or paid;

(3)each item of an expenditure made or to be made, with a detailed description of the merchandise purchased or the services rendered;

(4)the net proceeds derived from the games;

(5)the use to which the proceeds have been or are to be applied;

(6)a list of prizes offered and given, with their respective values;

(7)excess proceeds as provided in Section 12-21-4000(12)(b);

(8)number of players at each session;

(9)other information considered necessary

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(A) Each licensed nonprofit organization conducting bingo games shall submit quarterly to the department on the last day of the month following the close of the calendar quarter a report under oath containing the following information: (1) the amount of the gross proceeds derived from the games; (2) each item of expense incurred or paid; (3) each item of an expenditure made or to be made, with a detailed description of the merchandise purchased or the services rendered; (4) the net proceeds derived from the games; (5) the use to which the proceeds have been or are to be applied; (6) a list of prizes offered and given, with their respective values; (7) excess proceeds as provided in Section 12-21-4000(12)(b); (8) number of players at each session; (9) other information considered necessary by the department. (B) Each licensed nonprofit organization shall maintain records to substantiate the contents of each report. (C) The department may revoke the license of an organization that fails to file the reports and information required in this article.

South Carolina § 12-21-4100 (Record keeping and reporting requirements.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.