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Accounting Units
This section is for those licensed conductor organizations that have formed an
Accounting Unit and are using the unit accounting process for their bingo proceeds, charitable
distributions and other bingo financial information.
What is unit accounting?
As set forth in Bingo Enabling Act Sec. 2001.431 through Sec. 2001.439 and
Administrative Rule 402.203, unit accounting is a method by which two or more organizations can
join together to share revenues, authorized expenses, and inventory related to bingo
operations.
How is an accounting unit formed?
Two or more licensed authorized organizations that conduct bingo at the
same location may form and operate a unit by executing a unit
accounting
agreement and choosing either a unit manager or designated agent to be
responsible for the revenues, authorized expenses, and inventory of a
unit.
A unit may also be formed by creating a trust agreement between two or
more licensed authorized organizations that conduct bingo at the same
location. This type of agreement would require that one of the
organizations
be designated as the trustee. The trustee organization would, in turn,
designate a person to be responsible for providing the commission with
access to all inventory and financial records of the unit on request of
the
commission.
More than one unit may be formed at a single location. However, a
licensed
authorized organization may not be a member of more than one unit.
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