What if the organization derives net profits of more than $30,000 from the conduct of raffles during the calendar year?
If during the calendar year the organization derives net profits of more than $30,000 from the conduct of raffles, the organization shall apply for a raffle license (on forms GC-2, 2A, 2B) from the municipal clerk at a cost of $25. A financial statement of raffle operations (form GC-7R) shall also be submitted to the municipal clerk at the end of the calendar year and an additional license fee of 2% of the net profits over $30,000 shall be paid either to the clerk (if the municipality has a bona-fide police department) or to the county fiscal officer (if the municipality does not have a bona-fide police department). A copy of the GC-7R shall also be submitted to the Racing and Wagering Board and if applicable, to the county fiscal officer.
Related Questions
- Can a new volunteer who joins an emergency a service organization after the start of a calendar year, but accumulates the annually required number of points, still qualify for the LOSAP credit that year?
- If my organization plans to conduct multiple educational programs for judges in a calendar year, do we have to file a separate disclosure report for each program?
- What if the organization derives net profits of more than $30,000 from the conduct of raffles during the calendar year?
