- (a) A licensed authorized organization with gross receipts from raffles or bingo games in excess of five hundred dollars ($500) per month shall establish and maintain one (1) regular checking account designated as the bingo and raffles account.
- (b) A licensed authorized organization may also maintain an interest bearing savings account designated as the bingo and raffles savings account.
(c)
- (1) A licensed authorized organization shall deposit in the bingo and raffle account all funds derived from the conduct of games of bingo and raffles, less the amount awarded as prizes.
- (2) Except as provided under Acts 2007, No. 388, a deposit shall be made not later than the next business day after the day of the raffle or bingo session on which the receipts were obtained.
- (d) A licensed authorized organization may deposit funds derived from the conduct of a raffle or games of bingo that are paid through a debit card transaction into the bingo and raffles fund not later than seventy-two (72) hours after the transaction.
- (e) A licensed authorized organization may lend money from its general fund to its bingo and raffle account.
- (f) Except as permitted, a licensed authorized organization shall not commingle gross receipts derived from the conduct of bingo and raffles with other funds of the organization.
- (g) Except as permitted, the licensed authorized organization shall not transfer gross receipts to another account (bank) maintained by the licensed authorized organization.
- (h) A licensed authorized organization shall maintain all of its savings and checking accounts in a financial institution located in this state.
- (i) Funds may be deposited into a bingo and raffle account only as provided in Arkansas Code § 23-114-501 and this part.