721 SPONSORED ACTIVITIES: FINANCIAL PROCEDURES

721.1 All financial procedures shall conform to the regulations prescribed by the Department.

721.2 The Organization to be sponsored shall submit to the Department a budget reflecting in detail the estimated expenses of the program.

721.3 Following approval of a budget by the Department, the Organization shall deposit with the Department a guarantee against any deficit that might arise in the conduct of the program. The amount of the guarantee deposit shall be fixed by the Department.

721.4 The guarantee deposit shall be made with the understanding that, if an activity ceases, the portion of the guarantee that has not been used to defray a deficit shall be refunded. However, if a program is continued and sufficient profit is derived from it to serve as a future guarantee against deficit, the original deposit shall be refunded.

721.5 All necessary properties, rentals, special services, and other items purchased or rented for use in the program shall be secured through the Department.

721.6 Any contractual or purchasing arrangement incident to sponsored activities shall be handled by the Department in accordance with regulations prescribed for its operation.

721.7 All admissions and receipts from activities become and remain the property of the Department, and the Organization shall be held strictly accountable for admission tickets and for deposit of all admission fees and receipts with the Department upon completion of the program.

SOURCE: 15 DCRR § 5.2 (August 10, 1970 and December 23, 1970).