12 19a(a) (West 1987 & Supp. 1990). The Act requires that "All funds derived from the conduct of bingo, less the amount awarded as cash prizes, shall be deposited in the bingo account. No other funds may be deposited in the bingo account."8 Id. Checks may be drawn on the bingo account for the payment of: necessary expenses and compensation incurred and paid in connection with the conduct of bingo; "the disbursement of net proceeds derived from the conduct of bingo to charitable purposes"; and the transfer of net proceeds derived from the conduct of bingo to a designated bingo savings account pending a disbursement to a charitable purpose. Tex. Rev. Civ. Stat. Ann. art. 179d, sec. 19a(c) (West 1987 & Supp. 1990). The transfer of gross receipts derived from the conduct of bingo to another account maintained by an organization is not permitted except as provided in section 19a(c). Tex. Rev. Civ. Stat. Ann. art. 179d, sec. 19a(f), (g) (West 1987 & Supp. 1990). Gross receipts derived from the conduct of bingo may not otherwise be commingled with other funds of the licensed organization. Id. FSEP, Schoenstatt, ACADA, and WSA - Substantiation Although we do not believe the matter to be free from doubt, petitioners and respondent agree that the transfer of bingo proceeds from an organization's bingo account to its general fund 8 In 1990, this section was amended to provide that with prior approval, a licensed organization may lend funds from its general fund to its bingo account. Tex. Rev. Civ. Stat. Ann. art. 179d, sec. 19a(a) (West 1990).Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Next
Last modified: May 25, 2011