1997 Minnesota Statutes

     349.15 Use of gross profits. 

    Subdivision 1.    Expenditure restrictions.  Gross 
 profits from lawful gambling may be expended only for lawful 
 purposes or allowable expenses as authorized by the membership 
 of the conducting organization at a monthly meeting of the 
 organization's membership.  Provided that no more than 65 
 percent of the gross profit less the tax imposed under section 
 297E.02, subdivision 1, from bingo, and no more than 55 percent 
 of the gross profit from other forms of lawful gambling, may be 
 expended for allowable expenses related to lawful gambling.  

    Subd. 2.    Cash shortages.  In computing gross profit 
 to determine maximum amounts which may be expended for allowable 
 expenses under subdivision 1, an organization may not reduce its 
 gross receipts by any cash shortages.  An organization may 
 report cash shortages to the board only as an allowable 
 expense.  An organization may not report cash shortages in any 
 reporting period that in total exceed the following percentages 
 of the organization's gross receipts from lawful gambling for 
 that period:  until August 1, 1995, four-tenths of one percent; 
 and on and after August 1, 1995, three-tenths of one percent. 

    Subd. 3.    Refunds and credits.  For purposes of this 
 section "gross profit" does not include any refund or credit 
 received under section 297E.02, subdivision 4, paragraph (d). 

    HIST: 1976 c 261 s 5; 1984 c 502 art 12 s 6; 1986 c 467 s 7; 
 1Sp1986 c 3 art 2 s 16; 1987 c 327 s 7; 1989 c 203 s 2; 1989 c 
 334 art 2 s 16; 1Sp1989 c 1 art 13 s 7; 1990 c 590 art 1 s 10; 
 1991 c 336 art 2 s 13; 1994 c 633 art 2 s 19; art 5 s 22; 1996 c 
 471 art 13 s 16; 1997 c 155 s 4