Financial
Reporting
All licensed charities
are required to report to the AGLC how they used the proceeds
they earned from charitable gaming in accordance with their
licence. Licensed charities are required to complete a financial
report for each charitable gaming licence.
Proceeds include interest, dividends or other income earned
on gaming proceeds deposited in interest-bearing accounts
or held, with AGLC approval, in deposit certificates or investments
made by a trustee.
The AGLC mails financial reports to each charity, which the
group must return within 60 days from the date of mailing.
Since August 2003, gaming proceeds must be used within two
years after the proceeds are obtained. Any extension of this
period must be approved in advance by the AGLC.
If a charity wants to use the proceeds for purposes other
than those in its original application, the charity is required
to obtain the approval of the AGLC before it spends the proceeds
for the new purposes. The reason for this is to ensure that
the proposed new use of funds is in accordance with the Criminal
Code (Canada) and reflects a use that is charitable or religious
in nature. If gaming proceeds are used for unapproved purposes,
the AGLC will investigate and may initiate an audit of the
group.
For more information refer to the Charitable
Gaming Policies Handbook or the GAIN
Resource Manual.
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