Section 15 AAC 160.363 - Contributions, loans, and gifts(a) For use in gaming, an entity that conducts gaming under a self-directed permit may (1) make a capital contribution from a non-gaming source; and(2) secure a loan or accept a gift that is not from a gaming source or from a person or entity that is not prohibited from participating in gaming under AS 05.15.105.(b) A member of a multiple-beneficiary permittee may make a capital contribution or loan from a non-gaming source to the multiple-beneficiary permittee.(c) A multiple-beneficiary permittee may (1) accept a capital contribution of non-gaming funds from a member;(2) secure a loan or accept a gift that is not from a gaming source or from a person or entity that is not prohibited from participating in gaming under AS 05.15.105.(d) A multiple-beneficiary permittee must notify the department within 10 days after the receipt of a capital contribution from a non-gaming source. The notice must include the name of the contributor, the amount of the contribution, and the date of the contribution.(e) Except for a loan from a financial institution or a similar entity engaged in the business of making loans, a loan in any amount(1) must be set out in a written loan agreement provided to the department; and(2) may not provide for interest in excess of five percentage points above the annual rate charged member banks for advances by the 12th Federal Reserve District on the day that the loan commitment is made.(f) A permittee or multiple-beneficiary permittee shall notify the department within 10 days of the receipt of a gift, other than a donated prize with a value less than $1,000, for use in gaming. The notice must include the name of the donor, a description of the gift, the amount or fair market value of the gift, and a statement signed and dated by the donor that the gift is irrevocable.(g) The use of proceeds from a contribution, loan, or gift to purchase assets or to pay for gaming expenses does not change the accounting required by this chapter for gross receipts and expenses of gaming activities. The use of a contribution, gift, or loan to make the requirement for dedication of net proceeds has no effect in the determination of whether the limitation of AS 05.15.160 on expenses or the limitation of AS 05.15 and this chapter on prizes has been exceeded.Eff. 1/1/2003, Register 164Authority:AS 05.15.060
AS 05.15.100
AS 05.15.105
AS 05.15.145