Section R. 432.316 - Accountability; lawful use of proceeds; reasonable expenditures; deposit of proceedsRule 316.
(1) The millionaire party licensee is accountable for all cash, prizes, imitation money or chips, raffle tickets, charity game tickets, and numeral game tickets.(2) The entire net proceeds of the millionaire party must be devoted exclusively to the lawful purpose of the qualified organization.(3) To ensure that all proceeds are used for the lawful purpose of the qualified organization, each qualified organization shall maintain a separate checking account that must be under its exclusive control. The organization shall only deposit its millionaire party proceeds in the account and shall only make expenditures as authorized under the act and these rules.(4) Each check written from the checking account under the qualified organization's exclusive control into which proceeds from the millionaire party are deposited must meet all of the following requirements:(a) Be preprinted with the name of the licensee.(b) Be signed by an authorized individual or individuals.(c) Be made payable to a specific individual, business, partnership, corporation, or account.(d) Not be made payable to cash or bearer and must not be drawn in blank.(e) Contain a brief description of the expense on the memo line.(5) Electronic transfers of funds derived from the conduct of the millionaire party must be done in accordance with directives issued by the executive director.(6) Cancelled checks written from the checking account under the qualified organization's exclusive control into which proceeds from the millionaire party are deposited must be returned on a monthly basis to the account holder. Copies of the checks are acceptable, if legible, and if originals can be made available on request by the executive director.(7) All money derived from the conduct of the millionaire party must be deposited into the checking account under the qualified organization's exclusive control within 2 business days after the millionaire party or as directed in writing by the executive director.(8) Checks must not be cashed out of the millionaire party start cash or gross revenue.Mich. Admin. Code R. 432.316
2014 AACS; 2023 MR 20, Eff. 10/24/2023