16 Tex. Admin. Code § 402.202
Current through Register Vol. 49, No. 48, November 29, 2024
Section 402.202 - Transfer of Funds(a) For purposes of §RSA 2001.451<subdiv>(c)</subdiv>, Texas Occupations Code, "other account" means an account other than the bingo account held in the name of the licensed authorized organization.(b) Notification of the transfer of funds into the bingo account or bingo unit account must be submitted on a form prescribed by the Commission. To be timely submitted, the notification's postmark date, date of delivery for common carrier, date of e-mail, or date of facsimile must clearly show a date that is no later than 14 calendar days after the date the funds were transferred.(c) An applicant for an original license to conduct bingo must not have a bingo bank account until licensed. Any funds transferred to the bingo bank account after the license is issued must provide a Transfer of Funds-Bingo Bank Account form to the Commission no later than 14 calendar days after the date the funds were transferred.(d) The licensed authorized organization must show the amount of transferred funds on the Texas Bingo Quarterly report for the quarter the funds were transferred.(e) A licensed authorized organization or unit must maintain records to substantiate the transfer of funds into or removed from the bingo account or bingo unit account.(f) All or part of the transferred funds may be transferred from the bingo account or bingo unit account back to the licensed authorized organization or unit. The amount of transferred funds removed from the licensed authorized organization's bingo account or bingo unit account must be shown as reimbursed transferred funds on the Texas Bingo Quarterly report for the quarter the funds were removed.(g) Funds transferred to the bingo account or bingo unit account may be used for authorized expenses but will not be used to determine if the organization's bingo operation resulted in net proceeds over its license period.(h) Only funds from a licensed authorized organization's other account may be transferred into its bingo account or bingo unit account if the licensed authorized organization is a member of an accounting unit at the time the funds are transferred.(i) At the time the funds are transferred into a bingo account or bingo unit account the reconciled bank balance for the quarter that the funds were transferred into the bingo account or bingo unit account may not exceed the licensed authorized organization's or unit's authorized quarterly operating capital as determined by the Commission.16 Tex. Admin. Code § 402.202
The provisions of this §402.202 adopted to be effective May 2, 2010, 35 TexReg 3249; amended to be effective September 13, 2012, 37 TexReg 7091