16 Tex. Admin. Code § 402.503
Current through Register Vol. 49, No. 48, November 29, 2024
Section 402.503 - Bingo Gift Certificates(a) A bingo gift certificate may be sold, issued, or redeemed for bingo paper, pull-tab bingo or card-minding devices provided that the licensed authorized organization or unit, as defined in Occupations Code, § RSA 2001.431(1), maintains adequate records relating to the gift certificate as provided in this section.(b) A licensed authorized organization's cost of printing the bingo gift certificate is an allowable bingo expense and shall be paid out of the bingo checking account. In order to maintain adequate records relating to gift certificates, all gift certificates shall be pre-numbered and consecutively issued.(c) A bingo gift certificate may not be awarded as a prize for bingo unless the value of the certificate is paid for by the licensed authorized organization and recorded as a bingo prize on the daily schedule of prizes for the bingo occasion.(d) A bingo gift certificate may not be awarded as a door prize unless the value of the certificate is paid for before it is awarded as a door prize.(e) Each bingo gift certificate shall be:(1) imprinted with the name and address of the licensed location(s) where the gift certificate may be redeemed for bingo paper, pull-tab bingo or card-minding devices;(2) imprinted with the monetary value of the certificate;(3) imprinted with the name of the licensed authorized organization(s) authorized to accept the bingo gift certificate at the licensed location;(4) imprinted with the expiration date or a blank space for the licensed authorized organization or unit to fill in an expiration date; and(5) paid for by the customer in full at the time it is issued by the licensed authorized organization or unit.(f) A licensed authorized organization may not accept a gift certificate in exchange for bingo paper, pull-tab bingo or card-minding devices if the licensed authorized organization is not licensed to conduct bingo at the licensed location(s) imprinted on the gift certificate.(g) Reporting Requirements: (1) Funds from the sale of the gift certificate shall be maintained separately from the bingo funds. Such funds are not considered bingo funds until the gift certificate is redeemed for a bingo card, pull-tab bingo, or a card-minding device.(2) Funds remaining from an expired or unredeemed gift certificate shall be disbursed equally among the participating licensed authorized organizations and deposited into each of their respective general fund accounts.(3) When a gift certificate is redeemed, the sale of bingo paper, card-minding device, or pull-tab bingo shall be reported for that occasion. The gift certificate, when redeemed, shall be exchanged for cash from the gift certificate funds and deposited into the bingo account by the end of the third business day after the bingo occasion.(4) At the end of each month, the licensed authorized organizations collectively shall reconcile the gift certificates purchased, sold, expired, redeemed, or remaining during the month to the cash on hand.(h) Records Retention. The purchase invoice or receipt from the printing of a gift certificate and the reconciliation documents relating to the sale or redemption of gift certificates must be maintained and available for inspection by the Commission for a period of four years.(i) Gift Certificate Log. A gift certificate log shall be maintained collectively by the participating licensed authorized organizations at the location(s) and shall include the following for each gift certificate: (5) date of redemption; and(6) if awarded as a bingo or door prize, the date of the bingo occasion and the date the prize is awarded.16 Tex. Admin. Code § 402.503
The provisions of this §402.503 adopted to be effective March 21, 2005, 30 TexReg 1630; amended to be effective February 3, 2013, 38 TexReg 372; Amended by Texas Register, Volume 44, Number 52, December 27, 2019, TexReg 8303, eff. 1/2/2020; Amended by Texas Register, Volume 48, Number 52, December 29, 2023, TexReg 8370, eff. 1/4/2024