Finance 105: Gaming Activities
To provide guidelines for university community organizations that want to hold fund raising events involving games of skill or chance.
Gaming Activities: Gaming activities that may be authorized by the Budget Office include raffles. If a door prize has more than a nominal value and is considered and incentive to attend the event and a chance must be purchased to be eligible to win, the activity is reportable under the gaming permit.
University related organizations that want to conduct gaming activities for the purpose of raising funds must obtain permission from the Budget Office. UAA holds a permit for gaming activities and administers the use of this permit. To use the gaming permit, qualified organizations must submit a Gaming Application Form to the Budget Office. To offset the cost of administration and the reports that must be filed with the State and Internal Revenue Service, organizations will be charged a $20 use fee plus 5% of the gross proceeds of the activity.
In accordance with statutes and regulations, the only expenses that may be incurred or paid in connection with a gaming activity are the promotional materials, goods, wares, and merchandise necessary for the operation of the activity. All raffle tickets and stubs must be serially numbered and have the organization’s name, the permit number (provided by the Budget Office when approval is granted), a list of all prizes, and the date, time and location of the prize drawing printed on them.
Financial record keeping (including disposition of net proceeds from the gaming activity) is the responsibility of the permit user. Within two weeks after the activity has taken place, a report containing the following information must be submitted to the Budget Office.
In conformance with State of Alaska Regulations, the Budget Office will compile the foregoing information into reports that must be filed with the State and the Internal Revenue Service.
State law requires that the net revenue earned from the use permit be expended within one year after the conclusion of the gaming activity and that the expenditure be for the purpose approved in the application.