MARCH GAMBLING MEETING

 

 

Date:  March 8, 2017

 

Present:  Geno Rajtar, Kara Sweere, Matt Fink, Dan Godfrey, Steve Fink, Doug Sjulstad, Wesley Otto, Dennis Davito, Kris Davito, Melissa Strachan, Brad Strachan Justin Mathes and Mike Kortuem

 

  1. Secretary Report was given by Geno Rajtar

Matt Fink motioned to approve and Dan Godfrey 2nd the motion to approve the minutes. Motion passes.

 

  1. Treasurer Report given by Geno Rajtar
  2. Lawful Gambling: Including Schedule A (Gross receipts $141,181.75, ($115,828.75 etabs and $25,353 papertabs; Prizes paid=$129,715.80 (109,615 etab and 20,100 papertabs); Net receipts=$11,465.95;  B2, C, and F (Bank acct was reconciled, Profit carryover for month=$14,978.49

 

  1. Allowable Expenses: Rent-Big Dog-$1982.54; M. Peters Enterprise-$2,648.12 (etabs $2,058.42+games $485 + supplies $104.70; Kara Sweere $ 112.29 Miscellaneous expenses copies and supplies; Geno Rajtar-$234.78 (Mileage-$84.78 ( miles x $.575) Contract payment-$150),

 

  1. Lawful Purpose Expenditures: City of North Mankato-taxes $1,120.42, State of MN taxes-$1,208, IRS-$0.  Donation to Loyola $5,000..

 

Discussion was held regarding the significant increase in gross sales as a result of the electronic component added by the Club.

 

Kara Sweere moved to pay the above bills and was 2nd by Dan Godfrey.  Motion passes.

 

III. Correspondence and other documents:

  1. Letter from the IRS re: 990T for October 31, 2015. There are still funds related to this 990T. Kara called and has asked for a refund of those monies.
  2. MN Department of Revenue letter receives that we will be audited on our lawful gambling tax and unrelated business income tax. At this time the Audit is scheduled for April 11, 2017

 

Kara gave the Club an update on the status of the audit by the State.

 

Dan Godfrey motioned to adjourn the meeting, 2nd by Kara Sweere.  Motion approved to adjourn at 6:15 pm