APRIL GAMBLING MEETING

 

 

Date:  April 12, 2017

 

Present:  Geno Rajtar, Kara Sweere, Matt Fink, Dan Godfrey, Steve Fink, Wesley Otto, Justin Mathes, Randy Westman, John Landkamer and Marc Backman

 

  1. Secretary Report was given by Geno Rajtar

Kara Sweere 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 $155,446.75, ($106,849.75 etabs and $48,597 papertabs; Prizes paid=$129,262.65 ($90,012.65 etab and $39,250 papertabs); Net receipts=$26,184 ($16,837.10 etabs and $9,347 papertabs); B2, C, and F (Bank acct was reconciled; Profit carryover for month=$28,474.14

 

  1. Allowable Expenses: Rent-Big Dog-$4,394.97; M. Peters Enterprise-$6,700* ( $6,000.00 *etabs +games $647.42 + supplies $70.45); Geno Rajtar-$311.16  (Mileage-$56.16. (104 miles x $.54) +Contract payment-$255); Community Bank –checks $50.00; CNA Gambling Manager Bond $100.00;

 

* This is an estimated amount and upon a specific determination of the amount due M. Peters, an adjustment will be made.

 

  1. Lawful Purpose Expenditures: City of North Mankato-taxes $2,668.58, State of MN taxes-$2,659;, IRS-$0.  Donation to Loyola Booster Club $10,000; .

 

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

 

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

 

III. Correspondence and other documents:

  1. A letter from the Minnesota Gambling Board was read to the Board by Geno Rajtar and Kara Sweere. The Compliance Review Report was read and discussed.  We discussed the violations uncovered by the audit and the steps needed to remedy those errors.  We discussed hiring a company to handle the reporting aspects for gaming.  Kara Sweere is seeking assistance and the Board agreed we should explore outside parties to handle the reporting requirements;

 

  1. We received checks from the IRS for $16.50 and $236.00.

 

  1. We discussed the letter from the IRS stating $160.00 will be applied to the Clubs taxes for the next fiscal year which is the incorrect year. Kara will follow up with the IRS on that issue.

 

Justin Mathes motioned to adjourn the meeting, 2nd by Matt Fink. Motion approved to adjourn at 6:45 pm