MAY GAMBLING MEETING

 

 

Date:  May 10, 2017

 

Present:  Geno Rajtar, Kara Sweere, Matt Fink, Dan Godfrey, Steve Fink, Wesley Otto, Melissa Strachan and Marc Backman

 

  1. Secretary Report was given by Geno Rajtar

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

 

  1. Treasurer Report given by Geno Rajtar
  2. Lawful Gambling: Including Schedule A (Gross receipts $190,511.25, ($150,894.25 etabs and $39,617 papertabs; Prizes paid=$161,226.95 ($129,576.95 etab and $31,650 papertabs); Net receipts=$29,284.30 ($21,317.30 etabs and $7,967 papertabs); B2, C, and F (Bank acct was reconciled; Profit carryover for month=$31,528.91

 

  1. Allowable Expenses: Rent-Big Dog-$4,791.00; M. Peters Enterprise-$1132.33 (games $809.41 + supplies $24.97 + repairs $297.95); Geno Rajtar-$274.14 (Mileage-$76.14. (141 miles x $.54) +Contract payment-$1955); Kara Sweere $91.75 (reimbursement for office supplies and copies); M. Peters Enterprise-$7,000 estimated amount due for etabs before next meeting.

 

  1. Lawful Purpose Expenditures: City of North Mankato-taxes $2,337.76, State of MN taxes-$5,509.00;  Donation to Loyola Booster Club $20,000;.

 

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

 

III. Correspondence and other documents:

  1. We will have to amend last year’s tax return. Kara Sweere is working with Dan Healy (the tax preparer) on that issue.  We continued our discussion on hiring a company to handle the reporting aspects for gaming.  Kara Sweere is continuing to dialog with companies who could take over the reporting requirements etc.  The level of gambling is causing concern at the Board level of a need to hire someone to take care of the reporting requirements etc.  The Board agreed that if we were ever able to secure a second gambling site, having an outside party to handle the reporting requirements will be critical;

 

  1. We received checks from the IRS for $160.94 for a refund.

 

  1. We will receive an IRS credit for $236 to the tax period ending June 30, 2017.

 

Melissa Strachan motioned to adjourn the meeting, 2nd by Dan Godfrey. Motion approved to adjourn at 6:30 pm