The only difference between this transaction and any other is that there is no deposit amount. In the “Calculated Deposit” column on page 1, you will be showing your “Calculated Loss”. Also, instead of an “Actual Deposit”, you will record an “Actual Withdrawal”, which is the amount of the cheque that you wrote to top up the float. This cheque …
Last week, we had an event that lost $100. We had to use some of our float in order to pay out all our prizes. How do we put the $100 back into our float?
The preferred method of replenishing or topping up the float is to write a cheque on the lottery bank account for the amount that you need. You should avoid holding back $100 from the next event in order to make up the float in case your next event does not make enough profit to allow the full amount to be …
Our organization hasn’t operated at all for several months. Do we still have to submit a financial report?
Yes. While there will be no sales to report, you may have written cheques during this time. Also, there are often service charges and interest credits that have occurred in the lottery account and this activity must be reported as well.
The financial reports all ask for the president’s signature. What if the president is away?
If the president is away, the designated authority in your organization may sign the report in the space provided for the president’s signature. This usually means the vice-president or another executive member. Many organizations have signed up to use our electronic reporting tool so that they don’t have the trouble of getting signatures for every report.
My organization has an annual financial statement done every year by our audit committee. Should I send this report to the LGCA along with the other reporting we do?
You only need to send the LGCA financial reports provided with your licence, unless you have entered into an agreement with us that requires additional reporting. In this case, the LGCA only accepts independent audited financial statements, which means that the statements must be prepared and signed by a designated accountant who is not a member of the organization.
Can money be transferred from the lottery bank account to the general account?
The funds raised under an LGCA licence must be disbursed directly from the lottery bank account. Transfers are not allowed. We do make exceptions, but approval is not guaranteed. Requests are considered on an individual basis, and will include a review of your organization’s past financial reporting practices. If the request is granted, increased reporting requirements will be imposed and …
Do we need to open a separate bank account for each licence that we have?
No, only one lottery bank account is needed; however, you must deposit the proceeds from each licence separately (on separate deposit slips) so that we can clearly identify the deposit from each specific licence.