15 AAC 160.835. Net proceeds and unauthorized expenses

(a) Unauthorized expenses include both expenses that are

(1) not authorized by AS 05.15 or this chapter; and

(2) otherwise authorized but that exceed the total annual amount of authorized expenses allowed under AS 05.15.160 .

(b) An operator and a multiple-beneficiary permittee must distribute to a permittee all net proceeds of gaming activity. Except as provided in 15 AAC 160.830(g) , a permittee or licensee may not incur expenses that result in net proceeds being less than 10 percent of adjusted gross income on an annual basis from gaming activity other than pull-tabs, and 30 percent of adjusted gross income on an annual basis from pull-tab activity.

(c) A permittee that is the victim of a theft or embezzlement that will result in a recovery of a known amount from a bond or court-ordered restitution confirmed by the insurer or court before the date of the annual report due under AS 05.15.080 (b) or AS 05.15.145 (d) shall

(1) record the payment due under the bond or restitution as a gaming asset;

(2) offset the amount of the theft or embezzlement loss with a credit in the amount of the recovery from the bond or restitution; and

(3) deposit amounts collected from the recovery from the bond or restitution into the bank account required by 15 AAC 160.820 and disburse the amounts within 30 days as a deferred payment of net proceeds to the permittees originally affected by the theft or embezzlement.

(d) For purposes of 15 AAC 160.880(a) (20), the deferred payments under (c) of this section shall be treated as a timely distribution of net proceeds to a permittee.

(e) Notwithstanding (a)(1) and (2) of this section, all expenses incurred in activity under AS 05.15 and this chapter must be included in reports filed under AS 05.15.080 , 05.15.083, and 05.15.087.

History: Eff. 1/1/2003, Register 164; am 9/3/2005, Register 175

Authority: AS 05.15.060

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