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AN ORDINANCE TO AMEND CHAPTER 3 OF THE CODE OF THE CITY OF <br />PORTSMOUTH, VIRGINIA, 1988, BY AMENDING SECTION 3-186(e) <br />THEREOF, PERTAINING TO AUDITING OF BINGO RECORDS AND REPORTS. <br /> <br /> BE IT ORDAINED by the Council of the City of Portsmouth, <br />Virginia: <br /> <br /> 1. That Section 3-186(e) of the Code of the City of <br />Portsmouth, Virginia, 1988, be amended to read as follows: <br /> <br />Section 3-186. Auditing of records and reports - Generally. <br /> <br /> (e) Any organization having annual gross receipts from <br />bingo games or raffles in excess of Two Hundred Fifty Thousand <br />Dollars ($250,000.00) as shown on its annual financial report, <br />shall attach to such report an opinion executed by a licensed <br />independent certified public accountant that: <br /> <br />The annual financial report presents fairly, in all <br />material respects, beginning cash, receipts, <br />operating cost, use of proceeds, and ending cash; <br /> <br />(2) <br /> <br />The proceeds of any bingo games or raffles have been <br />used, in all material respects, for those lawful <br />religious, charitable, community or educational <br />purposes for which the organization is specifically <br />chartered or organized; and <br /> <br />(3) <br /> <br />The gross receipts have been used in all material <br />respects ~ accordance with the provisions of this <br />article. ~ <br /> <br />The failure to file the opinion of a licensed independent <br />certified public accountant, when required, shall cause the <br />automatic revocation of the permit and no organization shall <br />conduct any bingo game or raffle thereafter until the opinion <br />required by this subsection is properly filed with the report <br />and a new permit is obtained. The opinion required by this <br />section is in addition to the audit and audit fee required by <br />sections 3-186 and 3-187. <br /> <br /> <br />