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(1) <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 in 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 />~ections 3-186 and 3-187. <br /> <br />Section 3-187. Same Fee. <br /> <br /> An audit fee payable to the Director of Fihance shall <br />accompany each annual report filed by an organization under <br />this article and shall be one (1) percent of the gross <br />receipts which the organization reports and interest Income on <br />money the organization has received from bingo, instant bingo <br />or raffles. All audit fees received shall be separately <br />accounted for and shall be used only for the purpose of <br />auditing and regulating bingo games and raffles. <br /> <br /> 2, This ordinance shall take effect on July 1, <br /> <br /> Adopted by the Council of the City of Portsmouth, <br />Virginia, at a meeting held June 26, 1990. <br /> <br /> Teste: <br /> <br />1990. <br /> <br />City Clerk <br /> <br /> <br />