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accounting shall include a record of the gross receipts or <br />disbursements of the o~ganization for %he year which commenced <br />on %he .first day of October of the previous year. ?rovided, <br />however, any organization whose gross receipts exceed Fifty <br />Thousand Dollars ($50~O00.) during any calendar quarter shall <br />be required to file an additional accoun'Ling of its receipts <br />and disbursements during such quarter not later than sixty (60) <br />days following the last day of such quarter° "Gross receipts'~ <br />as used herein, shall mean the total amount of money received <br />from bingo and "instant bingo" operation, or raffles before <br />the deductions of expenses or prizes. Such annual financial <br />report shall be acco~panied by an audit fee, payab, le to %he <br />City of Portsmouth, of one percent (1%) of the gross receipts <br />which such organization reports pursuant to this section. <br /> <br /> 2. This ordinance shall take effect from the date o~ its <br />adoption. <br /> <br /> Adopted by the Council of the City.of Portsmouth, Virginia, <br />at a meeting held July 24~ 1979. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />