Virginia law requires qualified organizations conducting charitable gaming to maintain detailed records of gaming sessions, prizes awarded, and financial transactions. Reports must be filed within 30 days, with possible extensions, and failure to do so results in permit revocation. The law emphasizes timely reporting and payment of applicable fees to continue gaming activities legally.
They must keep records of all gaming sessions, prizes awarded (meeting IRS thresholds), and detailed receipts and disbursements, including operating costs and use of proceeds, for at least three years.
Failure to file reports within 30 days results in automatic permit revocation, and the organization cannot conduct gaming until the report is filed and a new permit is obtained.
Yes, organizations can request an extension of up to 45 days if they request within 15 days of the due date and pay all required fees.
Yes, submitting a report without paying the applicable fees is a violation, and it is required for legal reporting and continued gaming activities.