(11) Reporting requirements

11.1 The licensee must provide the licens­ing authority with a financial report outlining the results of the raffle on the prescribed form. The following docu­ments must accompany the financial report:

1. copies of all deposit slips related to the event;
2. a list of winners.

11.2 The financial report must be filed within 30 days of the date of the last draw. The licensing authority may request addi­tional documents deemed necessary to substantiate the particulars of the event which may include receipts for each expense incurred.

11.3 The licensee must indicate any prizes which have been donated on the finan­cial report. The value of the donated prizes must not be deducted from the gross receipts.

11.4 The licensee must provide the licens­ing authorities with a verified financial statement on a yearly basis outlining the financial details of all lottery events conducted. The financial statement must be submitted within 180 days of the organization’s year end.

11.5 The type of financial review required will depend on the gross annual rev­enues derived from all sources. A licensee that receives:

1. less than $250,000 in gross annual revenues from all sources must prepare financial statements in accor­dance with the standards set out in the CPA Canada Handbook;
2. $250,000 or more in gross annual revenues from all sources must prepare financial statements in accor­dance with the standards set out in the CPA Canada Handbook which have been audited by a public accountant.

11.6 Where requested, the licensee must provide an audited financial statement to the licensing authority within 120 days of the request or such other time limit as may be imposed by the licens­ing authority.

11.7 The licensee may use lottery pro­ceeds to pay for expenses related to the preparation of the yearly financial statements. This expense must not be included in any expense maximum within the terms and conditions.