The following rules apply to lottery trust accounts for individual licensees:
- A licensed organization must open and maintain a separate lottery trust account, designated as a trust account by the branch of a recognized financial institution, in the Province of Ontario.
The designated lottery trust account must be in Canadian funds. If the licensee (except for a Hall Charities Association in a pooling hall) conducts more than one type of lottery event, it may hold either one designated lottery trust account for all lottery proceeds or a separate designated lottery trust account for each type of lottery.
- If the licensee maintains only one lottery trust account, the licensee must keep a separate ledger for each type of lottery event and for each licence issued.
- All cheques or withdrawal require the signatures of at least two (2) bona fide members of the licensee.
- Licensees may use electronic funds transfer (EFT) to pay for expenses, to deposit revenues and/ or to distribute net proceeds derived from the conduct of charitable gaming events for objects and purposes approved in the application for licence.
See also 3.7.0, “Electronic funds transfer (EFT)”.
- A licensee cannot move funds by any means from the designated lottery trust account(s) into its operating or general account(s).
The following rules apply to lottery trust accounts for HCAs in pooling halls:
- The HCA may open either a separate consolidated designated trust account (CDTA) for each type of lottery event or one (1) CDTA with separate ledgers as permitted under the Financial Management and Administration of Pooling Bingo Halls Terms and Conditions.
- An HCA whose member organizations are permitted to accept American currency must also maintain a separate CDTA in American funds as per the Financial Management and Administration of Pooling Bingo Halls Terms and Conditions.
- A minimum of four (4) bona fide members representing four different member organizations must be designated to administer the CDTA.
- EFT may be used to disburse pooled lottery proceeds to member organizations’ lottery trust accounts in accordance with the Financial Management and Administration of Pooling Bingo Halls Terms and Conditions.
See also “3.6.10. Electronic funds transfer (EFT)”.
- The HCA must open and maintain a separate trust account to administer the marketing fund in accordance with the Financial Management and Administration of Pooling Bingo Halls Terms and Conditions.