Instructions For 2013 Alaska Mulitple-Beneficiary Permittee Quarterly Report Form Page 6
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7Instructions for 2013 Alaska Mulitple-Beneficiary
Permittee Quarterly Report
Expense Limitation. Total expenses are limited on an
of completion of individual games), that method may be
annual basis. If the total expenses for a specific gaming
used for reporting purposes. The method used must be
activity exceed the allowed limitation, any amount over
consistent from one year to the next.
the limitation is nondeductible for computing the net
proceeds that must be paid to each member permittee and
Inventory Records. Both beginning and ending inventory
the net proceeds on which the 1% additional fee must be
records must be kept with all other accounting records.
paid. Although the limitation is not applied each quarter,
Beginning and ending inventory must list unopened games
the general limitation should be considered to avoid
by the State ID Stamp Number and related cost of the game.
nondeductibility of expenses. See 15 AAC 160.830(g) for a
Other information may be retained for your own use.
possible remedy for excess expenses.
Line 1, Cost of inventory of unopened games at
Enter the opening inventory
Note: Expenses are limited to amounts actually paid
beginning of quarter.
amount for self-directed activity and vendor activity in the
when the actual expense is less than the maximum
appropriate column. In the first quarter in which the MBP
allowed by Alaska law.
conducts gaming activities, the beginning inventory is zero.
Pull-Tab Activity: Total expenses that may be deducted
In subsequent quarters, the cost of beginning inventory is
for a pull-tab activity on an annual basis may not exceed 70
the ending inventory from the prior quarter.
percent of the annual adjusted gross receipts from pull-tabs.
All expenses must be reported, but excess expenses are
Line 2, Purchase of pull-tab games. Report the cost of all
not deductible for the annual computation of net proceeds
pull-tab games purchased during the current quarter in the
due member permittees.
appropriate column.
Calcutta Pool Activities: The total amount of expenses
Line 4, Cost of inventory of unopened games at the
that may be incurred and prizes that may be awarded in
end of the quarter. Enter the cost of games that remain
connection with a Calcutta pool may not exceed 50 percent
unopened (games not yet placed in play) at the end of the
of the pool of wagers.
This limitation applies to each
quarter on line 4, in the appropriate column. If the MBP’s
Calcutta pool conducted during a permit year.
current inventory procedures compute inventory of unused
games with a more precise method (such as percentage
Other Gaming Activities: Authorized expenses that may
of completion of individual games), that method may be
be deducted for a gaming activity other than pull-tabs and
used for reporting purposes. The method used must be
Calcutta pools, may not exceed 90 percent of the annual
consistent from one year to the next. Check the box for the
adjusted gross income from that activity. All expenses
method used to report pull-tab inventory.
must be reported but excess expenses are not deductible
for the annual computation of net proceeds due to member
For each column,
Line 5, Cost of Pull-Tab Games.
permittees.
subtract line 4 from line 3. This is the cost of pull-tab games
placed in play for that activity. Enter the result(s) on line
5 and record on Schedule C, line 15. For vendor pull-tab
SCHEDULE C-1:
games, line 5 should agree with the Column F Grand Total
COST OF PULL-TAB GAMES AND BINGO CARDS
on Schedule AV.
The pull-tab portion of Schedule C-1 is used to determine
the cost of pull-tab games for both self-conducted sales on
Cost of Bingo Cards:
Schedule C and registered vendor sales on Schedule AV.
Inventory Records. Both beginning and ending inventory
Note: It is not necessary to prepare a separate Schedule
records must be kept with all other accounting records.
C-1 for each permittee member.
Total expenses are
Beginning and ending inventory must be computed in
allocated to permittee members on Schedule A according
a consistent manner.
Bingo paper should be listed by
to each permittee member’s share of net proceeds.
unopened boxes, or packets (identified by manufacturer
and type) with associated costs. Unused sheets may be
Cost of Pull-Tab Games:
recorded according to price.
Inventory Method. Check the box for the method used
to report pull-tab inventory. These instructions address the
Line 1, Cost of inventory of bingo cards at beginning
of quarter. In the first quarter in which the MBP conducts
computation of the cost of pull-tab games using the cost of
gaming activities, the beginning inventory will be zero. In
unopened games for beginning and ending inventory. If the
subsequent quarters, the cost of beginning inventory will be
MBP’s current inventory procedures compute the cost of
the ending inventory from the prior quarter.
inventory with a more precise method (such as percentage
0405-867i Rev 09/12 - page 6
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