Financial Reporting

All licensed charities are required to report to the AGLC how they used the proceeds they earned from charitable gaming in accordance with their licence. Licensed charities are required to complete a financial report for each charitable gaming licence.

Proceeds include interest, dividends or other income earned on gaming proceeds deposited in interest-bearing accounts or held, with AGLC approval, in deposit certificates or investments made by a trustee.

The AGLC mails financial reports to each charity, which the group must return within 60 days from the date of mailing.

Since August 2003, gaming proceeds must be used within two years after the proceeds are obtained. Any extension of this period must be approved in advance by the AGLC.

If a charity wants to use the proceeds for purposes other than those in its original application, the charity is required to obtain the approval of the AGLC before it spends the proceeds for the new purposes. The reason for this is to ensure that the proposed new use of funds is in accordance with the Criminal Code (Canada) and reflects a use that is charitable or religious in nature. If gaming proceeds are used for unapproved purposes, the AGLC will investigate and may initiate an audit of the group.

For more information refer to the Charitable Gaming Policies Handbook or the GAIN Resource Manual.