Controller's Office Policy CO 11 98
Purpose: To explain the University's policy and procedures for raffles.
Scope: Applies to all University departments and organizations.
Policy: University raffles are conducted through and with the endorsement of UNCP Foundation, Inc. Prizes are purchased by the Foundation Office from account 991600-2900 (991602-2900 for Braves Club) through the normal University purchasing procedures. Requisitions should contain a statement that the purchase is a raffle prize.
Tickets used for raffles must be purchased as stated in the Ticket Policy CO 0801. The tickets are charged to 991600-2700 (991602-2700 for Braves Club) and may be counted as raffle expenses of the most current raffle by your area even though you may use the remaining tickets for a later raffle.
In no case will raffle proceeds be used to purchase items or pay any expenses; gross revenues must be deposited to Foundation 991600-0416 (991602-0416 for Braves Club).
Donations received relating to raffles may be deposited to -0273 to be reflected on the raffle report.
At the conclusion of each raffle, a revenue and expense report must be filed with, and approved by, the UNCP Foundation. The approved report will be sent to the Controller for transfer of proceeds to the benefiting account. Expenditures supported by proceeds will be expended under the benefiting account.
Updated: Thursday, December 23, 2010
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