Re: Sportsmen's Club small games of chance?
There was an amendment to the SOGC law that was passed earlier in the year that clarifies some of the confusion. As for your question, the amendment allows a club to keep the first $40,000 of net proceeds to be used towards club operating expenses. After the $40,000, the rest needs to be divided 30% max club operating expenses and a minimum 70% to benefit the general public (it can be kept by the organization, but it has to directly benefit the public). So if an organization makes a net of $60,000, they are able to keep $46,000 for general operating and the remaining $14,000 must to used to benefit the public, whether it be give it away to a 501(c)(3) non-profit or the club using it to put on a program that benefits the general public.