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<br />) <br /> <br />~ <br /> <br /> <br />~ <br />EN HILLS <br /> <br />. <br /> <br />MEMORANDUM <br /> <br />TO: Joe Lynch, City Administrator <br /> <br />FROM: Terrance Post, City Accountant @ <br />SUBJECT: 621 Foundation Premises Permit Renewal Application <br /> <br />DATE: January 11, 2002 <br /> <br />e <br /> <br />Backl!round <br />On December 6, 2001, the 621 Foundation applied for a charitable gambling premises permit <br />renewal to conduct Class A gambling activities at the Pot 0' Gold Bingo Hall for the period <br />from April 1, 2002, to March 31, 2004. The applicant paid all necessary fees and nothing <br />irregular was noted in background investigation checks for employees with check signing <br />authority. However, with respect to city ordinance trade area spending compliance, staff has <br />identified some issues for Council consideration and discussion. <br /> <br /> Trade Area Spendinl! Analysis <br /> Staff utilized December 1999 to November 2001 as the most recent twenty-four month review <br /> period. Within this review period the following table summarizes charitable gambling activities <br /> ofthe applicant. <br /> 1. Gross Receipts $ 4, I 03,954.50 (100.0% Receipts) <br /> 2. Prizes $ 2,990,361.00 (72.9% Receipts) <br /> 3. Gross Profit $ 1,113,593.50 (27.1 % Receipts) <br /> 4. Allowable Expenses $ 609,861.16 (54.8% Gross Profit) <br /> 5. Net Profit Before Taxes $ 705,555.97 (45.2% Gross Profit) <br /> 6. Minnesota Gambling Taxes $ 70,555.97 (6.3% Gross Profit) <br /> 7. Pull Tab Distributor Tax $ 30,050.41 (2.7% Gross Profit) <br /> 8. Net Profit After Taxes (NPAT) $ 403,125.96 (36.2% Gross Profit) <br />. 9. Contribution to Arden Hills $ 37,467.91 (9.3% NPAT) <br />