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Ictober 9. 1991 <br />is <br />To. Steve Sarkoz%- <br />City Manager I <br />From: Ed, Burrell 19 <br />Finance Director <br />RE'.* ]Renewal of RAYHA, Class A Gaxbl:Lng License <br />Below is the su=ary of the RAYHAIS financial operation for <br />the f 11"rst 8 months, of 1,9191.. 1991, is, the f irst year of its opera- <br />tilons, therefore, there are, no, comparatives for prior years, <br />1991-, <br />Previous, Year Carry-Over $ 0 <br />Total Revenue $573,483 <br />less, Prizies 45119178 <br />Net Proceeds 1211,505 <br />RM-gi-I 0&.�Wmjtj QTPM <br />Taxes <br />1121 if 1016 <br />Inventory Used <br />101j685 <br />Compensation <br />42,9156 <br />Account 11' ng <br />OI <br />Rent <br />4 0 IF 0 0 0 <br />Equipment <br />Bond,, Insurance <br />O <br />Mist. Expenses <br />61661 <br />Tot al"Expenses <br />1068901 <br />i <br />Prof" t Be,f ore Donati on,s <br />14,F 610 4, <br />Less <br />Lawful Donations, <br />419 <br />City 3% <br />2,F 9 2 51 <br />City 10% <br />11480 <br />Balance Car,ry-ov,er D $ 91779 <br />* As per, agreement, City, Paid $7,5172 from the 3% enforcement tax for accounting services during this sanie <br />I* r iW b <br />As can, be seen, from the above information, 79% of the organiza- <br />tilon's gross, sale.s were paid out "in, prizesio Compensation and rent <br />accounted for over 14A.of gtioss, sales, with the cityls taxes and <br />a <br />1,0% cont-ributilmon accou"ntiong for approximately less than 1% of <br />gross sales. RAYHA has, miet the 25%i clarryover requi-rement for the <br />yeiar,,,,,, <br />