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Andy4712, Accountant
Category: Finance
Satisfied Customers: 541
Experience:  Business and accounting graduate.
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I am doing bookkeeping 501C10 Fraternal organization.

Customer Question

I am doing bookkeeping for a 501C10 Fraternal organization. We have slot machines, the State Comptroller states that we are permitted to keep 1/2 as income, the other have is to be paid out to charities. It is regulate on an annual basis, just not the same as our fiscal year. What would the correct accounting for the moneys to be paid out and the charity payments?
Submitted: 1 year ago.
Category: Finance
Expert:  Andy4712 replied 1 year ago.
You will need to show the slot machine revenue and half of it going to charity.

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