5.44.150 Placement and use of profits.
With respect to organizations exempt from payment of the bank and corporation tax by Section 23701d of the Revenue and Taxation Code, all profits derived from a bingo game shall be kept in a special fund or account. Such profits shall be used only for charitable purposes. With respect to other organizations all proceeds derived from a bingo game shall be kept in a special fund or account. Such proceeds shall be used only for charitable purposes, except as follows:
A. Such proceeds may be used for prizes;
B. A portion of such proceeds, not to exceed twenty percent of the proceeds after the deduction for prizes, or two thousand dollars per month, whichever is less, may be used for rental of property, overhead and administrative expenses, security equipment and security personnel.
C. Such proceeds may be used to pay license fees. (Ord. 473 §1, 2002).