9.14.1. American Currency At Bingo Events

Eligible organizations conducting bingo events in towns that border the United States may accept American currency during the conduct of bingo events, which may include break open ticket sales.. Licensees that are permitted to accept American currency must maintain a separate trust account in American funds, as set out in Section 3.6.5., “Lottery Trust Accounts for American Currency.”

If the patron purchases bingo paper in American funds, the licensee must pay out any prizes won in American funds. If the paper is purchased in Canadian funds, the prizes must be paid out in Canadian funds. Charitable organizations may apply house rules that may or may not require patrons to buy all bingo paper, including specials, in the same currency. These rules must be clearly displayed.

Eligible organizations that accept American currency must keep separate Canadian and American lottery trust accounts that have been designated as trust accounts by the branch of a recognized financial institution in Ontario, and must deposit the funds into the corresponding account. Hall Charities Associations must maintain a separate American trust account for each type of licensed event.

The organizations must pay all lottery expenses and draw funds for approved eligible uses by cheque from the Canadian account. The American account may only be used to deposit the American currency collected during the event, with the exception of withdrawals for a cash float for the conduct of a bingo event. Expenses, donations or any other withdrawals cannot be made from this account unless the licensing authority grants permission. The maximum amount that may be accumulated in this account is the total value of the prize board.

When enough money (more than the licensed prize board) has accumulated in the American account, it must be transferred to the Canadian bingo lottery trust account.

The date of the transfer, the exchange rate, and any premium or loss (at buying rate), as well as any donations made from the Canadian account, must be recorded on the financial report form and in the financial ledgers.

The licensee may transfer funds from the American account to the Canadian account without the pre- approval of the licensing authority. The licensee must transfer funds if the licensing authority requires them to be transferred.