10.12.1. American Currency

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 at bingo halls that have a substantial American clientele.

If the patron purchases bingo paper in American funds, any prizes won must be paid out in American funds. If the paper is purchased in Canadian funds, the prizes must be paid out in Canadian funds.

A Hall Charities Association whose member organizations accept American currency must maintain a separate American lottery trust account that has been designated as a trust account by the branch of a recognized financial institution in Ontario. American funds must be deposited into the American account.

All lottery expenses and funds for approved eligible uses must be paid 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 must not exceed the licensee’s estimated prize board.

When funds in the American account accumulate in excess of the estimated prize board, they must be transferred to the Canadian lottery trust account. The date of the transfer, the exchange rate and the premium or loss (at buying rate), as well as any donations made from the Canadian account, must be recorded on the financial report form (bingo hall charity association) and in the financial ledgers.