Gaming Business Services, LLC serves non-profit organizations conducting lawful gambling. We have proven experience assisting organizations in navigating Lawful Gambling in Minnesota.
About Gaming Solutions
Gaming Business Solutions, LLC is ready and experienced to help nonprofit organizations conducting lawful gambling be compliant, educated, and profitable. Our current clients are veterans clubs, youth athletic groups, associations, and emergency response charities. GBS has the experience and knowledge to help charities with the issues they face.
What we offer
Gaming Business Solutions helps gaming organizations adhere to the specific and mandatory accounting requirements mandated by the state. These requirements are in place to ensure that the funds generated from charitable gambling are properly accounted for and are used for their intended charitable purposes.
Organizations must submit regular monthly financial tax reports to both the Gambling Control Board and the Department of Revenue that outline their gambling activities, including revenue generated, expenses incurred, and charitable contributions made using the proceeds.
These activities must be categorized correctly within the report. Nonprofits must also be aware of the tax implications of their charitable gambling activities, as they are subject to various taxes such as state gambling taxes and Unrelated Business Income Tax. Therefore, it is crucial for nonprofits to collect and remit these taxes appropriately.
In conclusion, accounting for nonprofits participating in charitable gambling in Minnesota may be a challenging and complex process. Gaming Business Solutions can help organizations follow state rules and in keeping meticulous financial and organization procedures to ensure that gambling activities are compliant with state regulations and that the funds generated are used to support charitable causes.
Gaming Business Solutions can help your gaming operations to maintain compliance by:
- Stay informed about changes to state regulations and follow accounting and industry best practices.
- Develop and implement strong policies, procedures, and job descriptions.
- Provide regular training to employees and volunteers to ensure that everyone understands their roles and responsibilities in maintaining compliance with state regulations.
- Conduct regular internal audits to identify any areas where improvements can be made.
- Hire GBS to assist with financial reporting and compliance. This can help ensure accurate and timely reporting and maintain compliance with state regulations.
Keeping up to date with education is an important tool for compliance. Take online classes frequently and ask those who help you run your organization do the same. Here is the link – Continuing
Education | Minnesota Gambling Control Board (mn.gov) <https://www.mn.gov/gcb/continuing-education.html>
Profitability in nonprofit gaming operations is important as it directly impacts the dollars available for the mission of the organization. Gaming Business Solutions can help navigate a multi-prong strategy unique to your organization.
Offer popular and profitable games. Identify games bringing in the best profitability in relation to the popularity of certain games with the customers of the site.
Optimize inventory management by purchasing pull tabs and other gaming supplies in bulk, negotiating lower prices with suppliers, and tracking inventory levels to avoid overstocking or understocking.
Develop a strong marketing strategy to promote your games and attract more customers. This includes utilizing social media, creating eye-catching signage, and having engaging staff that builds ongoing relationships with customers.
Consider expanding to new locations to increase your customer base and generate more revenue.
Review site profitability as a trend and use it as a tool to make choices.
By following these strategies, nonprofit charitable gaming operations in Minnesota can maximize their profits while supporting their charitable causes.
We specialize in accounting services for the gaming industry.