Effective Date of Rule: January 1, 2010.
Purpose: Allows player-supported jackpot (PSJ) funds to be transferred into the PSJ account. Currently, PSJ funds must be directly deposited into a separate PSJ bank account.
The petitioner states that bank transfers post immediately to the PSJ bank account which means there is no lag time waiting for deposits to clear. With transactions posted immediately, it's simple to compare the bank account balance to the PSJ accrual balance. Generally, only accounting staff have the ability to do bank transfers, and the cage makes deposits, so transfers are done by more experienced staff.
Citation of Existing Rules Affected by this Order: Amending WAC 230-15-400.
Statutory Authority for Adoption: RCW 9.46.070.
Adopted under notice filed as WSR 09-15-078 on July 13, 2009.
Number of Sections Adopted in Order to Comply with Federal Statute: New 0, Amended 0, Repealed 0; Federal Rules or Standards: New 0, Amended 0, Repealed 0; or Recently Enacted State Statutes: New 0, Amended 0, Repealed 0.
Number of Sections Adopted at Request of a Nongovernmental Entity: New 0, Amended 1, Repealed 0.
Number of Sections Adopted on the Agency's Own Initiative: New 0, Amended 0, Repealed 0.
Number of Sections Adopted in Order to Clarify, Streamline, or Reform Agency Procedures: New 0, Amended 1, Repealed 0.
Number of Sections Adopted Using Negotiated Rule Making: New 0, Amended 0, Repealed 0; Pilot Rule Making: New 0, Amended 0, Repealed 0; or Other Alternative Rule Making: New 0, Amended 1, Repealed 0.
Date Adopted: September 11, 2009.
Michelle M. Pardee
AMENDATORY SECTION(Amending Order 611, filed 4/24/07, effective 1/1/08)
WAC 230-15-400 Accounting for player-supported jackpot funds. Class F or house-banked licensees must:
(1) Maintain a separate bank account in a bank, mutual savings bank, or credit union in Washington state for holding player-supported jackpot (PSJ) funds; and
(2) Deposit only funds from PSJs into the account; and
(3) Not make payouts from the PSJ funds until licensees have first deposited the funds in the PSJ account. However, licensees may pay out prizes won during the gambling day and deduct administrative expenses before licensees deposit the funds; and
(4) Transfer or deposit the PSJ funds into the PSJ account or with an armored car service no later than the second banking day after the close of business; and
(5) Identify all deposits or transfers of PSJ funds by the type of PSJ fund and date of collection. Licensees must keep the validated deposit receipts or transfer information as a part of their required daily records; and
(6) Transfer the amount from the PSJ account to the cage or general account before the end of the month if PSJ prizes are paid from the cage or general account. The licensee must keep the transfer information as part of the written records; and
(7) Reconcile the account balance in their bank statement to the PSJ prize balance on their PSJ fund accrual record each month. "Reconcile" means the licensee must compare the two balances, resolve any differences, and document the comparison and the differences in writing. Licensees must keep the reconciliation as part of their records.
[Statutory Authority: RCW 9.46.070. 07-10-034 (Order 611), § 230-15-400, filed 4/24/07, effective 1/1/08.]