FRYS Charitable Gambling
Membership Meeting
October 27, 2021
- Chad Koepke called the meeting to order, providing a brief overview of the monthly reporting and meeting requirements that are required for charitable gambling requirements
- While the structure has not been fully established, Mr. Koepke is looking at the option to send out the monthly reports electronically ahead of the meeting for members to view and asks questions when in-person
- The November 2021 meeting will be the first meeting with concrete financial results as October 1, 2021 was the official start of FRYS charitable gambling at Boxer’s Bar in Faribault
- Given that the operation is nascent and still developing the structure of cash inflows & outflows, Chad sought a larger approval of expenses to ensure there is no need to come back for further approval in the month àthe following items and amounts were approved by membership
- Pull tab inventory for the month of November = $3,500
- Pull tab stock boxes (3x) = $1,000
- Game costs = $600
- Projected Sum = $5,100 with approved amount of $5,500
- On a motion from Natalie and Murray, FRYS membership approved the purchases for the month
- Of note, FRYS will be receiving a credit of ~$525 for returning the driver’s license scanner as that is not required with the PoS system
- Although the month of October has not concluded, Chad gave a couple preliminary figures for members to better understand what the charitable gambling results might look like:
- Since October 1, e-tabs have revenue of roughly $88K, prizes of $79K for a net of ~$9k
- October 22 was the official kickoff of the pull tab program at Boxers
- Since the kickoff, ticket sales were 5,419 for revenue of $7.3K with prizes of $5.3K, resulting in a net of ~$2k