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Requirement for Records –

Replacement of Alcoholic Beverages (Replacement Account)

Alcoholic Beverage Replacement Account

The club shall maintain a monthly record of the total amount of alcoholic beverage service charges collected, the amount deposited in the replacement account, the amount used to purchase alcoholic beverage or repay a loan for the original purchase of alcoholic beverages, and the amount transferred to the club's general operating account. [Code §32.06(b)(5)]

A private club may combine the club's alcoholic beverage replacement account, general operating account, and any other account into a single master account if the master account

  • Is maintained in accordance with Generally Accepted Accounting Principles
  • The Private Club is able to generate statements reflecting the funds allocated to each component account