Requirement for Records –

Replacement of Alcoholic Beverages (Replacement Account)

Source of the Funds

No money other than the designated percentage portion of service charges may be deposited in the replacement account.The amount to be deposited in the alcoholic beverage replacement account should be:

  • Computed daily
  • Recorded on the daily summary (May designate designated percentage on cash register tapes or service checks)
  • Deposited in a separate bank account

Use of the Funds

  • The replacement of alcoholic beverages may be paid for only from money in the replacement account [Code §32.06(b)(3)]
  • The club's governing body may transfer from the replacement account to the club's general operating account any portion of the replacement account that the governing body determines is in excess of the amount that will be needed to purchase replacement alcoholic beverage or repay a loan for the original purchase of alcoholic beverages, but it may make only 1 transfer in a calendar month [Code §32.06(b)(4)]

 

  

 

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