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PDFWAC 230-07-050

Defining "excessive reserves."

(1) "Excessive reserves" means the total amount of the licensee's cash, cash equivalents, and other assets that would not normally be associated with providing programs or fund-raising activities is greater than the sum of:
(a) The licensee's current liabilities, which means debts due within one year; plus
(b) Total functional expenses during the most recently completed fiscal year; plus
(c) The average net income or loss from combined gambling and retail sales conducted in conjunction with gambling activities for a three-month period. This average is calculated by dividing annual net gambling and retail sales income or loss by four.
(2) However, we may approve the exclusion of funds reserved to start or expand specific programs from the computation of excessive reserves.
[Statutory Authority: RCW 9.46.070. WSR 07-10-032 (Order 609), ยง 230-07-050, filed 4/24/07, effective 1/1/08.]
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