(A) Each orga­ni­za­tion licensed to con­duct raf­fles shall keep records of its gross receipts, expens­es and net pro­ceeds for each sin­gle gath­er­ing or occa­sion at which win­ning chances are deter­mined.  All deduc­tions from the gross receipts for each sin­gle gath­er­ing or occa­sion shall be doc­u­ment­ed with receipts or oth­er records indi­cat­ing the amount, a descrip­tion of the pur­chased item or ser­vice or oth­er rea­son for the deduc­tion, and the recip­i­ent.  The dis­tri­b­u­tion of net pro­ceeds shall be item­ized as to pay­ee, pur­pose, amount and date of payment.

(B) Records required by this Sec­tion shall be pre­served for three (3) years, and the orga­ni­za­tion shall make avail­able their records relat­ing to oper­a­tion of raf­fles for pub­lic inspec­tion at rea­son­able times and places.