If an organization terminates its gambling operation (organization license, gambling manager license, and all premises permits), the organization must complete a license termination plan and meet certain requirements.
The LG204 License Termination Plan is a proposal describing how the organization will dispose of all remaining gambling funds and inventory. Imust be completed and submitted to the Gambling Control Board within 30 days from the last day of activity (actual sales).
If an organization terminates all licensed gambling activity and does not file a license termination plan, the organization will not be eligible to be licensed in the future until the plan is filed with and approved by the Board.
After the license is terminated, expenditures may not be made from the gambling account until the Gambling Control Board has approved the license termination plan.
The organization will be notified by the Gambling Control Board when it has approved the license termination plan. The organization may then spend its remaining funds, according to the approved license termination plan, to close out its gambling checking account(s).
If an organization has filed a LG204 License Termination Plan with the Board, the organization must continue to file forms LG100A, LG100C, and LG100Feach month until all gambling funds have been expended.
All gambling records must be kept in a secured area not susceptible to flooding or other damage for at least 3½ years after an organization terminates its license or files the appropriate tax returns and forms, whichever is later.