Section 316-35-504 - RECORD KEEPING REQUIREMENTS504.01 A qualifying nonprofit organization conducting a lottery or raffle pursuant to the Nebraska Small Lottery and Raffle Act and regulations thereof shall be required to maintain, on a monthly basis, the following written information: 504.01A The beginning and ending date for each lottery and/or raffle; and504.01B The total gross proceeds derived from each lottery and/or raffle activity.504.02 For purposes of this regulation, merchandise prizes shall be valued at their fair market value which means the price that one would normally pay for an item in an arm's length transaction with a retail business. The qualifying nonprofit organization shall compile this information to ensure that the gross proceeds limitations for a small lottery or small raffles are not exceeded in any given calendar month. The qualifying nonprofit organization shall retain this information for a period of not less than three years.504.03 Proceeds derived from the conduct of a small lottery or raffle shall be kept separate from accounts statutorily required for bingo, a lottery by the sale of pickle cards, or a licensed lottery or raffle. Proceeds from a small lottery or raffle may be deposited or commingled in any account of the qualifying nonprofit organization other than those specifically prohibited in this regulation.316 Neb. Admin. Code, 35, § 504