bingo checking account

I am on the board of our HOA. The Bingo committee has its own checking account, etc. I recently found out that the checking account for the Bingo committee is close to $4,000. Is this legal? When I read the Bingo laws it states that the monies should go back to the Bingo players. I understand that there has to be some money in the bank for supplies, etc. But I am concerned about this bank account. Is there anything in writing about how much can be "taken off the top" for repairs, supplies, etc.?

Here is some info that might help and which states:

http://www.gambling-law-us.com/Charitable-Gaming/Florida/

(4) The right of a condominium association, a cooperative association, a homeowners' association as defined in s. 720.301, a mobile home owners' association, a group of residents of a mobile home park as defined in chapter 723, or a group of residents of a mobile home park or recreational vehicle park as defined in chapter 513 to conduct bingo is conditioned upon the return of the net proceeds from such games to players in the form of prizes after having deducted the actual business expenses for such games for articles designed for and essential to the operation, conduct, and playing of bingo. Any net proceeds remaining after paying prizes may be donated by the association to a charitable, nonprofit, or veterans' organization which is exempt from federal income tax under the provisions of s. 501(c) of the Internal Revenue Code to be used in such recipient organization's charitable, civic, community, benevolent, religious, or scholastic works or similar activities or, in the alternative, such remaining proceeds shall be used as specified in subsection (3).

Helen,

It is pretty clear in the Statute that you may not have profit from your Bingo. Read the Statute and it tells you where the profit money must go. It is either prize money to the players OR is donated to the 501c(3) orgs listed. Sorry, no excess stays in your checkbook.

"defined in chapter 513 to conduct bingo is conditioned upon the return of the net proceeds from such games to players in the form of prizes after having deducted the actual business expenses for such games for articles designed for and essential to the operation, conduct, and playing of bingo.

Any net proceeds remaining after paying prizes may be donated by the association to a charitable, nonprofit, or veterans' organization which is exempt from federal income tax under the provisions of s. 501(c) of the Internal Revenue Code to be used in such recipient organization's charitable, civic, community, benevolent

The committee should define its "expenses" and keep 3 months worth in the checking. The rest should go toward prizes or donated to a charity or a project within the HOA.

PS - Usually these are established for a fundraising purpose. WHY did the board allow the bingo group to be established? What is its purpose?