Minimum Internal Control Standards (MICS) Five of the Most Commonly Noted Class II Exceptions

Minimum Internal Control Standards (MICS) Five of the Most Commonly Noted Class II Exceptions – By George Metkovich Although the Class II National Indian Gaming Commission (NIGC) Minimum Internal Control Standards (MICS) have been in place for over four years, there are still certain findings that tend to appear more often than others during the performance of internal audit procedures. […]

Tribal Gaming Enterprises: Improved Guidance for Fiduciary Activities – By Michel Knott

Tribal Gaming Enterprises: Improved Guidance for Fiduciary Activities – By Michel Knott In January 2017, the Governmental Accounting Standards Board (GASB) issued Statement No. 84, Fiduciary Activities (the Statement). The main objective of this Statement is to enhance the consistency and comparability of fiduciary activity reporting. Additionally, this Statement is intended to improve the usefulness of fiduciary activity information used […]

Regulating Mixed Martial Arts in Indian Country – By Andrew Hofstetter

Regulating Mixed Martial Arts in Indian Country – By Andrew Hofstetter Mixed Martial Arts (MMA), or combative sporting events, has grown since the 1990s. MMA events have become more popular over the years at tribal casinos and resorts. With this in mind, tribal governments, tribal gaming commissions, and casino operations have made tremendous strides to educate themselves about the sport. […]

Proposed Changes in Lease Accounting – By Gemma Han

Proposed Changes in Lease Accounting – By Gemma Han The accounting guidance for leases for tribal governments, as well as Indian gaming operations, is provided in Governmental Accounting Standards Board (GASB) Statement No. 62, “Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements.” Under Statement No. 62, there are currently two ways to […]

Understanding Slot Machine Math Basics – By Sheryl L. Ashley

Understanding Slot Machine Math Basics – By Sheryl L. Ashley Understanding slot machine math can be daunting for even the most seasoned individual. You do not have to be an accountant, analyst, or even a statistician to understand the fundamentals of slot math. The take-away is to know why this math is so important in monitoring performance and compliance at […]

The Good, the Bad, and the Ugly: Proposed Changes in Reporting Gaming Winnings

The Good, the Bad, and the Ugly: Proposed Changes in Reporting Gaming Winnings – By Joshua Peukert The Internal Revenue Service (IRS) recently published Notice 2015-21, “Safe Harbor for Determining a Wagering Gain or Loss from Slot Machine Play,” asking for comments based on issues such as the following: 1) The definition of the term “slot machine.” 2) The definition […]

Know Your Customer: Compliance with Source of Funds Requirements – By Sheryl L. Ashley

Know Your Customer: Compliance with Source of Funds Requirements – By Sheryl L. Ashley At various conferences over the past year, the Financial Crimes Enforcement Network (FinCEN) has discussed their expectations for casinos in complying with new interpretations of the source of funds requirements. Based on FinCEN’s interpretations of their regulations, these requirements will have a significant impact on virtually […]

Class II MICS: Where Are You on the Path to Compliance? – By Sheryl L. Ashley

Class II MICS: Where Are You on the Path to Compliance? – By Sheryl L. Ashley The National Indian Gaming Commission (NIGC) published the revisions to regulations 25 CFR Part 543 and 25 CFR Part 547 on September 21, 2012. These highly debated regulations became effective on October 22, 2012, exercising a significant impact on almost all properties within Indian […]

Proposed Audit Regulations Threaten Tribal Sovereignty – By Ryan Burns

Proposed Audit Regulations Threaten Tribal Sovereignty – By Ryan Burns The Office of Management and Budget (OMB) has published a set of proposed revisions to the audit and compliance requirements for those entities filing audits under the Single Audit Act (OMB Circular A-133). Under the current requirements, any entity that expends more than $500,000 of federal grants during its fiscal […]

Traversing the Slopes of Compliance: Class II MICS – By Sheryl L. Ashley

Traversing the Slopes of Compliance: Class II MICS – By Sheryl L. Ashley After lengthy assistance from the NIGC’s Tribal Advisory Committee (TAC) combined with exhaustive tribal input and public comment, the National Indian Gaming Commission published the highly anticipated revisions to regulations 25 CFR Part 543 and 25 CFR Part 547 on September 21, 2012. These highly debated regulations […]

Revenue Sharing and Free Play – By Ryan Burns

Revenue Sharing and Free Play – By Ryan Burns In order to survive the current economic downturn many gaming operators have had to become more efficient and effective to successfully adapt to the increasingly competitive gaming market. With casino patrons becoming more value conscious and sophisticated when comparing casino promotional offers and rewards, casinos have had to become more innovative […]

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