Bingo Boom or Accounting Bust? Colorado Nonprofits Face Scrutiny
By David Migoya | The Denver Gazette
Editor’s note: This is the last in a three-part series examing Colorado’s $110 million charitable gaming industry.
Colorado nonprofits that rely on charitable gaming to raise funds – most through bingo nights – are required to file regular financial reports with state regulators that track how much money comes in, how much goes out and where the dollars are dispersed.
Although nearly all of the more than 600 organizations licensed for charitable gaming in Colorado are tax-exempt groups recognized by the IRS, not all of them have given the federal government the same complete picture of their bingo finances that they’ve given the state, tax records show.
A three-month Denver Gazette investigation into Colorado’s charitable gaming ...