What is the definition of “net proceeds” as used in Code Section 12-21-2420(11)?
Section 12-21-2420(11) defines the term “net proceeds” to mean “the portion of the gross admissions proceeds remaining after necessary expenses of the event have been paid”. Therefore, the statute requires that each event must be accounted for separately, and the net proceeds of that particular event must be accounted for and distributed to a charitable organization within a reasonable period of time depending on the circumstances and facts of the situation.
