Get Gc 7r

The GC 7R form is essential for organizations reporting net profits greater than $30,000 from raffle operations. This guide provides a clear, step-by-step approach to completing the form online, ensuring accuracy and compliance with regulatory requirements.

Follow the steps to successfully complete the GC 7R form online.

1. Click ‘Get Form’ button to obtain the form and open it in the editor.
2. Complete the top section by filling in the organization name, identification number, address, and contact information.
3. For section A, report your receipts by entering the total tickets printed, sold, unsold, and the price of each ticket. Calculate the ticket receipts by multiplying the number of tickets sold by the price of each ticket and add any other receipts.
4. In section B, document all expenditures related to the raffle. For each item, provide a description, payee information, check number, and amount. Ensure you include total values for prizes, tickets, license fees, and other expenses.
5. In section C, calculate the net profit or loss. Start with the net profit or loss before any additional license fee, subtract the profit not subject to the fee, and report the final profit or loss subject to the fee.
6. Complete section D with the disposition of proceeds. List previous balances, profit or loss from this raffle, interest earned, and other deposits to determine the total net proceeds.
7. In section E, list all prizes awarded, including descriptions and values. Calculate the total value of prizes to report in section B.
8. Finally, ensure all sections of the declaration are signed by the head of the organization, preparer, and member in charge. Provide their printed names, titles, addresses, and contact information.
9. Once all sections are complete, review the form for accuracy and completeness. Save changes, download, print, or share the finalized form as necessary.

Ensure compliance and accuracy by completing the GC 7R form online today.