(a) The ticket, share, chance or other similar record shall bear on its face the name of the nonprofit organization on whose behalf the event is being conducted.
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Terms Used In Tennessee Code 3-17-110

  • Annual event: means an event:
    (A) Authorized by two-thirds (2/3) vote of all members elected to each house of the general assembly. See Tennessee Code 3-17-102
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Nonprofit organization: means :
    (A) A 501(c)(3) organization that is exempt from federal income taxation under §. See Tennessee Code 3-17-102
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • real property: include lands, tenements and hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Tennessee Code 1-3-105
  • Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in a perceivable form. See Tennessee Code 1-3-105
(b) All cash prizes or awards exceeding fifty dollars ($50.00) shall be paid by check from a designated account of the organization to a named individual. In the case of non-cash prizes or awards, payment shall be in the form of goods or services and, if applicable, by an appropriate legal instrument including, but not limited to, deeds, titles and gift certificates. Checks or other legal instruments payable to “cash” or “bearer” are expressly prohibited.
(c)

(1) For single location annual events, the total value of all prizes awarded per annual event shall not exceed two hundred fifty thousand dollars ($250,000); provided, that such limitation shall not apply to prizes of real property.
(2) For multiple location annual events, the total value of all prizes awarded per annual event location shall not exceed one hundred fifty thousand dollars ($150,000); provided, that such limitation shall not apply to prizes of real property.
(3) Notwithstanding subdivisions (c)(1) and (2), for annual events conducted by a nonprofit organization that does not intend to raise gross revenue from the annual event exceeding five thousand dollars ($5,000), the total value of all prizes awarded per annual event shall not exceed twenty-five thousand dollars ($25,000).
(d) Authorized nonprofit organizations offering a prize of real property pursuant to subsection (c) may offer a cash equivalent prize not to exceed the fair market value of the real property; provided, that any such cash equivalent prize shall be disclosed in the rules of the specific annual event prior to the sale of any ticket, share, chance or other similar record for such annual event and, if a cash equivalent prize is awarded, shall comply with subsection (b).
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