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Is our Fundraiser in Compliance?

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Question: 
Our bank has a "Relay for Life" team and we will be doing several fundraisers to help raise funds for this. One fundraiser includes putting a picture of our three loan officers on separate containers. The one with the most money in it at the end will win the prize of a pie in the face. Customers and non-customers will be able to contribute to the loan officer of their choice. The pie thrower will be an employee of the bank. I just want to make sure we stay in compliance. Are we?
Answer: 

As you describe it I would not consider this a lottery or raffle. The contributor is not purchasing or donating for the chance to win anything of value. You may, however, want to check your state law to see if it has any rules regulating fundraisers.

First published on BankersOnline.com 5/03/10

First published on 05/03/2010

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