Builders Association of Northern Nevada (BANN), a tax exempt organization under Section 501(c)(6) of the Internal Revenue Code, is conducting this raffle pursuant to Nevada Revised Statutes 462 and 463, to raise funds for non-profit and charitable organizations. The Rules and Regulations of the BANN raffle are set forth below. By purchasing a raffle ticket the purchaser agrees to be bound by these rules and regulations. BANN’s interpretation for the rules and regulations shall be final.
The Grand Prize Drawing for the Builders Association of Northern Nevada Dream Home Delivery Raffle will be held on
Thursday, February 6, 2014 at the Builders Association Charity event “Be Wine Valentine”, to be held at the Atlantis Casino Resort in Reno, Nevada. Tickets may sell out before that time. An independent raffle auditor will supervise the drawing. Prize winners do not need to be present to win.
Only 2,500 tickets will be sold. The chances of winning are based on that number. If fewer tickets are sold, your chances of winning the Grand Prize improves. The IRS has taken the position that amounts paid for chances in raffles, lotteries or similar drawings for valuable prizes are not gifts, and consequently do not qualify as deductible charitable contributions.
If the House is chosen as the prize, the Grand Prize Winner assumes all fees, local, state and federal taxes (including but not limited to income taxes based on the value of the house), financing costs (including, but not limited to, closing costs, title insurance, and transfer tax and fees) which must be paid when the house is transferred to the winner. Likewise, there are federal taxes and there maybe state and/or local tax consequences if the winner selects the alternate cash prize of $175,000. (See Prizes section below). BANN takes no responsibility for any tax liabilities. Consult your tax advisor. All federal, state and local laws and regulations apply.
BY ENTERING THIS RAFFLE, ENTRANTS ACCEPT AND AGREE (1) TO BE BOUND BY ALL THE RULES, LIMITATIONS AND RESTRICTIONS SET FORTH HERE AND (2) THAT THEIR NAMES AND/OR LIKENESSES MAY BE DISCLOSED TO AND USED BY THE NEWS MEDIA AND MAY OTHERWISE BE USED BY BANN AND/OR THE DREAM HOME BUILDER FOR PUBLICITY PURPOSES, IN LISTS OF PRIZE WINNERS TO BE PUBLISHED IN AREA NEWSPAPERS AND ANNOUNCED ON THE BANN RAFFLE WEBSITE. OTHER RULES AND REGULATIONS MAY APPLY. PLEASE CONTACT BANN IF YOU HAVE QUESTIONS. BANN’S INTERPRETATION AND APPLICATION OF THE RULES AND REGULATIONS SHALL BE FINAL.
BY ENTERING THIS RAFFLE, EACH PARTICIPANT RELEASES BANN, ITS DIRECTORS, OFFICERS, EMPLOYEES AND AGENTS, THE DREAM HOME BUILDER, AND ANY CHARITABLE OR NON-PROFIT PROCEEDS RECIPIENTS FROM ANY AND ALL LIABILITY FOR INJURIES, LOSSES OR DAMAGES OF ANY KIND CAUSED BY PARTICIPATING IN THE RAFFLE OR WINNING ANY PRIZES OR RESULTING FROM ACCEPTANCE, POSSESSION, USE OR MISUSE OF ANY PRIZE, AND EACH WINNER AGREES TO IDEMNIFY AND HOLD THEM HARMLESS FROM ANY AND ALL LOSSES, DAMAGES, RIGHTS, CLAIMS AND ACTIONS OF ANY KIND RISING IN CONNECTION WITH OR AS A RESULT OF PARTICIPATING IN THE RAFFLE OR THE WINNER’S ACCEPTANCE OR USE OF ANY PRIZE.
Tickets are $150 each. Only one method of payment, one name, and one mailing address are permitted on the ticket purchased. Only one person may be entered in the raffle per ticket sold. If the name of more than one person is submitted with a ticket purchase, and that ticket is selected as a winning ticket, then the person named first will be deemed the holder of record of that ticket and declared winner. Division of prize by a group purchasing a ticket in common shall be to the sole responsibility of the person named as the holder of record of that ticket, should that ticket be selected as a winner.
BANN reserves the right to reject any entry form that is submitted with payment that does not constitute “good funds.” All defective or physically altered entry forms will be immediately disqualified by BANN. Prior to the Grand Prize Drawing, BANN will make a reasonable effort to notify the individual and/or entity that submits such an entry form or one which has been rejected because the credit card or check did not clear that the entry has been rejected by attempting to make contact through the information provided at the time of submitting the purchase request. BANN assumes no responsibility for lost, late, misdirected or non-delivered mail, email or fax messages, or any other failure to receive orders or deliver receipts prior to the drawing deadline.
A RAFFLE PARTICIPANT’S SOLE AND EXCLUSIVE REMEDY FOR BANN’S BREACH SHALL BE LIMITED TO THE RETURN OF THE PURCHASE PRICE PAID FOR HIS OR HER RAFFLE TICKET(S). IN NO EVENT SHALL BANN, ITS DIRECTORS, OFFICERS, EMPLOYEES, AGENTS OR REPRESENTATIVES, OR ANY CHARITABLE OR NON-PROFIT PROCEEDS RECIPIENTS, BE LIABLE TO ANY PARTY FOR ANY LOSS OR INJURIES TO EARNINGS, PROFITS OR GOODWILL, OR FOR ANY INCIDENTAL, SPECIAL, PUNITIVE OR CONTRACT, TORT OR OTHERWISE, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
How to purchase:
An individual or organization can purchase as many tickets as he or she may wish, subject to availability. See the Dream Home Delivery Raffle website for ticket purchase locations.
To purchase tickets: Tickets may be purchased using a valid credit card, check, money order or cash by using the order form provided and fax form to (775-329-5689) or you may mail it to: BANN Dream Home Delivery Raffle, 5484 Reno Corporate Drive, Reno, NV 89512 or call 1-775-329-4611, providing your name, address, phone number along with your credit card number, credit card security code, billing address and expiration date. Tickets cannot be purchased on the raffle website or by email. Any entry form submitted by email will be rejected. All entries must include payment by cash, check, money order or credit card. BANN reserves the right to reject any entry form that is submitted with payment that does not constitute “good funds.” No refunds will be made except under the following circumstances: any ticket order with payment received after 2,500 tickets have been sold, or should circumstances not allow the raffle to be conducted as noted, will be returned in its entirety. No other refunds are available except in the exclusive discretion of BANN. BANN assumes no responsibility for lost, late, misdirected or non-delivered mail, email or fax messages, or any other failure to receive orders or deliver receipts prior to the drawing deadlines.
Selection of winners:
The Builders Association of Northern Nevada Dream Home Delivery Raffle Grand Prize drawing will be held on February 6, 2014 from all eligible raffle tickets. Winners need not be present to win. Winner will be notified according to the contact information provided to BANN at the time of ticket purchase. If the grand prize winner cannot be located by 5:00 p.m., February 27, 2014, after attempting to make contact through the information provided at the time of purchasing the ticket, such winner will be deemed to have elected the onetime cash alternate prize of $175,000. Another winner will not be selected for the grand prize. In addition to winner posting on the BANN raffle website, the name of the winner may be obtained from BANN or by sending a self-addressed , stamped envelope to BANN Dream Home Delivery Raffle, 5484 Reno Corporate Drive, Reno, NV, within one week of the drawing.
In order to collect his or her prize, a ticket winner may be required to sign and deliver to BANN: (a) a sworn affidavit of eligibility in accordance with these Rules and applicable law, including without limitation that he or she is at least 21 years old; (b) such written information as is required by any applicable tax and/or real estate laws, including without limitation his or her Social Security Number; (c) proof of identity forms satisfactory to BANN showing that the person claiming the prize is the same person who is named on the winning raffle ticket; and (d) the winning ticket stub. Prize winner may be required to submit a Form W-2G, Form 5754 or similar tax form (provided by BANN) for tax withholding purposes.
One prize will be awarded. The odds of winning a prize will depend on the number of tickets sold. If all 2,500 tickets are sold the odds of winning the Grand Prize is 1 in 2,500. If fewer tickets are sold, the chance of winning the Grand Prize improves.
Anyone 21 years of age or older and a U.S. resident physically residing in the United States and DC may enter. BANN employees, members of its Board of Directors, authorized agents and employees thereof, consultants, attorneys, independent accounting firm, and their spouses and children living in the same household are excluded from participating and are not eligible to win a prize. All federal, state, and local laws and regulations apply. The raffle is void where prohibited or restricted by law. An affidavit of eligibility may be required from prize winners.
The Grand Prize is a new home constructed by Di Loreto Homes of Nevada, described as Lot 9 of La Casata (Damonte Ranch Village 8), Address: 9665 Aidan Way, Reno, Nevada upon which a 3-bedroom 2-bath home (Siena Plan #1) will be constructed. This is the home referred to in all raffle materials. At the time of this writing, that home’s retail price is $256,900. Alternatively, the Grand Prize winner may elect to receive a onetime $175,000 cash payment . The Grand Prize Winner must make the election in writing between the house or the onetime cash payment no later than 5:00pm February 14, 2014. If the home is not available due to circumstances outside of the control of BANN, the Grand Prize Winner will instead have no election as stated above and will instead receive the $175,000 cash payment.
General Terms and Conditions:
The Grand Prize (the House, if selected), will be transferred to the Grand Prize Winner “AS IS, WHERE IS, AND WITH ALL FAULTS”. BANN DOES NOT PROVIDE ANY GUARANTEE OR WARRANTY, EXPRESSED OR IMPLIED, IN CONNECTION WITH THE HOUSE AND ACCEPTS NO LIABILITY OR RESPONSIBILITY REGARDING THE CONSTRUCTION OR CONDITION OF THE HOUSE. NO EXPRESS WARRANTIES ARE GIVEN AND NO AFFIRMATION OF BANN BY WORDS AND/OR ACTIONS WILL CONSTITUTE A WARRANTY.
As a condition precedent of and prior to Closing, the Dream Home Builder (Seller) may require the Grand Prize winner to execute the Seller’s standard purchase documents and disclosures, including warranty acknowledgements and acknowledgement of receipt and review of Seller’s Public Offering Statement/Information Brochure, with all attached items (copies of CC&R’s; and the articles of incorporation, bylaws, and balance sheet and/or budget for the first or current fiscal year of the Association, assessment information with respect to the Association, LMA and DRDD, and copies of the Master Declaration and articles, bylaws and budget/financial statements of the LMA and DRDD) (all collectively, together with any Rules and Regulations which may be promulgated from time to time, “Governing Documents”).
All federal and/or state taxes based on the value of the House will be the responsibility of the Grand Prize Winner. If the Grand Prize Winner selects the onetime cash payment instead of the House, all appropriate and required federal and/or state taxes will be withheld by BANN in accordance with federal and state law and BANN will remit the balance of the cash prize to the winner. BANN makes no guarantee that the Grand Prize Winner will be able to sell the House for a particular value, nor is there any guarantee that the Internal Revenue Service a(IRS) will accept the value of the house for the purpose of determining any income tax that may be due from the winner. BANN takes no responsibility for any tax liabilities. Consult your tax advisor.
ANY CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING TO THE CONTRACT, OR THE BREACH THEREOF, SHALL BE SETTLED BY BINDING ARBITRATION ADMINISTERED BY THE AMERICAN ARBITRATION ASSOCIATION (PURSUANT TO ITS EXPEDITED PROCEDURES) UNDER ITS COMMERCIAL ARBITRATION RULES, AND JUDGEMENT ON THE AWARD RENDERED BY THE ARBITRATOR MAY BE ENTERED IN ANY COURT HAVING JURISDICTION THEREOF.
Registration/Approval with the State of Nevada:
By letter from the Nevada State Gaming Control Board, Builders Association of Northern Nevada has registered with the Gaming Control Board under Correspondence Number 2013-C483 and has been approved to conduct the 2014 Dream Home Delivery Raffle. The official Approval Letter and financial information regarding the 2014 Dream Home Delivery Raffle can be obtained from BANN by contacting our offices at 775-329-4611. A copy of the Approval Letter will be mailed upon request. A stamped, self-addressed envelope must be included with the request, which should be mailed to Dream Home Delivery Raffle, 5484 Reno Corporate Drive, Reno, NV 89511. Registration does not imply endorsement.