The Dallas Cowboys and other professional sports teams in Texas would be allowed to hold cash raffles for their favorite charities under legislation passed Wednesday by the Texas Senate. A proposed constitutional amendment and companion bill, already approved by the Texas House, passed the Senate on identical 27-4 votes. Half of the proceeds from the raffles would have to go to charity under the legislation, with the remaining funds awarded to winners. The enabling bill also specifies that no more than 10 percent of the raffle’s gross receipts can be used for expenses.
American Numismatic Association adopted new budgeting guidelines that include the use of up to 3 percent of the ANA's investment principal to fund yearly operations. The motion also permits the use of an additional 1 percent of investment principal for unanticipated noncapital expenses.