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Q: |
What happens if we don't sell enough tickets to cover the expenses of the raffle. |
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| A: |
This is handled different in each state, so I will give two scenarios that I know about. Some states will allow the raffle to have an extension for a period of time. (the extension time varies.) Other states require you to return the money to the raffle ticket holder if you reach the date and there arent enough tickets sold. Some states it is a combination of both, an extension and a set date.
For example, in the state of Maryland, you can get a 1-time extension. If you dont meet your ticket goal after that, you have to return the monies back to the ticket purchasers. What you as the home owner will want to do is to make sure that you have a legal agreement with your non profit (or vice versa) that spells out the break even point. This way you will clearly know up front how many tickets you need to sell at a minimum to make the raffle a success for everyone.
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