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4. B. The gross receipts in the course of a reporting year from the • playing of instant bingo shall not exceed thirty-three and one-third per centum of the gross receipts of an organization's bingo operation. C. Any organization playing instant bingo shall maintain a record of the date, quantity and card value of instant bingo supplies purchased as well as the name and address of the supplier of such instant bingo supplies. The organization shall also maintain a written invoice or receipt from a nonmember of the organization verifying any information required by this subsection. D. No organization shall sell an instant bingo card to any individual below sixteen years of age. Section 17-19.7. Reports of gross receipts and disbursements required. A. Complete records of all receipts and disbursements shall be kept and shall be filed annually under oath with the clerk of the city council and the director of finance. The annual or quarterly financial report and other items required to be filed under this section shall be a matter of public record. All such accountings shall be made on or before the first day of November of each calendar year for which a permit has been issued. •Such accounting shall include a record of the gross receipts and disburse- ments of an organization for the year period which commenced on the first day of October of the previous year. Provided, however, any organization whose gross receipts exceed fifty thousand dollars during any calendar quarter shall be required to file an additional accounting of its receipts and disbursements during such quarter no later than sixty days following the last day of such quarter. "Gross receipts", as used in this section, shall mean the total amount of money received from bingo and instant bingo opera- tions before the deduction of expenses or prizes. B. 1. All such reports of receipts and disbursements shall be made on a form as prescribed by state law and acknowledged in the presence of a duly authorized notary public. The failure to file such reports when due shall cause the automatic revocation of the permit and no such organization shall conduct any bingo game or raffle thereafter until such report is properly filed and a new permit is obtained. 2. Such financial report shall be accompanied by a certificate, verified under oath, by the Board of Directors that the proceeds of any bingo games or raffles have been used by those lawful, religious, charitable, community or educational purposes for which the organization is specifically chartered or organized and that the operation of bingo games or raffles has been in accordance with the provisions of §§17-19.1 et seq. 0 C. Notwithstanding the provisions of this section requiring an annual