Win Your Dream House Raffle
THE FINE PRINT or RULES

The Grand Prize Drawing for the Palos Verdes Art Center (PVAC) Win Your Dream House Raffle will be held on Tuesday, May 15, 2007, beginning at 5:30 p.m., at The Avenue of the Peninsula, 550 Deep Valley Dr., Rolling Hills Estates, CA 90274. Tickets will not be sold after noon Monday, May 14, 2007. Tickets may sell out before that time. Harrington Group, an independent accounting firm, will supervise the drawing. The drawing for prizes is open to the public, but the winner does not need to be present to win.

Only 25,000 tickets will be sold. The chances of winning are based on that number. If fewer tickets are sold, your chances of winning the Grand and other prizes improve. 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, financing costs (including, but not limited to, closing costs and title insurance) which must be paid when the House is transferred to the winner. Likewise, there are federal taxes and there may be state and/or local tax consequences if the winner selects the alternate cash prize. (See Grand Prize Rules below.) These consequences may apply to other prizes as well. PVAC takes no responsibility for any tax liabilities. Consult your tax advisor. This offer is void where prohibited by law, and 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 PVAC for publicity purposes and in lists of prize winners to be published in area newspapers and on the PVAC website. Other rules and regulations may apply. Please contact PVAC if you have questions. PVAC’s interpretation and application of the rules and regulations shall be final.

By entering this raffle, each participant releases PVAC, its directors, officers, employees and agents from any and all liability for injuries, losses or damages of any kind or caused by or resulting from acceptance, possession, use or misuse of any prize, and each winner agrees to indemnify and hold PVAC harmless from any and all losses, damages, rights, claims and actions of any kind rising in connection with or as a result of the winner’s acceptance or use of any prize.

In addition to the list of winners published in area newspapers and on the PVAC website, lists of winners may be obtained at PVAC or by sending a written request plus a self-addressed, stamped envelope to: Palos Verdes Art Center, 5504 W. Crestridge Rd., Rancho Palos Verdes, CA 90275.

GRAND PRIZE RULES

A maximum of 25,000 tickets will be sold. A minimum of 22,000 tickets must be sold for the Grand Prize winner to have a choice of the House or the alternate $1,500,000 cash prize. If fewer than 22,000 tickets are sold by noon, Monday, May 14, 2007, the raffle will be held as scheduled, and all prizes will be awarded as advertised with the exception that the Grand Prize winner will receive a 50% share of the net raffle proceeds. Net proceeds are defined as the balance of funds left after paying all other prizes, all raffle expenses and all expenses for the House. Net proceeds will be divided evenly between PVAC and the Grand Prize winner, less appropriate and required federal taxes.

The House (furnishings not included), if available and selected, will be transferred to the Grand Prize winner as is. PVAC does not provide any guarantee or warranty, expressed or implied, in connection with the House. PVAC accepts no liability or responsibility regarding the construction or condition of the House. At the time of closing, all federal and state income taxes based on the appraised value of the House will be due from the Grand Prize winner. If the Grand Prize winner selects the cash alternate award instead of the House, appropriate and required federal and state taxes will be withheld by PVAC in accordance with the law, and PVAC will remit the balance of the cash prize to the Grand Prize winner.

PVAC makes no guarantee that the Grand Prize winner will be able to sell the House for its appraised value of $1,600,000, nor is there any guarantee that the Internal Revenue Service (IRS) or the California Franchise Tax Board will accept that value of the house for the purpose of determining any income tax that may be due from the Grand Prize winner. The Grand Prize winner must make an election in writing between the House and the cash no later than 3:00 p.m., Wednesday, May 30, 2007. If the Grand Prize winner fails to make election by this deadline, he or she will be deemed to have elected the cash option. If the Grand Prize winner elects to take the House, escrow must close no later than Monday, July 16, 2007, or the winner will be deemed to have elected the cash prize.

TICKETS

Tickets are $150.00 each. More than one name may be entered on the ticket to indicate that any prize won is to be shared. Only the names provided on the ticket will be eligible to receive prizes. Unless otherwise designated, winnings will be divided equally among all names on the winning ticket. On prize amounts of $500 or less, PVAC, at its option, may write only one check to the person named first on the ticket. That person will then be responsible for dividing the prize with the other persons listed.

To order tickets, call (310) 541-2035 or (310) 541-2479. Or mail the attached order form to PVAC or fax it to (310) 541-0248 or (310) 541-4370. Entries must include payment or credit card information (Visa or MasterCard only) to be eligible. You may buy as many available tickets as you wish. All sales transactions are final. No payments will be refunded.

Early ticket purchases will be included in four drawings. Tickets purchased by 5:00 p.m. March 20, 2007, will be eligible for the Early Bird drawing. All such tickets, including all winning tickets, plus all other tickets purchased after that date will be included in the Grand Prize drawing. Winners of prizes 250-16 will be drawn at noon May 15, 2007, at the Palos Verdes Art Center (you may attend) and posted at the Grand Prize drawing site. At the Grand Prize drawing, tickets 250-16 will be put back into the drum, with all other tickets, for the drawing of prizes 15-2. All these winning tickets will then be returned to the drum, with all other tickets, for the Grand Prize drawing.

PVAC 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 PVAC. Prior to the Grand Prize drawing, PVAC 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. All orders for tickets for the Early Bird Drawing must be received and/or purchased by the indicated deadline. Any orders received after this deadline will be held for the Grand Prize drawing. PVAC assumes no responsibility for lost, late, misdirected or non-delivered mail. 

ELIGIBILITY

Anyone 18 years of age or older may enter. Employees and members of the Board of Directors of PVAC and Harrington Group, their spouses and children are excluded from participating. An affidavit of eligibility may be required from prize winners. Void where prohibited by law.

REGISTRATION WITH THE STATE OF CALIFORNIA

By letter from the Attorney General’s office, the Palos Verdes Art Center has re-registered with the Department of Justice under Raffle Registration Number R-1201 and is authorized to conduct raffles in California pursuant to the provisions of Penal Code section 320.5, for the raffle period which begins September 1, 2006, and ends August 31, 2007.

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