The next $10,000 Drawdown is coming this fall...October 9, 2022!
Ticket sales will begin in September.
What is the $10,000 Drawdown, you ask? It's basically a raffle...in reverse! 200 tickets are sold at $100 each. Each number, 1-200, corresponds to a ball in a raffle drum and a card on a board. As each numbered ball is pulled out of the drum, the corresponding number is pulled down from the board. The last number on the board is the winner of $10,000, unless, of course, there is an agreement between the finalists to split the prize (see below).
This is one of our biggest fundraisers of the year...OLG School makes $10,000 when all 200 tickets are sold!
- 200 tickets will be sold at $100 each.
- Each of the 200 tickets was assigned a number between 1 and 200. These numbers correspond to 200 numbers inside the raffle drum.
- Numbers are eliminated until there are 10 numbers left.
- The 10 finalists will be notified by phone and asked to decide if they would like to split the $10,000 prize or continue drawing. A representative will be assigned to respond on their behalf during the phone call if the finalist is not present.
- Each time a number is called, the remaining ticket holders will decide whether to divide the winnings as a group or continue drawing numbers. This will continue until there is agreement among the group or a sole winner.
- In the event that one of the final 10 tickets is held by someone not reachable by phone, no decision can be made by the other remaining ticket holders to split profits. Numbers will be drawn until the missing ticket holder either wins or is eliminated by having their number called.
- The winner does not need to be present.
- The winner is responsible for all tax liabilities, and will be withheld from payout according to current IRS regulations.
- Winnings will be paid by check within 10 days of receipt of completed W-9 Form and copy of winner’s photo ID.