Iowa Admin. Code r. 481-103.15

Current through Register Vol. 47, No. 10, November 13, 2024

Rule 481-103.15 - Bingo savings account and bingo change fund

(1)Bingo savings account. When an organization places bingo receipts in any savings account, bingo funds shall be separate and recognizable from all other funds of the same organization. All funds in a bingo savings account shall be transferred into that account from a bingo checking account. Funds shall be transferred back to the bingo checking account before they are spent.

(2)Bingo change fund. Moneys used as a change fund, if necessary, should be provided by the organization for each bingo occasion. The change fund can increase or decrease as appropriate for the anticipated participation in the bingo occasion. The balance of the change fund at the end of the fiscal year must be dedicated by July 30 and reported as required by rule 481-103.16 (10A,99B). The fiscal year begins July 1 and ends June 30 of the following year. The change fund should be maintained in a secure manner.

This rule is intended to implement Iowa Code section 99B.2(3).

Iowa Admin. Code r. 481-103.15

Amended by IAB April 1, 2015/Volume XXXVII, Number 20, effective 5/6/2015