Current through Register Vol. 47, No. 6, October 16, 2024
Rule 481-103.8 - ExpensesExpenses incurred exclusively and directly as a result of bingo shall not exceed 40 percent of net receipts. Reasonable expenses within the 40 percent limit are:
2. Withholding, unemployment or social security taxes;4. Equipment and supply purchases;5. Rent for bingo occasion;6. Utilities for bingo occasion; and7. Wages paid for bingo workers. Expense items are allowed only when receipts or a paid invoice and canceled check are available for review by the department.
(1) When the annual gross exceeds $10,000, expenses shall be paid from a bingo checking account. The licensee shall prove that all expenses were incurred exclusively and directly as a result of bingo.(2) Expenses are not reasonable if the amount charged substantially exceeds the current rate or average retail cost of items or services purchased.Iowa Admin. Code r. 481-103.8
Amended by IAB September 26, 2018/Volume XLI, Number 7, effective 10/31/2018