Iowa Admin. Code r. 481-106.7

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

Rule 481-106.7 - Qualified expenses limitation

The licensee may withhold no more than 5 percent of the gross receipts from each tournament for qualified expenses.

(1) Qualified expenses include but are not limited to the purchase of supplies and materials used in conducting card games.

(2) Any money collected for expenses and any interest earned and not used by the end of the calendar year shall be donated for educational, civic, public, charitable, patriotic, or religious uses.

(3) The licensee shall attach to the fourth quarterly report of the calendar year a receipt for any donation made and an explanation of how the donation will be used.

Iowa Admin. Code r. 481-106.7