Iowa Administrative Code
Agency 481 - Inspections and Appeals Department
Games of Skill, Chance, Bingo and Raffles
Chapter 100 - General Provisions for Social and Charitable Gambling
Rule 481-100.18 - Net Receipts
Current through Register Vol. 47, No. 6, September 18, 2024
At least 60 percent of net receipts shall be dedicated and distributed to educational, civic, public, charitable, patriotic, or religious uses.
(1) Examples. The following examples illustrate methods to determine net receipts, allowable expenses, and the amount requested to be dedicated and distributed.
|
Gross receipts (excluding sales tax) |
$100,000 |
|
Amount awarded as prizes |
$20,000 |
|
Net receipts |
$80,000 |
|
Minimum dedicated and distributed (60% of net receipts) |
$48,000 |
|
Maximum expenses (40% of net receipts) |
$32,000 |
|
Gross receipts (including sales tax) |
$107,000 |
|
Amount awarded as prizes |
$20,000 |
|
Sales tax (7%) |
$7,000 |
|
Net receipts |
$80,000 |
|
Minimum dedicated and distributed (60% of net receipts) |
$48,000 |
|
Maximum expenses (40% of net receipts) |
$32,000 |
(2)Time for distribution. Netreceipts received during the calendar year shall be distributed no later than 30 days following the end of each calendar year unless permission to do otherwise is requested in writing and granted by the department.
