Licensed qualified organizations running bingo must follow operational, prize, equipment, and accounting limits.
A licensed qualified organization shall comply with the requirements of this section for the purposes of conducting bingo at a bingo occasion. 1. Operational requirements. a. A bingo occasion shall not last for longer than four consecutive hours. b. Only one licensed qualified organization may conduct bingo occasions within the same structure or building. c. A licensed qualified organization shall not conduct or offer free bingo games or bingo games for which the price to play exceeds fifty dollars per game. d. A licensed qualified organization shall not conduct bingo within a building or structure that is licensed pursuant to chapter 99D or 99F. 2. Prize requirements. a. A cash or merchandise prize may be awarded in the game of bingo. b. A cash prize shall not exceed two hundred fifty dollars per game of bingo. c. A merchandise prize may be awarded in the game of bingo, but the actual retail value of the prize, or if the prize consists of more than one item, unit, or part, the aggregate retail value of all items, units, or parts, shall not exceed nine hundred fifty dollars in value. However, if the merchandise prize solely consists of one firearm, the actual retail value of the prize shall not exceed five thousand dollars. d. A jackpot bingo game may be conducted twice during any twenty-four-hour period in which the prize may begin at not more than five hundred dollars in cash or actual retail value of merchandise prizes and may be increased by not more than two hundred dollars after each bingo occasion to a maximum prize of one thousand dollars for the first jackpot bingo game and two thousand five hundred dollars for the second jackpot bingo game. 3. Equipment requirements. a. A licensed qualified organization conducting bingo shall purchase bingo equipment and supplies only from a manufacturer or distributor licensed by the department. b. A licensed qualified organization may lease electronic bingo equipment from a manufacturer or distributor licensed by the department for the purposes of aiding individuals with disabilities during a bingo occasion. 4. Accounting requirements. A qualified organization conducting bingo occasions under a two-year qualified organization license and expecting annual gross receipts of more than ten thousand dollars shall establish and maintain one regular checking account designated the “bingo account” and may also maintain one or more interest-bearing savings accounts designated as “bingo savings account”. The accounts shall be maintained in a financial institution in Iowa. a. Funds derived from the conduct of bingo, less the amount awarded as cash prizes, shall be deposited in the bingo account. (1) No other funds except limited funds of the organization deposited to pay initial or unexpected emergency expenses shall be deposited in the bingo account. (2) Deposits shall be made no later than the next business day following the day of the bingo occasion on which the receipts were obtained. b. Payments shall be paid from the bingo account only for the following purposes: (1) The payment of reasonable expenses permitted under section 99B.14, subsection 1, incurred and paid in connection with the conduct of bingo. (2) The disbursement of net proceeds derived from the conduct of bingo for educational, civic, public, charitable, patriotic, or religious uses as required by section 99B.14, subsection 1. (3) The transfer of net proceeds derived from the conduct of bingo to a bingo savings account pending disbursement for educational, civic, public, charitable, patriotic, or religious uses. (4) To withdraw initial or emergency funds deposited under paragraph “a”. (5) To pay prizes if the qualified organization decides to pay prizes by check rather than cash. c. Except as permitted by paragraph “a”, gross receipts derived from the conduct of bingo shall not be commingled with other funds of the licensed qualified organization. Except as permitted by paragraph “b”, subparagraphs (3) and (4), gross receipts shall not be transferred to another account maintained by the licensed qualified organization. 2015 Acts, ch 99, §36, 56; 2024 Acts, ch 1091, §1, 2 Referred to in §99B.15 Former §99B.21 transferred to §99B.8; 2015 Acts, ch 99, §56