MN HF310

Organizations licensed under chapter 349 with gross receipts exceeding $750,000 annually must have an annual financial audit of lawful gambling activities and funds.

Commissioner may require audits for organizations with gross receipts less than $750,000 if they fail to timely file tax returns, pay gambling taxes, file fraudulent returns, ignore corrective actions, or otherwise violate gambling regulations.

All organizations licensed under chapter 349 must perform an annual certified inventory and cash count at fiscal year-end and submit the report within 30 days to the commissioner.

Charitable organizations licensed to conduct lawful gambling under chapter 349 calculate revenue by subtracting prizes actually paid from gross receipts when determining if they meet the $750,000 threshold requiring audited financial statements.

All provisions are effective July 1, 2019.