HF 3413

as introduced - 91st Legislature (2019 - 2020) Posted on 02/18/2020 11:28am

A bill for an act
relating to economic development; making certain department housekeeping
changes; amending Minnesota Statutes 2018, sections 116M.17, subdivision 4;
116M.18, subdivision 8.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2018, section 116M.17, subdivision 4, is amended to read:

Subd. 4.

Reports.

The department shall submit an annual report to the legislature of an
accounting of loans made new text begin in the previous calendar year new text end under section 116M.18, including
information on loans made, the number of jobs created by the program, the impact on
low-income areas, and recommendations concerning minority business development and
jobs for persons in low-income areas.

Sec. 2.

Minnesota Statutes 2018, section 116M.18, subdivision 8, is amended to read:

Subd. 8.

Reporting requirements.

A nonprofit corporation that receives a program
grant shall:

(1) submit an annual report to the department by deleted text begin February deleted text end new text begin April new text end 15 of each year that
includes a description of businesses supported by the grant program, an account of loans
made during the calendar year, the program's impact on minority business enterprises and
job creation for minority persons and low-income persons, the source and amount of money
collected and distributed by the program, the program's assets and liabilities, and an
explanation of administrative expenses; and

(2) provide for an independent annual audit to be performed in accordance with generally
accepted accounting practices and auditing standards and submit a copy of each annual
audit report to the department.