as introduced - 91st Legislature (2019 - 2020) Posted on 04/01/2019 03:36pm
A bill for an act
relating to lawful gambling; modifying audit requirements for organizations;
amending Minnesota Statutes 2018, section 297E.06, subdivision 4.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Minnesota Statutes 2018, section 297E.06, subdivision 4, is amended to read:
(a) An organization
licensed under chapter 349 with gross receipts from lawful gambling of more than deleted text begin$750,000deleted text endnew text beginnew text end in any year must have an annual financial audit of its lawful gambling activities
and funds for that year.
(b) The commissioner may require a financial audit of the lawful gambling activities
and funds of an organization licensed under chapter 349, with gross receipts less than
deleted text begin $750,000deleted text endnew text beginnew text end annually, when an organization has:
(1) failed to timely file required gambling tax returns;
(2) failed to timely pay the gambling tax or regulatory fee;
(3) filed fraudulent gambling tax returns;
(4) failed to take corrective actions required by the commissioner; or
(5) failed to otherwise comply with this chapter.
(c) Audits under this subdivision must be performed by an independent accountant
licensed in accordance with chapter 326A.
(d) An organization licensed under chapter 349 must perform an annual certified inventory
and cash count at the end of its fiscal year and submit the report to the commissioner within
30 days after the end of its fiscal year. The report shall be on a form prescribed by the
(e) The commissioner of revenue shall prescribe standards for the audits, certified
inventory, and cash count reports required under this subdivision. The standards may vary
based on the gross receipts of the organization. The standards must incorporate and be
consistent with standards prescribed by the American Institute of Certified Public
Accountants. A complete, true, and correct copy of deleted text beginthe audits,deleted text endnew text beginnew text end certified inventory, and cash count report must be filed as prescribed by the
new text begin new text end