An organization with gambling gross receipts of more than $500,000 for the fiscal year, must submit an annual financial audit of its gambling activities to the Department of Revenue within six months following the organization’s fiscal year end (Minnesota Rule 8122).
Audits must be conducted by a certified public accountant (CPA) licensed by the state of Minnesota. The audit also requires a regulatory checklist, game testing, and an annual certified physical inventory and cash count (due within 30 days after the organization’s fiscal year ends). In addition, the audit must include a report on internal controls and the organization’s response to deficiencies noted.
For more information, see the Annual Financial Audit page in the Tax Information section.