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Annual Financial Audit
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Lawful gambling organizations are required to submit an annual financial audit of gambling activities if their gambling gross receipts are $750,000 or more at the end of their fiscal year (Minnesota Statute 297E.06, subd. 4)
Note: Continue to include electronic pull-tabs in your $750,000 gross receipts threshold through June 30, 2024.
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You must submit the audit within six months following your organization’s fiscal year end. Your organization may be eligible for a 30-day extension.
If you do not provide an annual audit, we may audit your organization and refer your organization to the Gambling Control Board or Department of Public Safety.
Your audit must be conducted by a certified public accountant (CPA) licensed by the state of Minnesota. The CPA must obtain third-party or independent evidence (e.g., bank statements, lease agreements, etc.), to substantiate the financial records provided by your organization’s chief executive officer, gambling manager, or other management personnel. The CPA expresses an opinion on whether the financial statements accurately represent the financial position, results of operations, and its cash flows, based on the evidence obtained.
You must also include in the audit:
- A regulatory checklist
- Game testing
- An annual certified physical inventory and cash count (due within 30 days after the fiscal year ends)
- A report on internal controls and the organization’s response to deficiencies noted
For an extensive list regarding annual audit requirements, see Minnesota Rule 8122.
You can request a 30-day extension by mail, email, or web message. Your organization's chief executive officer, gambling manager, or the independent accountant performing the audit must request the extension before the due date.
If you need more time to file the annual audit, contact us. We may give your organization a second extension or an extension beyond 30 days if there is reasonable cause.
