Financial reporting requirements for grain buyers modified

To be a licensed grain buyer in Minnesota, a grain buyer must submit an annual financial statement to the Department of Agriculture.

This requirement applies to feed mills, ethanol plants, elevators, cooperatives, food manufacturers, and others who purchase grain for the purpose of reselling the grain or products made from it.

A new law that took effect March 18, 2025, modifies financial reporting requirements by requiring all licensees to have their financial statements prepared, reviewed, or audited by a third-party independent accountant or a certified public accountant.

Licensees purchasing between $7.5 million and $17.5 million of grain annually will be allowed to have their financial statements reviewed by a CPA instead of audited by a CPA. But licensees who purchase $17.5 million or more annually must have their financial statements audited by a CPA.

Grain buyers making less than $1 million annually in cash sales only are exempt from making financial statements to the department, but the new law allows the department to require financial reporting from these cash sales under certain circumstances.

The new law requires the department to review all submitted annual reports.

Rep. Paul Anderson (R-Starbuck) and Sen. Robert Kupec (DFL-Moorhead) are the sponsors.

HF1603/SF1552*/CH1

SF1552* / HF1063 / CH1