1.1.................... moves to amend H.F. No. 1511, the first committee engrossment
1.2as follows:
1.3Page 1, after line 23, insert:

1.4    "Section 1. Minnesota Statutes 2008, section 297E.06, subdivision 4, is amended to
1.6    Subd. 4. Annual audit, certified inventory, and cash count. (a) An organization
1.7licensed under chapter 349 with gross receipts from lawful gambling of more than
1.8$300,000 $500,000 in any year must have an annual financial audit of its lawful gambling
1.9activities and funds for that year. An organization licensed under chapter 349 with gross
1.10receipts from lawful gambling of more than $150,000 but not more than $300,000 in any
1.11year must have an annual financial review of its lawful gambling activities and funds for
1.12that year.
1.13(b) The commissioner may require a financial audit of the lawful gambling activities
1.14and funds of an organization licensed under chapter 349, with gross receipts less than
1.15$500,000 annually, when an organization has:
1.16(1) failed to timely file required gambling tax returns;
1.17(2) failed to timely pay the gambling tax or regulatory fee;
1.18(3) filed fraudulent gambling tax returns;
1.19(4) failed to take corrective actions required by the commissioner; or
1.20(5) failed to otherwise comply with chapter 297E.
1.21(b) (c) Audits and financial reviews under this subdivision must be performed by an
1.22independent accountant licensed by the state of Minnesota.
1.23(d) An organization licensed under chapter 349 must perform an annual certified
1.24inventory and cash count at the end of its fiscal year and submit the report to the
1.25commissioner within 30 days after the end of its fiscal year. The report shall be on a form
1.26prescribed by the commissioner.
2.1(e) The commissioner of revenue shall prescribe standards for the audits and financial
2.2review, certified inventory, and cash count reports required under this subdivision. The
2.3standards may vary based on the gross receipts of the organization. The standards must
2.4incorporate and be consistent with standards prescribed by the American Institute of
2.5Certified Public Accountants. A complete, true, and correct copy of the audit audits,
2.6certified inventory, and cash count report must be filed as prescribed by the commissioner."
2.7Page 2, line 14, strike "(10)," and insert "(10) to"
2.8Page 10, line 27 delete "that exceeds $1,000" and insert "up to $10,000"
2.9Page 17, line 26, strike "three months" and insert "45 days"
2.10Page 30, delete Section 49
2.11Page 31, after line 16, insert:

2.12    "Sec. ... Minnesota Statutes 2008, section 349.19, subdivision 9, is amended to read:
2.13    Subd. 9. Annual financial audit; filing requirement. An organization licensed
2.14under this chapter must have an annual financial audit or financial review when required
2.15by section 297E.06, subdivision 4."
2.16Renumber the sections in sequence and correct the internal references
2.17Amend the title accordingly