The bill amends Minnesota Statutes 2024, section 223.17, subdivision 6, to modify the financial reporting requirements for grain buyers. It stipulates that grain buyers must submit an annual financial statement prepared, reviewed, or audited by a third-party independent accountant or certified public accountant, adhering to national or international accounting standards. The financial statement must include a balance sheet, a statement of income, a statement of retained earnings, a statement of cash flow, and the dollar amount of grain purchased in the previous fiscal year. Additionally, the bill introduces a new requirement for grain buyers purchasing $17,500,000 or more of grain annually to have their financial statements audited, which must include an opinion statement from the auditor.

The bill also clarifies that grain buyers who purchase grain immediately upon delivery with cash or similar means and have gross annual purchases of $1,000,000 or less may qualify for an exemption from certain reporting requirements. However, the commissioner retains the right to request financial reporting from these buyers based on inspections or reports of nonpayment. Furthermore, the commissioner is mandated to annually review the financial statements submitted and may require additional financial reporting as necessary. The changes aim to enhance transparency and compliance within the grain buying sector.

Statutes affected:
Introduction: 223.17
1st Engrossment: 223.17