This 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 cash flow statement, and the dollar amount of grain purchased in the previous fiscal year. Additionally, the statement must be accompanied by a certification from the chief executive officer or their designee, confirming the accuracy of the financial condition reported.

The bill also introduces new provisions for grain buyers based on their annual grain purchases. For those purchasing $17,500,000 or more, an audit by a certified public accountant is required, while buyers with purchases of $1,000,000 or less may qualify for an exemption from standard reporting requirements. However, the commissioner retains the right to request financial reporting from these exempt buyers if necessary. Furthermore, the commissioner is mandated to annually review the financial statements submitted and may require additional financial reporting as needed. The changes are effective the day following final enactment.

Statutes affected:
Introduction: 223.17
1st Engrossment: 223.17