Minnesota Lawful Gambling Tax Instructions Booklet - Minnesota Department Of Revenue Page 12
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13Annual Certified Physical Inventory and Cash
Count and Annual Financial Audit
Annual Certified Physical
Annual Financial Audit
Part 2
Record the total amount of cash counted for
Inventory and Cash Count
If your gross receipts from gambling are
all forms of gambling at the site.
$750,000 or more, you must have an annual
All licensed organizations are required to
audit completed of your gambling activities
Part 3
conduct an annual certified physical inven-
(see Minnesota Rule 8122).
If the organization conducts paper bingo,
tory and cash count summary at the end of
attach copies of each site’s Form LG903.
its fiscal year. This must be taken and sub-
If your gross receipts from gambling are
mitted within 30 days of the organization’s
less than $750,000, you are not required to
A member of the organization’s gambling
fiscal year end.
have an audit completed.
operation may complete Part 2 and Part 3.
You must attach a copy of Form LG903
Use the following forms:
Requesting an Extension
for the fiscal year-end. If you do not, your
If the audit cannot be completed by the due
Form INV, Annual Certified Physical
form will be considered incomplete.
date (six months after the end of the fiscal
Inventory and Cash Count by Site. Use
year), the organization’s CEO, gambling
Form CI, Annual Certified Physical
this form to record the site inventory of
manager or accountant hired to perform the
Inventory and Cash Count Summary. Use
games in play and unplayed games, as well
audit must request an extension.
this form to record the total cash count for
as the cash count for all forms of gambling.
all sites. For each site, list the name and
Use a separate form for each site.
permit number along with the total cash
Part 1
count for the site. Indicate if Form INV,
Report each pull-tab, tipboard, raffle board,
Form LG903 or both are attached. The
and paddlewheel game with its manufac-
gambling manager and the CEO must com-
turer ID, part number, and serial number.
plete and sign this form.
There is no need to take games out of play
Requesting an Extension
to conduct the inventory. Use a separate
If the certified physical inventory and cash
form for each site.
count cannot be completed at the fiscal year
Two members, officers, or employees of
end, the organization’s CEO, gambling
the organization who have been appointed
manager or accountant hired to perform the
by the organization’s board and are not
certified physical inventory must request an
directly involved in the organization’s gam-
extension via email, fax or mail.
bling operation or an independent certified
If we approve the extension, the organi-
public accountant (CPA) must conduct the
zation will have an additional 30 days to
certified physical inventory. Part 1 must be
complete and submit the certified inventory
completed and the form signed by these two
and cash count.
individuals or a CPA.
Note: Your fiscal year is the time period used for filing federal Form 990 or 990T.
12
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial