Minnesota Attorney General's Office
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Minnesota Statutes section 309.53, Subd. 3 (2009)
The Minnesota Legislature amended Minnesota Statutes section 309.53, subd. 3 (2009) to raise the audit threshold from $350,000 to $750,000. This change became effective on May 17, 2009. The amended section of Minnesota Statutes section 309.53, subd. 3 now reads, in part:
A financial statement of a charitable organization which has received total revenue in excess of $750,000 for the 12 months of operation covered by the statement shall be accompanied by an audited financial statement prepared in accordance with generally accepted accounting principles that has been examined by an independent certified public accountant for the purpose of expressing an opinion. In preparing the audit the certified public accountant shall take into consideration capital, endowment or other reserve funds, if any, controlled by the charitable organization. For purposes of calculating the $750,000 total revenue threshold provided by this subdivision, the value of donated food to a nonprofit food shelf may not be included if the food is donated for subsequent distribution at no charge, and not for resale.
As a result of this change, organizations submitting annual reports for any accounting year ending after July 1, 2008, will be covered under the amendment and the $750,000 audit threshold applies.