|Either there i something you aren't telling us, or as Mike says, the MIN function does absolutely nothing.|
In fact, even without it, there is no way for this formula to return FALSE.
The only ways to get a FALSE from an IF statement is to either "request" it:
or to leave out the value_if_false argument:
Since your formula has both arguments satisfied, it's either going to return a 0 or the remainder above 500.
Therefore the MIN is going to look like one of these:
=MIN(the remainder value)
The MIN of a single value is the value itself.
1 - Select the cell with the formula in it.
2 - Click on Tools...Formula Auditing...Evaluate Formula.
3 - Click the Evaluate button to single step through the formula.
This should help you understand what each piece of the formula is doing and hopefully you'll see why Mike and I say the MIN function serves no purpose.
Unless there's something you're not telling us...