Key Finding and Recommendation:
The State Agricultural Society operates Minnesota's annual state fair and maintains the state fairgrounds. The Society earned about $27.9 million in operating revenues during fiscal year 2001 and had total assets of over $32 million on October 31, 2001.
The primary objective of our audit was to issue an opinion on the financial statements of the State Agricultural Society for the year ended October 31, 2001. The Society's Annual Report for fiscal year 2001 includes our opinion thereon dated March 8, 2002. This management letter addresses an internal control weakness we found during our audit.
Office of the Legislative Auditor ♦ Room 140, 658 Cedar St., St. Paul, MN 55155