Key Conclusions:
- We issued an unqualified opinion on the State Agricultural Society’s financial statements for the year ended October 31, 2004.
- We did not identify any reportable conditions involving the internal control over financial reporting or any instance of noncompliance or other matters that are required to be reported under Government Auditing Standards.
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| Audit Scope:
Audit Period:
The year ended October 31, 2004
Programs Audited:
- Midway Activity
- Coliseum and Grandstand Revenue
- Gate and Parking Revenue
- Sales Revenue
- Payroll Expense
- Payout and Other Expenses
- Fixed Assets
- Cash and Cash Equivalents
- Revenue Bond Liabilities
- Accounts Receivable
Agency Background:
The State Agricultural Society runs Minnesota’s annual state fair and maintains the state fairgrounds. It earned about $27.9 million in operating revenues during fiscal year 2004 and had total assets of nearly $46 million on October 31, 2004.
For the first time this year, the Society included the activities of the State Fair Foundation in its annual report as a discretely presented component unit.
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