Minnesota Office of the Legislative Auditor
Financial Audit Division

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Report Summary
State Agricultural Society

 

Financial Audit Division Report 07-15 Released June 14, 2007

Audit Conclusions:

On June 7, 2007, we separately issued an unqualified opinion on the State Agricultural Society’s financial statements for the two years ended October 31, 2006.

This is a related report on internal control over financial reporting and compliance with certain legal requirements. It contains one finding as described below.

Key Finding:

  • The State Agricultural Society did not adequately separate duties to ensure that $2.5 million in coliseum and grandstand ticket sales remitted by a contract vendor were adequately safeguarded.
   Audit Scope:

Audit Period: The two years ended
October 31, 2006

Programs Audited:

  • Cash and Cash Equivalents
  • Capital Assets
  • Revenue Bond Liabilities
  • Ticket Sales
  • Payroll Expense
  • Entertainer Payouts and Other Expenses

Agency Background:

The State Agricultural Society operates Minnesota’s annual state fair and maintains the state fairgrounds.  It earned about $32 million in operating revenues during fiscal year 2006 and had total assets of nearly $47 million on October 31, 2006.

The society included the activities of the State Fair Foundation in its annual report as a discretely presented component unit.
     
More Information

Office of the Legislative Auditor ♦ Room 140, 658 Cedar St., St. Paul, MN 55155