|Financial Audit Division Report 07-15||Released June 14, 2007|
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:
Audit Period: The two years ended
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.