State Agricultural Society
Financial Statement Audit
Financial Audit Division Report 08-16
Released June 13, 2008
- The State Agricultural Society’s (society) financial statements for the two years ended October 31, 2007, were presented fairly in accordance with generally accepted accounting principles in all material respects.
- Generally, the society’s internal controls for selected financial operations were adequate. However, the fair had one weakness related to controls over the receipt of foundation grants.
- The society complied with the finance-related legal provisions we tested.
- The society implemented a prior audit recommendation: It strengthen controls over coliseum and grandstand ticket sales remitted by a contract vendor.
The society did not sufficiently monitor a receipt from the Minnesota State Fair Foundation.
Audit Objectives and Scope
- To give an opinion on the society’s financial statements.
- To review internal control over selected financial operations.
- To determine compliance with finance-related legal provisions.
- To determine the status of a prior audit recommendation.
Audit Period: The two years ended October 31, 2007.
- Cash and Cash Equivalents
- Revenue Bond Liabilities
- Entertainer Payouts and Other Expenses
- Capital Assets
- Ticket Sales
- Payroll Expense
The State Agricultural Society operates Minnesota’s annual state fair and maintains the state fairgrounds. It earned about $35 million in operating revenues during fiscal year 2007 and had total assets of nearly $50 million on October 31, 2007. The society included the activities of the State Fair Foundation in its annual report as a discretely presented component unit.