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3 golden objects Minnesota Legislature

Office of the Legislative Auditor - Financial Audit Division

Report Summary
Teachers Retirement Association

Financial Audit

For the Year Ended June 30, 1995


 

Public Release Date: January 19, 1996 No. 96-02

Agency Background

The Teachers Retirement Association (TRA) is the administrator of a multi-employer, cost sharing Teachers Retirement Fund. Its function is to provide a secure, dependable source of income to its members or beneficiaries upon retirement, disability, or death. TRA assets at June 30, 1995 totaled $8,248,987,865.

Audit Scope and Conclusions

The primary objective of our audit was to render an opinion on the Teachers Retirement Association's financial statements. These statements are included in both TRA's and the State of Minnesota's Comprehensive Annual Financial Reports for fiscal year 1995. This objective included whether TRA's financial statements present fairly its financial position, and results of operations in conformity with generally accepted accounting principles.

As part of our work, we are required to gain an understanding of the internal control structure and ascertain whether the TRA complied with laws and regulations that may have a material effect on its financial statements. During our audit, we gained an understanding of the cash and investments, contributions, benefits, refunds, and investment income control cycles.

The TRA's Comprehensive Annual Financial Report for the year ended June 30, 1995 includes our unqualified audit opinion thereon, dated November 9, 1995. The TRA financial statements are also included in the State of Minnesota's Comprehensive Annual Financial Report for the year ended June 30, 1995, which includes our audit opinion dated December 1, 1995. In addition, the compliance section of the Minnesota Financial and Compliance Report on Federally Assisted Programs for the year ended June 30, 1995 will include our reports on the internal control structure and compliance with laws and regulations for the state as a whole. We anticipate issuing that report in June 1996.

 

Office of the Legislative Auditor, Room 140, 658 Cedar St., St. Paul, MN 55155 : legislative.auditor@state.mn.us or 651‑296‑4708