Office of the Legislative Auditor - Financial Audit Division

Report Summary
State Agricultural Society

Financial Audit

For the Year Ended October 31, 1995

Agency Background

The State Agricultural Society operates under Minn. Stat. Chapter 37. The Minnesota State Agricultural Society Board of Managers administers the operation of the annual State Fair exposition and the maintenance of the fairgrounds.

Financial Highlights

At October 31, 1995, the State Agricultural Society reported net income of $1,559,641. The Society generated $19,643,807 in revenues during the fiscal year, including both fair-time and non-fair event revenues. The Society has total assets of $21,839,733.

Objectives

The audit objectives were to:

• issue an audit opinion on the Society's financial statements
• evaluate internal control structure of the Society
• test compliance with significant finance-related legal provisions

Conclusions

We issued an unqualified opinion on the Society's financial statements.

We believe that the Society should improve controls over the revenue collected from the state fair's carnival ticket sales.