|Public Release Date: April 12, 1996||No. 96-16|
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.
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.
The audit objectives were to:
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.