|Public Release Date: March 27, 1997
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. Mr. Mike Heffron served as the executive vice president of the society until his retirement in January 1997. The board appointed Mr. Jerry Hammer as the new executive vice president on January 19, 1997.
At October 31, 1996, the State Agricultural Society reported net income of $603,666. The society generated $20,065,202 in revenues during the fiscal year, including both fair-time and non-fair event revenues. The society had total assets of $21,405,878 as of October 31, 1996.
The audit objectives were to:
We issued an unqualified opinion on the society's financial statements. We concluded that the financial statements were fairly stated in compliance with generally accepted accounting principles.
We found two issues affecting the society's internal control structure and its compliance with finance-related legal provisions: