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3 golden objects Minnesota Legislature

Office of the Legislative Auditor - Financial Audit Division

Report Summary
State Agricultural Society

Financial Audit Division Report 04-20 Released May 13, 2004

Key Conclusions and Finding:

  • We issued an unqualified opinion on the State Agricultural Society’s financial statements for the year ended October 31, 2003.
  • We found that the Society has not appropriately safeguarded its computer system from unauthorized access.

Other Findings:

  • The Society did not promptly correct its general ledger for differences found while reconciling the bank account.
  • One Society employee was responsible for all payroll and personnel duties. The Society did not ensure that an independent person verified the payroll transactions for accuracy.
The report contained a total of 3 findings relating to internal control. Two of the findings were prior issues partially resolved.
   Audit Scope:

Audit Period:
The year ended October 31, 2003

Programs Audited:
  • Midway Activity
  • Coliseum and Grandstand Revenue
  • Gate and Parking Revenue
  • Fair-Time Concession Revenue
  • Non-Fair Event Revenue
  • Payroll Expense
  • Payout and Other Expenses
  • Revenue Bond Issuance
  • Fixed Assets
  • Cash and Cash Equivalents

Agency Background:

The State Agricultural Society runs Minnesota’s annual state fair and maintains the state fairgrounds. It earned about $27.5 million in operating revenues during FY03 and had total assets of over $45 million on October 31, 2003. It issued revenue bonds for the first time in FY03, with a principal amount of $11.11 million, due over the next 20 years.

Office of the Legislative Auditor, Room 140, 658 Cedar St., St. Paul, MN 55155 : or 651‑296‑4708