Office of the Legislative Auditor - Financial Audit Division
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.
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.
The year ended October 31, 2003
Coliseum and Grandstand Revenue
Gate and Parking Revenue
Fair-Time Concession Revenue
Non-Fair Event Revenue
Payout and Other Expenses
Revenue Bond Issuance
Cash and Cash Equivalents
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.