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
- 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
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.