Office of the Legislative Auditor - Financial Audit Division
Minnesota State Board of Investment
Financial Audit Division Report 05-02
Released January 21, 2005
We issued an unqualified opinion on the financial statements of the Supplemental
Investment Fund and the Post Retirement Fund for the year ended June 30,
We issued a Report on Internal Control Over Financial Reporting and on
Compliance and Other Matters Based on an Audit of Financial Statements Performed
in Accordance with Government Auditing Standards. We did not report
any material weaknesses involving the internal control over financial reporting
and its operation or noncompliance that would be required to be reported
under Government Auditing Standards.
The Minnesota State
Board of Investment (SBI) manages the investment of retirement fund assets
of the Minnesota State Retirement System, Teachers Retirement Association,
and the Public Employees Retirement Association. SBI also invests funds
for other state agencies, including invested treasurer’s cash, which is the idle cash in state accounts.
At June 30, 2004, SBI administered approximately $47 billion
in state assets. SBI uses both internal staff and external money
managers to fulfill its responsibilities. The external firms invest
and manage the assets of the retirement funds and the assigned
risk plan. SBI staff manage the other state investments.