Office of the Legislative Auditor - Financial Audit Division

Key Conclusions:

• We issued an unqualified opinion on the State Agricultural Society’s financial statements for the year ended October 31, 2005.
• We identified no reportable conditions involving the internal control over financial reporting or any instance of noncompliance or other matters that are required to be reported under Government Auditing Standards.

Audit Scope:

Audit Period: The year ended October 31, 2005

• Midway Activity
• Box Office Sales
• Gate and Parking Revenue
• Sales Revenue
• Payroll Expense
• Entertainer Payouts and Other Expenses
• Fixed Assets
• Cash and Cash Equivalents
• Revenue Bond Liabilities
• Accounts Receivable

The State Agricultural Society runs Minnesota’s annual state fair and maintains the state fairgrounds. It earned about $30.6 million in operating revenues during fiscal year 2005 and had total assets of nearly $46 million on October 31, 2005.

The Society included the activities of the State Fair Foundation in its annual report as a discretely presented component unit.