|Financial Audit Division Report 10-19||Released June 10, 2010|
The State Agricultural Society’s financial statements for the two years ended October 31, 2009, were fairly presented in all material respects. However, the society had some weaknesses in internal control over financial reporting and business operations, as noted below.
The society resolved a prior audit finding by fully funding its debt service reserve account, as required by a bond covenant.
We audited the State Agricultural Society’s basic financial statements for the two years ended October 31, 2009, and reviewed controls over financial operations and compliance with finance-related legal provisions. We also determined the status of a prior audit finding that the society had under-funded its debt service account in fiscal year 2008, which resulted in noncompliance with a bond covenant.