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3 golden objects Minnesota Legislature

Office of the Legislative Auditor - Financial Audit Division

Report Summary
Teachers Retirement Association
Financial Statement Audit


Financial Audit Division Report 12-02 Released February 2, 2012


The Teachers Retirement Association’s (TRA) financial statements for the year ended June 30, 2011, were fairly presented in all material respects.

TRA resolved one prior audit finding by accurately reporting derivative investment risks in the footnotes to the financial statements.1 However, as noted below, TRA had not fully resolved a prior finding.


  • Prior Audit Finding Partially Resolved: TRA did not receive the correct amount of direct appropriation aid contributions from the City of Minneapolis.

Audit Objectives and Scope

Audit Objectives:
  • To audit TRA’s basic financial statements for the fiscal year ended June 30, 2011.
  • To report on TRA’s internal controls and compliance over financial reporting.
  • To follow up on the status of prior audit findings.
Audit Scope:
  • Cash and Investments
  • Contributions and Investment Income
  • Benefit Payments


1 Office of the Legislative Auditor’s Financial Audit Division Report 11-03, Teachers Retirement Association, issued February 18, 2011.

More Information

Office of the Legislative Auditor, Room 140, 658 Cedar St., St. Paul, MN 55155 : or 651‑296‑4708