Hiệp hội Nhà nước nông nghiệp Kiểm toán tài chính năm kết thúc ngày 31 Tháng mười 1998 Ngày phát hành: 15 tháng 4 năm 1999 Cơ quan Thông tin cơ sở Hội Nhà nước nông nghiệp là hợp pháp như là một công ty tự quản, tổ chức vào năm 1860. | State Agricultural Society Financial Audit For the Year Ended October 31 1998 April 1999 Financial Audit Division Office of the Legislative Auditor State of Minnesota 99-22 Centennial Office Building Saint Paul MN 55155 651 296-4708 SUMMARY State of Minnesota Office of the Legislative Auditor 1st Floor Centennial Building 658 Cedar Street St. Paul MN 55155 651 296-1727 FAX 651 296-4712 TDD Relay 1-800-627-3529 email auditor@ URL http State Agricultural Society Financial Audit For the Year Ended October 31 1998 Public Release Date April 15 1999 No. 99-22 Agency Background The State Agricultural Society was legally organized as a self-governing public corporation in 1860. The Society operates under Minn. Stat. Chapter 37. The Minnesota State Agricultural Society Board of Managers operates the annual state fair exposition and maintains the state fairgrounds. The 10-member board is comprised of one representative from each of the Society s nine regional districts and a president. Mr. Jerry Hammer serves as the executive vice president of the Society. Financial Highlights The State Agricultural Society is financially self-sufficient. The society reported net income of 1 987 740 for the year ended October 31 1998 and 3 038 160 for the year ended October 31 1997. The Society generated 22 618 708 in revenues during fiscal year 1998 including both fair-time and non-fair event revenues. The Society s primary sources of revenue are fair-time ticket sales and commercial space licenses. Significant expense classifications include activities and support plant maintenance plant operations administrative and depreciation charges. The Society had total assets of 26 028 051 as of October 31 1998. Audit Objectives and Conclusions The audit objectives were to issue an audit opinion on the Society s financial stateme nts as of October 31 1998 obtain an understanding of the Society s internal control structure and test the Society s compliance with
