Iowa State Fair audit released

Auditor of State David Vaudt today released an audit report on the Iowa State Fair Authority for the year ended October 31, 2011.

The Iowa State Fair Blue Ribbon Foundation is included in the Fair Authority's financial statements.

The Fair Authority reported operating revenues of $20,638,067 for fiscal year 2011, an increase of 9.6% over the prior year. Revenues included $7,032,703 from Fair admissions, $3,352,538 from Fair concessions, $3,055,586 from Fair entertainment and $1,999,394 from interim events.

Operating expenses of the Fair Authority for fiscal year 2011 totaled $20,380,922, a 12.5% increase over the prior year. The Fair Authority reported operating income of $257,145 for the year ended October 31, 2011 compared to operating income of $719,616 for the prior year.

Foundation revenues were $2,961,268 for fiscal year 2011, a 36.1% decrease from the prior year. Revenues included operating grants and contributions of $917,464, capital grants and contributions of $1,500,000 and charges for service of $539,593.

The Foundation had administration and promotion expenses of $1,332,970 during fiscal year 2011, a 5.4% decrease from the prior year. The Foundation also provided capital contributions of $1,451,872 to the Fair Authority from contributions.

A copy of the audit report is available for review in the Iowa State Fair Authority's Office, in the Office of Auditor of State and on the Auditor of State's website at

http://auditor.iowa.gov/reports/1260-0110-0000.pdf.