Executive Vice President"The Minnesota State Fair isrecognized as one of the best inthe nation. It is a great institution,a true reflection of Minnesota'sagricultural, industrial and recre-ationallife, and its continuedexcellence should be a source ofpride to all Minnesota residents."Minneapolis TribuneSept.3,1941

Sixty-four years later, it still ringstrue. The Great Minnesota Get-Together is one of the biggest andbest events in the world, bringingall of Minnesota together anduniting us in a grand celebrationof agriculture, education, industryand recreation. It's a one-of-a-kindexperience that connects us withour communities, with our govern-ment and, most importantly, witheach other.

The State Fair of 2004 wasperhaps the best ever in terms ofquality of presentation.

Participation in the fair's multitudeof educational and agriculturalcontests was at or near recordlevels. Commercial exhibits andindustrial displays were the bestever and the vast array of enter-tainment options offered literallysomething for everyone.Attendance, however, was affectedby early school openings through-out Minnesota and rainy weather.That, in turn, led to a predictabledecline in operating income.

The State Fair is nothing, however,if not resilient. It's older than thestate itself with ancient rootsreaching back to Minnesota'sterritorial days. It has survived theCivil War, two World Wars, theGreat Depression, a polio epidem-ic and economic downturns.Ultimately, the State Fair is a rareinstitution that survives andthrives by remaining consistentdecade after decade, even as itevolves along with society.

Our greatest mistake, though,would be to take the fair'sresiliency for granted. The fair hasflourished for 150 years preciselybecause the Minnesota StateAgricultural Society - governingbody of the fair - takes itsstewardship of this important statetreasure very seriously. Thesociety has carefully cultivated theinstitution decade after decade andprotected it for all Minnesotansfrom the whims of politics andother fleeting causes du jour.

And in 2005, we will present thepeople of our great state with thebest fair ever. I'll see you at thefair!

Jerry HammerExecutive Vice PresidentApril,2005

Our Mission...To educate and involve ourguests by providing a world-classshowcase that is innovative,entertaining and fun.

Jfe strive to• Showcase Minnesota sfinest

agriculture, art and industry

• Present an unparalleledforumfor knowledge and ideas

• Provide outstandingcustomer service

• Offer exceptional value

• Provide a safe, clean environmentthat is accessible to all

• Create unique experiences

Competition 2

Amusements and Activities 3

Entertainment 4

Awards and Recognition 6

Concession and Exhibit List 7

FINANCIAL INFORMATION

Auditor's Report 14

Management Discussion and Analysis 16

Statement of Net Assets 18

Statement of Revenue, Expenses and Changes in Net Assets 20

Statement of Cash Flows 22

Footnotes 24

Supporting Schedules, Revenues and Expenses 26

Audit Opinion Letter 29

Meeting Minutes 32

TOTAL ATTENDANCE: 1,631,940

Cloudy skies were prevalent during the 2004 fair with more than aninch ofrain falling on Sunday, Sept. 5. However, it was pre-LaborDay school starts that dampened overall attendance.

Pre-fair Admission Price:All ages $7

Regular Admission Price: Adults$9; Seniors (65 and over) $8; Kids(5-12) $8; Kids under 5 Free

Thrifty Thursday: Adults $7;Seniors (65 and over) $7; Kids(5-12) $4

Seniors & Kids Days: Seniors (65and over) $4; Kids (5-12) $4

Blue Ribbon Bargain Book: Pre-fair $4 ; Fair-time $4.50

Mighty Midway & Kidway:Pre-fair: 20-ticket sheet $10Fair-time: 24-ticket sheet $15; 54-ticket sheet $30; single ticket 75¢

Parking: $8 or extra $7 pre-fairadmission ticket; Four or more invehicle Free

Coliseum: English Horse Showswith RCMP - Box seats $10;General Admission Adults (13 andover) $8; Kids (5-12) $4; Childrenunder 4 Free' Westem HorseShows with We Can Ride, Inc. -Box seats $8; General AdmissionAdults (13 and over) $6; Kids (5-12) $3; Children under 4 FreePRCA Rodeo - Box seats $10;General Admission Adults (13 andover) $8; Kids (5-12) $4; Childrenunder 4 Free*

SATURDAY, SEPT. 4Foundation Day: 204,934High 87 Low 66

SUNDAY, SEPT. 5FFA Day: 158,733High 85 Low 70Precipitation: 1.12

MONDAY, SEPT. 6Last Chance Day: 137,139High 75 Low 57

WEDNESDAY, SEPT. 1Doghouse Daysof Sununer & Hop On!Transit Day: 92,697High 87 Low 62

THURSDAY, SEPT. 2Seniors Day: 99,953High 88 Low 71

FRIDAY, SEPT. 3Minnesota PublicRadio Day: 137,101High 86 Low 66

*

TUESDAY, AUG. 31Kids Day & Tasteof Tuesday: 103,336High 81 Low 58Precipitation: Trace

THURSDAY, AUG. 26Thrifty Thursday: 101,915High 76 Low 62Precipitation: 0.04

FRIDAY, AUG. 27Governor's Fire PreventionDay: 129,827 - RecordHigh 76 Low 59

SATURDAY, AUG. 284-H Day: 175,115High 72 Low 55

SUNDAY, AUG. 29Red Hot Cars &Red Hat Day: 164,672High 72 Low 54Precipitation: 0.21

MONDAY, AUG. 30Seniors, Kids & StatePatrol Day: 126,518High 77 Low 57Precipitation: Trace

Fine Arts SpecialExhibits

• Handmade Tile Association• Grand Excursion

PhotographyCompetition

Fine Arts

Of the 2,163 entries in theFine Arts competition, 368works of art made the cut.The People's Choice Awardwent to John C. Ilg ofWoodbury with his piecetitled "War on Terrorism."

•,OnThe English horse show wasfeatured in the Coliseum thefirst six days of the fair withthe Royal Canadian MountedPolice performing theirworld-famous "MusicalRide."

The Western Horse show wasshowcased the last six daysand featured We Can Ride,Inc.

Animals

The fair hosted the first-everNormande Dairy Cattle com-petition in the U.S.

New animal competitionsalso included the NigerianDwarf Goat and FFA'sPolypay Sheep and RedAngus Cattle competitions.

A special Hispanic showcaseincluded a collection of origi-

nal artifacts and re-cre-ations of head-

dresses, pottery,textiles, masks,and ceremonialobjects dating

from the 16thto the 20thcentury.

Creative Activities

The Saint Agnes BakingCompany debuted in theCreative ActivitiesDemonstration Kitchen.Topics ranged from old worldbread carving to recipes fordoggie delicacies.

McCain held a rally at Promo Plazaand on Labor Day, Vice PresidentDick Cheney held a town meeting inthe Grandstand Infield followed by aquick visit to Sweet Martha's Cookies.

MSF Talent CompetitionOver an inch of rain didn't dampenthe spirits of the amateur talent con-test finalists! Winners of the 2004competition were: Open Division:1st-Lila Ammons, 2nd-Nikki Allen,3rd-Dare Kujawa; Teen Division: lst-Brittany Henry, 2nd-T.WI.N., 3rd-Christian DeMarais; Preteen Division:1st-Erik Nordahl, 2nd-SedraBistodeau, 3rd-Jeff Zhang.

The 2004 winnerswere: Men-ChrisBrown, 30,Alexandria (16:42); Women-AmyLyons, 19, Mounds View (18:29)

Daily Mall ParadeThe daily parade featured the highschool marching band competitionand top honors in 2004 went toChamplin Park (Class A), Waseca(Class B) and Adrian (Class C) HighSchools.

Milk RunSince the inception of the Milk Run20 years ago, nearly 25,000 peoplehave participated in thefair's own mini-marathon. Originallyan 8K, it was short-ened to 5K in 2003.

_ Vote2004... The politicians were as

plentiful as Pronto Pupsat the 2004 fair. Presidential candidateJohn Kerry made a surprise visit onopening day, shaking hands with sup-porters and making a visit to thebarns. On Sept. 3, Senator John

New State Fair PosterA new concept for Minnesota StateFair poster art was introduced in2004. Each year a new Minnesotaartist will be selected to create anoriginal work of art that visually inter-prets the meaning of "The GreatMinnesota Get-Together." This year,the commissioned artists were hus-

Dogs, Dogs and More Dogs!The 2004 fair included dog demon-strations in the Pet Center, Frisbee-catching dogs on Murphy Avenue anddock dogs in The North Woods.

band and wife team Steve Johnsonand Lou Fancher. The artwork wasunveiled in June and proved popularwith fair fans who bought all signedprints prior to opening day and anadditional 1,800 posters during thefair. All proceeds from print andposter sales benefit the MinnesotaState Fair Foundation.

Little Farm Handsat the FairThe Little Farm Hands at the Fairattraction enjoyed a second successfulyear with an attendance of nearly40,000 children and another 120,000adults. This year, families were pro-vided the opportunity to have theirpicture taken in a "vegetable patch,"and 12 lucky kids won a giant stuffedSerta® sheep.

Miracle of Birth CenterMore than 167 baby animals wereborn during the 12 days of the fairincluding 123 piglets, 13 calves and31 Iambs.

Mobile MarketingParticipants• Camp eBay• Decadent Fudge Tour• Discover Boating and

Fishing Tour• Freschetta Pizza Tour• Gold'n Plump Chicken Poultry• Hormel's SPAMmobile Tour• Lawry's Live! Cooking Caravan• Lay's Challenge Tour• Miller High Life Cruiser Tour• NBAJam Van• Pace Trailgating Ranch Tour• Proctor & Gamble's Cover Girl

Smoothwear Tour• Republican National Committee• T-Mobile 1M2Win Trivia Challenge• Toyota Interactive Garage• Van Camps Pork and Beans Tour

2000 2001 2002 2003 2004

Joe Farmer Superstar Quilting DogCool Charlie Lucy Linus NapSnoopy Brown at the

Fair

Peanuts Statues - St. Paul's tribute to Charles Schulz came to a close in 2004.

3

ran~8tand

To introduce fair fans to the newly renovated Grandstand, three shows on the 2004 line-up were absolutely FREE!More than 15,000 people took advantage of the offer to see Paramount's Original LaserSpectacular; 5,000 came to rockfree with Gavin DeGraw, The Spin Doctors and Franky Perez; and another 6,000 braved heavy rain for the State FairAmateur Talent Contest Finals.

After an 18-year absence, Garrison Keillor brought A Prairie Home Companion back to the Minnesota State FairGrandstand. The Saturday evening show attracted 11,192 Lake Wobegon fans.

From Clay Aiken to ZZ Top, from FREE to $35, the Grandstand offered concerts for all ages, musical tastes andpocketbooks.

4

THE LEINIE LODGE BANDSHELL TONIGHT!

SEPT. 5 & 6:Tonic Sol-fa

Every seat filled - every night at Bandshell Tonight! • sponsored by City Pages

• THE LEINIE LODGE BANDSHELL Stellar national and interna-tionallineup • sponsored by City Pages

• Aug. 26 - 29: Roy Rivers and the Wright Brothers, Leroy Van Dyke,Colt Prather

• Aug. 30 - Sept. 2: Blue County, The Al Meixner Trio, Cowboy Crush• Sept. 3 - 6: Rodney Atkins, hilljack, Wylie & The Wild West

• TEEN FAIR IN BALDWIN PARKThe hot spot for teens· sponsored by Green Mill Restaurant

• Aug. 26 - Sept. 6: Monster Shop Bumpin' with BC Characters• Aug. 26 & 27: Steve Clarke & The Working Stiffs, The Fighting

Tongs• Aug. 28 & 29: Marcoux Corner, Billy Johnson's Roadshow• Aug. 30 & 31: The Root City Band, Jesse Lang• Sept. I & 2: Brenda Weiler, Aubrey Collins• Sept. 3 & 4: Kubla Khan, Scott Laurent• Sept. 5 & 6: The Plastic Constellations, Dana Thompson & The

North Coast

• GRANDSTAND PLAZASpontaneous entertainment at a great gathering place

• Aug. 26 - Sept. 6: The Procrastinators, BC Characters, Balloonacy• Aug. 26 - 31: The Living Doll• Sept. 1 - 6: High Voltage Extreme Acrobatic Dance Team

• RAMBERG SENIOR CENTER Polka, jazz and country favoritessponsored by Blue Cross Blue Shield and Good Age

• Aug. 26 & 27: Die Wolpertinger, Mariachi Mexico 2000, The BlueDrifters

• Aug. 28 & 29: The Royal Order of Klondike Kates, Hickory Wind,The Marv Nissel Polka Band

• Aug. 30 & 31: Switched At Birth, Jim Berner, Cliff Brunzell & theGolden Strings Quartet

• Sept. 1 & 2: The Banjo Bandits, Tina & Lena, The Parisota Hot Club• Sept. 3 & 4: Los Amigos, Brian Wicklund & Chris Silver, The Boot

Draggers• Sept. 5 & 6: Jack Brass Band, Brett Larson & Three County Tour,

Amaryllis

• INTERNATIONAL BAZAAR Music from around the globesponsored by Summit Brewing Co.

• Aug. 26 - 31: Tim Gabrielson• Sept. I - 6: De'Anna the Hypno-Chick• Aug. 26 - 29: Rosie Flores & The Falcons• Aug. 30 - Sept. 2: The Asylum Street Spankers, Cafe Accordion

Orchestra• Sept. 3 - 6: Marimba Africa, Keith Secola & The Wild Band

• HERITAGE SQUARE The best in guitar pickin', fiddle pluckin',knee-slappin' fun· sponsored by August Schell Brewing Co.

• Aug. 26 - 29: Pop Wagner & Friends, The Jim Busta Band, The NewRiverside Ramblers

• Aug. 30 - Sept. 2: Sourdough Slim - Yodeling Cowboy, Sam Miltich& The Clearwater Hot Club, Monroe Crossing

• Sept. 3 - 6: Hank Thunander, The Wilders• Sept. 3 & 4: The Minnesota Flatpicking Guitar Contest• Sept. 5 & 6: The Minnesota State Fiddle Contest

• CHILDREN'S THEATER The stage for every age

• Aug. 26 - Sept. 6: Sean Emery, Snoopy and the PEANUTS Gang• Aug. 26 - 31: David Malmberg, The Wacky Chickens• Sept. I - 6: Mikael Rudolph Mime Artist, Rusty's Rocking Jamboree

5

2004 Minnesota StateFair SuperintendentsAdmissions-Dave Woodis, St. PaulAttractions Ticket Takers-Marty Rossini, StillwaterBee Culture-Winnie Johnson, Elk RiverBeef Cattle-Chuck Schwartau, GoodhueChristmas Trees-Greg Ustruck, Vadnais HeightsCreative Activities-Curt Pederson, ShoreviewDairy Cattle-Larry Tande, MedfordDairy Products-Gene Watnaas, ViningDog Trials-JoAnna Yund, MinneapolisEducation-Burt Knandel, BrainerdFarm Crops-Ron Kelsey, LambertonFFA-Paul Day, NorthfieldFine Arts-Bob Meyer, WayzataFlowers-Phyllis Andrews, Maplewood4-H-Brad Rugg, MinneapolisFruits-Louis Quast Jr., St. Louis ParkGoats-Kevin LeVoir, Maple Lake

Grandstand Productions-John Mons,BrowntonHeritage Square Museum-Jan Bankey,RichfieldHorse-Robert Peterson, LauderdaleLlama-Sharon Wessel, HamelMeats-Ed Butler, RochesterMilking Parlor-Doris Mold, LauderdalePark & Ride-Dick Anderson, St. PaulParking-Ron Vannelli, St. Paul

Poultry-John Thomforde, CrookstonPublic Safety-Art Blakey, St. PaulSenior Citizens-Marge Krueger, St. PaulSheep-Gordon Toenges, AldenSwine-Jerry Hawton, New BrightonTicket Audit-Dick Reinhardt, Owatonna

Ticket Sales-Ken Wagner, Jr., St. PaulVegetable-Erven Skaar, Cambridge

Outstanding SeniorAward WinnersMarion Jacobson of Lake Park andPaul Overgaard of Albert Lea receivedtheir awards as Minnesota's 2004Outstanding Senior Citizens at theLeinie Lodge Bandshell on SeniorsDay, Thursday, Sept. 2.

Brenda Nelson; WinthropSarah Olson; HutchinsonJoy Pearson; Grove CityMark Purfeerst; FaribaultJenna Schmidt; PipestoneKarin Sorgaard; FosstonLuke Stenoien; UnderwoodLisa Thompson; StarbuckAmy Woeste; Long PrairieRachel Wulf; Hancock

New GrandstandExhibits AreaThe Grandstand exhibits area gainedover 8,000 square feet after phase twoof renovation. A new layout forexhibitors allowed for wider aislesand better traffic flow. Restroomcapacity increased with 145 brandnew stalls.

Honorary Life MemberEach year, the Minnesota State Agricultural Society elects oneindividual for honorary life membership. Long-time farm cropssuperintendent, Duane Smith of Minneapolis, received the nodin 2004. Duane started working for the fair's farm crops depart-ment in 1957 and has missed only two fairs since. He helped tocreate the Crop Art Show in 1965 and refurbish the farm cropsand certified seed displays. He was the superintendent of thedepartment from 1975 until 2001, during which time he was

Congratulations Duane! instrumental in starting the crop art demonstrations.

50 Year AwardsOn Monday, Aug. 30 on the HeritageSquare Stage, 12 special people werethanked for their involvement with thefair for 50 years or more.

• Shirley Barber, Roseville, 4-H• Delos Barber, Roseville,

Competition - Lambs• Richard Becker, Clear Lake,

Employee - Public Safety• Duane Beise, Loretto,

Competition - Hogs• Arthur Blakey Jr., St. Paul,

State Fair Police Chief• Charles Bobendrier, Pipestone,

Competition - Lambs• Paul Day, Northfield, Competition• Leo Keskinen, Cloquet,

FFAlBoard of Managers• Dorothy Lindberg, Lindstrom,

Competition - Baking• Lowell Mathistad, Butterfield,

Competition - Duroc Hogs• Bettye Olson, St. Paul,

Competition - Art• James Schneider, Shoreview,

Concessionaire

Ben C. HallbergScholarshipsAwarded to youth involved in agriculture

Melisa Bauer; FaribaultTracy Beseman; MorrisAnne Bjerum; Mountain LakeKendra Huwe; New York MillsLaura Jacobs; RushmoreKari Johnson; Thief River FallsLeah Johnson; LaCrescentGinger Katke; OgilvieBrianna McKenzie; CushingRyan Mitteness; Ada

One Goal PlusThe fair's One Goal Plus program

annually recognizes five employeesfor going above and beyond.

Winners for 2004 were (from left toright) Matt Hammer, sanitation; Jan

Albrecht, milking parlor; BobAnderson, sanitation; Curt Albrecht,

competition, and Chris Young,employment services/operations.

6

2004 Concessionaires and ExhibitorsAgricultural, Lawn & Garden Supplies Ejection Seat - Big Adventure Inc Carro11ton, TX

Fairplay Concessions Orlando, FLAce Trailer Sales .

Agra Cat by Northern States ...

.. .....Shakopee, MN

..Elk River MN

Lorenz Manufacturing Co. .. Benson, MN

Luverne Truck Equipment Inc Brandon, SD

Manke Service Owatonna, MN Falling Star Enterprises .... ...Chesapeake City, MD

Agromatic - A.F. Klinzing Co. Inc Fond Du Lac, WI

Meyer Products Cleveland, OH

Maple Grove Heating and Supply Inc. .. ........Hillsdale, WI Farrow Amusement Co. Inc Jackson, MS

Floyd & Baxter Amusement Co. .. Lebanon, TN

...................Parker City, INGary Oren Concessions ........... Hayward, WIMidwest Stihl Inc.

.............SI. Peter, MN

.. Cresco,IAAlum-Line Inc ..

All American Pressure Washers

American Energy Systems Hutchinson, MN Mills Fleet Fann Inc Appleton, WI Giant Ride Inc. dlbla Giant Slide.. .. ........Pasadena, CA

Apache Manufacturing Norfolk, NE

Askov Greenhouse and Nursery -Petersen Sales .. Askov, MN

NK Sales Inc Annandale, MN K & M Recreation Inc.(Haunted House) ........SI. Paul, MN

Amsoil Inc . ........................Superior, WI MN Buffalo Association .....

MTI Distributing Co.

New Holland ..

.................Perham, MN

.. Plymouth, MN

.. New Richmond, WI

Gold Star Amusements

Ham On Rye .

Infinite Adventures Inc

.Minneapolis, MN

..................................Eureka, MO

................ .Tampa, FL

Bergmann's Greenhouse -Bloom'n Plant Products .

Notch Manufacturing Paynesville, MN

Poly Dome (Div. of Polytank) Litchfield, MN

Radco Industries Inc ..

.. Sterling, CO

.. Coon Rapids, MN

..................Chesaning, MI

.. Oakland, MI

.. Hartford, SD

McDonagh's Amusements

Mid America Shows .........

Lee's Concessions Inc .

Laser Fair Inc ..

Midwest Concessions Inc... ..Brainerd, MN

.. Thedford, NE

.. Gladbrook, IA

Pearson's Inc ..

Petty Manufacturing Co... ........ .stillwater, MN

.. Bloomington, MN

.. Eagan, MN

.. Ham Lake, MN

.. Minneapolis, MN

BMK Bonsai .........

Aspen Equipment Co. ...

Blomquist Designing Inc.

Boyer Ford Trucks Inc.

Kretzschmar Sales .... .Janesville, MN

Larsen Industries Goodhue, MN

Kubota Tractor Corporation ..... .. .......Hudson, WI

Doffings Crossing ..Farmington, MN

.. ....Burnsville, MN

.. ....Copley,OH

.. .....Cleveland, GA

.....Darwin, MN

...........Sarasota, FL

...............Savage, MN

...Sevierville, TN

.......New Prague, MN

.. Minneapolis, MN

.. Pequot Lakes, MN

.. Shoreview, MN

.. West Bend, IA

......Cannon Falls, MN

.. San Antonio, TX

.. San Antonio, TX

.. Mound, MN

.. Carrollton, TX

.. Crystal Lake, II.

.. Pena Cook, NH

................................SI. Paul, MN

.. Jupiter, FL

.. Mason, MI

............Sarasota, FL

.......................... Austin, TXThomas Camivai Inc.

Water Wars .....

Waymark Co....

West, R.

Wood, M.

Ye Old Mill Amusements Inc..

Wood Enteliainment Co.

A Touch of Country Magic

Allards Rugs & Crafts .

Aloe Tinnel)'

Anchor Iron Co.

SYD Concessions Inc.

Apple Basket, The ..

Billy's Bird House ..

T.F. Bors & Co. Inc.

Thornben)' Concessions Okeechobee, FL

Turbo Bungy - Big SkyAdventure Inc Canollton, TX

Teo Zacchini & Sons

Ventnor Place Inc.

Monty's TravelingReptile Show Inc. .Bloomington, MN

Paramount Attractions Inc. .. Tampa, FL

Paul's Concessions Inc. .. San Antonio, TX

Pinnacle Management .. Phoenix, AZ

Potopas Concessions Inc. .. Longwood, FL

River Raft Ride Inc .

A & B Specialty Co. Inc .

A & D Sales

Rockwall ...

Arts & Crafts, Jewelry, Collectibles

R & R Rides .. Chandler, AZ

Schlough, J.

Skyfair ..

State Fair Penny Arcade

...Eagan, MN

.SI. Albert, AI.

.........Tampa, FL

..Imperial, MO

...New Hope, MN

.. Daytona, FL

.. Palmetto, FL

.. Sarasota, FL

.. .........Newton,IA

..............Luverne, MN

..South BalTington, II.

...Carrollton, TX

.. .........Shelbyville, IN

.. Crystal, MN

.......................................................Orono, MN

.. Conrad,IA

Total Thrill Rides Inc

Yard Stakes - TSE ..

Ritchie Industries Inc.

Bob Duerr's Snake Zoo

W-W Livestock Systems ...

Winpower Sales and Service

American Amusement Arcades Bloomington, MN

Arrow Enterprises Inc. dlbla Skyride Hopkins, MN

Roberta's Inc. .. .

Anderson, C.

Adrenaline Drop -Astra Amusements

Cassata Conccssions ....

Duke's Amusements Ruskin, FL

Radintz, H.

Archway A.M.S.

Amusements

Arics Enteliainment Systems Ltd.

.. ..Portage, WI

Scharber & Sons Rogers, MN

S.1. Feeders Division of Schoessow Inc.

Squngee ..

Schweiss Distributing Inc.... .. Fairfax, MN

Simplicity Manufacturing Inc SI. Cloud, MN

Snapper Power Equipment.. Steamboat Rock, IA

Stronghold By Hagie Clarion, IA

Sullivan Supply Inc. .. Dunlap, IA

Sundowner Trailers of Minnesota Northfield, MN

Terra Pot Hook-Timberwolf Point Orr, MN

Tri State Bobcat Inc. .. Burnsville, MN

Truck Equipment Applications Mktg. .. Edina, MN

Truck Utilities and Mfg. Co. Inc. ..... ...SI. Paul, MN

URSA Garden & Stable Wagon .....Stanchfield, MN

Catarzi & Co..

Cristiani Concessions Inc.

.. ...Atwater, MN

.. ..Decorah, IA

...Elk Mound, WI

.......Cedar Falls, IA

.North Mankato, MN

.. Eau Claire, WI

.. Ramsey, MN

.. .......Fergus Falls, MN

...........Anoka, MN

......Stacy, MN

......................Hull, IA

.. ..........Young America, MN

Harnack Co., The

Instantop Inc. .. .

Isanti Engineering Inc.

Jack Kovar Sales Co.

Hydro Engineering Inc.

Idso's .

K & 0 Manufacturing Co. Inc.

Kaye Corporation

Fann Fans Inc. ...... ...Indianapolis, IN

Featherlite Manufacturing Inc. .. Cresco,IA

Flower Frog .. Safety Harbor, FL

Fly Away Products... .. ..Jordan, MN

Garden Shop - Horizons LTD ...Conyers, GA

John Deere Co.....

Discount Grain Systems .

Easy Way Cattle Care .

Edney Distributing Co. Inc Huron, SD

Enestvedt Bros. .. Sacred Heart, MN

Erickson, M. .. Alexandria, MN

Erskine Manufacturing Co. .. Erskine, MN

Camrose Hill.......... .. Stillwater, MN

Capital City Welding Fridley, MN

Caribbean Gardens .. Edina, MN

Crysteel Truck Equipment .. Lake Crystal, MN

Cub Cadet Corporation North Branch, MN

Curtis D. Erickson Co. .. SI. Paul, MN

Custom Marketing Co. Inc. ..... .. West Fargo, ND

Custom Products & Services Minneapolis, MN

Lano Equipment Inc. .. Shakopee, MN

Gullickson Trailer Sales & Services

7

Bonnie Mohr Studios Glencoe, MN

Carvings by Torberg .

Chao Flowers .

Harold Chevrolet-Geo Bloomington, MN

McCarthy Auto Group Roseville, MN

.........Andover, MN

......Coon Rapids, MN

..............Golden Valley, MN

..................Minnetonka, MN

Kingsley Coaehes .

Leroy's Custom Painting Inc..

Line-X of Minneapolis

Lincoln-MercUlY

Dealer Assoeiation .

...................Leota, MN

..................Shalimar, FL

.....................Raleigh, NC

...Brooklyn Park, MN

........Panama City, FL

...Wisconsin Dells, WI

.........Dana Point, CA

Pedretti, M.

Pearl Diver I Inc.

Paddy Prints Fabrie Stamps ..

Paper Art .

Pane in the Glass

Overbeek, H.

Personalized Christmas Treasures

.Maple Plain, MN

....... .st. Paul, MN

.. .........Garrison, MN

.. Mound,MN

....................Attica, NY

. Morristown, MNBonnie's Boutique .

C &D Sales ..

Carved Wood Signs ..

Cane Factory, The .

Christy Home Creations Maple Plain, MN

Cloud Nine Factory Lindstrom, MN

Collectors Gallery Woodbury, MN

Pillowcases by Kristen Apple Valley, MN

Plaster Cast - Cindy Morgan New Prague, MN

Plaques By Baps....... .. Kennewick, WA

Morrie's Mazda .

Red Carpet Car Serviee Inc.

Redline Specialties, Inc.

.. ...Minnetonka, MN

.............St. Paul, MN

..........WoodbUly,MN

Design Quilting St. Charles, MO

Elightworks St. Paul, MN

Fair Market Promotions Dauphin Island, AL

Flags on a Stick.................. .. Edina, MN

. Fargo, ND

........Minneapolis, MN

...... .Bloomington, MN

.. St. Cloud, MN

.. Minneapolis, MN

Ameriean Steel ..

Books & Literature

Building, Construction & Hardware

Thane Hawkins -Polar Chevrolet .. White Bear Lake, MN

Twin Cities Saturn Retailers Golden Valley, MN

Waldoch Crafts Inc Forest Lake, MN

Backyard Building Systems -Construetion Co. .. Hampton, MN

Toyota Motor.. Aurora, IL

City Pages .......

Cloud Cartographics

Employment News ..

NOlihwestern Products

........St. Paul, MN

.......Hartville, MO

...................Reading, PA

......Ottertail, MN

....La Mesa, CA

.....St. Paul, MN

........Albuquerque, NM

............................Ely,MN

......Grand Rapids, MI

.........Tulsa, OK

.................. .Brooklyn Park, MN

.. .. Mountain Top, PA

.. ..........Lakeville, MN

...............White Bear Lake, MN

Pol-O-Craft Nails In Bloom

Pottery - Ottertail Oaks ..

Precious Moments - Megan Mktg .

Ribbon Fair Inc .

Rustic Arts ........

Railroad Art By John Cartwright..

Rebecca's ..

Saliture Designs

Ruffles and Flourishes

Santa Fe Touch ..

Saugestad, E. .. ...

SeuIptured Candle Co. Inc.

Silver Gallery

Silver Strands

....Bloomington, MN

.............Forest Lake, NM

...................Hope, IN

.......................Edina,MN

..................Minneapolis, MN

.......................Minnetonka, MN

.......................................San Diego, CA

Copper Art of TX

Dahl,M .

DaysArt ..

Debra's Glasscraft

............Bogata,TX

..................Newport,MN

Coverston, P Shoreview, MN

Creative Memories .

Diamond Find

Eye's of the Wild

Costigans Minerals

Crafteez .........

Spirit & Company - Granger, I ....... .. .......Mt. Gilead, OH

Fifth Avenue Collection Inc.

Fuhrman Leather Co. .. .......

.....................Sioux Falls, SD

.......Duck Key, FL

Simonsons .....Victoria,MN Bergee Industries ...

Conklin Products Co.

.. Golden Valley, MN

.. Bloomington, MN

Gem Mountain Studio .. Seattle, WA

G.S.T. Co. .. ..Lake Elmo, MN

Gourds - E&P Crafts Jacksonville, FL

Hands Unlimited ..

.. ..Springville, UT

...South St. Paul, MN

........Morton,IL

.. ....Lester Prairie, MN

......North Braneh, MN

..Burnsville, MN

.. .. Eau Claire, WI

.. .....Bloomington, MN

....Brainerd, MN

.. .......South Haven, MN

Morton Buildings Inc.

Lester Building Systems

Little Giant

Ladder System - Wing Ent

Midwest Fenee & Mfg. Co.

Crystal Bay Corp.... .. Wyoming,MN

Curb Creations ofMN Buffalo,MN

Fancy Publieation .

Four Seasons Realty Inc.

Greyston Construction ..

Natural Spaces Domes, L.L.c.

Northern Tool & Equipment

Northland Buildings Inc.

...Manassas, VA

......... St. Paul, MN

......Wrenshall,MN

...........Crossville,TN

........Deland, FL

.Cape Coral, FL

...............Mound,MN

........Middletown, OH

...........Claremore, OK

...............Scottsdale, AZ

....East Troy, WI

.............Mocksville, MN

.......................Wilson, WI

Woodeut Hall Ltd.

Tole House

SRR Enterprises .......

Stampworks of Florida

Star Silver .

Sun Produets .......

Sterling Silver Plus

Stitch E-Z - Powell, Brian

TimeOut

Tony Sheda Enterprises

Unique Art & Gift

Way Out West

Windi Southwest Alis ..

................Ridgecrest, CA

.....Kannapolis, NC

..........Phoenix, AZ

.................... Spooner, WI

.........Coon Rapids, MN

....................... .....Savage, MN

.................................Tampa, FL

.......................Minneapolis, MN

...............................Elk River, MN

.........................Marine On St. Croix, MN

Hue Ine .

Heart Gifts By Theresa ......

Hixon Glass Blowers ..

J & J Enterprises

Jerry Simertz Porcelain

Glassworks Inc.

Johnson, K. .

Jonrieh Sales.

Intermezzo .

Lavigne Leather ......Star Prairie, WI

Layden Studios Minneapolis, MN

Light it Up .. Woodbury,MN

Longaberger Co. ..Minneapolis, MN

Mountain Flower Pottery & Tin ...

Name Rings ........

Automotive Dealers & Supplies

.....Minneapolis, MN

........Dayton, OH

.....................St. Cloud, MN

................................Minneapolis, MN

Nut & Bolt Warehouse.. .. ...Marine On St. Croix, MN

Pigtail Fastner .Stillwater, MN

Powers Construction Co. Inc. .. ..St. Paul, MN

Wick Building Systems Inc. .. Pine Island, MN

Woodmaster Foundations Inc. .. ....Preseott, WI

Underdeck .. Minneapolis, MN

Prefened Welder Sales ... Mankato, MN

R.B. Industries Inc. .. ........Harrisonville, MO

Rodman & Co. Inc. .. ....Burbank, CA

Shopsmith Woodworking Promotions

Thomas Tool and Supply Inc.

Wunder Klein Brick Co. .Plymouth, MN

Stand Alone Ine..

Tool Warehouse

.. .. Hanover, MN

.Burnsville, MN

...Burnsville, MN

....Plymouth, MN

...........Backus,MN

...Smith Center, KS

...Minneapolis, MN

...........St. Paul, MN

..St. Paul, MN

.......Plymouth, MN

Ford Motor Co ..

Heartland Chevrolet Dealers

Assoeiated Handicapable Vans

Eveland's Inc ..

Exeell Recreational Vehicles ...

Burnsville Volkswagon Inc.

Imperial Products Ltd.

Jeep Advertising Association .

Jim Lupient GMC TrucksJim Lupient.. Minneapolis, MN

Cummings Mobility

Conversion & Supply Inc.

Dodge Advertising Assoeiation

.. ......Wayzata,MN

. .. Wheaton, MN

......St. Paul, MN

...Cottage Grove, MN

.. ...Leonard, ND

...St. Paul, MN

...........Red Wing, MN

.....Decatur, AL

.................. ....Superior, WI

....................Baoly,s Harbor, WI

LotI's of Crafts

Katies Komer

Mail Call Topical Stamps

Mixon Family Baskets

Marita's

Kinane, M....

Kathleen's Vintage Boxes.

Old Time Portraits

8

Clothing & Accessories

Brad's Discount Boots Humboldt,IA

Capital Beverage Sales L.P SI. Paul, MN

....................Hampton, MN

.......................................Woodbury, MN

Dippin Dots .

Far Eastern Foods

Festival Foods Inc. . Cherry Hill, NJ

Famous Dave's ofAmerica Inc Eden Prairie, MN

Demitris Greek Food Mont Airy, MD

Der Pretzel Haus Pace, FL

DFL Districts 66 and 67 SI. Paul, MN

Dills Concessions Venice, FL

Dino's Gyros Coon Rapids, MN

Dip Stix - M & S Concessions SI. Paul, MN

Dole Whip - Bougie, D Maplewood, MN

Donna's Bar-B-Q Rib Sandwich South SI. Paul, MN

Eagle Food Service Connersville, IN

EI Sol Mexican Food SI. Paul, MN

Engine House Eagan, MN

Family Tree Cafe -Arlo,s Fun Foods Inc. . SI. Cloud, MN

. Rhinebeck, NY

....Minneapolis, MNBuffalo Burgers - Woldorsky, J.

Butcher Boys -F & W Concessions Inc .

Australian Foods .Balboa, CA

Axle's SI. Paul, MN

Ball Park Cafe Shoreview, MN

Barona, Stacey & Robert Roseville, MN

Bayou Bob's LLC Andover, MN

Ben & Jerry's Ice Cream Edina, MN

Benson, B Mahtomedi, MN

Best Around, The North Ft. Myers, FL

Bianca's Foods Deephaven, MN

Big Pepper - Barrett, J SI. Paul, MN

Billies Baked Potatoes Huntington, CT

Blooming Onions - Ferch, S. . Loretto, MN

Blue Bell Ice Cream Inc. . Apple Valley, MN

Bridgeman's Restaurants Inc Minnetonka, MN

......Radcliffe, IA

.Northridge, CA

.......................Chula Vista, CA

. Keshena, WI

..........San Diego, CA

..............SI. Paul, MN

...........Champlin, MN

...........................Calgary, AB

.................................Burnsville, MN

Bon 'nean Inc. . .

Balizoo Clothing LTD

Battle Lake Outdoors

E-Z Way Applique.

Elegant Accents ....

Farm Boy Clothing

Circle M Hats .

Colada Wear.. .

Colorful Cotton Clothing Minnetonka, MN

Continental LeatherFashions Co. Inc .

American Dairy Association ofMN SI. Paul, MN

Antiques -n- Creme Maple Grove, MN

Baby Wear SI. Paul, MN

Green Mountain Trading Co.

.............................................Wing,AL

Cafe Caribe - TRES-C Inc. . Minnetonka, MN

Candy Castle - Huston Inc Parker City, IN

Fire & Ice Concessions Escondido, CA

..............SI. Paul, MNFisherman's Wharf Seafoods .

Foot Long Hot Dogs - Hansen, N. . . Fergus Falls, MN

Foot Long Hot Dogs - Hikes, M Fergus Falls, MN

......Minneapolis, MN

..........Urbandale,IACarl's Gizmo .

Caribbean Heat .

..... Long Lake, MN

. .Lebanon, IN

.........................Minneapolis, MN

Funk's Leathercraft .

Flora's Dress Emporium

Handbags by Jean

Kim's Fashions ...

Cheese Curds - Muskar Inc. . White Bear Lake, MN

Carmel Apple Sundaes - Charcoal Hut Staples, MN

Foot Long Hot Dogs - Johnson, T. Strum, WI

Foot Long Hot Dogs - Spidal, T Fergus Falls, MN

.Fergus Falls, MN

. Clayton, MNFoot Long Hot Dogs - Johnson, P.

Foot Long Hot Dogs - Johnson, J.

............Green Bay, WI

..........West SI. Paul, MN

Cheese Curds - Kropp .

Cheese Curds - Mouth Trap

.. Los Angeles, CA

Mi Chompita Minneapolis, MN

Minnetonka Moccasin Co. Inc Minneapolis, MN

Mystic Moon Norman, OK

Sandak Aloha Sandals Henderson, NV

3 0 Concessions Burlington, WI

Art Tysk Concessions SI. Paul, MN

Spectacle Shoppe New Brighton, MN

Sprongs................. . Minneapolis, MN

Sportswear ByMartin Wholesale Group Mahtomedi, MN

Street Town & Country .Indianola, IA

. Lakeland, MN

.....Minneapolis, MN

.....Minneapolis, MN

. Mirror Lake, NH

...............SI. Paul, MN

. EIlsworth, WI

. Westminster, MD

. Hutchinson, MN

. Roseville, MN

.........Shakopee, MN

. Ormond Beach, FL

. Minneapolis, MN

......Brooklyn Center, MN

..Inver Grove Heights, MN

H.M.H. ofSI. Paul Inc.

Isaac, T.

Isabel Burkes Olde Tyme Taffy Plymouth, IA

Hansen's Amusement Foods Fergus Falls, MN

Hawaiian Shaved Ice Inc.

Hamline United Methodist Church Little Canada, MN

Hildebrand Concessions Inc.

Fudge Puppies - Granny's Enterprises SI. Cloud, MN

Funnel Cakes - 0 & 0 Concessions ... .South Haven, MN

HalTington '8 EntellJrises .

Gopher Dairy Club - U of M

French Creperie .

French Meadow Bakery

Fudge Folks, The .

Hussong Family Inc. .

Ice Cream Factory Inc.

Ice Cream Parlor - Rush, T.

Ice Kreme Mill Ltd.

Ieee USA

Gass Concessions Inc Plymouth, MN

Grandma's Pasty Shop . Richfield, MN

Grandstand Donuts Lauderdale, MN

Granny's Caramel Apple Sundaes Hampton, MN

Green Mill . SI. Paul, MN

Gasthaus Edelweiss . Maplewood, MN

Geppetos To Go . Grand Ledge, MI

Giant Ride Inc. . Pasadena, CA

Golden's Guiltless Bagels SI. Paul, MN

Gooden's Old-Fashioned Kettle KOIll Byron, MN

. Stillwater, MN

......SI. Paul, MN

..Ham Lake, MN

....Coon Rapids, MN

. Minneapolis, MN

...South Milwaukee, WI

. Cottage Grove, MN

.........Richfield, MN

. Shakopee, MN

.................Lake Park, IA

. Minneapolis, MN

.............Minneapolis, MN

. Maple Grove, MN

. San Diego, CA

.......................StPaul, MN

. New Hope, MN

Chick-N-Chops -Peterson Concessions Ham Lake, MN

Degnans Popcorn .

Dairy Bar .

Chicago Dogs ..

Crocker's Spaghetti Village Inc. . Maple Grove, MN

Davis,1. .

Custards Last Stand

Danielson, W. .

Darlinda Inc .

Cinnamon Roasted Nuts Minneapolis, MN

Cinnamon Rolls - Willis Enterprises Tulsa, OK

Deli Express - E.A. Sween Co Eden Prairie, MN

Delicious Potato Skins ...

Coller Family Inc. . .

Colonial Nut Roll Company

Delrick Enterprises Golden Valley, MN

Cool Sips - Sunshine Concessions Spring Hill, FL

Com Roast - Ribco Enterprises White Bear Lake, MN

Cotton Candy - Hartley, J.

Cotton Candy - Kusick, G.

Cotton Candy - Yahr, K .

Country Gounnet Inc.

China Town-MN Waterville, MN

Chocolate Chip Cookie Co. . SI. Paul, MN

Church of The Epiphany Coon Rapids, MN

Country Store Sweet Shoppe Minneapolis, MN

Cream Puffs - Petrovski Concessions Vista, CA

Crocker Enterprises Inc.

Crutchfield, G .

...Apple Valley, MN

.....North Oaks, MN

............SI. Paul, MN

.........Covington, OK

...........Waukasue, WI

.......Minneapolis, MN

. Hudson, FL

...............Oxford, PA

.............SI. Paul, MN

. Arden Hills, MN

.....Inver Grove Heights, MN

....................Capistrano Beach, CA

............................San Dimas, CA

......Oakdale, MN

....................... ..South SI. Paul, MN

...SI. Paul, MN

.Hopkins, MN

....Minneapolis, MN

Ralph Marlin & Company

Puppy Toes .

Pen-Reed Co .

Shoes To Boot .

Waddell & Reed, Inc.....

Triple H. Australian Western Wear

Sharon & James .....

Simply Barbara Western Wear ...

Direct By Owner .

Uneek Tie Dyed Apparel

Financial Services

Swedish Clogs - Norden Inc.

The Hatman .

Food & Beverages

AI's Sub Shop - Hohenwald Enl. Inc.

American Bottling Co.

American Dairy Association of MN

Andres Watennelon - Stinchfield, J.

Andrew, M .

Andrus Concessions Inc.

9

Italian Junction-Bahr, T. St. Cloud, MN

lD.'s Eating Establishment Crystal, MN

Java Jive Edina, MN

Jerkey Shoppe, The Becker, MN

Jim & Jo's Forest Lake, MN

Joe's Smoke House Lake Elmo, MN

Key Lime Pie Elk River, MN

Kirch Enterprises Inc Shoreview, MN

Kirschner's Beer Stube Burnsville, MN

Kitchen Kraft Concessions Columbia Heights, MN

Lamb Shoppe, The Hutchinson, MN

Larson, G. .. Minneapolis, MN

Larson, J Minneapolis, MN

Poncho Dog - O,Neil, F. Roseville, MN

Poncho Dog - O,Neil, L. Roseville, MN

Poncho Dog - O,Neil, Leah St. Paul, MN

Poncho Dog - O,Neil, T. Lauderdale, MN

Pretzel Factory Aurora, CO

Prom Catering Co. .. St. Paul, MN

Pronto Pups - GLK Inc Elk River, MN

Pronto Pups - Hanold, T. .. Braham, MN

Pronto Pups - Heller, R Siren, WI

Pronto Pups - Jennisch, S Stockholm, WI

Pronto Pups - Nelson, J South St. Paul, MN

Quesadilla Junction Rochester, MN

R.J. Pretzel Co Breckenridge, CO

Veggie Pie - Alere's Concessions Pine City, MN

Vend Africa Inc Minneapolis, MN

Vescio's Minneapolis, MN

Vietnamese Egg Rolls - Tran, V. Golden Valley, MN

Vogt, V. - Mexican Hat New London, MN

Walleye On A Stick - Davis, W. Alexandria, MN

Ward Food Services Maplewood, MN

Werner's Frontier Inc. .. New Brighton, MN

West Indies Soul St. Paul, MN

Wild Rice Minneapolis, MN

Wiles Ent. Ltd. .. Minneapolis, MN

Williams Dinette - Steichen, J. . Fridley, MN

Wozniak Concessions Inc Minneapolis, MN

Peters St. Paul, MN

Mr. Ribs Sandwich - Sutich, J Minnetonka, MN

Mr. E's Pop - Erb, W. St. Paul, MN

Peg, The St. Paul, MN

.. ...Fridley, MN

.. St. Paul, MN

Fair Do's .

Avon - Fischer, A Kasson, MN

Beauti Control Ham Lake, MN

Custom Clip Ons - Davis Enterprises Hartville, MO

Home Improvement & Furnishings

AAA Garage Products Inc St. Paul, MN

ABC Seamless Inc Fargo, ND

Access One Inc Wyoming, MN

Air One Heating &Air Conditioning Brooklyn Park, MN

Amcon Block & Precast St. Cloud, MN

American Clocks Inc PIant City, FL

Nail Jazz by Impulse Sales Belchertown, MA

Naturally Beautiful NailslNail Masters PIant City, FL

North Country Glycerine Soap Maple Plain, MN

Merino Skin Care .. Gilbert, AZ

Nada Concepts Inc .

Willow Creek Treasures Vernon Center, MN

Health & Beauty

Fragrances Inc St. Louis Park, MN

Gillette Venus in Motion Syracuse, NY

Glamour Shots Des Moines, IA

Golden Neo-Life Diamite IntI. Kandiyohi, MN

Golden PridelIntl. Dist. Fridley, MN

Happy Feet - Wahl, T. . Lakeville, MN

Independent Living Store Bloomington, MN

L,Paige Lipstick - Heckmann, J Forest Lake, MN

Mary Kay Cosmetics Inc. .. Bloomington, MN

Midamerica Entertainment Inc. .. Burnsville, MN

Professional Dynamics Burnsville, MN

Andersen CorporationRenewalby Andersen Vadnais Heights, MN

Aqua-Thenn Inc Brooten, MN

Arrow lift Accessibility Duluth, MN

QuitPlan .. Minneapolis, MN

Saddlehorn Ranch Traders .. Bonners Ferry, ID

Soaps Sky Line Sales South St. Paul, MN

Spectacle Shop New Brighton, MN

TeleSensory Minneapolis, MN

Touch of Mink - Dermac Labs Inc Salem, OR

.........St. Paul, MN

.. St. Paul, MN

.. Andover, MN

............Plymouth, MN

.. St. PaUl, MN

.................Roseville, MN

.. Faribault, MN

......Minneapolis, MN

.. Stillwater, MN

...............Golden Valley, MN

........................Lake Elmo, MN

..................Falcon Heights, MN

.....................................................St. Paul, MN

Roadhouse Chicken

Root Beer Stand ...

Runyon, D.

Schneider Popcorn ..........

Schroder Concessions Inc.

Strawberry Patch ..

Sunderland, D ..

Sweet Martha's Cookie Jar ....

Seville Co. Inc. .. ..

That's a Wrap .

Strawberries 'n Creme Waseca, MN

T & A Concessions Candler, FL

Taco King - Isaac, M Inver Grove Heights, MN

Tejas - Cuisine Concepts Edina, MN

St. Martins ..

Steichens Food Market St. Paul, MN

Straight's Concessions Crystal, MN

Tom Thumb Donut Corp.

Tremblay's Sweet Shop ...

Spaghetti Eddie's Deltona, FL

Tropical Fruit Floss Hastings, MN

Tysseling, J. .. St. Paul, MN

Ukmar, R. .. Sarasota, FL

Ulmer Metro Distributing Inc St. Paul, MN

Ultimate Confections Wauwatosa, WI

Veggie Fries - Rosenthal, D St. PaUl, MN

Robbinsdale O.E.S. Dining Hall Robbinsdale, MN

Sadie's Frozen Custard Fridley, MN

Safari Snacks Spooner WI

Saint Bernard's Dining Hall St. Paul, MN

Salem Lutheran Church Minneapolis, MN

Sausage By Cynthia Maple Grove, MN

Sausage Station - Hectorne, D. .. Chanhassen, MN

Rainbow Ice Cream - Davis, M Minneapolis, MN

Rainbow Ice Cream - Tetrault, G Minneapolis, MN

Rajin Cajun Brooklyn Park, MN

Schumacher's New PragueHotel Inc.......New Prague, MN

Tiny Tim Mini Donuts - Larson, K. ......Taylors Falls, MN

Sno Cones - Hannasch Inc Minneapolis, MN

Schultz's Concessions Shoreview, MN

Rice Kristie Bars Minneapolis, MN

............St. Paul, MN

.. ...Long Lake, MN

.......Minneapolis, MN

...........Rush City, MN

.. ....Golden Valley, MN

..................Hudson, WI

..........Pelican Rapids, MN

........................Lake Elmo, MN

. Spicer, MN

.....................................................Eagan, MN

Luigi Fries ......

Lunch Box-Bahr, P.

Moon Beam-Funk's Coffeeville .....

MN Turkey Growers Association .

Midway Mens Club ..

Minnekabob ..

My Sausage Sister & Me Minneapolis, MN

Netterfields Land 0' Lakes, FL

North Suburban St. Paul Kiwanis Club Shoreview, MN

Middle East Bakery St. Paul, MN

Midway Food Co. .. Austin, TX

Oven Fresh Brownies - Testin, L. ..........Tay lors Falls, MN

Lynn's Lefse Aitkin, MN

Mac's Grill St. Paul, MN

Mario's Minneapolis, MN

Melmar Concessions Lake Elmo, MN

Orange Treet Sales

Pennsylvania Dutch Funnel Cakes Springfield, MN

Preferred Pickle, The White Bear Lake, MN

Peters, J Mesa, AZ

Mitchell Concessions St. Paul, MN

MN Apples Inc White Bear Lake, MN

MN Honey Producers Association Clarkfield, MN

Pelican Concessions .....

LaVaque, E St. Paul, MN

Lee Soynuts Co Woodbury, MN

Pizza Wagon

Leimon Concessions Harlingen, TX

Lemonade Ltd. .. St. Louis Park, MN

Pickle Dog .. Rosemount, MN

Pita Gourmet - Abdo, L. .. St. Paul, MN

Pizza Palace .. Minneapolis, MN

Pizza Shop .. Harlingen, TX

Oodles of Noodles Minneapolis, MN

O'Garas St. Paul, MN

Orange Crate - Meents, B River Falls, WI

Nuebel, E.......

10

Northern Crossarm Co. Inc. .. .......Chippewa Falls, WI

Northern Glass Block Co. .. Edina, MN

Oak Classic .. Encino, CA

Owens Coming Wear Minneapolis, MN

Patio Enclosures Inc. .. New Brighton, MN

Patio Town Oakdale, MN

Premium Waters Inc. .. ..Minneapolis, MN

Select Comfort ..Minneapolis, MN

Sir Laurence Stained Glass Studio Farmington, MN

Asphalt Specialties Co. . Shoreview, MN

Authority Fence . Monticello, MN

Automatic Garage Door & Fireplace Fridley, MN

B.C. Kitchens Inc Hopkins, MN

Battin Stucco Co Big Lake, MN

Brinks Home Security Minneapolis, MN

By The Yard Jordan, MN

Cabinetpak Kitchens of Mpls .Bloomington, MN

Carpet Court SI. Paul, MN

Classic Wood Furnace .Isanti, MN

Comforest Adjustable Beds Columbia Heights, MN

Commers Conditioned Water Co Minneapolis, MN

Condor Fireplace Spring Lake Park, MN

Cordpro By Burktek Kansas City, MO

Creative Cookbooks Edmond, OK

Culligan Water Conditioning Minnetonka, MN

Curley Furniture & Carpet Mendota Heights, MN

Deck Rescue Plus Rockford, MN

Deluxe Rug & Carpet SI. Paul, MN

Discount Windows And Wares Roseville, MN

Ecowater Systems Inc SI. Paul, MN

Falls Flag Service - DPS Industries Little Falls, MN

Finn/Sisu SI. Paul, MN

Fireside Comer Inc. . Roseville, MN

Floor Heat/Systems Minneapolis, MN

Galaxy Custom Booths Wyoming, MN

Garage Tek.. SI. Paul, MN

Glenwood Inglewood Minneapolis, MN

Golden Hammocks Inc. .. Escondido, CA

Great Garage Door Co Blaine, MN

Hardwood Floor Store Crystal, MN

Home Depot .. Fridley, MN

Hutch and Mantle .. Minneapolis, MN

Idea Home Contracting Minneapolis,MN

J.J. Vanderson & Co. .. SI. Paul, MN

Jack Pixley Sweeps Inc. .. Andover, MN

Kilroy Malt Shop Supply...... .. .. Minneapolis, MN

Kitchen Make-Over Minneapolis, MN

Luxury Bath Liners ofMN Bloomington, MN

Magna Products Inc. .. Green Bay, WI

McPete's Drafting Minneapolis, MN

MN Rusco Inc Minnetonka, MN

Mon-Ray Inc. .Golden Valley, MN

NTH Communications... .. ..........SI. Paul, MN

Need-A-Shed ........ . Warren,MN

Snyder Home Improvements Minnetonka, MN

Solar Midwest Inc Plymouth, MN

Stained Glass Overlay Design Studio Roseville, MN

Standard Water Control Systems Inc Crystal, MN

Stafford Enterprise Denton, TX

Switchplate Gallery Cameron, WV

Transfer Design Allandale, FL

T & J Wood Designs Holland, MN

Teak Emporium Inc San Diego, CA

Tenet Painting & Decorating Eden Prairie, MN

Thundering Hurd Exchange New Virginia, IA

Weather Lock Windows Systems SI. Paul, MN

Whalen Woods Log Furniture Pequot Lakes, MN

Wildlife Collection Inc., The .Kingsville, TX

Wilkening Manufacturing Co. Inc Walker, MN

Woolie, The Plymouth, MN

Xcel Energy Minneapolis, MN

Household Products & Services

Abosch Import Co Hollywood, CA

Angies' List Bloomington, MN

Associated Consultants Minneapolis, MN

Associated Sewing and Knitting SI. Paul, MN

Cenaiko Enterprises Inc. .. Coon Rapids, MN

Chester H. Nairne Co. .. Livonia, MI

Comfort Zone Minneapolis, MN

Cordon Bleu Co Richfield, MN

Country Crocks Northfield, MN

Countryside Floral Design Anoka, MN

Creative Sewing Centers Inc Golden Valley, MN

Darling Noodle Co Bemidji, MN

Daub/Ghiorso Entreprises Sonoma, CA

Diamondcraft Corp. .. Minneapolis, MN

Dry Store, The . Lanesboro, MN

Electrolux .. Plymouth, MN

Excell Wireless Minneapolis, MN

Fantastic Products .. ..Horse Shoe, NC

Florian Ratchet Cut Plantsville, CT

Fortner's Salt-Free Seasonings Lake Mills, WI

Garlic Gourmay Ariel, WA

Golden Hammocks Inc Escondido, CA

Home of Elegance Vadnais Heights, MN

Hudspeth, S. .. Allen, TX

International Culinary Consultants Elberon, NJ

JMS Tooling SI. Paul, MN

Kinetico Dealers of Minnesota .. Burnsville, MN

Lamps Under The Rainbow. .. Fullerton, CA

Mary Lue's Knitting World. .. SI. Peter, MN

Melodies-In-Tin Riverdale, GA

Nancy Thayer & Associates Sparta, NJ

National Service Co. LLC Fresno, CA

Niagra Prestige Products Brooklyn Park, MN

Nomar Inc. .. SI. Paul, MN

Nordass American Home MN Lake, MN

Nordmark Group, The Apple Valley, MN

Pampered Chef, The Edina, MN

Patterson Products .La Mirada, CA

Quality Bag Oakdale, MN

Round Bobbin Sewing Center SI. Paul, MN

Rusty Nut Enterprises Byron, MN

Safari Afari Entreprises Brooklyn Park, MN

Scissors-Lake side Sales Sacramento, CA

Shaklee Products - Jansen Disl. Minneapolis, MN

Showers Plus Sierra Madre, CA

Shutter Source Minneapolis, MN

Stan & Jo's Country Creations North Mankato, MN

Surge Water Conditioning Hopkins, MN

Swivel Spray Minneapolis, MN

Syndicate Sales Corp. .. Hopkins, MN

Table Charm Ltd. .. Lockport, NY

That's My Pan Eau Claire, WI

Thousand Lakes Realty DeSoto, WI

Touchtone Energy Elk River, MN

Vita Mix Corp Cleveland, OH

Watkins Inc. .. Winona, MN

Imports & Ethnic Merchandise

African Collections Sharon, MA

Aloha Jewelry .. Pearl City, HI

Artesanos Unidos Los Angeles, CA

Bando Imports Northbrook, IL

Bolivian Imports Loveland, CO

Brown, Y. .. Excelsior, MN

Caples, M. .. Little Canada, MN

Chandi Gallery/Coune, Ltd Minneapolis, MN

Chez Gautier Orlando, FL

China Handcraft Bloomington, MN

Chinese Paper Cutter.. Alhambra, CA

Egypt USA Concord, CA

Fantastic Voyage Stillwater, MN

First Natives of the Land Gullup, TX

Folklore Imports Glendale, CA

German Specialty Imports SI. Paul, MN

G.P. Philippines Handicraft Verona, NJ

Gifts Made by Hands St Paul, MN

Grand Assorted Enterprise Co. Ltd. .. Claremont, CA

Global International Inc Minneapolis, MN

Heart of Tibet Stillwater, MN

Hollys Hobby Ltd. .. Andover, MN

Holy Land Handicrafts SI. Paul, MN

Hmong Folk Art, Inc. .. St Paul, MN

Ice-Arne Kenmore, WA

Image Imports Minneapolis, MN

India Bazaar Fridley, MN

India Imports .. Apache, OK

Indian Arts & Crafts .. Terre Haute, IN

Inside Africa SI. Paul, MN

International Flag Weaving SI. Croix Falls, WI

11

Lacquerware - Tong, Linda. ..Lawrenceville, GA

Oriental Craft and Development Co. ......Lake City, MN

MN Buffalo Association Owatonna, MN

MN Blue Flame Gas Association Minneapolis, MN NEI College of Technology Columbia Heights, MN

. St. Paul, MNMN Turkey Research andPromotion Council .

Mothers Against Drunk Driving-MN St. Paul, MN

National Multiple SclerosisSociety-MN Minneapolis, MN

Natural Resources Conservation Service St. Paul, MN

.............St. Paul, MN

..............St. Paul, MN

. Minneapolis, MN

MN Attorney General'sOffice - Consumer Division

MN Audubon Council ofThe National Audubon Society

MN Beef Council ..................Hamel,MN

...............St. Paul, MN

..............St. Paul, MN

..............San Mateo, CAInternational Investors

Irish On Grand

Jennico .

Khan, S .

American DiabetesAmerican Lung Association ofMN St. Paul, MN

Institutional Exhibits & GovernmentAgencies

Vagabond Imports Corona, CA

Wooden Needle Vadnais Heights, MN

............................Auburndale, FL

..........Minneapolis, MN

..............Plymouth, MN

.....................Richfield, MN

..........................St. Paul, MN

New Life Family Services

US Department ofAgricultural Research

Stagecoach Theatre Arts ...

Toastmasters Intemational

St. Cloud State Alumni . St. Cloud, MN

St. Mary,s College ..Minneapolis, MN

St. Paul Building &Construction Trades. . St. Paul, MN

Northwestren College . Roseville, MN

Parker Hughes Institute Roseville, MN

Pro Choice Resources Minneapolis, MN

Sierra Club Minneapolis, MN

Social Security Administration Minneapolis, MN

South MN Area Assembly ofAlcoholics Anonymous .Minneapolis, MN

....St. Paul, MN

.....Minneapolis, MN

. St. Paul, MN

...............................St. Paul, MN

....St. Paul, MN

.......................................St. Paul, MN

MN Citizens Concemed For Life

MN Dept. ofAgriculture

MN Dept. of Health

MN Dept. of Economic Security ...

MN Dept. of Transp0l1ation

MN Dept. of TransportationAeronautics Office .

MN Dept. of Veterans Affairs St. Paul, MN

MN Building Codes & Standards St. Paul, MN

MN Dept. of Natural Resources St. Paul, MN

MN Dept. of Public Safety St. Paul, MN

MN Dept. of Public Service St. Paul, MN

MN Dept. of Revenue St. Paul, MN

MN Children Families & Learning St. Paul, MN

MN Cultivated Wild Rice Council St. Paul, MN..Buffalo, MN

.....Azusa, CA

.....West Hills, CA

......Minneapolis, MN

. South Haven, MN

. Franklin, WI

......................St. Paul, MN

...........................St. Paul, MN

Russia With Love .

Primitive Origins .

Rama Imports .

Taxco Imports

Treasure Chest

San Juan, M .

AFS Intercultural Programs

AARP Minnesota

American Swedish Institute .

. Mendota Heights, MN

Broiler and Egg Assoc. of Minnesota ..... .... .st Paul, MN

Art Instruction School................ . Minneapolis, MN

Arthritis Foundation-MN Chapter St. Paul, MN

Augsburg College Minneapolis, MN

Bethany College .Mankato, MN

MN High Technology Association Minneapolis, MN

MN Higher Education Services Office St. Paul, MN

...........St. Paul, MN

.....Minneapolis MN

.....Golden Valley, MN

. St. Paul, MN

.. Minneapolis, MN

..............Minneapolis, MN

U.S. Navy .

Walker Art Center .

William Mitchell College of Law

University of Minnesota -University Relations

University of St. Thomas ..

Media

KARE-II TV

Veterans Affairs Med Center Minneapolis, MN

......Roseville, MN

..... Sauk Centre, MN

...........St. Paul, MN

.....St. Paul, MN

........Duluth,MN

.........N0l1h St. Paul, MN

. St. Paul, MN

MN Elk Breeders Association

MN Fanners Union .

MN Forest Industries Inc.

MN Genealogical Society .....

MN Farm Bureau Federation

MN Fur Breeders Association

MN Homeschoolers Alliance ....

....St. Paul, MN

...N0l1hfield, MN

....Minneapolis, MN

Bethel College .

Brown College ...

Carleton College

Center For Mental Health ..

Masonic Grand Lodge of MN ... ...St. Paul, MN

Inventors Network Stillwater, MN

Lifesource .st. Paul, MN

College of St. Benedicts/St. Johns St. Josephs, MN

College of St. Scholastica Duluth, MN

Gustavus Adolphus College St. Peter, MN

Hamline University St. Paul, MN

Hazelden Foundation Center City, MN

.st. Paul, MN

.....St. Paul, MN

........Minneapolis, MN

.....Golden Valley, MN

....St. Paul, MN

...St Paul, MN

........Eden Prairie, MN

........Minneapolis, MN

.......Minneapolis, MN

.St. Paul, MN

......Minneapolis, MN

. St. Paul, MN

............Minneapolis, MN

...Minneapolis, MN

. Minneapolis, MN

..................Minneapolis, MN

......Eagan, MN

...St. Paul, MN

KDWB Radio

KFAN-AM Radio

KJZI - Smooth Jazz

KSTP-TV - Hubbard Broadcasting Inc.

KKMS-AM Radio .

KLBB Radio .

MN Public Radio

KEEY/K102 Today's Best Country Bloomington, MN

100 Radio WLOL Classics

KFMP 107 Hubbard Broadcasting St. Paul, MN

R.K. Radio Network

KMSP-TV .

KQQL FM, KOOLl08 Radio

KQRS-AM/FM Radio

KSTP-AM Radio .

KSTP-FM Radio .

KTCZ-FM - Cities 97

KXXR 93X Radio .

KZNZ FM Radio

Saint Paul Pioneer Press .

.....St. Paul, MN

.... .st. Paul, MN

....St. Paul, MN

.....S!. Paul, MN

.......St. Paul, MN

.Hutchinson, MN

........St. Paul, MN

....Minneapolis, MN

..St. Cloud, MN

.......St. Paul, MN

.Brooklyn Park, MN

.Minneapolis, MN

........St. Paul, MN

.............St. Paul, MN

.........St. Paul, MN

. Maplewood, MN

.North Mankato, MN

....North Mankato, MN

MN Mensa .

MN Lamb & WoolProducers Association

MN House of Representatives-Public Information Office

MN Office of State Aditors .

MN Office of Environmental Assistance

MN Newspaper Foundation

MN Nurses Association

MN Lions Eye Bankand Hearing Foundation

MN Ostrich Association .

MN State Colleges and Universities

MN Senior Federation Inc.

MN Pork Producers Association

MN Office of Citizenshipand Volunteer Services

MN Soybean Growers

MN Propane Gas Association

MN Relay Serviccs .

MN Secretary of State .

MN State Council On Disability .

...St. Paul, MN

. St. Paul, MN

.........St. Paul, MN

. Odanan, WI

Concordia University ..

Education in Minnesota

Indianhead Council -Boy Scouts of America .

Epilepsy Foundation of Minnesota St. Paul, MN

Geological Society of Minnesota Robbinsdale, MN

Great Lakes IndianFish & Wildlife Commission ...

Metro Transit. . Minneapolis, MN

Metropolitan Mosquito Control Dist. St. Paul, MN

Minneapolis Institute of Art . Minneapolis, MN

Minnesota Association of Charter Schools St. Paul, MN

MN Agriculture In The Classroom Shakopee, MN

MN Army & Air National Guard . Roseville, MN

MN Association of Charter Schools. . St. Paul, MN

MN State Horticultural Society .. Falcon Heights, MN

MN State Senate ..St. Paul, MN

MN AIDS Project ..Minneapolis, MN MN State Fair Foundation .... .. Falcon Heights, MN Star Tribune .

U.S.A. Today

WCCO Radio

. Minneapolis, MN

.............Roseville, MN

....................................Minneapolis, MN

12

Desplenter Novelties Chicago, IL

WWTC - The Patriot Eagan, MN

Music & Entertainment

Novelties, Souvenirs & Toys

.. ..........MinneapoIis, MNPolaris Industries L.P. .. ......

RFG Safe & Knife Crystal, MN

Roll-In Products Grand Rapids, MN

Rainbow Midwest Inc Prior Lake, MN

Pure Vision Enl. Duncanville, TX

Legendary Commemoratives Cheyenne, WY

Lost Our Marbles Manville, NJ

Porta Bote Mountain View, CA

Pro Motorsports Blaine, MN

Master Z's Dart & Pool Supply Waukesha, WI

Midwest Resorts Minneapolis, MN

Minnesoftub Inc. .. Mound, MN

Marine Connection Inc Forest Lake, MN

Custom Cribbage Inc. .. Forest Lake, MN

Eagles View ofMN Crystal, MN

A & E Enterprise Lake Elsinore, CA

Golf Connection, The Chanhassen, MN

Great Expectations Edina, MN

MN United Snowmobilers Assn MinneapoIis, MN

Minnesota Twins and Club MLB Minneapolis, MN

Minnesota Wild NHL Hockey SI. Paul, MN

Minn Golf Cars Bloomington, MN

November Snowboards MinneapoIis, MN

Outdoor Cooking Store White Bear Lake, MN

Outdoor News Inc New Hope, MN

Personalized Golf Specialties Spring Lake Park, MN

Pleasureland RV Center. Anoka, MN

Great Northern Engineering Minneapolis, MN

Greater Midwest Marketing Inc. .. Forest Lake, MN

Indian Motorcycles SI. Paul, MN

Higgins Camper Sales Oakdale, MN

J.D.!. Sports Optics Clearwater, MN

............Palm Springs, FL

.. Woodbury, MN

Pet & Animal Supplies

Wee Dazzle ..

Lone Lake Kennels ..

U ofMN Williams Fund Minneapolis, MN

U of MN Women's Wildman Caricatures ..Albert Lea, MN

William Morgan Caricatures Minneapolis, MN

Political Organizations

MN AFL-CIO SI. Paul, MN

MN Humane Society SI. Paul, MN

MN Purebred Dog BreedersAssociation Bloomington, MN

Constitution Party Minneapolis, MN

Green Party of Minnesota Minneapolis, MN

Libertarian Party of MN Minneapolis, MN

Independence Party ofMN Minneapolis, MN

Minnesotans for Nader Minneapolis, MN

Ace Tack & Outfitters Cambridge, MN

Companion Animals Humane Society SI. Paul, MN

Custom Cat Purrrniture SI. Paul, MN

Fancy Publications Lampkin, VI

Hope's Braids Brainerd, MN

Innovation X One Scoop Granger, IN

Pet Peddler Wichita, KS

Rural Pet Supply............. .. Libertyville, IL

MN Democratic Farmer Labor Party SI. Paul, MN

Norm Coleman for U.S. Senate SI. Paul, MN

Senator Mark Dayton Fort Snelling, MN

Republican Party of Minnesota SI. Paul, MN

Taxpayers League SI. Paul, MN

Transatlantic Ventures Inc. .. Minneapolis, MN

Vermont Nature Creations Wells, VT

.. Shoreview, MN

.. Mission Viejo, CA

.. SI. Paul, MN

.......................SI. Paul, MN

.. Mesa,AZ

...................Minneapolis, MN

...................Minneapolis, MN

..........................SI. Cloud, MN

WCCO Television

WLTE .

Miscellaneous

Gold-N-Plump Poultry

Chanhassen Dinner Theatres ........ .......Chanhassen, MN

Groth Music Minneapolis, MN

Ordway Music Theatre ..

Q-Chord - Pops Music ..

C.R. Deals .

Saint Paul Post Office SI. Paul, MN

Synergy Sports - Milk Rules Ocean, NY

Vista Mobility Specialists Inc Park Ridge, IL

Kids Music Box Levine Assoc SI. Paul, MN

Minnesota Orchestra, The Minneapolis, MN

Gopher State Ice Company SI. Paul, MN

MN Territorial Pioneers Inc SI. Paul, MN

Motion Products Plymouth, MN

Pro Staff Personnel Services SI. Louis Park, MN

Caricatures By Cindy ..

Cartoon Passion ..

Clover Creek Concepts Arvada, CO

Compmark I Corp. .. ..Minneapolis, MN

Crazy Louie's Surplus City........ .. Minneapolis, MN

Dandy Souvenirs .. Fresno, CA

Schmitt Music Company Minneapolis, MN

Trico Productions SI. Paul, MN

Televac Computer Versailles, MO

.. ...Somerset, WI

.......Fridley, MN

.. ...Clear Lake, WI

.. Harmony, MN

.. SI. Paul, MN

.. SI. Paul, MNSI. Paul Saints ..

Rosemount Boating Center Rosemount, MN

Smiling Duck .. Fergus Falls, MN

SI. Paul Harley Davidson Buell. SI. Paul, MN

Son Watersports ..

Southeastern Minnesota HistoricBluff Country ..

Spineless Wonders ..

Northland Log Homes ..

Swimmin' Hole

Trader Publishing Co SI. Paul, MN

.. ..Maple Grove, MN

.. SI. Paul, MN

.. Minneapolis, MN

.. Bloomington, MN

Christian Educational Service Thonotosassa, FL

Greater SI. Paul Associationof Evangelicals .

Religious Organizations

MN Conference ofSeventh-Day Adventists ..

Northwestern Products Minneapolis, MN

Jewish CommunityRelations Council Minneapolis, MN

Sports & Recreation

All American Recreation Inc.

3rd Lair Skate Parks .......

......New Hope, MN

.. ........Somerset, WI

........Minneapolis, MN

.............Wantagh, NY

........Sterling Heights, MN

.. Minneapolis, MN

.....................Minneapolis, MN

Eddy's Teddy Land - Kirch, D Shoreview, MN

Face Painting by Suzy Minneapolis, MN

Discovery Toys .

Fair-Market Inc.

Ron Schara Enterprises

Spin A Paint - Perlman, D. .

Standi Toys Inc.

.. .. Minneapolis, MN

Gimberline, D Hopkins, MN

Intercollegiate Athletics

OZ Munchkinland Eagle Sports

PS Sales ..

Crystal Pierz Marine Forest Lake, MN

13

OFFICE OF THE LEGISLATIVE AUDITORState of Minnesota • James Nobles, Legislative Auditor

Independent Auditor's Report

Ms. Clarice Schmidt, PresidentBoard of ManagersState Agricultural Society

Members of the State Agricultural Society

Mr. Jerry Hammer, Executive Vice PresidentState Agricultural Society

We have audited the accompanying statements of net assets of the State Agricultural Society asof and for the years ended October 31, 2004 and 2003, and the related statement of revenues,expenses, and changes in net assets and statement of cash flows for the years then ended. Thesefinancial statements are the responsibility of the Society's management. Our responsibility is toexpress an opinion on these financial statements based on our audit.

VI/e conducted our audit in accordance with auditing standards generally accepted in the UnitedStates of America and the standards applicable to financial audits contained in GovernmentAuditing Standards, issued by the Comptroller General of the United States. Those standardsrequire that we plan and perfOlID the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includes examining, on a testbasis, evidence supporting the amounts and disclosures in the financial statements. An audit alsoincludes assessing the accounting principles used and the significant estimates made bymanagement, as well as evaluating the overall financial statement presentation. We believe thatour audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects,the financial position of the State Agricultural Society as of October 31, 2004 and 2003, and thechanges in its net assets and its cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.

As discussed in Note 1, the State Agricultural Society adopted Governmental AccountingStandards Board Statements No. 39 and No. 40 for the year ended October 31, 2004. GASBStatement No. 39, Determining Whether Certain Organizations are Component Units,establishes additional guidance for detetIDining whether certain organizations should be reportedas component units in determining the Society's reporting entity. GASB Statement No. 40,Deposit and Investment Risk Disclosures, establishes and modifies disclosure requirements for

14

Room 140,658 Cedar Street, St. Paul, Minnesota 55155-1603E-mail: auditor®state.mn.us TOO Relay: 651/297-5353

Tel: 651/296-4708 Fax: 651/296-4712Website: www.auditor.leg.state.mn.us

Ms. Clarice Schmidt, PresidentMembers of the State Agricultural SocietyMr. Jerry Hammer, Executive Vice PresidentPage 2

common deposit and investment risks, including interest rate risk, concentration of credit risk,and foreign currency risk.

In accordance with Government Auditing Standards, we have also issued our report datedMarch 15,2005, on our consideration of the State Agricultural Society's internal control overfinancial reporting and on our tests of its compliance with certain provisions of laws, regulations,contracts, grant agreements, and other matters. The purpose of that report is to describe thescope of our testing of internal control over financial reporting and compliance and the results ofthat testing and not to provide an opinion on the internal control over financial reporting or oncompliance. That report is an integral part of an audit performed in accordance with GovernmentAuditing Standards and should be considered in assessing the results of our audit.

Management's Discussion and Analysis is not a required part of the Society's basic financialstatements, but is supplementary information required by accounting principles generallyaccepted in the United States of America. We have applied certain limited procedures, whichconsisted principally of inquiries ofmanagement regarding the methods of measurement andpresentation of the required supplementary information. However, we did not audit theinformation and express no opinion on it.

Our audit was conducted for the purpose of forming an opinion on the Society's basic financialstatements. The accompanying financial schedules are presented for purpose of additionalanalysis and are not a required part of the Society's basic financial statements. Such informationhas been subjected to the auditing procedures applied in the audit of the basic financialstatements and, in our opinion, is fairly stated in all material respects in relation to the basicfinancial statements taken as a whole.

James R. NoblesLegislative Auditor

March 15,2005

~"~iLwerClaudia 1. Gudvangen, CPADeputy Legislative Auditor

15

MINNESOTA STATE FAIRFinancial Information

Management Discussion and AnalysisThe Minnesota State Agricultural Society produces the annual Minnesota State Fair and manages the State Fairgrounds. The Society is aquasi-state agency, operating with no public subsidy of any kind for any purpose. The costs of producing the annual State Fair and all capitaland maintenance work to the historic State Fairgrounds are financed completely with revenue earned by the Society. Following is an analysisof the Society's financial activities and performance during the two fiscal years ended Oct. 31,2004 and 2003, along with detailed financialstatements and supplementary information.

The Minnesota State Fair Foundation was established in 2001 as a tax exempt 501 c 3 nonprofit corporation with the exclusive mission ofraising funds to assist the Society in improving and maintaining the State Fairgrounds. Comparative Foundation financial statements forfiscal years 2004 and 2003 are presented as a component unit of the Society.

Revenues, Expenses and Changes in Net Assets

2003 2004 Change % Change

Total Revenue 27,538,000 28,123,000 585,000 2.1%Total Expense 26,814,000 28,141,000 1,327,000 4.9%Changes in Net Assets 724,000 (18,000) (742,000) (102.5%)Beginning Net Assets 30,529,000 31,253,000 724,000 2.3%Prior Period Adjustment 196,000Beginning Net Assets, adjusted 31,449,000

Ending Net Assets $31,253,000 $31,431,000 $178,000 0.6%

LNon-fairEvents10.0%

Maintenance7.8%

Non-fairEvents5.0%

Marketing,Ads & Promos

4.6%

• Marketing, Ads & Promos - $1.3

• Maintenance - $2.2

• Non-fair Events - $1.4

• Premiums - $0.9

2004 EXPENSE($28.1 million)

Grandstand &/Coliseum

_----:-:-:-\ 4.6%

MidwayOperators

11.7%

• Other - $3.3• Non-fair Events - $2.8

• Grandstand & Coliseum - $1.3

SpaceRen~

14.6%

2004 INCOMEGate ($28.1 million)

39.5% \'--_----__

Administrative12.5%

Plant Operations11.4%

'Supporting schedule figure includes attractions income

2004 Income (in millions)

• Gate - $11.1• Midway &Attractions - $5.5• Space Rental - $4.1 *

Entertainment10%

OtherDepartments

16.4%

Midway &Attractions -

19.6%

\ DepreciationGuest Services 7.8%

(Police, Sanitation,Transportation)

2004 Expense (in millions) 96%• Midway Operators - $3.3 • Guest Services - $2.7• Plant Operations _ $3.2 (Police, Sanitation, Transportation)

• Entertainment _ $2.8 • Other Departments - $4.6

• Administrative _ $3.5 • Depreciation - $2.2

The Society's financial statements are accounted for as an enter-prise fund, operating in a manner similar to private business enter-prises. Income and expenses for the year are presented in theStatement of Revenue, Expenses and Changes in Net Assets; thisstatement serves to determine if the Society earned an acceptablelevel of net income. Next, the Statement of Net Assets outlines allof the Society's assets and liabilities, and includes detailed discus-sion on fixed assets - namely, the State Fairgrounds and its facili-ties. Finally, the Statement of Cash Flows provides information oncash receipts and payments resulting from operations, as well asfinancing and investing activity that occurred during the year.

• Overview of the Financial Statements

• Income and ExpenseThe State Fair realized a net operating loss of $18,000 in 2004,based on gross revenues of $28.1 million and gross expenses of$28.1 million. The previous year's operation showed a net gain of$724,000 from income of $27.5 million and expenses of $26.8 mil-lion. The '04 operating loss was tied directly to a decline in atten-dance created by early school openings, which cut dramatically intoweekday attendance, and a rainout on the second Sunday of the fair,which is traditionally one of the fair's two biggest days. On dayswhen kids were out of school and the weather was good, attendancewas at or near record levels.

State Fair income is earned primarily from three sources: ticketsales, licensing of commercial exhibit space and the rental of fairfacilities for non-fair events.

In a typical year, ticket sales represent about two-thirds of the StateFair's gross annual income. In 2004, the ticket sales total of$18.1million was earned chiefly through sales of outside gate tickets($11.1 million), Mighty Midway and Kidway tickets ($5.1 million)and Grandstand tickets ($1.1 million). Income for 2004 was slightlylower than 2003 due to the attendance decline and the correspondingloss in revenue.

As with most businesses, expenses are very diverse. Among themare services to fair visitors that include police ($900,000), sanitation($800,000) and Park & Ride buses ($1 million). Other expensesinclude Grandstand and free entertainment ($2.8 million), fair-grounds plant operations ($3.2 million) and maintenance and depre-ciation of State Fair facilities ($4.4 million).

A detailed breakdown of the State Fair's income and expenses areincluded in the Income and Expense Supporting Schedules on pages26-28.

16

• Long-Term ObligationsLong-tenn debt increased substantially in 2003. After receiving

legislative authority, the Society completed an $11.1 million rev-

enue bond issue in June of '03 to assist in financing the

Grandstand renovation project. During 2004, the bond principal

amount was reduced $285,000. Also during 2004, the Society

retired the remaining debt obligations on the outstanding office

equipment lease and promissory note. Additional information on

long-term debt can be found in the notes accompanying the

financial statements.

0.6%

(3.7)%11,3%

(52,0)%23.1%

0.4%

37.4%(80,1)%(20.1)%

PercentChange2004 Change

$ 6,630,000 $ (7,177,000)39,176,000 7,351,00045,806,000 174,000

10,430,000 (405,000)3,944,000 400,000

14,374,000 (5,000)

28,351,000 7,716,0001,798,000 (7,215,000)1,282,000 (323,000)

$31,431,000 $178,000

Structures - $52.0 million

Historic costs. Figures do notreflect depreciated value.

Gas System - $91,000

Water System - $521,000

Fence & Fixtures - $1.1 million

Personal Property - $2.1 million

Land - $2.5 million

Sewer System - $3.0 million

20,635,0009,013,0001,605.000

Electrical Systems - $4.2 million

10,835,0003,544,000

14,379,000

STATE FAIRCAPITAL ASSETS 2004

$13,807,00031,825,00045,632,000

$31,253,000

Land Improvements - $3.5 million

CONDENSED STATEMENT OF NET ASSETS

2003

Total Net Assets

Current & Other AssetsCapital Assets

Total Assets

Long Term DebtOther Liabilities

Total Liabilities

Invested in Capital AssetsNet of Related Debt

RestrictedUnrestricted

• NetAssetsThe Condensed Statement of NetAssets provides a quick look atthe Society's overall financialposition, and shows that thedirection of the Society's situationis favorable with net assetsincreasing $178,000 to a total of$31.4 million during fiscal 2004.

Over 90 percent of the Society'snet assets - $28.4 million -represents the Society's continualinvestment in capital assets (build-ings, equipment and infrastruc-ture) that are absolutely necessaryto the Society's ability to presentthe annual exposition and conducta busy schedule of non-fair eventsyear-around. Invested in netassets, net of related debt, consists of the total value of the assets,less depreciation and outstanding debt attributed to those assets.

• Fixed Assets (The State Fairgrounds)The State Fair's capital assets consist of 120 fair-ownedstructures, land and improvements to the land, personalproperty and infrastructure including an intricate network ofelectricity, communications, gas, water, and sewer distribu-tion systems.

Structures include everything from small permanent infor-mation and ticket booths to the Coliseum and the massiveGrandstand. Most of the State Fair's significant structuresand utilities date back to WPA days in the '30s and veryearly '40s. Some buildings are even older, such as theGrandstand (1909), Arts Center (1907) and Progress Center(1907).

In 2004, the State Fair invested $9.6 million in capitalimprovements. By far the greatest expense in '04 was thecompletion of the $7.8 million second phase of theGrandstand renovation project. Other 2004 capital projectsincluded the $753,000 for the construction of a newGrandstand entertainment production facility, $395,000 forupgrades and improvements to sewer and electrical systemsand $156,000 for the construction of a new greenhousestructure. A total of $8.9 million in capital improvement workwas completed in 2003. Major projects included the $7.6 millionfirst phase of the Grandstand renovation project, $428,000 toreplace the Coliseum's heating and air conditioning systems and$207,000 for a new roof on the operations and service building.

Capital improvements lead to an increase in the value of fixedassets. This, in tum, results in increased depreciation expense -up $200,000 from 2003 to a total of $2.2 million in 2004.

The real value of the fair's fixed assets, particularly its structures,is far greater than the net value of $39.2 reflected in the financialstatements. Building valuation conducted for property insurancepurposes place the combined value conservatively at $144 mil-lion.

Additional information on fixed assets can be found in note 3.

17

• Minnesota State Fair Statement of Net AssetsFor the years ended October 31 2004 2003

ASSETS

Current assets:Cash and cash equivalents - Unrestricted $ 2,430,940 $ 2,894,747Cash and cash equivalents - Restricted 1,798,009 9,012,443Accounts Receivable 2,173,890 1,670,917Receivable due from Minnesota State Fair Foundation 89,992Accrued interest receivable 465 673Prepaid expenses 37,671 111,225

Total current assets 6,530,967 13,690,005

Non-current assets:Note Receivable 41,668 60,216Receivable due from Minnesota State Fair Foundation 57,000 57,000

Capital Assets, Net of related depreciation 39,176,249 31,825,201

Total assets $ 45,805,884 $ 45,632,422

LIABILITIES & NET ASSETS

Current liabilities:Accounts payable $ 2,980,673 $ 2,468,197Accrued salaries 185,658 161,852Compensated absences 412,205 418,408Deferred income 145,951 224,728Bond interest payable 61,300 164,504

Total current liabilities 3,785,787 3,437,689

Noncurrent liabilities:Due within one year 395,000 355,719Due in more than one year 10,430,000 10,834,741Unamortized bond discount (236,318) (248,756)

Total liabilities $ 14,374,469 $ 14,379,393

NET ASSETS

Invested in capital assets, net ofrelated debt $ 28,351,250 $ 20,634,742

Restricted for:Debt Service 1,786,173 1,755,279Capital Improvements 11,836 7,258,164

Unrestricted assets 1,282,156 1,604,844

Total net assets $ 31,431,415 $ 31,253,029

Total liabilities and net assets $ 45,805,884 $ 45,632,422

The accompanying notes are an integral part of the financial statements.

18

• Minnesota State Fair FoundationStatements of Financial PositionFor the years ended October 31 2004 2003

ASSETS:Cash $ 73,943 $ 48,851Contributions receivable 16,123 17,133

Prepaid expenses and other assets 2,403 2,789

Promotional materials 5,271 3,197

Merchandise inventory 7,603 3,935

Property and equipment, net of accumulated depreciation 11,792 4,392

Total assets $ 117,135 $ 80,297

LIABILITIES AND NET ASSETS (DEFICIT):Liabilities

Accounts payable $ 81,687 $ 2,858Grant payable 15,000

Accrued expenses 2,463 558

Line of credit 57,000 57,000

Total Liabilities 156,150 60,416

Net Assets (Deficit)

Unrestricted (65,528) (9,312)

Temporarily restricted 26,513 29,193

Total Net Assets (Deficit) (39,015) 19,881

Total Liabilities and Net Assets (Deficit) $ 117,135 $ 80,297

19

• Minnesota State Fair Statement of Revenue,Expenses and Changes in Net AssetsFor the years ended October 31 2004 2003

OPERATING REVENUES:

Ticket sales $ 18,084,823 $ 18,356,974Departmental 5,291,562 5,330,770Other 4,545,702 3,796,797

Total operating revenues $ 27,922,087 $ 27,484,541

OPERATING EXPENSES:

Administrative $ 3,493,961 $ 3,345,389Activities and Support 14,090,761 14,311,649Premiums 894,537 829,931Plant Operations 3,265,699 3,230,455Plant Maintenance 2,159,207 1,240,225Other 1,495,892 1,682,215Depreciation 2,189,219 2,014,340

Total operating expenses 27,589,276 26,654,204

Operating income $ 332,811 $ 830,337

NONOPERATING REVENUES (EXPENSES):

Interest income $ 95,278 $ 53,170Grant revenue 105,988Interest expense (490,017) (159,892)Loss on disposal of fixed assets (61,834)

Net income (17,774) 723,615

Total net assets, beginning of year $ 31,253,029 $ 30,529,414

Prior period adjustment 196,160

Total net assets, beginning of the year adjusted 31,449,189

Net assets, end of year $ 31,431,415 $ 31,253,029

The accompanying notes are an integral part of the financial statements.

20

• Minnesota State Fair FoundationStatements ofActivities and Changes in Net Assets

For the Year Ended October 31, 2004 and the 15 months Ended October 31, 2003

2004 2003

Temporarily Temporarily

Unrestricted Restricted Total Unrestricted Restricted Total

Revenues:

Contributions and memberships $ 91,280 $ 19,645 $110,925 $ 319,714 $ 29,193 $ 348,907

In-kind contributions 30,869 96,288 127,157 249,540 48,918 298,458

Net assets released from restrictions 118,613 (118,613) 48,918 (48,918)

240,762 (2,680) 238,082 618,172 29,193 647,365

Merchandise sales 22,742 22,742 27,420 27,420

Less: Cost of goods sold (9,586) (9,586) (10,817) (10,817)

Net merchandise sales 13,156 13,156 16,603 16,603

Total revenues 253,918 (2,680) 251,238 634,775 29,193 663,968

Expenses:

Distributions to the Minnesota StateAgricultural Society 106,176 106,176 258,403 258,403

Payroll 107,430 107,430 189,173 189,173

Professional Services 52,467 52,467 42,437 42,437

Production supplies 17,597 17,597 30,628 30,628

Postage and mailing 4,396 4,396 26,295 26,295

Printing and advertising 2,971 2,971 27,820 27,820

Rent 7,080 7,080 24,843 24,843

Incentives and recognition 1,701 1,701 18,025 18,025

Office supplies 1,779 1,779 14,185 14,185

Other 8,537 8,537 12,278 12,278

Total expenses 310,134 310,134 644,087 644,087

Increase (decrease) in netassets (deficit) (56,216) (2,680) (58,896) (9,312) 29,193 19,881

Net assets (deficit), beginning

Net assets (deficit), ending

(9,312)

$ (65,528)

29,193 19,881

$ 26,513 $ (39,015) $ (9,312) $ 29,193 $ 19,881

21

(577,965) (84,843)73,554 (90,854)

(684,485) 858,33723,806 14,074(6,203) 8,468

(78,777) 29,09012,438 29,090

1,017,575 2,748,612

$ 1,350,386 $3,578,949

• Minnesota State FairStatement of Cash Flows

For the years ended October 31Cash flow from operating activities:

Cash received from operations

Ticket Sales

Activities

Other

Cash payment for operating expenses

Administration

Activities

Plant Operations

Other