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Fair urged to modify accounting practices

4 years 10 months 3 weeks ago Sunday, September 28 2014 Sep 28, 2014 September 28, 2014 4:00 PM September 28, 2014 in News
Source: Associated Press

SHREVEPORT, La. - Auditors say the State Fair of Louisiana could take several steps to improve its accounting practices.

Accountant James McClelland recommended the minor changes in a letter accompanying the fair's 2012 and 2013 audits made available by the legislative auditor's office.

The fair ended 2012 with slightly more than $936,000 in the bank, but dipped into that accumulated money to cover a $375,261 net operating loss in 2013.

The audit shows the fair's $700,000 reserve fund remained untouched in 2013.

McClelland didn't identify problems with the fair's control over its finances.

The fair's management board agreed with McClelland's recommendations and said the organization is making changes in its practices.

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