216 STATE BOARD OF AGRICULTURE. 



AUDIT AND EXAMINATION. 



December 2, 1919. 



Michigan State Agricultural Society, Detroit, Micliigau. 



Dear Sirs : We have completed an audit and examination of your books 

 for your fiscal year ending November 30, 1919, and submit herewith our 

 report, together with Exliibits and Schedules as follows: 



Exhibit A — Balance Sheet. 



" B — Statement of Eevenues and Expenses. 



" C^ — Comparative Statement of Revenues and Expenses. 



" D — Analysis of Surplus Account. 

 Schedule 1- — Accounts Receivable. 



" 2 — Suspensions — Speed Department. 



" 3 — Comparative Statement of Plant Accounts. 



" 4 — Accounts Payable. 



" 5 — Deposits on 1920 Contracts. 



" 6 — Miscellaneous Revenue. 



" 7 — Administrative Expenses. 



" 7A — Special Expenses. 



" 8 — Operating Expenses. 



" 9 — Departmental Expenses. 



All recorded cash receipts were traced to deposit in the bank. 



The Peoples State Bank account was reconciled as at November 30, 

 1919. 



The Accounts Receivable, amounting to |3,094.23, as shown by Sched- 

 ule 1, represents only balances due from 1919 operations. The balances 

 on accounts covering previous years' operations were considered uncol- 

 lectable and charged off. 



Schedule 2, detailing Suspensions in Speed Department, amounting 

 to -fl30.00, covers those Suspensions reported by the Secretary of your 

 Racing Association for the 1919 racing season. Suspensions amounting 

 to $7,913.50, which your books showed as being due from previous years, 

 were charged off against Surplus as they were considered uncollectable. 



We have mentioned in previous reports the fact that no reserve ac- 

 counts for depreciation of Plant and Equipment are set up on your books. 

 Therefore, the value of those accounts as shown are accordinglj' qualified. 



Respectfully submitted, 



A. W. EHRMAN & CO. 



