INDEPENDENT AUDITORS' REPORT
Board of Directors
Los Angeles County Fair Association
Pomona, California
We have audited the accompanying consolidated statements of financial position of the Los Angeles
County Fair Association (the Association) as of December 31, 2010 and 2009, and the related
consolidated statements of activities and net assets and cash flows for the years then ended. These
financial statements are the responsibility of the Association's management responsibility is to
express an opinion on these financial statements based on our audits. We did not audit the pari-mutuel
handle revenue, from which approximately five percent to seven percent of the Association's total
revenues are derived as of December 31, 2010 and 2009, respectively. That revenue was audited by other
auditors whose reports have been furnished to us and, in our opinion, insofar as it relates to the revenues
of the pari-mutuel handle, is based solely on the reports of the other auditors.
. Our
We conducted our audits in accordance with auditing standards generally accepted in the United States of
America. Those standards require that we plan and perform the audits to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material
respects, the financial position of the Los Angeles County Fair Association as of December 31, 2010 and
2009, and the changes in its net assets and its cash flows for the years then ended, in conformity with
accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated March 29,
2011, on our consideration of the Association's internal control over financial reporting and 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 the scope of our testing of internal control over financial
reporting and compliance and the results of that testing, and not to provide an opinion on the internal
control over financial reporting or on compliance. That report is an integral part of an audit performed in
accordance with Government Auditing Standards and should be read in conjunction with this report in
considering the results of our audit.