1.What caused State Fair of Virginia to be in its current precarious financial condition?
The State Fair of Virginia found itself in the current financial difficulty because of its inability to pay $83 million it had borrowed in 2003 (Clark, 2012).
The organization used the loan to develop a new fairground, which was anticipated to increase the revenue and increase the number of participants in the fairs.
Unfortunately, by the time the new fairgrounds got ready for use in 2009, the United States was facing an unprecedented economic downturn, which acutely reduced facility rentals and donations (Clark, 2012).
Besides, terrible weather hampered the success of the 2009 and 2010 fairs, leading to low collections from attendance charges in the first two shows held in the new fairground. As a result, SFVA was not
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