New York Racing Association
Audit of the Annual Franchise Fee for 1995, 1996 and 1997 (Follow-Up Review) The New York Racing Association is a not-for-profit organization that is franchised by New York State to operate the Aqueduct, Belmont Park and Saratoga racetracks. According to the terms of the franchise, the Association must pay the State certain mandatory fees as well as an annual franchise fee. In our prior audit report 98-S-6, we audited the
Association's calculation of the annual franchise fee for 1995, 1996 and 1997. We found that the Association used the correct accounting methodology to calculate the fees. However, we identified about $114,000 in expenses that were not documented and determined that prior fees needed to be recalculated because $2.5 million in revenue had been credited to the wrong period. In our follow-up review, we found that some of our prior recommendations had been implemented, but other recommendations had not been implemented.
For a complete copy of Report 2000-F-38 click here.