New York State Thoroughbred Breeding and Development Fund

Operating and Reporting Practices

The New York State Thoroughbred Breeding and Development Fund encourages the breeding and maintenance of thoroughbred horses in New York by distributing financial incentives to breeders and owners whose horses compete successfully in New York-based races. The Fund is required by law to report annually to the Governor and the Legislature about certain aspects of its operations and thoroughbred breeding in New York. However, we found that the annual reports issued by the Fund do not include all of the information required by law. We also determined that Fund revenues and expenses, which are subject to legal restrictions, are underreported in the Fund's financial statements. In addition, we examined the Fund's effect on New York's thoroughbred industry. We conclude that the Fund could be more aggressive in its promotional efforts and needs to develop performance standards for assessing the effectiveness of its efforts.

For a complete copy of Report 95-S-134 click here.
For a copy of the associated follow-up report click here.
For a copy of the 90-day response click here.