New York State Thoroughbred Breeding and Development Fund

Operating and Reporting Practices (Follow-Up Review)

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. In our prior audit report 95-S-134, we found that Fund annual reports did not include all of the information required by law, Fund revenues and expenses were underreported in the Fund's financial statements, and performance standards were needed for assessing the effectiveness of Fund activities. In our follow-up review, we found that actions have been taken by Fund officials to address these deficiencies.

For a complete copy of Report 98-F-59 click here.