The Emerald Racing Club is a new endeavor and while planning out the program we had set a goal number of 50 members in it’s first year.
I’m thrilled to report that we have 122 members in our first year pending late mail!
As mentioned, we plan to share the financials with you on a monthly basis and explain the expenses. Here is the budget based on the 122 members and claiming two horses (one for $8,000 and one for $5,000).
As the actual expenses come in, we will explain each one. The budget you see here is assuming a couple things:
1) The horse won’t start racing until May. This is because Golden Gate racetrack has “jail rules.” Jail rules are in place at racetracks to keep horses from leaving the grounds and depleting their horse population. The rules at Golden Gate are that any horse claimed may not race at another track for 45 days OR the horse must make one start after being claimed at Golden Gate and then is free to run elsewhere. If we purchase the horse privately, we can avoid the jail time.
2) Our revenue is conservative assuming only one start per horse per month beginning in May. The revenue counts a $125 starter fee that the horse earns even if it finishes in last place.
3) Our expenses regarding vet and farrier are estimated high.
4) Revenue from the sale of the horses at the end of the season has not been budgeted in order to build a conservative budget.
With two horses, the fee going to the Washington Horse Racing Commission goes up from $108 ($83 license fee, $10 fingerprint, $15 L&I) to $123 to account for an additional $15 per person payment for L&I on the second horse.
All of the money you have invested as an owner ($500) goes directly into the Emerald Racing Club and the expenses involved with your ownership.
Welcome to the Club and I look forward to announcing our racehorse very soon!
Dir. of Marketing