The New York Racing Association disputes a report in the Daily Gazette newspaper in Schenectady, N.Y. Thursday that its operating loss for the year 2001 was $11.3 million, the difference between revenue and expenses.
Senior vice-president Bill Nader said the actual loss was closer to a quarter of a million dollars.
According to Nader, NYRA's franchise fee calculation agreement with the state of New York, is specific about how a profit or loss is reported.
"The statute, Section 208, measures our profitabiity by federal income tax records," Nader said. "And our tax loss for 2001 was $260,000."
In NYRA's report, prepared by the accounting firm, Arthur Anderson, the $11.3 million was added to the non-profit company's accumulated deficit for its history of $51.5 million.
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