The Jockeys' Guild paid $448,000 to Matrix Capital Associates in 2003, according to a financial report the Guild filed Feb. 11 with the U.S. Department of Labor.
Matrix is a Monrovia, Calif.-based consulting firm that assumed management of the Guild in 2001. The report, considered a public document, shows the Guild paid Matrix $412,000 in consulting service fees, a 12% increase from $375,903 in 2002. Matrix received an additional $36,000 for rent, up 72% from $10,200 in 2002.
Fees paid to Matrix in 2003 should have been but weren't included in the 2003 Annual Labor Management Report the Guild filed with the Department of Labor in December, nine months past the March 3, 2004 due date. Guild spokesman Eric Banks declined to comment Feb. 24 about the late filing of the report and the increased payments to Matrix.
Jockeys' Guild president Dr. Wayne Gertmenian owns Matrix. In 2003, Gertmenian received a salary of $151,250 separate from the money paid to Matrix, while vice president Albert Fiss drew a $101,000 salary. Gertmenian's contract was extended through 2008 at the Guild's annual meeting last December.
While payments to Matrix increased, Guild revenue decreased 31% from $6.8 million in 2002 to $4.7 million in 2003, according to the Guild report filed in December