The New York Racing Association is masking financial troubles and is not taking steps state auditors have urged in the past to right its fiscal condition, the state's chief fiscal watchdog said Jan. 24.
The Maryland Jockey Club submitted an audited financial report March 31 that showed losses for Laurel Park and a small profit for Pimlico Race Course for the final eight months of 2010.
New York's top fiscal watchdog has issued a scathing financial audit of the New York Racing Association--findings he claims are so troublesome that most members of the current NYRA board should resign.
Though the old Kentucky Racing Commission has been called "messy and sloppily run," with lax management and a disregard for standard business practices, the organization did nothing that calls for involvement by law enforcement agencies, according to an audit report released June 22.
The results of an audit into operations of the old Kentucky Racing Commission will be released June 22 at the state capitol in Frankfort.
The Ohio State Racing Commission, subject of an investigation by the state Office of Inspector General, has agreed to allocate funds to expand the scope of its customary audit. The more detailed audit will look closely at issues raised in the probe.
On Wednesday Kentucky Governor Ernie Fletcher requested state auditor Crit Luallen to review policies and procedures by the former Kentucky Racing Commission, which he disbanded in January.
The Kentucky Auditor of Public Accounts, in an Aug. 5 report, suggested the Kentucky Racing Commission do away with the executive director's position on its Backside Improvement Commission, maintain a special account for private purchases, and reduce the number of individuals who receive pins that previously allowed them access to Churchill Downs for the Kentucky Oaks and Kentucky Derby.
A draft audit by New York state comptroller Alan Hevesi found the New York Racing Association has come up short in payments to purses and state franchise fees.
The Kentucky Auditor of Public Accounts has issued recommendations in the wake of an examination of the activities of the Kentucky Health and Welfare Fund, formed in 1978 to provide assistance to Thoroughbred racing personnel and their families.
The New York Racing Association has made improvements in its financial practices in recent years, but state auditors have questioned a number of big-ticket expenses, including money NYRA donated to charity but did not report to federal tax officials and consulting and lobbying expenses.
A long-running feud between the New York Racing Association and state racing regulators ended Wednesday when a private accounting firm was given final approval to audit NYRA's books.
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