Dear Breeders, Owners and Stallion Owners,
Your checks are in the mail.
On the morning of Tuesday March 13th, the NY Thoroughbred Breeding and Development Fund staff posted more than 800 “withholding” checks to those whose horses earned awards in 2011.
Thirty percent of your 2011 award earnings were withheld during the year, and the checks you will be receiving represent 100% of those monies. (Remember, there are no withholdings taken from payouts of the previous year’s withholding nor from any supplemental payments.)
The next round of checks will be for awards earned during the first period of 2012 (Jan. and Feb.) and will be sent out the first week in April. Importantly, this year the Fund’s Board of Directors has elected to withhold only 10% of award earnings during 2012, with the expectation that the Fund will be able to pay back those withholdings in 2013.
As soon as possible after the first-period mailing, we will determine supplemental amounts for 2011 and send those checks out to you.
The Fund is turning around the checks much more quickly than in the past because we understand that as soon as you receive them you are likely to put the award money right back into the economy. Whether you pay your feed man, your help, your vet or your property tax bill, we hope we are helping you to stay in business or to grow your business.
For those of you receiving checks, congratulations for producing a horse good enough to get to the races and finish in the money at a New York track.
As the Fund’s award programs grow stronger, so does the competition from our fellow breeders within the state and elsewhere. So, as the Mission Statement on our home page says, let’s aim to breed “quality thoroughbred racehorses,” a practice that we hope will reward you when it’s time to sell and when your horses cross the finish line.
With all respect and good wishes for your continued success,