CBY RC Running Financials Apr – June 13
If you click above you can access the spreadsheet with the financials for the first three months. Much of it is self explanatory, but here is a rundown from top to bottom, keeping in mind that we NOT seen the vet bills yet but I wanted to get this up once we got Clay’s June bill:
The top portion is income.
Initial Deposits – The money of all the members
Purse Money – Income from purses
Claim/purchase money – money we will receive from a claim or sale of a horse
The rest of the sheet are expenses – which is about the right proportion for this game sometimes.
Claiming – the claiming price of the horse
Training – the training portion of the bill or ‘day rate’
Farrier – getting the horse’s feet trimmed and shod
Vet Bills – veterinary care
Jockey Fees – the amount of money received by the jockey for a non-winning mount. In this is case Juan Rivera received $115
Management Fees – $200 a month to the club management company
Trainer Purse % – trainer receives 10% of a horse that comes in 1st 2nd or 3rd. This month, with EDDY’s win and MUNDY’s 3rd, Clay received $771
Jockey Purse % – jockey receives 10% of a winning ride. This is in lieu of a regular jockey fee, not in conjunction with one. In this case, Alex received $540
Management % – the management company receives 5% of any 1st, 2nd or 3rd purse money. In this month, the 1st & 3rd place finishes netted the company $385
Transportation – $300 for transporting EDDY from Chicago to here
Pony to Post – for each race, each starter receives a pony to accompany them to the post. The fee for this is $25 per race.
Licensing – The group, Canterbury Racing Club 2013, needs to be licensed with the Minnesota Racing Commission
Equine Retirement – $2 per start is set aside for equine retirement groups. AT the end of the season, Canterbury Park matches the money collected and it is split among several area groups that help ex-race horses transition to retirement
Groom Bonus – A $50 bonus to the groom of the winning horse.
Running Total – a running total of the amount of group funds
Monthly Total – the total of money won/(lost) for the month
Canterbury Racing Club 
Are we still targeting to enter Eddy for a race next Saturday? Is there any final decision on the dates and times for the backside tours?
EDDY is being pointed for next weekend, the question is whether or no the type of race we want to get – $5,000 open claimer – will fill. There has been a tough time filling those. We may end up entering a $7500 turf race as a “Main Track Only” entry to see if we can get in if the race is called off the turf. At that level we may run into some $7500 horses that aren’t cutting it on the dirt, trying the turf as a last resort so it could be a weak, though more expensive field. No final date/time yet – but the first should be either July 27 or August 4.
I see there is a 10,000 claiming 7 1/2 furlong turf race as an extra on the Friday overnight. Would Mundy be ready for that race?
That would be looking at providing that she shows us that she’s ready to go. It would have been just a bit over 2 weeks so we want to be sure that she’s feeling like she’s ready to roll again before we send her out again, but so far, so good.
Oops…, was wondering about the vet bills on the financial statement?
We have not received our vet bill yet, though Clay said he told them where to send it. I will add it in as soon as we get it.
Ted, in general how do owners collect prize money and pay their bills at the track? Does every owner maintain an account with Canterbury from which trainers, vets, etc. are paid? Or is this something each owner would handle themselves? Would you please explain what is normal procedure? Thanks, Craig
Good question. Once your horse is on the grounds and is getting ready for a race, the owner will open up an account with the track bookkeeper. Think of it as the Bank of Canterbury Park. You have an account there and many of your deposits and debits are taken here.
Your initial deposit opens your account. When the race is run and you’re fortunate enough to win, your winnings are deposited into that account that day. Taken from that account automatically are the jockey’s fees and the $2 per start fee that goes toward racehorse retirement programs. Additionally, you can transfer your trainer’s payment there, but that is not automatic – you have to instruct the bookkeeper to make that transfer for you. If you want to pay a vet that does not have an account with the bookkeeper, you go ahead and request a check, made out to the vet, and go ahead and send that off. Some expenses, like the farrier, pony to post and trainer percentage for an on-the-board finish are billed via the trainer and are part of the training bill.
Each owner would maintain their own account but you can authorize what is called an “authorized agent” (usually a trainer, but not always – I do some stable management services and would be made an authorized agent) who is authorized to transfer money, pay bills, etc.
I hope this helps explain the process.
Ted, regarding the upcoming tours, would it be possible to start the tour in the jock’s room so we can see what that looks like and then take the walk the horses walk from the paddock area to the barn? It would be interesting to see where Paul Allen calls the races from and have him explain how he remembers all the horses names as he calls the races.
For this tour we will only be on the backside. Given the size of the group, we are simply too large to do something in such a confined area like the jock’s room (which is off limits w/o steward’s permission) and the press box.