06/27/2013 3:30PM

NTRA in the black for fiscal year

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Although revenue for the National Thoroughbred Racing Association dropped 23 percent in fiscal year 2013, the association managed to generate excess cash of $66,851, compared with a loss of $598,927 in the previous fiscal year, according to financial statements included as part of the association’s annual report released on Thursday.

Revenue for the fiscal year dropped from $10,592,745 in 2012 to $8,163,457, according to the statements, but significant cuts to the association’s marketing budget, general and administrative expenses, and legislative programs allowed the company to generate the small excess in cash. The marketing budget was pared 40 percent, from $5.06 million in 2012 to $3.06 million in 2013, while the legislative budget was trimmed by nearly $350,000 and general and administrative expenses were down nearly $500,000.

Alex Waldrop, the chief executive officer of the NTRA, did not return phone calls on Thursday afternoon. The organization is funded by a broad cross-section of racing organizations, as well as by the proceeds of some of its own programs.

Although the NTRA’s operating expenses for 2013 exceeded its operating revenue by $102,856, the NTRA also had income from interest and other sources of $169,707, resulting in the surplus for the year.

Although its role has been greatly reduced over the past 10 years, the NTRA administers an accreditation program for racetracks, conducts federal lobbying efforts on behalf of the industry, and maintains a communications office. It also administers a program offering discounted goods and services to tracks and farms from preferred suppliers.