Updated on 06/18/2012 4:15PM

NTRA sells $600K in bonds

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The National Thoroughbred Racing Association sold approximately $600,000 worth of bonds in 2011 to cover a portion of its $11.3 million in expenses, according to financial statements released on Monday covering the 2011 fiscal year.

Coupled with changes in value, the sale of the bonds reduced the association’s investment portfolio from $2.07 million at the beginning of the fiscal year to $1.41 million at the end of the period, according to the financial statements. It occurred a year after the NTRA used approximately $1 million in cash reserves to finance its operations during the 2010 fiscal year.

During the 2011 fiscal year, the NTRA had revenue of $10.6 million, according to the financial statements, which were published as part of the NTRA’s annual report. The NTRA has a budget of $8.2 million for the 2012 fiscal year.

The 2011 fiscal year ran for 13 months, from the beginning of January, 2011, until the end of January, 2012. The NTRA board approved a change to the fiscal year in 2011 in order to more closely align run-up expenses incurred during the year for the National Handicapping Championship, which takes place in January every year and is one of the association’s most high-profile events. The NTRA’s fiscal year will now run from the beginning of February to the end of January.

According to the financial statements, the NTRA had $346,000 in cash and cash equivalents at the end of the fiscal year, a drop of $497,000 from the comparable figure at the end of the 2010 fiscal year.