California Retirement Management Account earmarks $500,000 for 25 charities

ARCADIA, Calif. – The California Retirement Management Account for retired racehorses will distribute more than $500,000 to 25 charities, according to a statement released this week. The distributions will pay for a variety of needs for the charities, including basic costs such as a hay, feed, and medication, the statement indicated.

CARMA generates revenue through fundraisers and through contributions from horse owners who dedicate 0.3 percent of purses earned to the fund.

One of CARMA’s leading events is a charity poker tournament and silent auction held at Del Mar in July. In 2015, the event raised more than $80,000 for the organization. Revenue generated from that event and other donations is distributed to facilities that care for retired Thoroughbreds and request grants from CARMA each fall.