NTRA posts profit for third straight year

The National Thoroughbred Racing Association had net operating income of $93,228 in the fiscal year ending in January, the third straight year the organization has posted a profit, according to financial statements released on Wednesday.

Along with interest income, total revenue over expenses for the fiscal year was $190,340, resulting in a net cash balance for the organization of $1,574,773 at the end of the year, according to the financial statements, up from $749,077 at the end of the previous fiscal year.

Total revenue for the year was $9.6 million, up from $9.1 million. The NTRA derives much of its revenue from its marketing and promotions, which include the administration of the National Handicapping Championship and its qualifying tournaments, held at tracks that are members of the association. Membership dues in the fiscal year were $1.3 million, down from $1.9 million in the previous fiscal year.

Contributions to the NTRA’s legislative efforts were $590,000 during the fiscal year, up from $553,000 in the previous year. During the year, the NTRA’s lobbyists campaigned for tax-law changes that would be highly favorable to horseplayers. The changes are being considered by the Treasury Department and the IRS.

The NTRA has budgeted $9.1 million in revenue and expenses for the current fiscal year, according to a report accompanying the financial documents.