budget | Horse Racing Free Tips

Why Does It Cost So Much To Board Your Horse? One Farm Owner Breaks Down Her Budget

While many horse owners dream of having their horses in the backyard, the logistics often aren't feasible between time commitments, the cost of real estate, and other responsibilities. Many owners board their horses instead and the topic of boarding rates is always a sore spot for horse owners and facility owners alike. Though it may seem like this transfer of funds is simply paying for a tiny 12×12 box and some field space, the actual costs of keeping horses—and keeping them well, meaning they have adequate feed and care—can be staggering, no matter where in the country the horse resides.

A competition barn manager in Central Kentucky put together the general cost of boarding horses in the Bluegrass and the costs are eye opening. Carleigh Fedorka leases a 10-stall barn on an existing farm and provides care for horses boarded there.

Fedorka, who went from boarding her horses to leasing her own boarding and training facility, said even she was surprised by how quickly costs beyond the expected expenses of hay and grain could add up. She provided her complete budget per horse from everything from barn cost to utilities to staff to maintenance on her blog, A Yankee In Paris.

Using her estimates, which Fedorka said could even be on the low side, she calculated each horse costs the business $710.80 per month to simply live at a farm where it receives quality care, suggesting that many facility owners probably find themselves losing money on their full-care board rates.

Read more at Fedorka's blog, A Yankee in Paris.

The post Why Does It Cost So Much To Board Your Horse? One Farm Owner Breaks Down Her Budget appeared first on Horse Racing News | Paulick Report.

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New Jersey: Proposed Budget Cuts $20 Million From Annual Purse Subsidy

Owing to revenue loss caused by the coronavirus pandemic, New Jersey Gov. Phil Murphy's proposed budget released on Wednesday includes multiple spending cuts. According to njonlinegambling.com, one of those cuts is to the annual horse racing purse subsidy that became law in February of 2019, in the amount of $20 million.

The purse subsidy, financed by slot machine revenue, is typically split evenly between Thoroughbred and harness horsemen, affecting Monmouth Park and harness tracks Meadowlands and Freehold.

The 2019 law was approved for $100 million over five years, at $20 million per year.

While 2020's subsidy has already been paid, there is still a lot of negotiating that may be done before the state budget is finalized in late September, so the purse subsidy may be revived for 2021.

Equine Aftercare Feeling Financial Impact After Event Cancellations

Equine aftercare nonprofits are poised to take a hit financially from the impact of the COVID-19 pandemic, even though horses in their care have been adopted out in record numbers. A plethora of fundraising events for aftercare organizations have been moved online or cancelled completely as health mandates have limited the number of people who can gather.

Multiple Thoroughbred Aftercare Alliance (TAA)-accredited organizations have had to cancel events and their staff are concerned about how they will make up for the lost revenue. In addition, many donors are also experiencing financial constraints and may be reluctant to give at the levels they previously have. Organizations that offer grants to equine aftercare entities are also feeling the pinch of limited donations, reports Blood-Horse.

Second Stride, a Kentucky-based Thoroughbred rehoming organization, was unable to host their annual pre-Derby party in the spring and they have opted to not hold the in-person party in September, either, as safety protocols keep shifting. The organization now plans to host a virtual event around the Derby that offers a handicapping panel and an online auction.

Win Place Home, a California-based nonprofit, cancelled their spring event, which typically brings in about one-quarter of their yearly revenue. To make up for some of the lost revenue, Win Place Home will offer a week-long silent auction with videos featuring adoptable horses and special guests.

The amount of money nonprofits raise through fundraisers and events is part of what dictates the number of horses each organization can assist. With donations down, organizations may not be able to help as many horses. Surprisingly, aftercare organizations across the country have experienced adoption booms during the pandemic, and not in horses with unlimited second-career potential. Family horses, trail horses and those with limiting injuries were also adopted out in droves.

Interestingly, there has not been an uptick in the number of horses being retired from racing—yet. Though it's unclear what the future holds for equine aftercare, it will hopefully include more donations.