Horseman’s Bookkeeping Policies
Please review the following policies and procedures for managing your Horseman’s Bookkeeping account.
Bookkeeping Accounts (horse ownership)
A separate bookkeeping account will be maintained for each owner, group of owners (partnership), stable name or corporation as shown on the official racing program. Earnings by the horse will be credited only to that account.
Tax Reporting
A tax ID (SSN or FEIN) is required before any taxable funds can be released. An IRS form W9 certifying the tax ID must be submitted to HGCA. In the case of partnership accounts, a W9 is required from only one of the partners and all taxable income for the account will be reported to the IRS using that partner’s tax ID, unless a “split taxable” account has been set up (see “Split Tax Accounts” below)
Split Tax Accounts
If desired, partnership accounts can direct HGCA to report taxable income to each partner based on their percentage of ownership. A W9 and ownership percentage statement is required from each partner and a fee applies for this service. Split Tax Partnership forms are available from the bookkeeper or can be printed from the HGCA website (www.hgcaonline.com).
Availability of Purse Money
HGCA credits purse earnings to your account each day, and those earnings are available for withdrawal after a 72 hour escrow period (see Illinois Racing Board Rules, sub C part 509.180).
Authorization to Access Bookkeeping Accounts
Unless specifically directed otherwise by you, all named parties on an account are authorized to transact business with the bookkeeper including the withdrawal and transfer of funds. If you want access to your account restricted further, contact HGCA to add additional account restrictions.
Minimum Account Balance
While racing, maintain a minimum balance of $100 in your bookkeeping account. If your account does not have sufficient funds to cover racing fees (jock mount fees, nomination, entry and start fees), your account will become overdraft and subject to an overdraft charge.
Jock Mount Fees – New for 2009 !
Your account is charged for the applicable jock mount fee as each race is run. If your account becomes overdraft, your jockey’s account will be credited with the mount fee but WILL NOT BE PAID the mount fee until you deposit sufficient funds in your account.
Nomination, Entry & Start Fees
Your account is charged for stakes race fees as directed by the racing office. Like jock mount fees, the track accounts will be credited for the fees but will not be paid if your account is overdraft.
Account Overdraft Statements & Fees – New for 2009 !
HGCA mails overdraft statements twice per month. If you deposit funds to cover your overdraft before the next overdraft statement cycle, your account will not be charged a fee. Otherwise, your account will be charged an overdraft fee of $5.00 for each overdraft statement we mail.
Automatic Deductions from Accounts
The following fees will automatically be deducted from your account:
Deposits into Accounts
Cash and wire transfer deposits are available immediately. All checks deposited, including bank and cashiers checks, are subject to an escrow period of up to 10 days (checks from some race tracks may be excluded from an escrow period). Contact HGCA to determine when funds from deposited checks will be available. Deposited checks returned as NSF are subject to a fee.
HGCA Fees
Internet Account Access
You must apply for a user ID
and password in order to access your account data via the web. The application
is available from the homepage or by calling the
HGCA main office.
Access to your Account
Checks, transfers and other transactions can be made via the track bookkeeper or by calling our main office. Checks can be mailed or picked up at any live track location or at our main office in Palatine. Checks ordered for mail will be mailed the same day if requested before noon. Checks ordered for pickup at live tracks will be ready for pickup the same day if requested prior to the 5th race.
Track Bookkeeper
The track bookkeeping office is open 1 hour before 1st post until post time of the last race. You can transact business in person or by phone during these hours. Ask for the horseman’s bookkeeper.
Arlington (847) 385-7500
Balmoral Park (708) 672-7544
Hawthorne (708) 780-3700
Indiana Downs (317) 421-0000
Maywood Park (708)
343-4800
HGCA Main Office
Horseman’s Guarantee Corp of America (or HGCA)
25 W. Palatine Road
Palatine, IL 60067
All bookkeeping business can be conducted via phone between 9 am and 5 pm Monday through Friday. Call (847) 394-4210 and ask for horseman’s bookkeeping.