In 2006, some 250,000 hardcopy checks totaling $1.1 billion were written to owners, trainers and jockeys from horsemen’s bookkeeper (HB) accounts at North American racetracks. While the individual check amounts ranged from nearly $1.2 million to as little as $0.02, the fact that a quarter-million checks were cut clearly illustrates the Thoroughbred industry’s need for a modern money-management alternative, one that provides flexibility for horsemen and maximizes efficiencies in the HB office.

InCompass Solutions, Inc. (InCompass), the subsidiary of The Jockey Club that provides centralized software solutions for racing offices and HB offices at racetracks throughout North America, unveiled just such a system in the spring of 2007 and is driving forward with the signup of horsemen and track customers.

Akin to the popular online bill payment features offered by banks and other financial institutions, InCompass Financial Services^TM (IFS) Funds Transfer enables horsemen in eligible states to transfer money from their HB accounts electronically between participating tracks or from a participating track to their bank account.

The funds transfer service is the newest component of IFS, which was launched in October 2004 with an Account Access feature that provides horsemen with secure anytime-access to their HB accounts at participating racetracks through a secure Internet connection. By logging on to IFS Account Access with their user ID and password, horsemen are able to view their account balances, view and print detailed account statements and tax forms, and request checks without the need to call or visit the HB office. To date, more than 30,000 horsemen have opened IFS accounts.

“We launched IFS Funds Transfer in April at a handful of tracks and have been busy signing up tracks and horsemen since,” said InCompass president, David Haydon. “We think horsemen will appreciate having a funds transfer tool they’re accustomed to using in their other businesses or in their everyday life. At the same time, the HB office personnel at participating tracks will see a reduction in the volume of phone calls and visits from horsemen seeking to withdraw funds.”

IFS Funds Transfer is currently available at Churchill Downs, Ellis Park, Keeneland, Kentucky Downs and Turfway Park in Kentucky; Laurel and Pimlico in Maryland; Aqueduct, Belmont Park and Saratoga in New York; and Del Mar, Fairplex, Hollywood Park, Oak Tree Racing Association and Santa Anita in California. The service will soon be available at California Authority of Racing Fairs and Golden Gate Fields.

“As more tracks sign up, the service’s value will increase exponentially as a means to fund accounts at different tracks for claiming purposes,” said Haydon.

One horseman already enjoying the benefits of IFS Funds Transfer is Sean Gerson, who operates the Lake Forest, California-based Gerson Racing.

“As an owner of over 40 Thoroughbreds in California, I run about 200 horses a year at all of the Southern California race tracks,” said Gerson. “That means I spend a lot of time talking to the paymasters at each race track. As accommodating as they may be, it is always a chore to coordinate requesting a check, picking it up, getting it signed and, finally, depositing the funds into my bank account.

“With InCompass Financial Services, my time and the time of the paymaster is saved and the funds are deposited into my bank account at a click of my mouse. This is the easiest and most convenient way to get the funds from the track to my bank. It takes merely seconds to do and the setup was a breeze. With the aid of the InCompass staff, I was set up in minutes and now I can manage all of my accounts from the comfort of my home without bothering the paymaster.”

To utilize the service, horsemen simply log on to IFS at http://www.incompass-solutions.com, select IFS Funds Transfer on their account page and complete a brief funds transfer form stating the amount to be transferred and the accounts involved.

Each evening, electronic funds transfer requests are processed into the automated clearinghouse (ACH) network by InCompass’ business partner, JPMorgan Chase Bank N.A.

In most states and at most tracks, transferred funds are available to horsemen generally on the next banking business morning. A fee of $7.50 is assessed to horsemen for each transaction.

The list of states eligible to participate in IFS Funds Transfer is available through the IFS section of http://www.incompass-solutions.com and is updated periodically when new states become eligible.

Whether a horseman wants to move money between tracks or receive available balances during or at the conclusion of race meets, IFS Funds Transfer provides a quick and convenient way to do so.

For more information about IFS Funds Transfer, please visit http://www.incompass-solutions.com or contact InCompass at (800) 467-7385.