- What forms of payment does Funky Munky Stable accept?
Partnership units in Funky Munky Stable can be paid for by check or credit card (Visa, MasterCard, Discover or American Express).
- What are the benefits of being a licensed owner?
If you own 5% or more of a thoroughbred, you need to be licensed in New York State. The perks of being a licensed owner include access to the paddock, backstretch, barns, clubhouse admission on all racing days, and parking in the owner’s parking lot.
If you own 5% or more of a harness horse you need to be licensed. The perks include access to the backstretch, barns, clubhouse admission on all racing days, and parking in the owner’s parking lot (There is an owner’s parking lot at The Meadowlands, but not at Yonkers Raceway).
Also, whenever a Funky Munky Stable horse wins, ALL FMS partners are invited into the Winner’s Circle for the official win photo. The exception to that policy would be if an FMS horse is in a Stakes race, then only members of that partnership would be permitted in the Winner’s Circle.
- Do members get tax advantages for being in a Company partnership?
Since tax code changes so often, you are urged to discuss specific advantages with an accountant. As an LLC, the entity is not a corporation, and profit, if any, is not subject to the “double taxation” that would befall a member if this were a “C” class business corporation. The Company (LLC) is a “pass through” entity, meaning that the Company itself is not subject to taxation. In this regard, members are taxed as if the Company were a partnership.
- How are members notified of important events, such as upcoming races, workouts, results, FMS outings, etc.?
Partners of Funky Munky Stable will receive entry, workout, and result information for their horse via email each time their horse records such an event. Partners are also encouraged to visit our Facebook, Twitter, and Instagram pages for the latest updates, photos, and videos.
FMS management will gladly help you set up a Virtual Stable on Equibase which will notify you by email each time your horse is entered, records a workout, or has new race result. We are always available by phone or email and ready to help you in any way possible.
- Do partners have to make any other payments after the initial outlay?
The initial outlay pays for the partners percentage in the horse, as well as a few months of training expenses, which varies by each partnership. Training expenses are always calculated on a quarterly basis. If the horse earns more money in purse winnings than needed for the expenses of the next three months, then there will not be a cash call, and the overage will be credited to the partners. However, if there is no money in the account, there will be a full cash call for the following three months.
- How often can I expect my horse to race?
A healthy harness racehorse can race 3 to 4 times a month, and as many as 25 to 40 times per year. A healthy thoroughbred racehorse can run every 3 to 4 weeks, and as many as 10 to 15 times per year.
- Do partners have input on decisions made on behalf of the Company?
At Funky Munky Stable, input is desired and encouraged by management. FMS management needs to have a finger on the pulse of what partners are thinking, so decisions can be made in a positive spirit. Communication between partners and the management team is of the utmost importance for an enjoyable experience at Funky Munky Stable.
- What types of partnerships are offered by Funky Munky Stable?
We offer yearling partnerships that are formed beginning in August of each year where we will look to acquire a yearling (preferably a New York bred) at one of the predominant Fall sales in September or October. We also offer claiming partnerships that are formed throughout the year where we look to acquire a horse that is already racing on the NYRA circuit that we believe has untapped ability or upside than what is currently showing in their previous results. If partner demand calls for it, we would look to add additional partnerships (claiming, two-year old or yearling) depending on the time of the year.
- Is Funky Munky Stable a registered business?
Yes, Funky Munky Stable is a registered LLC (Limited Liability Company) in the State of New York, and each Company (partnership) is registered as a separate LLC. Each LLC has its own bank account, so there is no commingling of funds with other Companies (partnerships). Additionally, Funky Munky Stable (FMS) has filed for a Regulation “D” exemption with The Securities and Exchange Commission (SEC).
- What does Funky Munky Stable do?
We create horse racing partnerships (thoroughbred and harness) through fractional ownership, creating the complete ownership experience for our partners.
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