Advocates also point to a lack of professional experience on the current board when it comes to horse racing or general business experience.
“I think that the boards need to consist of professionals rather than volunteers, not political appointees, so that they have a real responsibility to the shareholders — in this case, the taxpayers of the State of California,” Echols-Hayes said. “They also need an audit committee on the board with people who are professional finance people — retired CFOs, CEOs, etc.”
Critics say positions on the fair board now are largely politically motivated, often given to major donors.
“Plus there is not one person on the board or in the 22nd DAA who understands horse racing, without which they would have gone dark during Covid, or horse shows that constitute some very large event revenue generators,” Echols-Hayes said.
The Orange County Fairgrounds has been operating with a major surplus even during the COVID-19 pandemic and local advocates say that the board is a model the 22nd DAA can look toward.
“The $35 million surplus was not an accident or luck. It’s the result of good governance and people who know how to run a business,” Echols-Hayes said.
Many nonprofits can gain some insight from the Coast News article regarding what to do about the financial failures of fairgrounds throughout Florida. While proposals particularly about governance and oversight are being examined, one model is what is going on in California where both surplus and success are credited to "good governance and people who know how to run a business". Feels like goo advice - yes?https://thecoastnews.com/potential-governance-change-likely-wont-solve-fairgrounds-money-woes/