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ITHA Audit Reveals Misuse

An independent audit conducted by the Illinois Thoroughbred Association ("ITHA") members has revealed questionable use of funds by Joe Kasperski and certain other ITHA employees. After numerous requests by ITHA members and legal counsel over the last five months, Kasperski produced some, but not all, of the financial records for the years 2000 through 2005. Members have questioned certain expenditures, income, and investments. By law, the members are entitled to review these corporate records.

A review of several years of ITHA credit card charges reveals that a substantial amount of what appears to be personal expenses were charged to, and paid by, the ITHA. Specifically, the significant questionable charges include:

  1. Trips to Florida, Las Vegas, etc.
  2. Meals/Liquor charges
  3. Entertainment
  4. Gas to and from the track every day
  5. Oil changes, car washes, body shop repairs, etc.
  6. Monthly AUTOPAY/DISH NTWK charges for home use
  7. Comcast charges

Receipts and/or explanations were not provided and it appears that ITHA Bylaws and IRS Regulations may have been violated. Extensive improper political contributions may further jeopardize out ITHA tax free status.

Christine Janks was elected interim President on 12-17-05 and has agreed to serve at no salary until a regular election can be held. Kasperski, with his $40,000 per year salary, refuses to vacate the office and refused to hold special meetings and/or elections pursuant to the ITHA Bylaws.

ITHA Board members have been asked to resign as a result of their failure to properly exercise control and responsibility as well as their failure to follow the ITHA Bylaws and applicable State statutes.

Recovery of funds disbursed for payment of any improper expenses will be pursued.

Spokesperson
Jan Ely

 

Questionable charges

 

 

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