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Prize money etiquette?

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  • Prize money etiquette?

    Hi all- just wondering what is the protocol (or if there is any) regarding prize money won by a trainer riding a horse for owner? Do they get (expect) a percentage? All? None? New territory for me, so trying to figure it out before I get into it....

  • #2
    IME, the trainer usually gets most, if not all, of the money. It's usually written into the training contract.
    "Sadly, some people's greatest skill, is being an idiot". (facebook profile pic I saw).

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    • #3
      In my experience, the owner gets 100% of the prize money. The owner should get the money, prizes, and ribbons. They may choose to give any of these things to the trainer, but by default they are the owner's, who paid for the show fees.

      Comment


      • #4
        Really? hmmm. When i've shown the owner has gotten trophies or ribbons, but the cash usually goes to the trainer. Unless, there are some jackpots that are offered where it's split. One i recall paid 50% to owner, 25% to trainer and to breeder. But, everytime I've put a horse into training, it's been in the contract I've signed.
        "Sadly, some people's greatest skill, is being an idiot". (facebook profile pic I saw).

        Comment


        • #5
          Interesting! OP, your best bet is to review the contract that was signed with the owners then, as obviously it various from place to place!

          Comment


          • #6
            The only ones I have found online were for arabian trainers, and the one I have for a reining trainer, and both those they keep the money. I couldn't find any training contracts online for the H/J websites I checked. (But I don't know a lot of them either). The reining one has it in there a few times haha.
            "Sadly, some people's greatest skill, is being an idiot". (facebook profile pic I saw).

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            • #7
              Cash goes to the OWNER, minus a percentage to the trainer/rider if it is agreed upon in advance.

              I rode with a VBNT for one summer and it was written in our contract that she got 10% of any money won. Even if I won it when I was riding my horse myself.

              Unless we are talking about horses owned by conglomerates and ridden solely by BNTs as businesses. I can't say I'm 100% sure how that works, but I promise you that the rider isn't getting all the money. Otherwise there's no incentive for the conglomerate to own and campaign the horse. I would image there is a agreed upon percentage there, too.

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              • Original Poster

                #8
                Thanks for the feedback. If it helps I am talking about jumper classes (mini prix, etc). Up to this point there is no specific clause in my agreement with the trainer regarding this issue but It sounds like there will have to be a discussion and some terms that have to be decided before we proceed. I am still interested in hearing more feedback if anyone has other thoughts so I can come up with a fair proposal.... I was thinking 10% or so but should that be 10% from total prize, or after deducting entry?

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                • #9
                  Cash goes to the OWNER.

                  Seeing how the owner pays all the bills.
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                  • #10
                    Don't forget that prize money is taxed if over a certain amount.
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                    http://www.youtube.com/user/LeeB110

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                    • #11
                      Prize money, ribbons, cooler, etc, go to owner or horse. Trainer sometimes gets percentage - in my experience they only take a percentage if doing open jumper classes.

                      But owner has sometimes given rider ribbon or cooler.

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                      • #12
                        Everything won usually goes to the owner, although in a high dollar class or with a BNT, you would see a percentage given to the rider (usually comparable to what they charge for a sales commission).

                        Comment


                        • #13
                          Money, ribbons, trophy, etc. goes to owner. Owner decides what to give to trainer/rider if anyting, unless of course some written agreement was executed prior. Even then, I have never seen where a trainer gets all or most of the $.

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                          • #14
                            Originally posted by LeeB10 View Post
                            Don't forget that prize money is taxed if over a certain amount.
                            Good point - for those who have it in in their contracts that the trainer/rider gets all the prize money, who pays the taxes on said prize money?
                            http://www.tbhsa.com/index.html

                            Originally Posted by JSwan
                            I love feral children. They taste like chicken.

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                            • #15
                              I would say any monies won would go to the entity whose social security or tax ID number is on the entry blank since they will be paying taxes on the winnings.
                              Using common sense, the person paying all the expenses gets the winnings. If the trainer/rider makes a mistake do they compensate the owner? When my trainer showed my hunter the winnings were mine, as were all the expenses including $50per ride and $125 training fee for the day. On rare occasion when a mistake was made, off course or miss at a jump, I did not expect him to pay for the entry.
                              When the horse won, and he did frequently, that is what I paid the training fees for - good training and good riding.
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                              • #16
                                Originally posted by STA View Post
                                I would say any monies won would go to the entity whose social security or tax ID number is on the entry blank since they will be paying taxes on the winnings.
                                Using common sense, the person paying all the expenses gets the winnings. If the trainer/rider makes a mistake do they compensate the owner? When my trainer showed my hunter the winnings were mine, as were all the expenses including $50per ride and $125 training fee for the day. On rare occasion when a mistake was made, off course or miss at a jump, I did not expect him to pay for the entry.
                                When the horse won, and he did frequently, that is what I paid the training fees for - good training and good riding.
                                Exactly. OP and others might want to have a conversation w/ CPA about tax burden and prize money. I would think if you were also giving a % to the trainer/rider then that is also taxable income. Would the owner be required to submit a 1099?

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                                • #17
                                  It would be a good idea to discuss tax consequences with your accountant, since taxes may be due on prize monies. Prize monies are paid by show to the owner. Also, if I were to split prize money with a trainer in most circumstances I would only want to split whatever money is left over (if any) after show expenses have been paid. Presumably the trainer is already being paid to ride the horse

                                  Comment


                                  • #18
                                    Originally posted by MyGiantPony View Post
                                    Good point - for those who have it in in their contracts that the trainer/rider gets all the prize money, who pays the taxes on said prize money?
                                    Trainer did. But as I said, that was reining competitions, so different discipline than we are discussing. And ofcourse, in Ammy classes the owner keeps the money. That's just for the open.

                                    The few times that a trainer has caused a DQ on the horse, they have waived my ride fees at the next show.
                                    "Sadly, some people's greatest skill, is being an idiot". (facebook profile pic I saw).

                                    Comment


                                    • #19
                                      The owner gets the cash. They also get to pay the taxes. If they choose to give the trainer a "tip" of say 10% of the prize money, the trainer would be expected to pay his own taxes on said funds, just like they do on the day fees they charge, commissions, training, and all the other stuff they charge for.

                                      I can not fathom a world where I pay the trainer to ride the horse, train the horse at home, pay the entries, and the bloody trainer keeps the prize money and I get the stupid ribbon. BS. Not in my world. Maybe the owner of the reining horse gets to keep the truck they win when the trainer gets the cash.

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