TEXAS HORSEMENS ASSISTANCE FUND INC

This organization was formed to promote social welfare and create social improvement in certain areas of the State of Texas. The organization was created for that purpose by the horse racing industry operating in Texas after it was determined that benevolent assistance should be provided to a certain segment of that industry. It was therefore agreed to by the Texas Racing Commission, an agency of the State of Texas, and by each licensed racetrack in the state, that an amount of money equal to 1% of all purse moneys earned would be contributed to this organization. The funds are to be used to bring about social improvement at each trach and the surrounding community. This improvement is to be accomplished by the payment of benevolent assistance to a certain class of people as further discussed. The need for benevolent assistance is a result of the large number of indigent and poor people that are associated with the horse racing industry. Most are paid minimal wages and have no health i