FEI and US Equestrian Federation Take Measures to Minimize Financial Impact due to Corona

Sat, 04/18/2020 - 16:51
FEI President Ingmar de Vos waiving the FEI flag at the 2015 World Cup Finals :: Photo © Dirk Caremans

The FEI as well as the US Equestrian Federation have taken strong measures to minimize the financial impact created by the corona pandemic. 

FEI Puts 60% of Its Staff on “Temporary Partial Unemployment”

In order to help stabilise the financial viability of the FEI and to safeguard jobs in the long-term, the FEI has put 60% of its staff on temporary partial unemployment as of 15 April.

"Having this option of temporary partial unemployment offered by the Swiss government, has meant we have been able to avoid having to resort to permanent lay-offs and we can maintain our valued and incredibly skilled workforce," the FEI posted on its website. "We have also put a freeze on recruitment, with the exception of the two Director-level appointments for Jumping and Endurance, for which the recruitment process is ongoing."

Ken Braddick of Dressage News reported that the FEI has about 100 employees, the majority based at the headquarters in Lausanne, Switzerland and now doing telework. 

No less than one third of its 1600 competitions in all its disciplines on the 2020 show calendar have been cancelled so far. All calendar fees have been waived for events between 15 March and the end of the year. 

Annual subscriptions for its 137 National Federations will be reduced to 50% this year, and the FEI has extended the deadline for all invoices to be paid from 30 to 90 days.

USEF Applies for Governmental Loan

The U.S. Equestrian Federation has applied for a loan under the federal government’s stimulus program designed to help cover wages and other critical costs during the Covid-19 pandemic.

The loans of up to $10 million that can be partially forgiven come under the $350 billion Paycheck Protection Program as part of the Coronavirus Aid, Relief, and Economic Security Act and available to businesses defined as small with 500 or fewer employees.

The U.S. Equestrian federation is a non-profit organization with about 150 employees based at the Kentucky Horse Park. They have an annual budget of $32 million. 

Read more on Dressage-News

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