There is an air of anticipatory expectation in the steeplechase world. The National Steeplechase Association`s Board of Directors has balanced the budget and ensured a more transparent fiscal policy. Some strategic cost cutting and higher sanctioning and entry fees ended a two-year deficit and actually turned a $71,000 profit for 2003. The number of licensed owners, trainers and jockeys all rose, as did the number of horses, starters and races run.