Chris Welton just moved into the corner office of the U.S. Equestrian Federation headquarters six months ago as the new CEO, but he knew coming into the USEF Annual Meeting, held Jan. 14-17 in Lexington, Ky., that that excuse wasn’t going to hold water.

For the first time in 10 years the budget was showing a deficit instead of a surplus. Federation growth and income has plateaued. And the national disciplines and breeds affiliates were feeling restless over a government restructure last year that left them with less representation on the board of directors.