The organization recognized by the Board as the registry of California-bred standardbred horses and the organization recognized by the Board as representing standardbred horse owners and trainers are delegated jointly the authority to administer the California Standardbred Sires Stakes Program and the recognized organizations are mutually responsible to the Board for administration of the program. The recognized organizations shall elect or appoint jointly a person who shall administer the Sires Stakes Program. The administrator shall be authorized to file claims for administrative expenses from funds appropriated for such purposes, shall file with the Board the official results of Sires Stakes races for payment of purses and awards, shall file on December 31 of each year an annual report of operations of the California Standardbred Sires Stakes Program, and is authorized to accept nomination and other fees for deposit in the State Treasury.