The deal was brokered with the help of David Brown, the outgoing BEBF chairman.
The BEBF is in a great position thanks to all the good work that David Brown and Sam Sheppard retired chief executive have done."
BEBF chief executive Sam Sheppard said: "It seemed fairest to treat Class 5 races more beneficially than others, because firstly they will be hardest hit by the reduction in minimum values, and also because they represent well over 50 per cent of EBF maiden races."
Outside maiden and novice races for two-year-olds, BEBF backing will cover a further 75 races, of which the majority are for fillies and mares.
Sheppard, 65, chief executive since the BEBF
's inception in 1982, had already planned to hand over day-to-day running of the Newmarket-based office to Williams on July 1 before the accident.
In addition, the BEBF is supporting breeders' prizes for nominated classes of races, which is estimated to be worth pounds 171,500, taking its grand total of contributions to over pounds 1.02 million.
A total of 380 Flat races will receive BEBF support in 2007, including 305 maiden events, 55 Listed race or handicaps for fillies and mares and 20 fillies' nurseries.
Brown also told members that the association's auditors, Baker Tilly, had been asked to review the BEBF's expenses against income, and that would be made available to TBA council members after the BEBF trustees meeting later this month.
On the subject of a review, Brown said the BEBF had written to the TBA council recently seeking its views, but was still awaiting a response.
Bob McCreery, chairman of the BEBF
trustees, has lodged a complaint with RCA chairman Keith Brown, asking for "strong representations" to be made to the courses involved.
chief executive Sam Sheppard said: "The trustees are thrilled that someone so dedicated to the British jumping scene as Colin Smith has come forward."
, which staged the final of its highly successful novices' hurdle series at Sandown on the Saturday before Cheltenham, has budgeted to allocate up to pounds 750,000 over the next 12 months.