There are some things to consider when offering this stuff, make enough room to fool with it, and compost it, keep the nitrogen up, check the temp of the pile, and make sure the pile does not dry out, and stays hot, it has to have some moisture at all times. Plan ahead with it, so that when the season comes, usually spring and fall, it's ready. When it's raw, or not fully composted and used in a garden, it can rob nitrogen to continue the composting process, plants may reflect this. If properly composted, it's excellent material. You can add sand or organics to the mix, depends on what you want. It's also important to consider what you feed, if the hay quality is less than desirable and they pick through it, mash the rest in, that adds to the compost time, hay grasses/stalks is just more carbon to break down, it chokes up the material, might make it less desirable. Our neighor has their compost analyzed at Cornell, seemingly a very intelligent fellow, I've discussed this manure compost with him and learned a few things. Had I the equipment, when our place was full, it was producing a solid 1000 + cubic yards per year, you can't ignore that revenue potential, it would be profitable and I have another high profile lot on a main road where I could sell all of it, might take 2 years to pay off the equipment and show substantial profits, but that's really not too long.
I've posted this photo before, but this material shown was some really nice stuff, the bedding at that time was actually oak sawdust, so it took time to break down. I'm not so sure what the deal was with the oak, never saw it, worried me about resiratory or other issues with the horses, but was no problem. When I was a kid it was always some type of pine sawdust, that breaks down finer and quicker. Bedding, and hay have a lot to do with it, coordinate by using the best materials/feed you can there, it helps a lot on the other end. I firmly believe a good quality compost can be made to offset operation costs, it sells around here no problem. Once made, it does not go bad either, we had a lot of manure '03-'05, had I the equipment to do it right, could have made a lot of compost 

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