Mad River Glen is a ski area managed by the Mad River Glen Cooperative (Co-op). The Co-op consists of 2,500 shareholders who elect a nine-member Board of Trustees. This Board appoints a General Manager responsible for overseeing all operations at the ski area. Primary revenue sources include skiing activities and related services, such as equipment rental, instruction, retail sales, and food and beverage offerings.
Since the Co-op’s founding, the financial stability of MRG has always taken a strategic two-pronged approach of MRG operational revenue and philanthropy through Stark Mountain Foundation (SMF). Over the years SMF has contributed $9M to fund essential projects, including the single chair and mid-station double station, snowmaking improvements, new build of the Ski Patrol/School building along with stewarding the mountain’s environment, and funding educational programs. To learn more please visit the Stark Mountain website. It is very clear that the Cooperative’s modest annual operating profits combined with share sales are not adequate to fund MRG’s long-term capital needs. Therefore, philanthropy through SMF is critical to the financial viability of MRG.
Yes. Since the Co-op took over ownership of the ski area the area has turned an operating profit (exclusive of grants, donations, interest, depreciation, and certain other income/expenses) 18 out of 29 years, averaging $40,000. In the past 6 years, the Co-op has been profitable in 5 years, with the only exception being the pandemic winter of 2020-21. In the past three years (2021-22 through 2023-24), the Co-op has averaged a net operating income of $99,000. Last year’s operating revenue was $4.79 million, this year’s revenue is budgeted at $4.76. Given the volatility of the weather, management aims to budget for a break-even or modest profit. The Co-op has accumulated ‘rainy day’ reserves of $400k+ to buffer itself from weather volatility and to help it manage debt. It’s important to note that the Co-op is legally restricted from generating profits beyond amounts necessary to maintain their business.
Since 2020, Co-op funded capital expenditures typically range between $100,000 and $200,000 per year, depending on needs and available funds. Philanthropy supported capital expenditures are on top of this amount. On average, the Co-op’s requires capital expenditures of $400,000 annually to sustain its equipment and infrastructure.
Yes, between operations, share sales, and grants (both from SMF and other organizations), the Co-op has been cash positive every year since 2020.
The Co-op borrowed $350,000 for the Basebox and Ski Patrol/Ski School project in 2020. The current balance as of 1/31/25 is $189,286. We also borrowed $146,150 interest-free for a tractor in 2023. The current balance as of 1/31/25 is $112,048. The Co-op has a Line of Credit but has not needed to access it since September 2019. Given the weather volatility that can affect the Co-op’s business levels, management and the board have generally tried to avoid borrowing.
The SMF mission parallels and complements that of MRG. SMF is a 501(c)(3) charitable organization that receives tax exempt donations. SMF grants funds it has raised through philanthropic support to advance its own and MRG’s missions. No members of SMF’s board of directors concurrently serve as members of MRG’s board of trustees and SMF is a volunteer-based organization.
SMF’s board of directors retain unrestricted funds sufficient to fund SMF’s core operations and fundraising for a minimum of two years.
Prior to the time-sensitive issue of the land acquisition the primary capital improvement is the reconstruction of Stark’s Pub. The Pub reconstruction is a necessary, long-term investment to protect the building’s structural integrity, ensure safety, improve energy efficiency, and enhance the guest experience and needs to be completed within the next 2 years. Both projects together roughly cost $5M.
To date in 2025, Stark Mountain Foundation has raised over $900,000. More importantly, over $480,000 has been collected since 10/30/25.
Yes, SMF is currently raising funds for both the land and pub. The land is more time sensitive and needs to be completed by February 7th (date based on when the Purchase and Sale was signed and is in alignment with special meeting of owners to vote on the use of funds). The Pub funding is needed by August of 2026 to allow for summer of 2027 reconstruction.
Current projections indicate $2.5 million for land acquisition and $2 million for Pub renovation, resulting in an approximate total of $5 million. This amount also accounts for an additional $500,000 allocated to a contingency fund, which covers closing costs and provides stewardship support for the conservation easement. It is likely that securing more than $5 million will be necessary to successfully complete both initiatives.
The pledge period will be 3 years.
Restricted funds above and beyond the purchase price will go to the stewardship of the land and ongoing costs e.g. taxes, easement costs.
The Pratt family received an offer price of $2.5M from Lyme Mill Brook LLC, an anonymous family foundation managed by Lyme Timber Company, and notified the Co-op on October 16th. As a result, the Board of Directors called an emergency meeting for October 29th to review whether or not to exercise the Co-op’s right of first refusal.
MRG Co-op has a ROFR based on our agreement with the Pratt family. As a result, when the Pratt family received an offer to purchase the land, they informed the Co-op and provided us the opportunity to match the outside offer. The Co-op Board of Trustees with overwhelming shareholder support, then voted to exercise the ROFR on November, 10 2025.
A conservation easement is a voluntary, legal agreement between a landowner and a qualified organization (usually a land trust or government agency) that permanently limits the uses of the land in order to protect its significant conservation values.
In order to purchase the land, the Co-op needs $2.5M in hand by Feb 7th. SMF will work with larger donors if needed to complete pledges over time.
The Pratt family received an offer of $2.5M. The full cost will be higher when accounting for closing costs, ongoing stewardship costs and other related fees. To note, taxes under current use are $3,500 per year.
The Co-op Board of Trustees do not intend to borrow money to purchase the land. Doing so puts the Co-op in an adverse financial situation especially given the unpredictability of weather conditions. The Co-op is prepared to borrow funds short term to bridge any gaps between funds in hand at closing and pledge payments.
MRG has roughly $750K in capital reserves and $450K in operation reserves. The Co-op does not intend to leverage any of the reserves due to the unpredictability of the weather conditions.
The parcel of land includes 1,100 acres of land surrounding the ski area, including the 19th & 20th hole terrain areas, a parcel north of Route 17, and the 75-acre Betsy Pratt Trust parcel. A purchase and sale agreement was signed on December 12th by MRG and earnest funds sent.
Most importantly this puts the land in the control of the Co-op and prevents outside ownership or restricted access. Additionally, it preserves cherished backcountry terrain (skiing experience) and natural character of Stark Mountain, safeguards trail access and helps maintain the unique ecosystem around Mad River Glen, protecting the forest and wildlife habitat
The Co-op would have to back out of the purchase and Lyme Mill Brook would purchase the land and put it into conservation easement.
The conservation easement holder holds a portion of the total property rights (the easement and restrictive covenants). If the Co-op goes bankrupt and the assets are sold, one of the assets would be the land underlying the easement. This would then be offered for sale, subject to the easement, and in the easement language, the easement holder would hold a right of first refusal and could have an impact on the future buyer.
Please send any other general questions to: [email protected] and questions related to donations directly Stark Mountain Foundation: [email protected]. Thank you for your support!
