What does a Co-op share cost?
A share of the Mad River Glen Cooperative costs $2000. An individual may purchase a maximum of four shares. Shares may be purchased in a single payment or in 40 monthly installments of $50 with a $150 down payment. The total cost of the installment plan is $2150, which includes interest at an 8% annual percentage rate, and allows you to become an owner for as little as $50 a month. Monthly payments are made through an automatic debit program set up from your checking or savings account. Shareholders purchasing shares on the installment plan start enjoying the benefits of ownership immediately.
What is the Annual Purchase Requirement?
The only other cost for shareholder is the Annual Purchase Requirement (APR), which all shareholders pay each year. This obligation is currently $200 and any increases in the future are limited to changes in the Consumer Price Index (CPI) inflation rate. The APR is due on October 1 of each year and can be applied to nearly every product and service on the mountain. Since it can be spent on season passes, day tickets, food, ski school clinics, rentals, repairs, in the retail shop and other services, it does not represent an additional expense for most shareholders.
What is the extent of my liability?
Vermont law provides that shareholders shall not be liable for debts of the Cooperative. Your liability is limited to your $2,000 investment and annual purchase requirement.
Will I ever have to pay any special assessments?
The Bylaws of the Cooperative and Articles of Incorporation do not authorize any assessment of any type to the shareholders for any reason whatsoever.
How many shares are available?
Approximately 2130 shares have been sold to date. Our goal to operate the mountain on a long-term basis is to sell 2500 shares, but the Cooperative is allowed to sell up to 3,000 shares.
How many shareholders are there?
There are currently just under 1800 individual shareholders. The maximum number of shareholders permitted under the Cooperative Bylaws is 2500.
How well has the co-op managed the ski area?
Mad River Glen Ski Area has been in continuous operation for nearly 70 years. The Co-op assumed ownership in December 1995. Its management and staff have continued to run the mountain successfully with a financially conservative approach. After a decade of Co-op ownership, we have paid off the debt to the former owner and have invested nearly $4 million in capital improvements to the mountains infrastructure. One of the Cooperative’s strengths is that its fiscal structure is designed to provide a cushion for lean years. Audited financial statements are available from the Administration Office if a potential shareholder would like a copy.
What is a Preservation Certificate?
The Preservation Certificate is a great way to support the mission of the Mad River Glen Cooperative without the obligations of ownership. Through the purchase of a Preservation Certificate, any individual, group or business – no matter where they’re located – can help preserve and protect Mad River Glen. Certificates can be purchased in $500 increments and may be applied towards the conversion of a regular share at any time. Preservation Certificate holders are not required to pay the Advanced Purchase Requirement, but receive no shareholder discounts and have no voting rights.
What’s the Story with Mad Money?
Our Co-op structure requires us to track the spending of our shareholders. That is why we have Mad Money. Mad Money should be purchased for any transaction shareholders make on the mountain. If you do not purchase Mad Money for your on-mountain purchases, we can not accurately track your spending. This will affect any potential patronage rebates authorized by the board in good seasons. Mad Money is also a valuable management tool for determining the actual spending of our shareholders as differentiated from the general public. Shareholders should be aware that it is important that they identify themselves when making purchases in the ticket office and at the Ski School Desk.
If you have leftover Mad Money from the previous season that is not part of your Advanced Purchase Requirement (i.e. purchased above and beyond your initial $200), you can return it to the office for credit for the next season. The Mad Money must be returned by September 30. This credit cannot be used to satisfy the next season’s Advanced Purchase Requirement, but we will issue you new Mad Money, which can be spent on the mountain next season.
Any Mad Money that is part of this season’s Advanced Purchase Requirement must be spent by September 30. After that date it expires and can no longer be used. If you have any questions about Mad Money please be sure to give the office a call.
Do I Need a Shareholder ID?
If you are a shareholder who does not opt for a season pass you should come into the ticket office and have your photo taken for a Shareholder ID. This will enable you to receive your discount at the General Store retail shop and will identify you as a shareholder in good standing when making purchases.