Annual Shareholders Meeting Minutes April 4, 2020





Mad River Glen Co-Op

Annual Meeting

April 4, 2020 – meeting is being done virtually only, due to current COVID-19 Pandemic and shelter in place rules that are in effect. The meeting can be watched in its entirety here:


Board Report – John Tobin

  • Support management on planning approval process for the building projects
  • Collect and build an archive of all Board of Trustees policies
  • Revise the minutes approval process
  • Convened a special shareholder meeting to approve the building projects
  • Update new Trustee onboarding information & procedures
  • Held a training session on Board best practices
  • New mission statement and goals for the Finance Committee
  • Audited the online version of the Bylaws

Ballots were collected either via mail or could be emailed in, no later than 15 minutes after the conclusion of the meeting by emailing a scanned copy to

Candidates for in-state(2 positions available) are Meg Schultz & Barclay Rappeport. Out of state candidates (1 position available): Bill Coyle & Andrew Carey.


Treasurer’s Report (see attached) – Matt Milan

  • 2019-2020 Recap: This was one of our strongest years financially in the history of the Co-op.
    • Decent weather, exceptional operations, good tweaks to the timing and pricing of our offerings, and consistency in our product have put us in strong financial position.
    • COVID-19 prematurely ended the season, but despite that, 2 of the top 5 revenue months in the history of the Co-op were this year (Oct 19, Feb 20).
    • The Finance Committee has been active, providing oversight and guidance for management through monthly review calls, updating the mission statement of the Finance Committee to increase our focus, reviewing trends in the industry and beginning new modeling work to understand what some of these trends mean to the Co-op.
  • Updated Mission Statement:
    • The mission of the Finance Committee is to support Co-Op management and the Board in their fiduciary role of ensuring the financial integrity and the long-term economic viability of the Co-Op.
    • The Finance Committee (the Committee) will fulfill its mission through three major roles:
    • Regular Review of Financial Statements
    • The Committee will meet regularly to review financial statements, capital and operating budget, performance, and forecasts. The Committee will review this information to provide feedback and advice for the General Manager, and to assist the Board of Trustees in its fiduciary and oversight responsibilities that support the Co-Op’s long-term financial viability.
    • Annually the Committee will:
    • Review proposed annual capital and operating budgets as presented by Management and make recommendations for action(s) to the Board.
    • Review the audited financials of the Co-Op promptly following their availability, address concerns as necessary with auditors, communicate findings and make recommendations for action(s) to the Board.
    • Strategic Financial Planning
    • The Committee will work with management and the Board to develop and monitor the long-term financial strategy of the Co-Op. The Committee will focus on the long-term financial health and viability of the Cooperative and will establish and use approaches and metrics to measure that health and make
    • strategic recommendations to the Board.
    • Specific Financial Projects
    • The Committee will undertake specific projects at the direction of the Board and/or the Committee Chair.
    • These projects will be strategic or tactical in nature, and may use internal and external data, primary and secondary research, and financial modeling tools. The anticipated outcome of a project would be recommendations to the Board for action, as appropriate.



  • YTD Financial Results (see attached)
  • Cash & NOI Projections (see attached)
  • Sources of Revenue (see attached)
  • Looking Forward
    • We’re working with management to explore and source credit options to support the Co-op’s commitments to current and future capital projects.
    • We’re supporting management and the board with scenario development to ensure our resiliency over the next year as the industry responds to the impact of COVID-19.
    • We expect to support the board and management with analysis and modeling work to inform the Co-op strategic plan
    • We’re actively looking to rotate in new finance committee members every year. Whether you’re a new shareholder or long-time member of the Co-op, getting involved with the Finance Committee is a great way to support the mountain we all love. If you’re interested, contact the Treasurer through the Mad River Glen website!


Management Report

Incredible season pass sales, up 26% ($184k) over last year, 17% over budget – thanks to good season last year, spring sale, new Twixter Pass ($85k)

Short but sweet season – opened a week early, then tough December

Lucky timing: Christmas thin, but extended holiday period with New Year snow helped

Great stretch of skiing from MLK through end of Feb helped us hit holidays strong

February one of best revenue months ever

We were on track to have one of the most profitable seasons in many years until early closing due to COVID

Growing online ticket sales, though maybe that waits until you get to the ticket slide

Great departmental revenues, especially tuning and ski school

Snowmaking update: Expanded coverage to Kay’s Grove and up Bunny

Increased acreage from 9.41 to 16.24 (8.98 FY18)

Faster, more efficient coverage

566 Hours of total snowmaking beginning Nov. 8 and ending Jan 31 FY18

389 Total Hours beginning Nov. 11 and ending January 3 FY19
558 total hours beginning 11/7 and ending Jan 17 FY20

2506 vs 1931 total “gun hours”

Gun Hours/acre

Birdcage: 162 vs 282

Lift 4: 141 vs 152

Bunny/Base/Rock: 162 vs 260

Competitive Skiing Results:

Sent 3 athletes to Junior Worlds in Switzerland

IFSA season ending rankings; 12-14 females 4th and 7th place finishes, 12-14 males 1st place, 15-18 females 9th and 14th, 15-18 males 1st

Our abbreviated season for the Junior Race Program had us offering 5 dryland sessions and 56 on-snow training days for 38 athletes. Areas of promise, we sent two athletes to the state championships, had three more make the selection for post season races and had 12 podiums by athletes across all age groups.

As a department, we organized or facilitated:

3 high school events

4 inter/intra club races

2 public events (Family Tournament and Rockefeller Challenge)

2 sanctioned race (U12 and U14)

2 unsanctioned races (U12 and U14)

2 cookie races for ski school

4 FAST Start sessions for ski school participants

4 HS/ visiting program training sessions


Mountain Ops:

Patrol and Mtn Ops did a phenomenal job getting us through the year.  Active management of mountain allowed us to ski through very thin conditions.  Summer work continues to reap huge rewards


New tables, beer every weekend and a deck (short season for that this year) are reinvigorating the Birdcage scene. Great staff too!

Staff highlights:

New patrol management, Jon Cohen, Director, and Christian Jacquith, Assistant Director. Ry Young stepping up into marketing. Virginia Ferria into full time in the office and assisting with marketing and all aspects. Jose Darius, freeski coach and transitioned into snow reporting as well.

Operating highlights:

19-20 Notes – Midweek programming
Full midweek Womens (2nd year) and Mens (first year)
Growing homeschool program
Increased, “reserved” local elementary days including running lift 4.  4 WES, 3 FES
FES preschool
Midweek highschool races
Skiing for Scholars (added to Fish Fry scene)


Closed on March 15th due to Covid-19

  • Operated 88 days (We have had shorter/worse seasons in past decade)
  • Support our employees and community
  • As in years past no credit, etc for passes, Mad Cards, APR.
  • For health of Cooperative need to stay with past policies
  • Could have been one of our best seasons financially in a very long time.

Transformative Summer!

A huge summer for the Coop but relatively calm for MRG staff.  We will be focusing supporting the big projects where necessary, starting to repair the Bridge Building and repairing Lift 4 shack.

Other work will be Trail Crew and normal ops for admin.

Start mowing in August

  • Aebi will save time and money
  • Mow Crew should be able to help with other trail projects


Due to base area projects the Pub and General Store will be closed this summer.

  • Mountain will be open for hiking
  • Please follow all signs regarding parking and mountain access – please park in the main parking lot
  • General Store Online will be open and accepting orders
  • Fall Foliage and Green & Gold – TBD!

Opening day for 2020-2021 season is 12/12/2020

Current deadline for spring pass sales is April 15, 2020, for best rates.

Facilities Committee: Matt Lillard & Britton Rogers

  • Construction Timeline – Vermont Integrated Architects (Middlebury) is the design team, Naylor and Breen (Brandon) is the construction team.
    • Begin April 16th or as soon as possible thereafter
    • Construction ends Thanksgiving 2020
  • Total Project Budget: $3.2m

Rendering and plans are available online.

Stark Mountain Foundation (SMF): Jim Elkind

Founded in 2002

Mission:              To preserve and protect the environment and ecosystem of General Stark Mountain, including its recreational access and historic value, and to support programs that promote and sustain that environment for the enjoyment of present and future generations.

Events: Story Ski, Bird Migrations by Brian Aust, Hill Climb, VINS: Owls and Their Calls

  • Hiking trail map or hiking trail signs – provided by SMF
  • Kent Thomas Nature Center – maintained by SMF

Stewardship: Have funded the renovation of the Stark’s Nest, key partner for the Single Chair campaign and Preserve our Paradise Campaign.


Shareholder questions

Is there a plan B if we can’t start construction this spring? Jon Anderson

We are awaiting the deadlines set by the governor, but hope at the latest to be in construction by mid-May

Has the Co-op done enough to help the staff with the abrupt end of the season? Jon Anderson – there have been food donations and financial assistance for the employees

If you could only start one of the projects which would you start with? Peter Sakash – the ski patrol/ski school building is a stand-alone project that could be done without risk to the BaseBox for the upcoming season.

Are we going to print a tee shirt with the theme that the Single Chair Built for Social Distancing? Joe Granville

Volunteer opportunities over this summer: There will be painting parties and volunteer carpentry opportunities. Late summer and early fall will be volunteer days as well.


Election results:

In State Candidates: Barclay Rappeport (387 votes), Meg Schultz (394 votes)

Out of State Candidates: Andrew Carey (274 votes), Bill Coyle (136 votes)


Barclay, Meg and Andrew were elected to the board.

March 2020 Election Inspectors Vote Minutes