Annual Shareholders Meeting Minutes December 30, 2006





Mad River Glen Cooperative

Shareholder Town Meeting

Minutes “ Saturday, December 30, 2006

Draft “ Pending Review



After due notice, a town meeting of shareholders of the Mad River Glen Cooperative was convened at 5:04 p.m. on Saturday, December 30, 2006 on the 3rd floor of the Basebox at Mad River Glen Ski Area (“MRGâ€) in Fayston, Vermont.


Trustees Jay Appleton, Paul Finnerty, Jed Kalkstein, Bill Reynolds, Steve Mackenzie and Geordie Hall were present. Â Trustees Mary Schramke, Rick Moulton and Eric Schoenholz were absent. Also present were staff members President Jamey Wimble, Marketing Director Eric Friedman, Administrative Manager Sharon Crawford, Cricket Club Director Callie McAllister and approximately 25 shareholders. Â




Jay Appleton, chair, called the meeting to order at 5:04 p.m.





Geordie Hall commended the MRG staff for their loyalty to the Coop during a tough ski season. He noted that staff had been coming in on their days off, without pay, to work for the Cooperative. Â


Geordie reported that campaign has received a total to date of $550,000 in cash and pledges. This amount includes $200,000 from the ski patrol and $40,000 from the homeowners. Â





Q: What have the ski clubs done on the campaign?


A:Â Not much to date; but, we are hopeful that they will get organized.


Q:Does the $550,000 include the towers that have been pledged to date?


A:Â Yes. Â


Q: The pledge card allows donations to be made over a five year period; but, I’ve heard there is a preference that donations be made within a three year period. Â


A:Â Yes, the Coop would prefer that donations be made within a three-year period and the sooner the cooperative receives the cash, the better.


Q:What is the carrying cost of the Cooperatives current credit line with regards to the single chair?


A:The interest rate is 6.5% for 7 year period, which, based upon the current level of funds, comes to $95k in debt service. Â


Q:Â The Cooperative hired a professional fund-raiser to assist with the campaign, how has she done.


A: Christine Graham has assisted the campaign in numerous ways such as formulating the overall campaign strategy, providing training to solicitors, consulting on mailings and generally giving advice whenever it was needed. The campaign would not be where it is today without her assistance.


Q:What is next for the campaign?


A:Chair Sales and Share Sales. Eric Friedman reported that anyone who refers someone who buys a share will be put into a pool for a raffle of one of the old single chairs. Â


Penny Parsons of Stark Mountain Foundation reported that SMF will hold a fundraising gala on Saturday, February 24. There will be many items up for auction including a Woody Jackson watercolor, the last ride on the old chair and the first ride on the new chair.


Lou Putnam reminded people to check with their employers to see if there are matching grants available.


Q:Is there any difference between giving to Preservation Trust of Vermont and Stark Mountain Foundation?


A:No, there is no difference. It really comes down to personal preference. Donations to both organizations will be treated as a charitable donations and all donations to SMF will be routed through PTV. Â


Q: Is there any effort underway to identify potential grants from foundations?


A:Yes, SMF is engaging the services of a grant writer to research and write grants. Anyone who has a lead on a foundation that might be a good candidate for the single chair campaign should contact Al Russell.


Q: What if people have suggestions or ideas on fundraising strategies?


A:We are not short on ideas, what we need right now are people who have ideas and are willing to help the campaign implement those ideas. If you have an idea and are willing to volunteer to assist the campaign, please let the Cooperative know. Â





There being no further business to come before the board, the meeting adjourned at 5:41 p.m.Â


Respectfully submitted, William B. Reynolds


A true record.







William B. Reynolds, SecretaryÂ