Annual Shareholders Meeting Minutes October 1, 2005





October 1, 2005


After due notice, a Shareholder’s Town Meeting of the Mad River Glen Cooperative was convened at 5:00 PM on October 1, 2005 on the 3 rd floor of the Basebox at Mad River Glen Ski Area in Fayston , Vermont


Trustees Jay Appleton (Board Chair), Paul Finnerty, Bill Reynolds, Geordie Hall, Deb Steines, and Mary Schramke were present, Rick Moulton and Jed Kalkstein were absent. Also present was President Jamey Wimble, Eric Friedman, as well as about 30 shareholders.


Board Chair Jay Appleton called the meeting to order at 5:00 PM .


Jay Appleton greeted shareholders and stated that the format of the meeting would consist four parts, a presentation on the single chair, a presentation by Geordie Hall the Chair of the SCFC presenting the work on financing the single and capital campaign, the third will be Q&A from the floor concerning the single, and the lasts will be general Q&A.


Jamey Wimble presented the status of the Single rebuild. A brief overview of the new single was reviewed showing the mechanics of the rebuild and the visuals of the actual chair top to bottom with a power point presentation.

Geordie Hall, Chair of the SCFC presented the preliminary financing proposals. The SCFC is charged with coming up with the plan to finance $1.4 mil of the chair and $140k for administration. This committee will determine how to finance the chair but not the fund raising itself as of now. They are currently conducting a planning study, as well as how to handle tax deductible donations. They are arranging financing for all monies not raised by fundraising. Money from the shareholders is preferable to financing, as financing is expensive to the co-op. This is a unique opportunity to raise the necessary financing through foundations and shareholders. We have engaged an outside consultant, Christine Graham, to help us determine the best way to raise the necessary funds. She will conduct approximately 30 interviews to determine how people feel about this project and the best way to go about raising the money and the likelihood of them contributing to this cause. She will help us create the giving pyramid and with structure and a timetable. Big question outstanding is tax-deductible contributions and how to go about getting there. Four alternatives: SMF, Preservation Trust of VT, direct contribution to the Co-op, and co-op fundraising. SMF need to clarify what their participation can be. Initial discussions with PTV have been very positive and they are interested in participating and being a partner with us. Possibility that direct contributions may be tax deductible; we are engaging a professional to determine this. What is tax deductible for the actual chair sale to the purchaser of a chair? We need to look at fundraising throughout the entire valley to involve the community with this valley endeavor. The staff effort will be a major component of the fundraising. The structure is yet to be determined. This is an opportunity for fundraising and for our capital plan. As of now there will be no professional fundraiser hired for this endeavor all activity will be voluntary.


Mr. Appleton opened the floor to general questions.

Bob Rogers asked question was raised on the shives and whether it could be handle a double chair in the future; Jamey said design could support it but would not meet code.

Bruce Woodard question what the cost would be to go from a single to a double in the future; Mr. Wimble stated you would have to change the entire chair to go to a double.

Question as to what the community felt about a single chair. Mr. Hall stated the Christine Graham was hired to help answer this question. Eric stated that the local business community sees us as an important component of the winter economy.

Bart (last name?) thanked the board for efforts and asked what was the timeline for the chair. Mr. Wimble stated demolition would start the day after the lifts stop in the spring. We will utilize the existing lift to move supplies up the mountain, as we don’t have a very usable road to the top. Goal is to have the chair up and running by Green and Gold of 2006.

A question was raised about the sale of the single chairs. Mr. Appleton stated that no price has been determined but the Stowe chairs sold for $1200 over 20 years ago. Shareholders will get first shot at the chairs.

Mr. Bob Rogers said there were other possibilities for fundraising such as calendars like Calais Corners did. Mr. Hall stated we recognized the small donations and would be working to that end.

Mr. Heinzerling questioned where the helicopters would take the towers when removed from the mountain, Mr. Wimble stated to the parking lot if all environmental questions can be answered.

Mark Vining complemented the board for being intelligent and diverse, what could the shareholders do to insure this happens in the future. Mr. Appleton stated that all shareholders need to take a turn and take their time on the board.

Mr. Bruce Woodard questioned the annual ordinary maintenance number. Mr. Wimble stated there is a formula that comes to approximately $120k in what we can spend in capital expenditures annually. We are trying to keep the capital fund independent of the single chair fund to insure our future.

Vivian Bronchofsky reading the echo stated the APR is due Oct 1 but no penalty is assessed until November. Mr. Wimble stated we were trying to be friendlier and just give a window of opportunity for shareholders to pay.

Ms. Schramke asked if there was a weather forecast for winter. Mr. Wimble stated the farmer’s almanac said “cold and snowy”.

Liz Goodwin asked about the 20 th, Mr. Appleton stated there was no new news.

Mr. Meier asked about Mad Cards and vouchers. Mad Cards are up from last year and an analysis will be done to determine whether it’s cannibalizing share sales.


There was no Executive Session and, there being no further business to come before the board, the meeting adjourned at 5:52PM .


Respectfully submitted, Deb Steines

A true record.

ATTEST: __________________________________________

Deb Steines, Secretary