Mad River Glen CooperativeBoard of Trustees Meeting Saturday, February 6th, 2016 |
After due notice, a meeting of the Board of Trustees of the Mad River Glen Cooperative was convened at 5:00pm on Saturday February 6th, 2016 on third floor of the Base Box at the Mad River Glen Ski Area (MRG) in Fayston, Vermont.
5:00 PM Call to order
In attendance: Board – John Stetson, Eric Palola, Meg Hourihan, Ron Shems, John Tobin,
John Eberlein, Jon Anderson, Annika Holtan
Absent: Russ Bowen
Also present were President Jamey Wimble and approximately 15 shareholders.
5:01 PM Welcome & shareholder comments
Chair Stetson welcomed those attending and the only comment was we need snow.
5:02 PM Review & approve minutes of January 9, 2016 – Action.
Motion to approve minutes by Trustee Palola, 2nd by Trustee Hourihan. All in favor.
5:04 PM Management report (Jamey)
Operations:
We had to suspend operations midweek due to the warm weather. We will run Practice Slope only on weekends until snow returns. Everything will be shut down midweek to conserve money.
Snowmaking will resume when we get temps back again
Morale is ok but some of the staff are feeling it pretty hard. We are trying to offer what we can to the ones who need most.
20th anniversary party for the Coop went well. Attendance was a little low but it was a good time.
Share Sales:
We sold 2 shares in January against a budget of 4. We have sold 10 shares YTD.
Financials:
Financials for January were poor due to lack of snow. Ticket sales were down nearly 70% but most departments were close to budget for income which was outstanding. We have cut expenses where we could but we will struggle to try and get even a break even season. I am working with the bank to increase our Line of Credit to be prepared to meet our cash needs in the spring.
Shareholder Meier questioned how much of the LOC we would use to make budget. Based on current projections, we may need $300,000.
5:07 PM Finance Committee report (John T)
Trustee Tobin reported the F/C had met via teleconference on Thursday February 4th.
They reviewed the January financial reports, and campaign financial policies and procedures. He thanked Jim Elkind, Deb Steines and Bruce Button for their work on a grant flowchart. The flowchart is included at the end of this document.
5:20 PM Review & approve policy for handling of grants – Action (Jamey/Jim Elkind)
It was determined that the existing policies and procedures in place for handling grants are sufficient. No new action was needed.
5:23 PM Fund Raising Committee report (Annika)
Trustee Holtan reported that pledges and contributions continue to come in and results to date are very favorable when compared to the Single Chair Campaign. She thanked Stark Mountain Foundation for their prompt response to grant requests. There will continue to be more awareness events and the anticipated public launch for the campaign is in 2nd half of 2016. She also thanked John Tobin and Meg Hourihan for their outstanding work on a Preserve our Paradise website; launch currently scheduled for the start of the public phase of the campaign.
5:32 PM Review & approve policy for fundraising recognition – Action (Annika/Jim Elkind)
Trustee Holtan and Trustee emeritus Elkind (via phone) presented a Contribution Recognition Policy. The Campaign Cabinet has reviewed the policy and recommended the Board approve it. They also thanked Ron Shems, Eli Godwin, Pam Nesbett and Deb Steines for their thoughtful consideration and hard work developing this encompassing document.
Motion by Trustee Holtan, 2nd by Trustee Shems that the Board approve the recommended policy for Recognition of Contributions to Fiscal Sponsors’ Capital Campaigns and On-Going Philanthropic Development.
After a brief discussion a vote was taken, all in favor.
This policy is included at the end of these minutes.
5:48 PM Board Development report (Ron)
Trustee Shems reported three openings in the upcoming election for the Board and four candidates. Out of State: Matt Kenney, In State: Eric Palola, Meg Hourihan and Robin Bleier.
The candidates are all in good standing.
5:55 PM Acceptance of slate of candidates – Action (Ron)
Motion by Trustee Shems, 2nd by Trustee Holtan to approve the slate of candidates.
All in favor
5:58 PM Facilities Committee report (Jamey/John S)
Trustee Stetson reported the Facilities Committee will reconvene and review the project list as the Campaign progresses.
Shareholder Meier suggested the board consider limiting the size of the various committees.
6:00 PM Action item review (Jon)
6:02 PM Executive Session
7:00 PM Adjourn
Motion to adjourn Trustee Eberlein, 2nd Trustee Shems. All in favor
Respectfully submitted,
Jon Anderson
Secretary
Flow chart and policy on pages that follow.
Policy for Recognition of Contributions to Fiscal Sponsors’ Capital Campaigns and On-Going Philanthropic Development
The purpose of this policy is to provide the Board of Trustees, management, supporters, and other stakeholders in the Mad River Glen Cooperative with a policy and guidelines that can be used to determine how those who support Mad River Glen with financial contributions (directly to Mad River Glen or through a fiscal sponsor) shall be recognized and memorialized.
“Contributions” shall mean: All capital campaign pledges and other gifts, bequests and pledges made directly to Mad River Glen, a fiscal sponsor of Mad River Glen, or an endowment fund for the direct or indirect benefit of Mad River Glen.
“Contributor” shall mean a person or organization that makes a Contribution
“The Board” shall mean the Board of Trustees of the Mad River Glen Cooperative.
“Management” shall mean the person engaged by The Board to manage Mad River Glen.
“All Contributors Plaque” shall mean a plaque consisting of a stainless steel band affixed to the railing of the main deck of the Base Box.
“Structure” shall mean building or part of a building, lift tower, or sled cache. Trail signs, trees, and rocks are not Structures.
“Naming Opportunities” shall mean a list composed of potential contribution amounts each associated with a project, Structure, program or facility that is distinct and relevant to potential Contributors. Naming Opportunities are meant to inspire giving by providing extra incentive to potential Contributors by helping them connect to the mission of Mad River Glen.
“Preserve Our Paradise Campaign” shall mean the capital campaign initiated by The Board in 2014.
This policy will apply to Contributions made after September 30, 2014.
Management will be responsible for administering this policy.
It is the policy of Mad River Glen to limit the number and locations of plaques on its property and Structures in order to preserve the classic Mad River Glen skiing experience and its friendly community atmosphere.
Plaques will be placed only on Structures used by skiers and other visitors to Mad River Glen and only in locations as described in this policy.
The following rules will be used to recognize Contributions:
The Board may, at any time, determine additional means to recognize Contributions for capital campaigns or ongoing philanthropic development.
For Contributions associated with a capital campaign, each individual plaque will be affixed to the appropriate Structure within in one calendar year of the completion of the solicitation period of the campaign.
For Contributions not related to a capital campaign, each individual plaque will be affixed to the appropriate Structure at the later of either: a) the ski season immediately following the Cooperative’s fiscal year in which the Contribution was made, or b) the ski season immediately following the completion of a project erecting or improving the Structure on which the plaque is to be affixed. For example, a Contribution made in July of 2018 related to the renovation of the Basebox would be affixed to the Basebox during the ski season immediately following the completion of the Basebox renovation. Or, as another example, a plaque for a Contribution made in March of 2018 to sponsor a lift shack would be affixed to a lift shack during the 2018/2019 ski season.
A plaque or any other recognition for any Contribution that is not fulfilled will be removed only after reasonable efforts have been made to cure a default by a Contributor who has defaulted on his/her Contribution.
Any Naming Opportunity associated with a Contribution that has not been fulfilled will be forfeited by the defaulting Contributor and, at the discretion of The Board, will become available to future Contributors.
A list of Naming Opportunities or a specific Naming Opportunity may be approved by The Board to induce contributions by demonstrating how the purpose of a capital campaign or ongoing philanthropic development aligns with the interest(s) of potential contributors. As an example of Naming Opportunities, Exhibit B contains the current naming opportunities for the Preserve Our Paradise Campaign.
Exhibit A – Plaque Sizes
The table below will be used by management to determine the size and location of plaques:
|
Minimum Contribution Amount |
Size of Plaque (Preferred dimensions with area limits) |
|
$1,500,000 |
18” x 24” (400-450 sq. inches) |
|
$1,000,000 |
18” x 24” (400-450 sq. inches) |
|
$500,000 |
12×12” 9×15” (125-150 sq. in.) |
|
$250,000 |
6 x 12”, 8×10” (60-75 sq. in.) |
|
$100,000 |
4” x 8” (30 – 37.5 sq.in) |
|
$50,000 |
3” x 7” (18 – 24 sq. in) |
|
$25,000 |
2” x 6” (10 – 12 sq. in) |
|
$10,000 |
(5 – 8 sq. in.) |
|
$20 |
Exhibit B
Preserve Our Paradise Trail Blazer Gift Opportunities
|
Levels of Giving: |
$1.0 M+ – General Stark Society $250k- $999k – Paradise Club $100k – $249k – Fall Line Club $50K to $99k – –Chute Club $25k – $49k –– The Catamount Club $10k – $24k – Antelope Club
|
|
Trailblazer Gift |
Amount |
Location of Plaque |
Dimensions and Area Limits of Plaques |
Level of Giving |
|
Preservation Fund |
$1,500,000 |
Entry to Basebox |
18” x 24” (400-450 sq. inches) |
General Stark Society |
|
Single Chair |
$1,500,000 |
Visible when loading on single chair building |
18” x 24” (400-450 sq. inches) |
General Stark Society |
|
Bar/Pub |
$1,000,000 |
Fireplace room or Basebox lobby (2nd floor) |
14” x 20” (250-300 sq. in.) |
General Stark Society |
|
Safety & Services Building |
$1,000,000 |
Lobby |
14” x 20” (250-300 sq. in.) |
General Stark Society |
|
Cafeteria |
$500,000 |
Basebox lobby (2nd floor) or in cafeteria |
12×12” 9×15” (125-150 sq. in.) |
Paradise Club |
|
Single Chair Base Station |
$250,000 |
on the single chair base building |
6 x 12”, 8×10” (60 – 75 sq. in.) |
Paradise Club |
|
Birdcage |
$250,000 |
Inside Birdcage |
6 x 12”, 8×10” (60 – 75 sq. in.) |
Paradise Club |
|
Cricket Club |
$250,000 |
Cricket Club or Basebox (2nd floor) |
6 x 12”, 8×10” (60 – 75 sq. in.) |
Paradise Club |
|
Stark’s Nest |
$250,000 |
in Stark’s Nest |
6 x 12”, 8×10” (60 – 75 sq. in.) |
Paradise Club |
|
Kitchen |
$100,000 |
in cafeteria |
4” x 8” (30 – 37.5 sq. in.) |
Fall Line Club |
|
Base Box Deck (2) |
$100,000 |
On the deck |
4” x 8” (30 – 37.5 sq. in.) |
Fall Line Club |
|
Kid’s Lunch & Events Space |
$100,000 |
Lower level of BB in or near area |
4” x 8” (30 – 37.5 sq. in.) |
Fall Line Club |
|
Warming Hut – Top of Lift 2 |
$100,000 |
in warming hut |
4” x 8” (30 – 37.5 sq. in.) |
Fall Line Club |
|
Side Trail to the Long Trail |
$100,000 |
in Starks nest |
4” x 8” (30 – 37.5 sq. in.) |
Fall Line Club |
|
Birdcage Deck |
$100,000 |
Birdcage deck |
4” x 8” (30 – 37.5 sq. in.) |
Fall Line Club |
|
Double Lift Towers (19) |
$50,000 |
on towers |
3” x 7” (18 – 24 sq. in) |
Chute Club |
|
Birdland Lift Towers (9) |
$50,000 |
on towers |
3” x 7” (18 – 24 sq. in) |
Chute Club |
|
Practice Slope Lift Towers (6) |
$50,000 |
on towers |
3” x 7” (18 – 24 sq. in) |
Chute Club |
|
Ski Patrol Gear Room |
$50,000 |
combined plaque in Services Bldg |
3” x 7” (18 – 24 sq. in) |
Chute Club |
|
Ski School Gear Room |
$50,000 |
combined plaque in Services Bldg |
3” x 7” (18 – 24 sq. in) |
Chute Club |
|
Ski Patrol Leader’s Office |
$50,000 |
combined plaque in Services Bldg |
3” x 7” (18 – 24 sq. in) |
Chute Club |
|
Ski Patrol Lobby |
$50,000 |
combined plaque in Services Bldg |
3” x 7” (18 – 24 sq. in) |
Chute Club |
|
Lift Shacks (7) |
$25,000 |
on lift shacks |
2” x 6” (10 – 12 sq. in.) |
Catamount Club |
|
Sled Caches (10) |
$25,000 |
on sled caches |
2” x 6” (10 – 12 sq. in.) |
Catamount Club |
|
Ski School Meeting Area |
$25,000 |
in meeting area |
2” x 6” (10 – 12 sq. in.) |
Catamount Club |
|
Patrol Building Treatment Beds (5) |
$25,000 |
combined plaque in Services Bldg |
2” x 6” (10 – 12 sq. in.) |
Catamount Club |
|
Ski School Office |
$25,000 |
combined plaque in Services Bldg |
2” x 6” (10 – 12 sq. in.) |
Catamount Club |
|
Utility & Aid Storage Space |
$25,000 |
combined plaque in Services Bldg |
2” x 6” (10 – 12 sq. in.) |
Catamount Club |
|
Flagpole |
$25,000 |
on flag pole |
2” x 6” (10 – 12 sq. in.) |
Catamount Club |
|
Ski Patrol and Ski School Lunch Room |
$10,000 |
combined plaque in Services Bldg |
(5 – 8 sq. in.) |
Antelope Club |
|
Ski Racks (TBD) |
$10,000 |
on ski rack |
(5 – 8 sq. in.) |
Antelope Club |
|
Bar Stools (TBD) |
$10,000 |
combined plaque in BB |
(5 – 8 sq. in.) |
Antelope Club |
|
Booths in the Base Box (8) |
$10,000 |
combined plaque in BB |
(5 – 8 sq. in.) |
Antelope Club |
|
Single Lift Chair (10) |
$10,000 |
same as existing |
(5 – 8 sq. in.) |
Antelope Club |
All Contributions of $1,000 or more will be recognized by name on a permanent all-Contributor display at the close of the campaign.
