Single Chair Finance Committee: May 28, 2005

Single Chair Finance Committee

Status Report

May 28, 2005

• On April 12^th, the Executive Committee of the Mad River Glen Cooperative board of trustees formed a temporary subcommittee, the Single Chair Finance Committee (“SCFC”), to develop and recommend to the Co-op board a plan for raising the capital required to rebuild Single Chair and to undertake other tasks related to the financial aspects of the Single rebuild, such as fundraising and/or participating in negotiations, as may be requested by the board.Concurrently, the Executive Committee approved the attached Mission/Scope dated April 8, 2005.

• SCFC Chair, trustee, and Co-op Treasurer Jed Kalkstein worked with Leigh Michl to develop a list of shareholders to become “permanent voting members” of the SCFC.These initial committee members were selected based on their familiarity with Co-op finances, experience in prior major Co-op fundraising efforts and capital projects, experience with non-profit fundraising, and familiarity with structuring financial transactions.

Messrs. Kalkstein and Michl have recommended that the board approve the following shareholders as permanent voting members of the SCFC :

<![if !supportLists]>·        <![endif]>Jed Kalkstein, Chair

<![if !supportLists]>·        <![endif]>Roy Liu

<![if !supportLists]>·        <![endif]>Deri Meier

<![if !supportLists]>·        <![endif]>Leigh Michl

<![if !supportLists]>·        <![endif]>Al Russell

<![if !supportLists]>·        <![endif]>Charlie Tipper

<![if !supportLists]>·        <![endif]>Jamey Wimble

<![if !supportLists]>·        <![endif]>Geordie Hall

• Board Chair Jay Appleton will contact shareholders via the listserve and other electronic means to identify additional individuals who may have an interest in becoming committee members.SCFC meetings will be open to all shareholders, except in certain situations (eg, negotiations) where only permanent voting members will participate.

• The Committee will hold its first meeting in June to develop goals and a schedule, among other topics.