What does a Co-op share cost?
A share of the Mad River Glen Cooperative costs $2000. An individual may purchase a maximum of four shares. Shares may be purchased in a single payment or in 40 monthly installments of $50 with a $150 down payment. The total cost of the installment plan is $2150, which includes interest at an 8% annual percentage rate, and allows you to become an owner for as little as $50 a month. Monthly payments are made through an automatic debit program set up from your checking or savings account. Shareholders purchasing shares on the installment plan start enjoying the benefits of ownership immediately.
What is the Annual Purchase Requirement?
The only other cost for shareholder is the Annual Purchase Requirement (APR), which all shareholders pay each year. This obligation was $200 for this season and any increases in the future are limited to changes in the Consumer Price Index (CPI) inflation rate. The APR is due on October 1 of each year and can be applied to nearly every product and service on the mountain. Since it can be spent on season passes, day tickets, food, ski school clinics, rentals, repairs, in the retail shop and other services, it does not represent an additional expense for most shareholders.
What is the extent of my liability?
Vermont law provides that shareholders shall not be liable for debts of the Cooperative. Your liability is limited to your $2,000 investment and annual purchase requirement.
Will I ever have to pay any special assessments?
The Bylaws of the Cooperative and Articles of Incorporation do not authorize any assessment of any type to the shareholders for any reason whatsoever.
How many shares are available?
As of August 1, 2014, a total of 2131 shares have been sold. Our goal to operate the mountain on a long-term basis is to sell 2500 shares, but the Cooperative is allowed to sell up to 3,000 shares.
How many shareholders are there?
There are currently just under 1800 individual shareholders. The maximum number of shareholders permitted under the Cooperative Bylaws is 2500.
How well has the co-op managed the ski area?
Mad River Glen Ski Area has been in continuous operation for nearly 60 years. The Co-op assumed ownership in December 1995. Its management and staff have continued to run the mountain successfully with a financially conservative approach. After a decade of Co-op ownership, we have paid off the debt to the former owner and have invested nearly $4 million in capital improvements to the mountains infrastructure. One of the Cooperative’s strengths is that its fiscal structure is designed to provide a cushion for lean years. Audited financial statements are available from the Administration Office if a potential shareholder would like a copy.
What is a Preservation Certificate?
The Preservation Certificate is a great way to support the mission of the Mad River Glen Cooperative without the obligations of ownership. Through the purchase of a Preservation Certificate, any individual, group or business – no matter where they’re located – can help preserve and protect Mad River Glen. Certificates can be purchased in $500 increments and may be applied towards the conversion of a regular share at any time.