2019-10-15T11:36:11-05:00 2019-05-31 450250958 EIDE BAILLY LLP 7001 E BELLEVIEW AVE STE 700 DENVER CO 80237 990 2018-06-01 742215035 VAIL VALLEY FOUNDATION VAIL 9707772015 PO BOX 6550 AVON CO 81620 ROBERT J FORD TREASURER & CFO 9709491999 2019-10-14 1 KYLE FRITCH CPA P01313374 3037705700 2019-10-14 216.147.181.48 2019-10-14 17:37:53 MD P 38E7B26ACDED65A6206348105EC66FC115FD0A44 38E7B26ACDED65A6206348105EC66FC115FD0A44 2018 2019-02-21 02:37:17Z MICHAEL IMHOF PO BOX 6550 AVON CO 81620 27369082 0 X WWW.VVF.ORG X 1983 CO TO ENHANCE THE QUALITY OF LIFE IN THE VAIL VALLEY AND SHOWCASE OUR COMMUNITY TO A GLOBAL AUDIENCE THROUGH ARTS, ATHLETICS AND EDUCATION. 44 43 546 1220 -38617 -5017 9840302 9199089 9410133 9698994 426082 1605504 -79803 -58107 19596714 20445480 1078590 737246 0 0 5798365 6095445 0 0 1854934 12416422 12602809 19293377 19435500 303337 1009980 31413030 28806288 11675447 10860407 19737583 17945881 X VAIL VALLEY FOUNDATION WAS CREATED TO ENHANCE THE QUALITY OF LIFE IN THE VAIL VALLEY AND SHOWCASE OUR COMMUNITY TO A GLOBAL AUDIENCE THROUGH ARTS, ATHLETICS, AND EDUCATION. 0 0 3835447 1760966 THE VILAR PERFORMING ARTS CENTER THEATRE OPERATIONS INCLUDE PROMOTING AND DEVELOPING AWARENESS AND APPRECIATION OF THE ARTS AND EDUCATING THE GENERAL PUBLIC ABOUT THE ARTS THROUGH PROGRAMS, ACTIVITIES, AND EVENTS TO FOSTER THE ARTS AND ARTS EDUCATION. THE THEATRE IS LOCATED WITHIN BEAVER CREEK RESORT PROVIDING YEAR-ROUND PERFORMANCES INCLUDING BROADWAY MUSICALS, ROCK CONCERTS, FAMILY SHOWS, COMEDY SHOWS, DANCE AND FILM FESTIVALS, JAZZ CONCERTS AND MORE. 2753854 2269126 VAIL VALLEY FOUNDATION HOSTS THE BIRDS OF PREY WORLD CUP INTERNATIONAL ALPINE SKI RACE ANNUALLY. THE RACE CONSISTS OF A WORLD CUP MEN'S SUPER-COMBINED, WORLD CUP MEN'S DOWNHILL, AND A WORLD CUP MEN'S SLALOM COMPETITION. THIS ATHLETIC EVENT ATTRACTS PEOPLE FROM AROUND THE WORLD HELPING TO PROMOTE THE TOWN OF VAIL AND THE QUALITY OF LIFE IN THE VAIL VALLEY AREA. 2579456 1216020 VAIL VALLEY FOUNDATION HOLDS THE VAIL DANCE FESTIVAL EVERY YEAR. THE FESTIVAL INCLUDES SEVERAL PERFORMANCES BY INTERNATIONAL COUPLES AND ENSEMBLES FROM MAJOR INTERNATIONAL COMPANIES HELD AT THE GERALD R. FORD AMPHITHEATER. THE PERFORMANCES VARY FROM YEAR TO YEAR, BUT FREQUENTLY INCLUDE GUEST ARTISTS FROM THE AMERICAN BALLET THEATRE AND OTHER WORLD-CLASS COMPANIES. THE FESTIVAL PROVIDES EDUCATION AND ENHANCES THE APPRECIATION AND AVAILABILITY OF DANCE IN THE VAIL COMMUNITY. 5945543 737246 4452882 VAIL VALLEY FOUNDATION HOSTS AND SPONSORS A VARIETY OF OTHER EVENTS IN THE VAIL VALLEY AREA INCLUDING GOPRO MOUNTAIN GAMES, HOT SUMMER NIGHTS, SHOW DOWN TOWN, AND WHISTLE PIG VAIL. THE EVENTS HELP TO SUPPORT A VARIETY OF EDUCATIONAL PROGRAMS, OTHER NONPROFIT ORGANIZATIONS, STRENGTHENING FAMILIES WITHIN THE COMMUNITY, AND KEEPING THE COMMUNITY VITAL AND EXCITING. 5945543 737246 4452882 15114300 1 1 0 0 0 1 0 0 0 1 1 0 0 0 1 1 0 1 0 0 0 0 0 0 1 0 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 1 0 0 1 339 0 1 546 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 X 44 43 0 0 1 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 CO X HEIDI ELZINGA 9707772015 90 BENCHMARK ROAD STE 300 AVON CO 81620 MICHAEL IMHOF PRESIDENT/CHIEF EXECUTIVE OFFICER 40.00 15.00 X X 331008 0 17082 ANN SMEAD CHAIRMAN 0.50 1.00 X X 0 0 0 AL HUBBARD BOARD MEMBER 0.50 1.00 X 0 0 0 ALEXIA JURSCHAK BOARD MEMBER 0.50 1.00 X 0 0 0 ANDY ARNOLD BOARD MEMBER 0.50 1.00 X 0 0 0 ANDY DALY BOARD MEMBER 0.50 1.00 X 0 0 0 ANNE-MARIE KEANE BOARD MEMBER 0.50 1.00 X 0 0 0 BJ HYBL BOARD MEMBER 0.50 1.00 X 0 0 0 BETH HOWARD BOARD MEMBER 0.50 1.00 X 0 0 0 BETSY WIEGERS BOARD MEMBER 0.50 1.00 X 0 0 0 BILL ESREY BOARD MEMBER 0.50 1.00 X 0 0 0 CHARLENE CHEN BOARD MEMBER 0.50 1.00 X 0 0 0 CHRISTOPHER JARNOT BOARD MEMBER 0.50 1.00 X 0 0 0 DAN PENNINGTON BOARD MEMBER 0.50 1.00 X 0 0 0 DONNA GIORDANO BOARD MEMBER 0.50 1.00 X 0 0 0 DOUG LOVELL BOARD MEMBER 0.50 1.00 X 0 0 0 ELLEN MORITZ BOARD MEMBER 0.50 1.00 X 0 0 0 FRED TRESCA BOARD MEMBER 0.50 1.00 X 0 0 0 GARY WOODWORTH BOARD MEMBER 0.50 1.00 X 0 0 0 GEORGE JOHNSON BOARD MEMBER 0.50 1.00 X 0 0 0 HANS BERGLUND BOARD MEMBER 0.50 1.00 X 0 0 0 HAP STEIN BOARD MEMBER 0.50 1.00 X 0 0 0 JILL PLANCHER BOARD MEMBER 0.50 1.00 X 0 0 0 JOHANNES FAESSLER BOARD MEMBER 0.50 1.00 X 0 0 0 JOHN ARNOLD BOARD MEMBER 0.50 1.00 X 0 0 0 KAIA MORITZ BOARD MEMBER 0.50 1.00 X 0 0 0 KEN SCHANZER BOARD MEMBER 0.50 1.00 X 0 0 0 KRISTIN TANG BOARD MEMBER 0.50 1.00 X 0 0 0 KRISTY WOOLFOLK BOARD MEMBER 0.50 1.00 X 0 0 0 MARGIE GART BOARD MEMBER 0.50 1.00 X 0 0 0 MARY WEBSTER BOARD MEMBER 0.50 1.00 X 0 0 0 MATT DONOVAN BOARD MEMBER 0.50 1.00 X 0 0 0 MICHAEL HERMAN BOARD MEMBER 0.50 1.00 X 0 0 0 MICHAEL PRICE BOARD MEMBER 0.50 1.00 X 0 0 0 MIKE SHANNON BOARD MEMBER 0.50 1.00 X 0 0 0 ROD SLIFER BOARD MEMBER 0.50 1.00 X 0 0 0 RON DAVIS BOARD MEMBER 0.50 1.00 X 0 0 0 SAM BRONFMAN BOARD MEMBER 0.50 1.00 X 0 0 0 SARAH MILLETT BOARD MEMBER 0.50 1.00 X 0 0 0 SHEIKA GRAMSHAMMER BOARD MEMBER 0.50 1.00 X 0 0 0 STEVE COYER BOARD MEMBER 0.50 1.00 X 0 0 0 STEVE FRIEDMAN BOARD MEMBER 0.50 1.00 X 0 0 0 SUSAN CAMPBELL BOARD MEMBER 0.50 1.00 X 0 0 0 TIM FINCHEM BOARD MEMBER 0.50 1.00 X 0 0 0 ROBERT J FORD TREASURER & CFO 40.00 15.00 X 206643 0 24124 DAVID DRESSMAN VP OF SALES 40.00 0.00 X 218021 0 24923 DUNCAN HORNER EXECUTIVE DIRECTOR OF VPAC 40.00 0.00 X 198330 0 21939 JESSICA STEVENS SALES DIRECTOR 40.00 0.00 X 204467 0 21021 SARAH FRANKE VP OF MARKETING & OPERATIONS 40.00 0.00 X 161319 0 13035 MELISA REWOLD-THUON VP OF EDUCATION (THRU 10/18) 40.00 0.00 X 155435 0 25741 BRIAN MULLER IT DIRECTOR 40.00 0.00 X 128812 0 12184 GREGORY BLOOM SALES DIRECTOR 40.00 0.00 X 115109 0 11498 MARTHA BRASSEL DIRECTOR OF DEVELOPMENT 40.00 0.00 X 103020 0 19538 1822164 0 191085 10 0 1 0 Q-BIRD PRODUCTIONS INC 338 W 72ND ST NO 2 NEW YORK NY 10023 ARTISTIC DIRECTOR FEE 341473 1 614454 1136250 7448385 1343567 9199089 MOUNTAIN GAMES 711310 2341639 2341639 BIRDS OF PREY 711310 2269126 2269126 VILAR PERFORMING ARTS CENTER 711310 1760966 1760966 VAIL DANCE FESTIVAL 711310 1216020 1216020 GERALD R. FORD AMPHITHEATER 711310 679713 679713 1431530 1431530 9698994 547307 -38617 585924 7868112 6809915 1058197 1058197 1058197 55580 614454 113687 -58107 -58107 20445480 9698994 -38617 1586014 737246 737246 1535544 1286515 249029 3425322 1737294 901798 786230 106066 55672 24842 25552 673554 326142 246040 101372 354959 197362 100540 57057 77693 45415 26946 5332 82191 22800 59391 35020 35020 380115 315670 61670 2775 1182479 943776 238703 370084 73505 169835 126744 194511 95860 76203 22448 687776 560998 126639 139 1260143 1258211 1932 305369 152685 152684 989384 804790 184594 216274 167863 48411 PERFORMERS, TALENT & SP 2227381 2227381 PRODUCTION EXPENSE 1445096 1409632 2624 32840 AWARDS & PRIZE EXPENSES 1088581 1060508 28073 CONCESSIONS & SOCIAL EX 830562 819045 11517 1230150 815930 414220 19435500 15114300 2466266 1854934 2587114 1783214 1662309 876549 74086 59358 5898 13468 917858 886336 23750708 11042597 14027768 12708111 11638472 11869795 497065 489065 2460 120392 31413030 28806288 1291913 1191323 4437298 3882869 4699372 4547999 47372 1246864 1190844 11675447 10860407 X 11656177 9804532 8081406 8141349 19737583 17945881 31413030 28806288 X 1009980 -1612309 -1189373 X X 0 1 X 1 0 X 20578134 9931305 5549174 9840302 9199089 55098004 36506244 9283772 3042475 9461203 9754574 68048268 57084378 19215077 8591649 19301505 18953663 123146272 3802251 2671744 2189985 3732070 3495840 15891890 22442568 2866128 237284 1830302 27376282 26244819 5537872 2427269 3732070 5326142 43268172 79878100 279862 215476 194186 306015 547307 1542846 279862 215476 194186 306015 547307 1542846 57364240 19430553 8785835 19607520 19500970 124689118 0.64060 0.69410 0.01240 0.00990 X SCHEDULE A, PART III: THE ORGANIZATION FILED A SHORT YEAR RETURN FOR THE PERIOD OCTOBER 1, 2016 TO MAY 31, 2017, EFFECTIVELY CHANGING THEIR ACCOUNTING PERIOD FROM A FISCAL YEAR ENDING SEPTEMBER 30TH TO A FISCAL YEAR ENDING MAY 31ST. IN ORDER TO PROPERLY REFLECT THE ORGANIZATION'S PUBLIC CHARITY STATUS AND PUBLIC SUPPORT FOR THE PURPOSES OF SCHEDULE A, PART III (SUPPORT SCHEDULE FOR ORGANZIATION'S DESCRIBED IN SECTION 509(A)(2)), THE ORGANIZATION IS REPORTING THEIR ACTIVITY FOR FISCAL YEARS ENDING SEPTEMBER 30, 2015 THROUGH SEPTEMBER 30, 2016, THE ACTIIVTY FOR THE SHORT YEAR ENDING MAY 31, 2017, AND THE ACTIVITY FOR FISCAL YEARS ENDED MAY 31, 2018 AND 2019 FOR THE FIVE YEAR PUBLIC SUPPORT COMPUTATION ON SCHEDULE A. 22 4 696006 7999 606000 61718 3967497 647224 1 1 4925249 0 -22670 0 293298 4609281 3857464 1000000 276224 208439 4925249 3647167 223239 12942 3857464 3363539 348628 65000 3647167 3714112 146256 -431829 65000 3363539 0.00000 0.99000 0.01000 0 0 20027566 8972286 11055280 1024028 353758 670270 2186835 1531072 655763 512279 185481 326798 12708111 INTEREST RATE SWAP LIABILITY 1115083 REFUNDABLE ADVANCES 1000 DUE TO RELATED PARTIES 74761 1190844 X 19173986 -1612309 375835 -1236474 20410460 35020 35020 20445480 19776315 375835 375835 19400480 35020 35020 19435500 PART V, LINE 4: VAIL VALLEY FOUNDATION'S INTENDED USE OF THE PERMANENT ENDOWMENT FUND IS TO USE THE EARNINGS FROM THE INVESTED FUNDS FOR REPAIR AND MAINTENANCE EXPENSES ON THE FORD AMPHITHEATER. TEMPORARILY RESTRICTED DESIGNATED ENDOWMENTS ARE USED TO FUND EDUCATIONAL, SCHOLARSHIP, AND OTHER PROGRAMS OF THE FOUNDATION. PART X, LINE 2: VAIL VALLEY FOUNDATION (VVF) IS ORGANIZED AS COLORADO NONPROFIT CORPORATION AND HAS BEEN RECOGNIZED BY THE INTERNAL REVENUE SERVICE (IRS) AS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(A) OF THE INTERNAL REVENUE CODE AS AN ORGANIZATION DESCRIBED IN SECTION 501(C)(3). VVF HAS BEEN DETERMINED TO NOT BE A PRIVATE FOUNDATION UNDER SECTION 509(A)(2) AND QUALIFIES FOR THE CHARITABLE CONTRIBUTION DEDUCTION UNDER SECTION 170(B)(1)(A)(VIII). VVF IS ANNUALLY REQUIRED TO FILE A RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX (FORM 990) WITH THE IRS. IN ADDITION, VVF IS SUBJECT TO INCOME TAX ON NET INCOME THAT IS DERIVED FROM BUSINESS ACTIVITIES THAT ARE UNRELATED TO ITS EXEMPT PURPOSES. VVF FILES AN EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURN (FORM 990-T) WITH THE IRS TO REPORT ITS UNRELATED BUSINESS TAXABLE INCOME AND THESE TAX FILINGS ARE NO LONGER SUBJECT TO EXAMINATION FOR YEARS BEFORE 2015. NO INCOME TAXES WERE PAID DURING OR FOR THE YEARS ENDED MAY 31, 2019 AND 2018. VVF BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN AFFECTING ITS ANNUAL FILING REQUIREMENTS, AND AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE CONSOLIDATED FINANCIAL STATEMENTS. THE ENTITIES WOULD RECOGNIZE FUTURE ACCRUED INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS AND LIABILITIES IN INCOME TAX EXPENSE IF SUCH INTEREST AND PENALTIES ARE INCURRED. BLACK DIAMOND BALL 670034 614454 55580 1569 67131 40783 4204 670034 614454 55580 1569 67131 40783 4204 113687 -58107 1 BRAVO VAIL 2271 N FRONTAGE RD W UNIT C VAIL CO 81657 841074065 501(C)(3) 30000 GENERAL SUPPORT CELEBRATE THE BEAT 3087 TEJON STREET UNITA DENVER CO 80211 200670553 501(C)(3) 20000 GENERAL SUPPORT ROCKY RIDGE MUSIC CENTER 3970 BROADWAY ST STE 201E BOULDER CO 80304 846035931 501(C)(3) 12500 TUITION SUPPORT FOR STUDENTS SKI & SNOWBOARD CLUB VAIL 598 VAIL VALLEY DR VAIL CO 81657 846038792 501(C)(3) 82500 GENERAL SUPPORT SMALL CHAMPIONS OF EAGLE COUNTY PO BOX 4691 VAIL CO 81658 841346280 501(C)(3) 6500 GENERAL SUPPORT VAIL FRIENDS OF DANCE PO BOX 212 VAIL CO 81658 841041249 501(C)(3) 12000 SUPPORT DANCE & BALLET PROGRAMS VAIL MOUNTAIN SCHOOL 3000 BOOTH FALLS ROAD VAIL CO 816574631 840533775 501(C)(3) 18000 GENERAL SUPPORT VAIL PERFORMING ARTS ACADEMY PO BOX 2300 EDWARDS CO 81632 841472671 501(C)(3) 6000 GENERAL SUPPORT WALKING MOUNTAINS SCIENCE CENTER PO BOX 9469 AVON CO 81620 841436731 501(C)(3) 165000 GENERAL SUPPORT YOUTHPOWER365 PO BOX 6550 AVON CO 81620 841442909 501(C)(3) 338000 GENERAL SUPPORT AND DAF GRANTS FOR EDUCATIONAL SUPPORT 10 0 PART I, LINE 2: THE FOUNDATION DOES DUE DILIGENCE ON ALL GRANT FUNDING TO PUBLIC CHARITIES IN THE VAIL VALLEY AREA. IN ADDITION, GRANTS ISSUED FROM DONOR ADVISED FUNDS ARE APPROVED BY A GRANT SUBCOMMITTEE. BASED ON THE EXTENSIVE RELATIONSHIPS THE FOUNDATION HOLDS WITH BUSINESSES AND THE COMMUNITY, THE FOUNDATION DEEMS TO HAVE ADEQUATELY FULFILLED THE MONITORING PROCEDURES FOR GRANTEES. X X 0 0 0 1 0 0 0 1 0 MICHAEL IMHOF PRESIDENT/CHIEF EXECUTIVE OFFICER 277968 0 53040 0 0 0 0 0 18169 0 349177 0 0 0 ROBERT J FORD TREASURER & CFO 191643 0 15000 0 0 0 7842 0 17758 0 232243 0 0 0 DAVID DRESSMAN VP OF SALES 95132 0 122889 0 0 0 7921 0 17653 0 243595 0 0 0 DUNCAN HORNER EXECUTIVE DIRECTOR OF VPAC 183330 0 15000 0 0 0 8037 0 14781 0 221148 0 0 0 JESSICA STEVENS SALES DIRECTOR 100419 0 103233 0 815 0 6976 0 15273 0 226716 0 0 0 SARAH FRANKE VP OF MARKETING & OPERATIONS 146319 0 15000 0 0 0 6530 0 7444 0 175293 0 0 0 MELISA REWOLD-THUON VP OF EDUCATION (THRU 10/18) 140435 0 15000 0 0 0 6465 0 20149 0 182049 0 0 0 PART I, LINE 5 COMMISSIONS ARE PAID TO THE VICE PRESIDENT OF SALES BASED ON PROCUREMENT OF SPONSORSHIPS FOR VARIOUS EVENTS HELD BY THE ORGANIZATION. THE LEVEL OF COMMISSION IS BASED ON THE TYPE OF SPONSORSHIP, 10% OF THE AMOUNT FOR NEW SPONSORSHIPS AND 5% FOR REVEWAL OF SPONSORSHIPS. PART I, LINE 7 THE ORGANIZATION'S COMPENSATION COMMITTEE ANNUALLY REVIEWS THE PERFORMANCES OF THE EXECUTIVE STAFF AND OTHER STAFF AS IDENTIFIED BY THE COMMITTEE TO DETERMINE IF ADDITIONAL COMPENSATION IN THE FORM BONUSES IS AVAILABLE AND WILL BE PAID. DURING CALENDAR YEAR ENDING DECEMBER 31, 2018, THE COMPENSATION COMMITTEE AWARDED THE CURRENT PRESIDENT/CEO, CFO, VP OF SALES, VP OF EDUCATION, VP OF MARKETING/OPERATIONS, THE EXECUTIVE DIRECTOR OF THE VPAC, SALES DIRECTORS, IT DIRECTOR, AND DIRECTOR OF DEVELOPMENT A BONUS BASED ON REVIEW OF THEIR PERFORMANCES AND SERVICES TO THE ORGANIZATION. A COLORADO EDUCATIONAL AND CULTURAL FACILITIES AUTHORITY 840896727 2013-01-17 5770000 REFINANCE EXISTING LOANS. 0 0 0 A 875000 5570000 74803 5495197 2013 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 1 1 1 MORGAN STANLEY CAPITAL SERVICES 30.000000000000 0 0 0 0 1 A 0 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: COLORADO EDUCATIONAL AND CULTURAL FACILITIES AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 10/03/2018 X 22 628789 COST OR SELLING PRICE X APPAREL, MISC. GIFTS, TRANSPORTAION 132 714778 COST OR SELLING PRIC 0 0 1 0 FORM 990, PART VI, SECTION A, LINE 1 VAIL VALLEY FOUNDATION IS MANAGED BY AN EXECUTIVE COMMITTEE. THE EXECUTIVE COMMITTEE INCLUDES THE CHAIRMAN OF THE BOARD, THE PRESIDENT/CEO, AND TEN ADDITIONAL BOARD MEMBERS APPOINTED BY THE BOARD OF DIRECTORS. EXCEPT AS OTHERWISE PROVIDED BY LAW, THE ARTICLES AND BYLAWS OF THE VAIL VALLEY FOUNDATION, THE EXECUTIVE COMMITTEE SHALL BE VESTED WITH THE POWERS OF THE BOARD OF DIRECTORS IN THE INTERIM BETWEEN MEETINGS OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 4 THE ORGANIZATION REVAMPED ITS MISSION STATEMENT TO THE FOLLOWING: VAIL VALLEY FOUNDATION WAS CREATED TO ENHANCE THE QUALITY OF LIFE IN THE VAIL VALLEY AND SHOWCASE OUR COMMUNITY TO A GLOBAL AUDIENCE THROUGH ARTS, ATHLETICS, AND EDUCATION. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE FORM 990 IS REVIEWED BY THE AUDIT/FINANCE COMMITTEE CHAIR AND THE CHIEF FINANCIAL OFFICER BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY COVERS ALL OFFICERS, DIRECTORS, AND OTHER TOP MANAGEMENT OFFICIALS. THE EXISTENCE OF ANY POTENTIAL CONFLICT OF INTEREST SHALL BE DISCLOSED TO THE CFO AND/OR BOARD OF DIRECTORS, WHO SHALL DETERMINE WHETHER A CONFLICT OF INTEREST EXISTS. IN THE EVENT A CONFLICT OF INTEREST DOES EXISTS, THE CFO AND/OR BOARD OF DIRECTORS WILL DETERMINE WHETHER OR NOT THE INDIVIDUALS WITH THE CONFLICT SHOULD BE RECUSED FROM THE DELIBERATION ON THE MATTER AND WHETHER THE CONTEMPLATED TRANSACTION MAY BE AUTHORIZED AS JUST, FAIR AND REASONABLE TO THE FOUNDATION. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR TOP MANAGEMENT OFFICIALS, KEY EMPLOYEES, AND OTHER OFFICERS IS REVIEWED BY THE COMPENSATION COMMITTEE, WHICH IS MADE UP OF BOARD MEMBERS, ON AN ANNUAL BASIS. THE COMMITTEE MEETS AT THE END OF THE YEAR TO DETERMINE COMPENSATION ADJUSTMENTS. PRIOR TO MEETING, THE CFO PROVIDES THE COMMITTEE WITH A PACKAGE SUMMARIZING COMPENSATION INFORMATION. AT THE MEETING THE COMPENSATION COMMITTEE REVIEWS, MODIFIES AND/OR APPROVES THE COMPENSATION PACKAGE AS WELL AS COMPARES COMPENSATION LEVELS OF THE ABOVE MENTIONED POSITIONS TO THAT OF SIMILAR POSITIONS IN OTHER ORGANIZATIONS COMPARABLE TO VAIL VALLEY FOUNDATION IN THEIR DETERMINATION TO APPROVE ANY COMPENSATION ADJUSTMENTS FOR THE CEO, KEY EMPLOYEES, AND OTHER OFFICERS FOR THE UPCOMING YEAR. ONCE THE COMPENSATION COMMITTEE HAS APPROVED ALL COMPENSATION FOR THE UPCOMING PERIOD, THEIR RECOMMENDATION IS THEN PRESENTED TO THE EXECUTIVE COMMITTEE FOR RATIFICATION. FORM 990, PART VI, SECTION C, LINE 19 VAIL VALLEY FOUNDATION MAKES IT GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF INTEREST RATE SWAP -201,462. TRANSFER OF LAND TO RELATED ORGANIZATION -987,911. FORM 990, PART XII, LINE 2C: PROCESS HAS NOT CHANGED VILAR CENTER FOR THE ARTS FOUNDATION PO BOX 3822 AVON CO 81620 841316133 PROMOTE AN APPRECIATION OF THE ARTS CO 501(C)(3) LINE 7 VAIL VALLEY FOUNDATION 1 YOUTHPOWER365 PO BOX 6550 AVON CO 81620 841442909 PREPARE CHILDREN IN NEED FOR SUCCESS IN LIFE THROUGH EDUCATION CO 501(C)(3) LINE 7 VAIL VALLEY FOUNDATION 1 0 1 0 1 0 0 0 0 0 0 1 0 0 1 1 0 1 1 0 YOUTHPOWER365 B 338000 COST VILAR CENTER FOR THE ARTS FOUNDATION R 987911 COST YOUTHPOWER365 Q 325000 COST