2016-08-15T12:59:49-05:00 2015-09-30 450250958 EIDE BAILLY LLP 5299 DTC BLVD STE 1000 GREENWOOD VILLAGE CO 801113329 990 2014-10-01 742215035 VAIL VALLEY FOUNDATION VAIL 9709491999 PO BOX 309 VAIL CO 81658 ROBERT J FORD CHIEF FINANCIAL OFFICER 9709491999 2016-08-15 1 KIM C HUNWARDSEN CPA P00382889 3037705700 2016-08-15 2014 2016-09-27 15:27:22Z ROBERT J FORD PO BOX 309 VAIL CO 81658 58220008 0 X WWW.VVF.ORG X 1983 CO ENHANCING THE QUALITY OF LIFE IN VAIL VALLEY 44 43 536 2177 -60948 -72285 16767349 20578134 15711928 36278678 554242 1135630 -106352 69011 32927167 58061453 837889 1060377 0 0 7080762 7908324 0 0 2336793 29426500 46948619 37345151 55917320 -4417984 2144133 39653773 28976409 22205157 11203927 17448616 17772482 X VAIL VALLEY FOUNDATION WAS CREATED FOR THE PURPOSE OF RAISING AND DISTRIBUTING FUNDS FOR CHARITABLE PURPOSES THROUGH THE ORGANIZATION OF EDUCATIONAL, CULTURAL, HISTORICAL, ARTISTIC AND ATHLETIC PERFORMANCES, EVENTS AND ATTRACTIONS FOR THE EDUCATION AND BENEFIT OF THE COMMUNITY. 0 0 36129034 27717368 VAIL VALLEY FOUNDATION WAS THE LOCAL ORGANIZING COMMITTEE FOR THE FIS ALPINE WORLD SKI CHAMPIONSHIPS THAT WAS HELD IN VAIL/BEAVER CREEK FEBRUARY 2ND THROUGH FEBRUARY 16TH, 2015. THE CHAMPIONSHIPS CONSISTED OF 12 RACES (6 EACH IN MEN'S AND WOMEN'S). THIS ATHLETIC EVENT ATTRACTS A WORLD-WIDE AUDIENCE WITH PRIME TIME COVERAGE THROUGHOUT EUROPE AND WAS BROADCASTED THROUGHOUT THE US AS WELL. THIS EVENT PROMOTED THE TOWNS OF VAIL AND BEAVER CREEK/AVON AND SHOWCASED THE QUALITY OF LIFE IN THE VAIL VALLEY. 4196483 1936755 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. 3018483 1837317 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. 6959943 1060377 4787238 VAIL VALLEY FOUNDATION HOSTS AND SPONSORS A VARIETY OF OTHER EVENTS IN THE VAIL VALLEY AREA. 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. 6959943 1060377 4787238 50303943 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 1 343 0 1 536 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 0 X 44 43 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 0 1 1 1 0 CO X ROBERT J FORD 9707772015 90 BENCHMARK ROAD STE 300 AVON CO 81620 CECILIA FOLZ PRESIDENT/CEO 40.00 15.00 X X 300138 0 18100 HARRY FRAMPTON III CHAIRMAN 0.50 1.00 X X 0 0 0 ANDY ARNOLD BOARD MEMBER 0.50 1.00 X 0 0 0 JUDITH BERKOWITZ BOARD MEMBER 0.50 1.00 X 0 0 0 STEVEN COYER BOARD MEMBER 0.50 1.00 X 0 0 0 JACK CROSBY BOARD MEMBER 0.50 1.00 X 0 0 0 ANDREW DALY BOARD MEMBER 0.50 1.00 X 0 0 0 RONALD DAVIS BOARD MEMBER 0.50 1.00 X 0 0 0 WILLIAM ESREY BOARD MEMBER 0.50 1.00 X 0 0 0 TIMOTHY FINCHEM BOARD MEMBER 0.50 1.00 X 0 0 0 PETER FRECHETTE BOARD MEMBER 0.50 1.00 X 0 0 0 STEPHEN FRIEDMAN BOARD MEMBER 0.50 1.00 X 0 0 0 JOHN GARNSEY BOARD MEMBER 0.50 1.00 X 0 0 0 MARGIE GART BOARD MEMBER 0.50 1.00 X 0 0 0 DONNA GIORDANO BOARD MEMBER 0.50 1.00 X 0 0 0 SHEIKA GRAMSHAMMER BOARD MEMBER 0.50 1.00 X 0 0 0 MARTHA HEAD BOARD MEMBER 0.50 1.00 X 0 0 0 MIKE HERMAN BOARD MEMBER 0.50 1.00 X 0 0 0 ALLAN HUBBARD BOARD MEMBER 0.50 1.00 X 0 0 0 WILLIAM HYBL BOARD MEMBER 0.50 1.00 X 0 0 0 CHRISTOPHER JARNOT BOARD MEMBER 0.50 1.00 X 0 0 0 ROBERT KATZ BOARD MEMBER 0.50 1.00 X 0 0 0 KENT LOGAN BOARD MEMBER 0.50 1.00 X 0 0 0 PETER MAY BOARD MEMBER 0.50 1.00 X 0 0 0 BRIAN NOLAN BOARD MEMBER 0.50 1.00 X 0 0 0 MICHAEL PRICE BOARD MEMBER 0.50 1.00 X 0 0 0 ERIC RESNICK BOARD MEMBER 0.50 1.00 X 0 0 0 J DOUGLAS RIPPETO BOARD MEMBER 0.50 1.00 X 0 0 0 RICHARD ROTHKOPF BOARD MEMBER 0.50 1.00 X 0 0 0 KENNETH SCHANZER BOARD MEMBER 0.50 1.00 X 0 0 0 MICHAEL SHANNON BOARD MEMBER 0.50 1.00 X 0 0 0 STANLEY SHUMAN BOARD MEMBER 0.50 1.00 X 0 0 0 RODNEY SLIFER BOARD MEMBER 0.50 1.00 X 0 0 0 ANN SMEAD BOARD MEMBER 0.50 1.00 X 0 0 0 OSCAR TANG BOARD MEMBER 0.50 1.00 X 0 0 0 STEWART TURLEY BOARD MEMBER 0.50 1.00 X 0 0 0 ALEXIA JURSCHAK BOARD MEMBER 0.50 1.00 X 0 0 0 BETSY WIEGERS BOARD MEMBER 0.50 1.00 X 0 0 0 SUSAN CAMPBELL BOARD MEMBER 0.50 1.00 X 0 0 0 JENN BRUNO BOARD MEMBER 0.50 1.00 X 0 0 0 JOHANNES FAESSLER BOARD MEMBER 0.50 1.00 X 0 0 0 GEORGE JOHNSON BOARD MEMBER 0.50 1.00 X 0 0 0 BOBBY PATTON BOARD MEMBER 0.50 1.00 X 0 0 0 FRED TRESCA BOARD MEMBER 0.50 1.00 X 0 0 0 ROBERT GAFFNEY CHIEF FINANCIAL OFFICER (THRU 4/15) 40.00 15.00 X 171454 0 26500 ROBERT J FORD CHIEF FINANCIAL OFFICER (FROM 7/15) 40.00 15.00 X 0 0 0 MICHAEL IMHOF VP OF SALES & OPERATIONS 40.00 X 247093 0 24000 TINA VARDAMEN SENIOR DIRECTOR OF DEVELOP 40.00 X 173889 0 2500 KRIS SABEL EXECUTIVE DIRECTOR VPAC 40.00 X 170614 0 10900 DAVID DRESSMAN DIRECTOR OF SALES 40.00 X 198366 0 18100 DUNCAN HORNER VP OF MARKETING 40.00 X 154353 0 24000 JOHN DAIKEN VP OF COMMUNICATIONS 40.00 X 137029 0 8400 KATRINA AMMER VP OF OPERATIONS 40.00 X 127385 0 8400 PATRICE RINGLER DIRECTOR OF MAJOR GIFTS 40.00 X 113180 0 24000 BRIAN MULLER IT DIRECTOR 40.00 X 103845 0 10900 1897346 0 175800 11 0 1 0 VAIL RESORT MANAGEMENT COMPANY PO BOX 731939 DALLAS TX 75373 HOSPITALITY 8541003 EPC 2015 INC 2000 M STREET NW SUITE 300 WASHINGTON DC 20036 BROADCASTING SERVICE 3391500 EPICUREAN GROUP 6800 SOUTH XANTHIA ST CENTENNIAL CO 80112 CATERING SERVICES 2075710 NUSSLI (US) LLC 6501 BLUFF ROAD INDIANAPOLIS IN 46217 CONSTRUCTION 1280878 RING POWER CORPORATION 101 CIRCUIT DRIVE NORTH KINGSTOWN RI 02852 ENTERTAINMENT SERVICES 1273570 67 318196 1106500 19153438 4823346 20578134 WORLD ALPINE SKI CHAMPIONSHIPS 711310 27717368 27717368 VILAR PERFORMING ARTS CENTER 711310 1936755 1936755 BIRDS OF PREY 711310 1837317 1837317 MOUNTAIN GAMES 711310 1621788 1621788 INTERNATIONAL DANCE FESTIVAL 711310 808411 808411 2357039 2357039 36278678 279862 -60948 340810 855768 0 855768 855768 855768 227566 318196 158555 69011 69011 58061453 36278678 -60948 1265589 1060377 1060377 1756768 1281316 260147 215305 5097697 3718058 992637 387002 82539 82539 663770 336025 270943 56802 307550 197579 65922 44049 1826 1826 39519 12500 27019 25668 25668 2935499 2916408 16351 2740 1718451 1625543 66920 25988 557524 276256 248136 33132 735592 649987 85605 1175548 1167237 5849 2462 1309931 1279204 24987 5740 204264 172340 22195 9729 253066 253066 941641 494921 318192 128528 410967 369457 41510 PRODUCTION 21285083 21170940 1033 113110 OTHER EVENT EXPENSES 10490237 9870659 188580 430998 IN-KIND EXPENSES 3170365 2640228 9477 520660 AWARDS & PRIZES 532092 527167 4375 550 1161346 537741 263607 359998 55917320 50303943 3276584 2336793 6274328 1476523 1933097 2953554 451835 467165 2527 3730 651480 122280 23562164 8903043 15414293 14659121 8627820 7887901 771281 518398 5527112 887737 39653773 28976409 7555628 1994195 2753034 1599231 5450000 5075785 1122198 1122198 5324297 1412518 22205157 11203927 X 8839651 9097576 7303646 7369587 1305319 1305319 17448616 17772482 39653773 28976409 X 2144133 -1710284 -109983 X 0 1 X 1 0 X 5437680 11778439 14196031 16767349 20578134 68757633 14790132 12060836 14451879 15753556 36506244 93562647 20227812 23839275 28647910 32520905 57084378 162320280 3906540 2119281 3896003 2416557 3804951 16143332 2824561 2278641 7050155 555641 22442568 35151566 6731101 4397922 10946158 2972198 26247519 51294898 111025382 151055 214857 323729 374360 279862 1343863 151055 214857 323729 374360 279862 1343863 20378867 24054132 28971639 32895265 57364240 163664143 0.67840 0.74400 0.00820 0.01000 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 19 520000 603278 1454149 1 1 7934284 11223910 -603925 3700439 6108112 31689 8714029 9654417 7601367 847080 1485996 8652653 29931 7934284 9588389 7226200 897824 323443 7734553 9654417 6819657 6783374 1105812 44726 5075728 9588389 5051156 3509929 -60681 1668831 11916 6819657 0.14980 0.85020 0 0 19654837 6272842 13381995 1197638 206831 990807 2246624 2053247 193377 463065 370123 92942 14659121 INTEREST RATE SWAP LIABILITY 1412518 1412518 X 56149854 -1950310 90400 -26021 -1885931 58035785 25668 25668 58061453 56478602 90400 566559 656959 55821643 25668 70009 95677 55917320 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, VILAR CENTER AND YOUTHPOWER365 ARE ORGANIZED AS COLORADO NONPROFIT CORPORATIONS AND HAVE BEEN RECOGNIZED BY THE INTERNAL REVENUE SERVICE (IRS) AS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(A) OF THE INTERNAL REVENUE CODE AS ORGANIZATIONS DESCRIBED IN SECTION 501(C)(3). VAIL VALLEY FOUNDATION 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). VILAR CENTER AND YOUTHPOWER365 HAVE BEEN DETERMINED TO NOT BE PRIVATE FOUNDATIONS UNDER SECTION 509(A)(1) AND BOTH QUALIFY FOR THE CHARITABLE CONTRIBUTION DEDUCTION UNDER SECTION 170(B)(1)(A)(VI). EACH ENTITY IS ANNUALLY REQUIRED TO FILE A RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX (FORM 990) WITH THE IRS. IN ADDITION, THE ENTITIES ARE SUBJECT TO INCOME TAX ON NET INCOME THAT IS DERIVED FROM BUSINESS ACTIVITIES THAT ARE UNRELATED TO THEIR EXEMPT PURPOSES. VILAR CENTER AND YOUTHPOWER365 HAVE DETERMINED THEY ARE NOT SUBJECT TO UNRELATED BUSINESS INCOME TAX AND HAVE NOT FILED AN EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURN (FORM 990-T) WITH THE IRS. VAIL VALLEY FOUNDATION 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 2012. NO INCOME TAXES WERE PAID DURING OR FOR THE YEARS ENDED SEPTEMBER 30, 2015 AND 2014. VAIL VALLEY FOUNDATION 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 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. PART XI, LINE 2D - OTHER ADJUSTMENTS: REVENUE AND INVESTMENT ACTIVITY REPORTED ON RELATED ENTITY'S RETURN -26,021. PART XII, LINE 2D - OTHER ADJUSTMENTS: EXPENSES ON RELATED ENTITY'S RETURN 566,559. PART XII, LINE 4B - OTHER ADJUSTMENTS: EXPENSES NOT REPORTED ON AUDITED FINANCIALS 70,009. BLACK DIAMOND BALL 462600 246150 216450 735 63531 28529 20947 TREK TO TABLE 32275 22440 9835 23676 2 50887 49606 1281 21137 545762 318196 227566 735 63531 28529 65760 158555 69011 1 BRAVO VAIL VALLEY MUSIC FESTIVAL 2271 N FRONTAGE RD W UNIT C VAIL CO 81657 841074065 501(C)(3) 137250 GENERAL SUPPORT SKI & SNOWBOARD CLUB VAIL 598 VAIL VALLEY DRIVE VAIL CO 81657 846038792 501(C)(3) 20000 SCHOLARSHIPS THE FAMILY LEARNING CENTER 31626 HIGHWAY 6 EDWARDS CO 81632 841519047 501(C)(3) 12000 GENERAL SUPPORT YOUTHPOWER365 PO BOX 309 VAIL CO 81658 841442909 501(C)(3) 683449 GENERAL SUPPORT THE CYCLE EFFECT PO BOX 1503 EAGLE CO 81631 460961369 501(C)(3) 6000 GENERAL SUPPORT BRIGHT FUTURE FOUNDATION PO BOX 2558 AVON CO 81620 810938374 501(C)(3) 14000 GENERAL SUPPORT VAIL PERFORMING ARTS ACADEMY PO BOX 2300 EDWARDS CO 81632 841472671 501(C)(3) 15400 GENERAL SUPPORT FRIENDS OF THE DANCE PO BOX 212 VAIL CO 81658 841041249 501(C)(3) 6000 GENERAL SUPPORT VAIL VALLEY ACADEMY OF DANCE PO BOX 1375 AVON CO 81620 841415673 501(C)(3) 6000 GENERAL SUPPORT SMALL CHAMPIONS PO BOX 4691 VAIL CO 81658 841376280 501(C)(3) 15750 GENERAL SUPPORT UNIVERSITY OF CALIFORNIA LOS ANGELES PO BOX 957089 1125 MUPHY HALL 405 HILGARD AVE LOS ANGELES CA 90095 956006143 501(C)(3) 7500 SCHOLARSHIPS ROCKY RIDGE MUSIC CENTER 3970 BROADWAY ST STE 210E BOULDER CO 80304 846035931 501(C)(3) 8478 GENERAL SUPPORT VILAR CENTER FOR THE ARTS FOUNDATION PO BOX 3822 AVON CO 81620 841316133 501(C)(3) 70009 GENERAL SUPPORT 13 0 PART I, LINE 2: VAIL VALLEY FOUNDATION'S CHIEF FINANCIAL OFFICER PERFORMS A FOLLOW UP PHONE CALL WITH RECIPIENTS OF GRANTS. 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 0 0 0 0 1 0 CECILIA FOLZ PRESIDENT/CEO 270138 0 30000 0 0 0 2500 0 15600 0 318238 0 0 0 ROBERT GAFFNEY CHIEF FINANCIAL OFFICER (THRU 4/15) 151454 0 20000 0 0 0 2500 0 24000 0 197954 0 0 0 MICHAEL IMHOF VP OF SALES & OPERATIONS 154800 0 92293 0 0 0 0 0 24000 0 271093 0 0 0 TINA VARDAMEN SENIOR DIRECTOR OF DEVELOP 153889 0 20000 0 0 0 2500 0 0 0 176389 0 0 0 KRIS SABEL EXECUTIVE DIRECTOR VPAC 150614 0 20000 0 0 0 2500 0 8400 0 181514 0 0 0 DAVID DRESSMAN DIRECTOR OF SALES 63994 0 134372 0 0 0 2500 0 15600 0 216466 0 0 0 DUNCAN HORNER VP OF MARKETING 139353 0 15000 0 0 0 0 0 24000 0 178353 0 0 0 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 OF BONUSES IS AVAILABLE AND WILL BE PAID. DURING FISCAL YEAR ENDING SEPTEMBER 30, 2015 THE COMPENSATION COMMITTEE AWARDED THE PRESIDENT/CEO, CHIEF FINANCIAL OFFICER, VP OF SALES & OPERATIONS, SENIOR DIRECTOR OF DEVELOPMENT, EXECUTIVE DIRECTOR OF VPAC, DIRECTOR OF SALES, VP OF MARKETING, VP OF COMMUNICATIONS, VP OF OPERATIONS, DIRECTOR OF MAJOR GIFTS, AND THE IT DIRECTOR 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 260000 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 0 1 1 MORGAN STANLEY CAPITAL SERVICES 30.000000000000 0 0 0 0 0 A 0 X 21 1296725 MKT VALUE ON GIFT DATE X APPAREL,MISC. GIFTS AND GOODS 91 3170365 COST OR SELLING PRIC X TRIPS, LODGING, ETC. 29 251196 COST OR SELLING PRIC X SILENT ITEMS 20 105060 SELLING,APPRAISAL 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 B, LINE 11 A COPY OF THE FORM 990 IS REVIEWED BY THE CHIEF FINANCIAL OFFICER AND THE CONTROLLER BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12 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 THE 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 INDIVIDUAL 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 THE MEETING, THE CFO PROVIDES THE COMMITTEE WITH A PACKAGE SUMMARIZING COMPENSATION INFORMATION. AT THE MEETING THE COMPENSATION COMMITTEE REVIEWS 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 IN THEIR DETERMINATION TO APPROVE ANY COMPENSATION ADJUSTMENTS FOR THE CEO, KEY EMPLOYEES, AND OTHER OFFICERS FOR THE UPCOMING YEAR. FORM 990, PART VI, SECTION C, LINE 19 VAIL VALLEY FOUNDATION MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENT AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF INTEREST RATE SWAP -286,724. CHANGE IN VALUE OF FOREIGN CURRENCY SWAP 176,741. VILAR CENTER FOR THE ARTS FOUNDATION PO BOX 309 VAIL CO 81658 841316133 PROMOTE AN APPRECIATION OF THE ARTS CO 501(C)(3) LINE 7 VAIL VALLEY FOUNDATION 1 YOUTHPOWER365 PO BOX 309 VAIL CO 81658 841442909 PREPARE CHILDREN IN NEED FOR SUCCESS IN LIFE THROUGH EDUCATION CO 501(C)(3) LINE 7 VAIL VALLEY FOUNDATION 1 1 1 0 0 0 0 0 0 0 0 1 1 0 1 1 0 1 0 0 VILAR CENTER FOR THE ARTS FOUNDATION A 1 COST YOUTHPOWER365 B 683449 COST VILAR CENTER FOR THE ARTS FOUNDATION B 70009 COST