BV Co-op acquires BV Cross County
12/1/2018: We are thrilled to share the news that the Co-op, you, and all it’s members are now the proud owners of Bear Valley Cross Country and Adventure Company!
Please join us for the first of many “Try It and Like It Cross Country Ski Days” for beginner cross country skiers, on Sunday, December 9 at noon, with free skiing, rentals and lessons (pre-registration is required) for current Co-op members.
We will also be hosting a members only, guided nighttime ski and snowshoe event in the meadow on the evening of December 23 (pre-registration also required) . Keep checking www.bearvalleyxc.com for details and additional fun events that appeal to everyone!
Just before the Christmas holiday break kicks off, we will be sharing more information on the benefits associated with Co-op membership. Today the greatest benefit is that we have acquired a successful Bear Valley recreation business that is now re-committed to the greater Bear Valley Community for years to come. We thank our 400+ members for making this possible and look forward to welcoming new members so that we may continue to build on this stable platform.
We are grateful to all of you for your support which enabled us to reach this important milestone.
BV Co-op Structure Updates
11/18/2018: When the Co-op was formed to purchase the ski area, it was organized as a 401c4, a social welfare non-profit. When Skyline won the bid for the mountain and the BVMC signed the “collaboration agreement”, the IRS deemed that the Co-op was a 401c7, a social club. The Co-op’s tax status has been a non-issue for the last 3 years, as we preserved our capital and searched for ways to achieve our mission to move Bear Valley forward. Now that we are investing, we must revisit our tax status. The tax code strictly limits what non-profits can and cannot do… and there is no one non-profit status that would allow us to pursue the projects we have identified or the business model which is necessary to effectuate the goals of the Co-op. To move forward, the BVMC needs to change its tax status to “for profit”. We will remain a consumer cooperative, under California law. However, the IRS requires that a new entity be formed. Therefore, the Co-op has formed Bear Valley Mountain Cooperative 2. Each member of BVMC will get one share in the new entity, BVMC2, upon which BVMC will be liquidated. There is no action required by members. The BVMC2 Articles of Incorporation, Bylaws and updated member Disclosure document can be viewed at the links below. Please feel free to reach out to any board member if you have any questions.
Bear Valley Cross Country Update
10/24/2018: The board continues to work hard on the acquisition of the BVCC, and is optimistic we will be successful in these efforts. We are not yet in contract, but hope to have that done soon. Due diligence efforts began in earnest this weekend. We have completed our review of the BVCC financials, and are very pleased with that result. We are just now beginning our due diligence effort on the real estate. We are still fine-tuning the timing of the close. Please stay tuned for further updates, and don’t hesitate to reach out to your board if you have any questions.
With 251 votes or roughly 60% participation, the referendum to acquire the Bear Valley Adventure Company passed with 92% in favor. The board has outlined a comprehensive “due diligence” plan, and that effort is now underway. There is much work to do to stay on track for a 31 October close. Over the next few weeks, the board will keep members posted on BVAC progress, plus kick off an effort to define a member benefits program.
Exciting News Regarding Bear Valley Adventure Company
The BVMC signed a “letter of intent” to purchase the Bear Valley Adventure Company on August 29th. A member referendum will be held from September 15-23 to review and approve the proposed transaction. The board is pulling together an extensive information package for Co-op members, not a simple task given that historical results and purchase details are strictly confidential until we close. Please look for more details in a member communication scheduled to go out later in the week of 9/6/2018.
Co-op Relaunches and is Open for New Members! Details shared at Town Halls on Labor Day weekend
The Co-op board shared its new vision and three exciting new investment opportunities with the community in two Town Hall sessions over Labor Day Weekend. Click here to see the presentation shared during the Town Halls.
Annual Member Meeting Update
On August 4th, the Co-op Board met with members to explain the Co-op's new focus including three important projects which the Co-op plans to pursue, including the acquisition of the Bear Valley XC and Adventure Company. Click here to see the presentation shared with members.
Bear Valley Mountain Co-op Referendum Update
In late January 2018, the membership voted in a Referendum (Jan 2018) to continue the mission of the Co-op in a way that enables the Board of Directors to pursue investment opportunities that include recreation projects related to the Village of Bear Valley as well as Skyline Bear Valley Resort.