Vail Resorts announced this past Monday that they are reinvesting in the communities that surround their resorts to the tune of $58 million.
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According to a recent release, a newly formed charitable fund worth $58 million will be managed by Vail CEO Rob Katz and his wife, Elana Amsterdam. As far as the charitable contributions go, the CEO and his wife will determine who to award grants via what appears to be a traditional proposal process.
“The grants will align with the couple’s charitable giving priorities and will include significant contributions to non-profit, social service organizations that provide support to the mountain resort communities where Vail Resorts operates. Katz and Amsterdam will work with local mountain resort community leaders and Vail Resorts employees to identify and address critical local challenges that these communities are facing.”
The fund was formed as a result exercising stock appreciation rights, otherwise known as SAR’s, and then selling them to create capital for the fund. All in all, the fund is estimated to total $58 million once the SARs option is fully realized. “We hope the grants can help make a difference by bringing people and programs together around community problems that need solutions,” said Katz.
Find the entire press release here: Vail Resorts CEO To Donate $58 Million to Establish Charitable Fund