BROOMFIELD — Vail Resorts Inc.’s (NYSE: MTN) chief executive, Rob Katz, has established a donor-advised fund to benefit charitable causes in mountain communities.
The $58 million fund will be financed using proceeds Katz will receive “from exercising Vail Resorts share appreciation rights (SARs) that are approaching their 10-year expiration date,” according to a press release. The fund will make grants over a long-term period, based on the recommendations of Katz and his wife, Elana Amsterdam.
The grants will align with the couple’s charitable giving priorities and will include contributions to nonprofit, social service organizations that provide support to the mountain resort communities where Vail Resorts operates.
“Elana and I are honored to be able to create this new charitable fund to help those who need it most, including support for the mountain resort communities we care so much about,” Katz said in a prepared statement. “We hope the grants can help make a difference by bringing people and programs together around community problems that need solutions.”
Vail Resorts operates 11 mountain resorts and three urban ski areas, including Vail, Beaver Creek, Breckenridge and Keystone in Colorado; Park City in Utah; Heavenly, Northstar and Kirkwood in the Lake Tahoe area of California and Nevada; Whistler Blackcomb in British Columbia, Canada; Perisher in Australia; Stowe in Vermont; Wilmot Mountain in Wisconsin; Afton Alps in Minnesota and Mt. Brighton in Michigan.