USSTF Board of Trustees' Meeting

The Sonnenalp, Vail, Colorado December 3-7, 2014

Welcome Letter

December 1, 2014

I would like to welcome you to the annual U.S. Ski and Snowboard Team Foundation Board of Trustees' meeting in Vail/Beaver Creek. We have an exciting few days ahead, including the Audi Birds of Prey race this week.

After a very successful Olympic year, our athletes spent the summer training at camps around the world in preparation for the FIS Nordic World Championships in Falun, SWE, the FIS Freestyle and Snowboarding World Championships in Kreischberg, AUT and the FIS Alpine World Championships right here in Vail/Beaver Creek. The 2015 season started off on a high note with Mikaela Shiffrin’s GS win at the World Cup opener in Soelden. We had a great turn out at the Nature Valley First Tracks for the U.S. Alpine Ski Team naming at Copper Mountain.

Our Foundation Officers, my staff and I are continuing to evolve the format of the board meeting to encourage further involvement, input and discussion from our board members. Similar to the summer meeting format, the chairs of each standing committee will be reporting on the work done in their areas of leadership.

Additionally, the working groups created to address questions concerning "direct to athlete" as well as sport-specific giving have been meeting regularly and will report their conclusions. The meeting will also include an executive session designed to allow you to ask me questions in a confidential and privileged setting. I hope you will take this opportunity to engage with us. We are working to make these meetings meaningful to you and helpful to our staff. Your feedback along the way is welcome and appreciated.

As a trustee, you play a key role in the organization’s success. Your financial support and tireless fundraising efforts allow athletes around the country to achieve their Olympic dreams. Your participation in these important meetings in Vail/Beaver Creek will help to ensure a long, successful future for skiing and snowboarding athletes in the United States.

Sincerely,

Tiger Shaw President and CEO U.S. Ski and Snowboard Association

1 Table of Contents

Board of Trustees' Meeting Schedule ...... 3 Sonnenalp Resort ...... 6 Four Seasons Vail ...... 7 USSA 101 ...... 8 USSA Audit Committee ...... 9 Education Committee ...... 10 Athlete Career and Education Update ...... 12 Education Committee Meeting Minutes ...... 14 USSA Investment Committee and Investment Fund Board ...... 18 USSA Athletic Endowment Fund Investment Policy ...... 19 Investment Committee & Fund Board Meeting Minutes – July 23, 2014 ...... 20 Investment Committee & Fund Board Meeting Minutes – December 5, 2013 ...... 42 Sales, Marketing & Communications Committee ...... 53 Sales & Marketing Department Summary/State of the Business ...... 55 Events Department Update ...... 57 Communications Department Update ...... 60 Sales, Marketing & Communications Committee Meeting Minutes ...... 62 Foundation Committee ...... 75 Foundation Department Update ...... 78 Foundation Committee Meeting Minutes ...... 81 USSA Strategic Planning Committee ...... 87 Technology and Applied Research Committee ...... 89 Sports Technology Executive Summary ...... 90 Technology and Applied Research Committee Minutes ...... 91 Athletic Committee Meeting ...... 95 Athletic Department Update ...... 96 Athletic Committee Meeting Minutes ...... 98 Youth Initiatives Committee Meeting ...... 103 Youth Initiatives Executive Summary ...... 105 Nominating & Governance Committee ...... 106 Nominating & Governance Committee Minutes ...... 108 U.S. Ski and Snowboard Team Foundation Board of Trustees' Rotation Schedule ...... 110 U.S. Ski and Snowboard Team Foundation Board of Trustees ...... 114 U.S. Ski and Snowboard Team Foundation Committee Membership ...... 116 Executive Steering Committee ...... 122 Executive Steering Committee Minutes ...... 124 U.S. Ski and Snowboard Team Foundation Board of Trustees' Meeting...... 125 U.S. Ski and Snowboard Team Foundation Board of Trustees' Roster ...... 128 USSA Athlete Funding Task Force Update ...... 129 U.S. Ski and Snowboard Team Foundation Board of Trustees' Meeting Minutes – July 24, 2014 ...... 132 U.S. Ski and Snowboard Team Foundation Board of Trustees' Minutes – December 7, 2013 ...... 147 U.S. Ski and Snowboard Team Foundation Bylaws ...... 173 2014-15 USSA Event Schedule ...... 180 2014-15 Television Event Schedule ...... 182 Audi Birds of Prey Ski World Cup Schedule ...... 183 Birds of Prey Downhill Course ...... 186 Raptor Downhill Course ...... 187 2015 FIS Alpine World Ski Championships...... 188 2017 FIS Alpine World Ski Championships St. Moritz ...... 192 2018 Olympic Winter Games PyeongChang...... 193 USSA Corporate Partners ...... 194 Staff Contacts ...... 199

2 Board of Trustees' Meeting Schedule

Sonnenalp Resort, 20 Vail Road, Vail, CO 81657; Tel: 970-479-5656 Fax: 970-479-5422

Wednesday, December 3

Arrival Sonnenalp

Thursday, December 4

Morning Free time for Skiing/Snowboarding Vail/Beaver Creek Noon – 7:00 p.m. Registration Open Pre-Function Lobby 12:30 p.m. – 1:15 p.m. USSA 101 Kempten Room Presented by: Tiger Shaw/Greg Boester Mandatory orientation for new trustees and a refresher for other members of the Board (No teleconference) 1:15 p.m. – 2:00 p.m. Education Committee Bavaria Room Chair: David Henle/Vice Chair: Jim Benedict Dial-in: 1.888.519.8675 Participant code: 9495068 2:00 p.m. – 2:45 p.m. Investment Committee Meeting Kempten Room Chair: Greg Boester/Vice Chair: Phill Gross Dial-in: 1.888.519.8675 Participant code: 8764570 2:45 p.m. – 3:45 p.m. Sales, Marketing & Communications Committee Bavaria Room Chair: Mark Dowley/Vice Chair: Jonny Moseley Dial-in: 1.888.519.8675 Participant code: 2249771 3:45 p.m. – 4:45 p.m. Foundation Committee Meeting Bavaria Room Co-Chairs: Paul Raether and Jim Benedict Dial-in: 1.888.519.8675 Participant code: 4468423 4:45 p.m. – 6:30 p.m. Strategic Planning Steering Committee Kempten Room Chair: Charlotte Moats and Eric Resnick Toll Dial-in: 435-252-3214; Toll Free Dial-in: 1-888-519-8675 Participant code: 1356952 (Closed meeting) 7:00 p.m. – 9:00 p.m. Trustee Dinner at the Residence of the Framptons Frampton Residence

Friday, December 5

6:30 a.m. – 7:00 p.m. Registration Open Pre-Function Lobby 6:30 a.m. – 8:30 a.m. Breakfast Available Fischen Room 7:30 a.m. – 8:45 a.m. Technology & Applied Research Committee Bavaria Room

3 Co-Chairs: Barry MacLean and Mike Brooks Dial-in: 1.888.519.8675 Participant code: 4468423 8:45 a.m. – 9:45 a.m. Athletic Committee Meeting Bavaria Room Chair: Dr. Richard Steadman/Vice Chair: Michael Brooks Dial-in: 1.888.519.8675 Participant code: 5132287 11:00 a.m. – 1:30 p.m. Men’s Downhill Race Birds of Prey 11:00 a.m. – 1:00 p.m. Lunch on the Hill VIP Hospitality Tent 2:45 p.m. – 3:45 p.m. Youth Initiatives Committee Meeting Bavaria Room Chair: Phill Gross Dial-in: 1.888.519.8675 Participant code: 9495068 3:45 p.m. – 4:30 p.m. Nominating & Governance Committee Meeting Bavaria Room Co-Chairs: Eric Resnick and Andy McLane (No teleconference) (Closed meeting) 4:30 p.m. – 5:30 p.m. Foundation Executive Steering Committee Bavaria Room Chair: Greg Boester (Closed meeting) Dial-in: 1.888.519.8675 Participant code: 5602121 7:00 p.m. – 9:00 p.m. Trustee Dinner at the Residence of Alice Ruth 86 Blue Flax*

Saturday, December 6

Remember that the U.S. Ski and Snowboard Team Foundation Board of Trustees' Meeting is at the Four Seasons 6:30 a.m. – 7:00 a.m. Registration Open Pre-Function Lobby 6:30 a.m. – 8:30 a.m. Breakfast Available Fischen/Kempten Room Breakfast will also be available at the Four Seasons 7:30 a.m. – 9:30 a.m. Foundation Board of Trustees' Meeting Four Seasons Hotel Chair: Greg Boester Bighorn Ballroom Dial-in: 1.888.519.8675 Participant code: 5132287 11:00 a.m. Men’s Super G Race Birds of Prey 11:00 a.m. – 1:00 p.m. Lunch on the Hill VIP Hospitality Tent Afternoon Free time for Skiing/Snowboarding Vail/Beaver Creek 3:00 p.m. – 6:00 p.m. Alumni Reception Beaver Creek Lodge Gallery Room 7:00 p.m. – 9:00 p.m. Trustee Dinner at Leisure Minturn Saloon A group will be at Minturn Saloon

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Sunday, December 7

7:00 a.m. – 9:00 a.m. Registration Open Pre-Function Lobby 7:30 a.m. – 9:00 a.m. Breakfast Ludwig's Restaurant 9:45 a.m. Men’s GS Race – Run 1 Birds of Prey 11:00 a.m. – 1:00 pm Lunch on the hill VIP Hospitality Tent 12:45 p.m. Men’s GS Race – Run 2 Birds of Prey

All meetings are open to all Trustees unless specifically indicated as closed. Transportation is provided from the Sonnenalp to the Birds of Prey and hospitality venues. The race and meeting schedules are subject to change.

*Directions to 86 Blue Flax

Take I-70 to the Avon exit. Go to the north roundabout, pass the gas station, to your second right, which is Buck Creek Road. Turn right on Buck Creek and continue for two miles up the mountain to the gate, which will be open. Once through the gate, stay on the main road for ¾ of a mile to your second right which is Blue Flax road. House is the first on the right. Alice Ruth's home number is (970) 845-8744 if you have any questions.

Teleconference Instructions for a Successful Meeting

A few housekeeping tips to ensure a productive conference call: Dial the phone slowly and precisely; often with touch screen technology the number is not hit precisely; users should ensure they have a strong enough signal for the call to go through. If possible, use a landline since a cell-phone signal can be poor quality and is subject to producing echo and clipping. All phones must be muted when the caller is not speaking. Don't put your phone on hold unless it is muted. Avoid using a room where acoustics can be a factor. Rooms with tile or hardwood floors, large window and glass areas are prone to creating acoustic echo.

5 Sonnenalp Resort

20 Vail Road, Vail, Colorado 81657; Reservations: (800) 654-8312; Telephone: (970) 476-5656; Fax: (970) 476-1639

Sonnenalp Meeting Rooms

6 Four Seasons Vail

The Bighorn Ballroom at the Four Seasons is the site of the Saturday, December 6, U.S. Ski and Snowboard Team Foundation Board of Trustees' Meeting .

One Vail Road, Vail, Colorado 81657 U.S.A.

Tel. (970) 477-8600

Directions: The quickest way to gain access to the ballroom from the Sonnenalp will be the stairs off Vail Rd. They will not be icy or snow packed. The stairs are heated all the way. If someone needs to use an elevator, he or she will need to go to the front of the resort on Frontage Rd. There is an elevator that takes you to the third, or meeting room, level.

7 USSA 101

Thursday, December 4, 2014 12:30 p.m. – 1:15 p.m. The Sonnenalp, Kempten Room

Presented by: Tiger Shaw / Greg Boester / Alex Natt / Tom Kelly

New trustees: Lynn Dorsey Bleil, Dan Leever, Andrew Davis, Austin Beutner, and Dani Virtue

Introduction to a Best in the World Olympic Sports Organization

As a trustee, you play a pivotal role in a Best in the World Olympic sports organization. USSA 101 provides veteran trustees as well as rookies with a chance to learn more about the organization’s vision and goals, how it provides opportunities for athletes and its interaction within the Olympic and sports world. This overview workshop will provide you with vital insights to help maximize your interaction with the USSA.

USSA Vision and Mission

USSA Vision The Vision of the USSA is to make the United States of America the best in the world in Olympic skiing and snowboarding.

USSA Mission The Mission of the USSA is to provide strong leadership that establishes and supports athletic excellence in accordance with USSA core values.

8 USSA Audit Committee

USSA Audit Committee Chair: Bill Shiebler Committee Members: Willy Graves Ryan Heckman Bob Hoff

The USSA Audit Committee elected to meet by teleconference and will report on its activities at the time of the Foundation Board of Trustees' Meeting.

Zermatt, SUI fall mogul camp, Hannah Kearney, photo by Garth Hager

Zermatt provides the skiers with competition style training and the opportunity to ski with other international teams. The focus of this camp was to transition the skiers from technical skill development to performance, competition-ready runs. It was a vital camp in preparation for the upcoming World Cups in December.

9 Education Committee

Thursday, December 4, 2014 1:15 p.m. – 2:00 p.m. The Sonnenalp, Bavaria

Teleconference Information: Dial-in: 1.888.519.8675 Participant code: 9495068

Meeting Chair: David Henle

Education Committee Chair: David Henle Vice Chair: Jim Benedict Committee Members: Kevin Arquit John Bucksbaum John Cumming Phill Gross Dennis Keller Kirk Kellogg Barry MacLean Edith Thys Morgan Jonny Moseley Cindy Nelson Dr. Marc Philippon Steven Read Armins Rusis Bill Shiebler Hank Tauber John Underwood Staff Liaison: Chip LaCasse, Senior MGO, Northwest

The Education Committee develops specific funding sources to assist U.S. Ski Team. U.S. Freeskiing and U.S. Snowboarding athletes with educational expenses, proposes policies and programs to protect and enhance the educational opportunities for athletes and graduates.

Agenda

Introduce the new team (5 min)

Identify the four main groups and high-level goals:

1. College programs a. Aim for every athlete having an educational plan. b. Westminster, Utah State and tuition reimbursement programs and their financial and scheduling challenges. c. Working question: How do we fund and support athletes as they stay connected with their college path? d. USSA Leadership programs: We will roll out a career-coaching curriculum in the spring. Goal: Create skills to promote their athletic careers and form the foundation of taking leadership roles in their post-competition careers.

10 e. Working question: How do we effectively engage Trustees in our workshops, as mentors, and with internships? 2. High School programs a. Aim for 100% high school graduation and college acceptance. b. Role and opportunity of the USSA TEAM Academy. c. Working question: What is the appropriate role for USSA in our athletes' high school education? 3. Alumni a. Complete college. b. Improve alumni connections by creating an active alumni association. c. Working Question: What are the first steps in creating an effective alumni association?

First day of USSA Team Academy classes for the 2014-15 year. Photo: USSA

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Athlete Career and Education Update

Westminster College Partnership: We have had two productive face-to-face meetings with representatives from Westminster College to extend the partnership past June 2015. The partnership will be capped at approximately 600 credit hours/year. Athlete demand for the program had gone beyond 800 hours/year. The two organizations have agreement on the main points of the partnership. 37 athletes enrolled this fall, and seven USST alumni will graduate from Westminster this May: a new high.

Westminster College celebrates its 23 Olympic student athletes May 14 at the college. Medalists show off their hardware; Maddie Bowman, Devin Logan and Kaitlyn Farrington. (Westminster College)

Utah State University MOU: We will meet with Utah State University officers on November 13 to discuss the current online and distance learning agreement that runs through June 2016. USST athletes can take USU online courses at in-state tuition rates. Seven athletes participated last year.

College Tuition Reimbursement: Over 30 athletes received college tuition reimbursements from USSA funds. The maximum reimbursement is $5,000, and the total amount of reimbursements usually exceeds $100,000 each year. The reimbursements meet approximately 50% of the athlete requests.

12 Athlete Education Plans: Approximately 80% of current athletes have education plans. We aim for 100%. We are creating a financial aid program based on School and Student Services to assess the financial need of athletes for academic and athletic scholarships.

USSA Leadership Program: To build out current programs, this fall we piloted one career leadership skills workshop with the Nordic team using the Accenture Skills2Succeed platform. We will roll out a program in the spring that will include topics such as financial literacy, social media use, fundraising & sponsorships, communications skills (public speaking, video, writing), and internships.

Trustee-Athlete Mentors and Connections: We hope to include current trustees in the USSA Leadership program to engage their expertise and as a means to create mentor relationships. We plan to assign two athletes to each trustee as Trustee-Athlete Connection for more personal interactions. This program needs to be built up.

TEAM Academy: Last winter, three TEAM Academy students competed in the Sochi Olympics. The Academy currently has 27 full-time students and two winter-term students in four disciplines. Most athletes are working on our academic platform, but the Academy also supports athletes on other platforms and at other schools. We supervised study halls for NTG athletes from several schools during November training in Colorado. The goal is for all USST athletes to complete high school.

Travel and Lodging Policy: A new policy on travel and lodging protocols for coaches and athletes was approved in September.

Communications: Communication efforts about USSA ACE programs have been initiated on Ski Racing and social media platforms.

Housing: USSA completed an assessment of short-term athlete housing needs in Park City. We visited possible temporary sites, but have not found a solution yet.

Alumni: Preliminary discussions have begun to build an alumni network.

CRM: Preliminary work has been done on creating a CRM to track athlete progress in their career and education and alumni programs.

Report submitted by Jory Macomber, Vice-President Athlete Career and Education

13 Education Committee Meeting Minutes

Friday – December 6, 2013 2:45 p.m. – 3:30 p.m. MST The Sonnenalp, Bavaria Education Committee Members Chair: Tiger Shaw Vice Chair: Jim Benedict

Committee Members: Kevin Arquit Dennis Keller Armins Rusis John Bucksbaum Kirk Kellogg Bill Shiebler John Cumming Barry MacLean Hank Tauber Shelby Davis Edith Thys Morgan John Underwood Richard Georgi Jonny Moseley Jim Riepe Phill Gross Cindy Nelson David Henle Steven Read

In Attendance: Julie Silcock, Steven Strandberg, Eric Resnick, Erik Borgen, Kipp Nelson, Thom Weisel, Mike Brooks, Steven Read

Presentation By: Luke Bodensteiner / Dan Kemp / Dr. Lauren Loberg

1. Welcome

Tiger Shaw welcomed the group and introduced Dan Kemp.

2. TEAM Academy Updates: Dan Kemp

Dan Kemp welcomed the group and began the TEAM Academy update by discussing the blended model used to establish the Academy. This blended learning model includes both online learning and face-to-face time with teachers. He highlighted how this allows the athletes to control the time, place, path and pace at which they advance their education. He noted that a large number of athletes have tried to make it work by taking online classes during the year and not taking winter courses.

Kemp reported that the TEAM Academy currently had 34 students between the Park City and Lake Placid campuses including 18 males and 16 females. These numbers make for an enriching social dynamic allowing for peer-to-peer review.

Kemp also mentioned that the Academy has three "other opportunity" students enrolled. Resnick raised the question of what defines an "other opportunity" student to which Kemp responded that they are able to use the Academy for academic resources but they are not on one of the USSA's elite teams. Luke Bodensteiner commented that while the focus is shifting towards having only elite team athletes, as mentioned by Jim Benedict, these students' tuition is a valuable resource.

David Henle asked if the TEAM Academy is comparable to and therefore directly competing with the Burke Mountain Academy and the Stratton Mountain School to which Kemp pointed out that the TEAM Academy provides a similar structure. With this structure, students are able to focus on both their training and high school education, if they are able to be based out of Park City, Utah.

Kemp moved on to highlight some of the changes made this past year including the hiring of an additional Math teacher in Park City and an additional teacher in Lake Placid, both of whom are Harvard graduates. Kemp discussed the one-to-one nature of the TEAM Academy's online learning versus just handing them a laptop. The Academy also added an intensive ACT and SAT preparatory

14 program being run by a double PhD gentleman. Two students have already recorded increased scores after participating in this program.

Kemp stated that the State of Utah accreditation has listed the TEAM Academy as the best practice in Utah for blended learning. Kemp recapped last year's graduating class mentioning the four graduates had a combined G.P.A. of 4.25 and attributed this to the students' passion for their own educations. Kemp noted that 82% of the students last year achieved a 3.75 G.P.A qualifying them for either Honor Roll or Head Master Honor Roll.

Julie Silcock asked Kemp what sort of colleges the graduates are attending. Kemp noted that they are working with Dr. Lauren Loberg to develop more options for students and this has lead to all four graduates being able to take advantage of the USSA's partnership with Westminster College. Kemp mentioned that he is focused on providing a pipeline for students to receive guidance from the USSA even after they have turned 18.

Thom Weisel questioned if the four graduates were participating in A.P. and Honors classes to which Kemp replied that three of the graduates took honors and A.P. classes last year and there were more enrolled this year. Kemp discussed the specific goals for this year in response to a question stating that the SAT, ACT, G.P.A. scores are used to measure these goals. Weisel inquired about the average scores of the graduates to which Kemp replied that those numbers will not be pulled until the coming year now that there is a specific test prep program.

There was a request for a report card to be published comparing the TEAM Academy to other institutions.

Read asked Kemp about where the students would like to go to college and he replied stating that there were currently USSA athletes going to Westminster, Utah State, Boston College and the University of Utah. Lauren Loberg commented that she worked closely with Kemp as the students' transitioned from high school to college and that the USSA is working on relationships with the University of Utah.

Resnick questioned what happens with a student who graduates and is not named to a team to which Luke commented that this has not happened yet and the more difficult issue is when someone hasn’t graduated yet and they are not named to the team. This is managed by providing them online education or allowing them to transfer to another school.

Silcock asked if a current member of the team is able to attend a traditional college such as Boston College to which Kemp commented that it becomes purely a time management issue. Tiger Shaw re- affirmed this point mentioning that this is a definite possibility for the athletes.

Kemp discussed the Academy's focus on communicating with parents and adjusting the courses to the needs of the students allowing them to be worry free on race day.

Resnick inquired how long the students are in Park City vs. on the road. Kemp explained that in September and October, the students were in the Academy for 7-8 hours a day with one-to-one teach and peer evaluations. Kemp had been able to travel and establish study halls on the road with athletes. The athletes spend 60% inside the classroom and 40% outside the classroom. Kipp Nelson asked if summer school was an option to which Kemp replied that the Academy runs 12 months a year.

Kemp concluded his section after all questions have been fielded and introduced Dr. Lauren Loberg.

3. Career & Education Services: Lauren Loberg

Loberg began by discussing the USSA's partnership with Utah State University highlighting that college courses can now be offered at the Center of Excellence. This contract is good through the summer of 2016. There are cameras in the TEAM Academy and the study area on the second floor

15 allowing students to do everything online and also talk to the professors while in the classroom. Students are able to "raise their hand" in Park City and the professor at the university can call on them. If athletes are traveling they will be able to go back and watch the course allowing for flexibility.

Kipp Nelson asked if this was free to the students to which Loberg responded that athletes would have to pay in-state tuition, which Safia from Westminster mentioned is about $5,000/year if they are going full time at USU. Loberg highlighted that athletes are able to receive in-state tuition even after they retire from the team. The academic advisor will attend once a month to meet with the athletes.

Kipp Nelson questioned the need for scholarship funds for athletes and how much USSA currently had available. Loberg explained that, if more athletes apply for reimbursement, the amount received per athlete could go down. However, USSA has not had this issue to date. Mark Lampe mentioned that about $120,000 is allocated for tuition from the Endowment and that we have never used the full amount. Last year 45 athletes applied with 25 applying this year; however Loberg expected a spike after the Olympics. Lauren stated that a quarter or less of the athletes are going to school and applying for tuition reimbursement but there are other athletes in school below the college level (the youngest elite athlete is 13). There are about 107 athletes who have enrolled at Westminster at some point, so most of the athletes are plugged into the system.

Lampe noted that the TEAM Academy consumes $150,000 in scholarships and there are only enough funds to get through another year and a half to continue funding both, if no money is raised for the endowment.

Loberg mentioned that the Westminster contract has been up for renewal. There are 107 current USSA athletes in the program, 50 or 60 are retired athletes and Westminster has graduated 15 athletes total.

Mike Brooks questioned the new contract terms. Loberg stated that there will be a limit in the number of units available and that athletes have 2.5 years of tuition after retiring from the teams. Shaw commented that we were quite happy with the renewal terms. Bodensteiner stated that the renewal should be signed soon.

Loberg mentioned that it was not realistic for many athletes to graduate while they were on the team due to scheduling conflicts. She used Nolan Kasper as an example stating that he was traveling and missed a sequenced course which he now has to make up.

Loberg discussed the partnership with DeVry via the USOC which has 21 USSA athletes involved. Many more athletes have access to this program, not just elite team athletes. Stacey Cook and Marco Sullivan were participating along with a coach, Marco Bower.

Kipp Nelson asked if the plan was pretty accessible to the athletes and did they all know they have these resources available. Loberg replied by describing the different factors limiting this such as athlete travel schedules, however she was confident that more and more athletes are finding the right balance and custom education packages to make this possible.

Loberg discussed how she is able to work with the rookies to get them on the right education path for their schedule during Rookie Camp. She was confident that education is covered adequately in this camp and the culture was changing towards more education. The TEAM Academy kids have made education a part of their training by working with Kemp and highlighting the opportunities to compete and complete a higher-level education.

4. Borgen-Swartz Endowment- Mark Lampe

Lampe distributed a balance sheet of the endowment funds, the current year budget, and the last year's actual and this year's first six months' budget. The Borgen-Swartz Athlete Education Endowment is at almost $2.6 million with two additional gifts made last year. Mark mentioned that Mssrs. Read and Riepe were both continuing to contribute. Shelby Davis had also set up a tuition-

16 match up to $2,500 of which, USSA utilized about $40,000. Spence Eccles had a tuition support gift for the Utah schools with $75,000 in place and USSA was using $15,000/year of this fund. USSA did receive a gift from the Kellogg Foundation for $250,000 earmarked for the Academy.

Lampe discussed a previous presentation which stated that we would like 40 students in the Academy. With 2/3 scholarship rate, USSA would need an $8 million endowment; to fully fund the students $12 million would be needed. USSA was spending $150,000 on scholarships for the Academy on a need basis.

USSA was averaging $5,000 tuition support to the approximately 60 athletes in college; if you removed the Dartmouth students, USSA would need a $6 million college endowment to cover this and right now we are at $2.5 million. We only have about 40 students applying for tuition reimbursement.

Loberg commented that athletes are applying for their own scholarships although the opportunities were limited. Phill Gross questioned why the athletes were not able to obtain full scholarships on their own based on financial capacity and family history. Loberg mentioned that was information the athletes would have to bring forth as those were not questions USSA typically asked. Gross asked if the USSA does anything to ensure the funds given to the athletes are used for tuition to which Loberg responded that both she and Mark go through the receipts after they have completed the course.

Loberg and Gross discussed if the athletes are actually noting the grant funding they are receiving when they apply for financial tuition each year. Tiger Shaw suggested that USSA should do some more research offline regarding this topic.

Erik Borgen raised the question as to whether USSA was researching education grants. Dick Coe and Lauren Loberg responded that they were researching grants every day. Shaw motioned that it was time to move forward.

5. Sales Athlete Group- Bob Berland

Tiger Shaw introduced Bob Berland from the Sales Athlete Group. Berland introduced himself and described his past as an Olympian in Judo. A video introduced the Sales Athlete Group as a company focused on helping athletes transition from sport to corporate careers. Berland discussed a task force that he served on with Luke Bodensteiner that focused on athletes' careers after they retired from their sport.

Berland introduced his business partner Brian O'Neil and they highlighted the services offered by the Sales Athlete Group including: finding corporations looking to hire athletes, resume services, social media clean up, finding jobs and/or internships and helping the athletes determine what they want to do. Their goal is to assist athletes with transition into the workplace.

Weisel and Resnick questioned the business model to which Berland responded that they were essentially a specialized recruiting service and made money from the companies that hired the athletes. Berland explained that the Sales Athlete Group was here to serve as another tool for the USSA athletes as they transitioned into the corporate world.

Shaw suggested taking the conversation offline and thanked Berland and O'Neil for attending.

6. Adjourn

There was no further business and the meeting adjourned.

17 USSA Investment Committee and Investment Fund Board

Thursday, December 4, 2014 2:00 p.m. – 2:45 p.m. The Sonnenalp, Kempten

Teleconference Information: Dial-in: 1.888.519.8675 Participant code: 8764570

Meeting Chair: Greg Boester

USSA INVESTMENT COMMITTEE Chair: Greg Boester Proposed Co-chairs: Alice Ruth and Rich Tutino Vice Chair: Phill Gross Committee Membership Bill Bindley Erik Borgen Bill Slattery John Townsend Ex-Officio/non-voting members Andrew Cader Spence Eccles Dennis Keller Peter Kellogg Andy McLane Kipp Nelson Dexter Paine Steve Strandberg Tom Winters Thomas Weisel Partners Jeffrey Bergholt, Managing Director, Private Client Dept. Dan Holligan

USSA INVESTMENT FUND BOARD Greg Boester, USSA Investment Committee Chair Committee Members: Dexter Paine, USSA Chair Greg Boester, USSA Vice-Chair John Bucksbaum, USSA Secretary-Treasurer Phill Gross, USSA Investment Committee Vice-Chair

The USSA Investment Committee provides guidance to the USSA Investment Fund Board (a separate 501(c) 3 organization that holds the investment assets of various endowments) and to the Board and staff of the USSA and its affiliates in how to manage the corpus of the various USSA-related endowments to maximize profitability and minimize risk.

The investment committee is composed of a minimum of six members of USSA selected by the Chairman of the Board of USSA and designated as voting members of the Committee. The USSA Chair is an ex-officio member of the Committee and may vote on committee matters. There is no limit placed on the number of ex-officio, non-voting members of the committee.

The Committee Chair and Vice Chair are recommended by the U.S. SKI AND SNOWBOARD TEAM FOUNDATION Nominating and Governance Committee to the USSA Nomination Screening Committee, with final ratification by the USSA Board of Directors.

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Committee members are selected based upon their knowledge of finance and investment strategies. Their mandate is to review quarterly results, refine the investment policies of USSA, review and recommend the hire and retention of investment managers as recommended by the endowment fund manager (Thomas Weisel Partners), and recommend investments on behalf of USSA, USSA Investment Fund, and other USSA affiliates to be made by the USSA CEO and CFO for these affiliates.

Agenda 1. Welcome Greg Boester 2. Approval of December 2013 meeting minutes Greg Boester 3. Committee composition discussion 4. Portfolio review Jeff Bergholt a. Performance and manager review b. Update and status of July meeting initiatives c. Asset allocation focus: Private Equity d. Cash projections, consumption and allocation e. Portfolio prospective returns and expectations framework 5. Investment idea generation framework discussion 6. Investment actions items: TBD 7. Other 8. Adjourn

USSA Athletic Endowment Fund Investment Policy

There have been minor clarifications of nomenclature and the credit range for fixed instruments is revised. Should you wish to refer to the Investment Policy Statement, please request a copy from Suzette [email protected].

19 Investment Committee & Fund Board Meeting Minutes – July 23, 2014

Wednesday, July 23, 2014; 5:00 p.m. – 6:20 p.m. COE 3rd floor conference room, 1 Victory Lane, Park City

Meeting chair: Greg Boester

USSA Investment Committee Chair: Greg Boester Vice Chair: Phill Gross Committee Membership Bill Bindley Erik Borgen Dexter Paine Bill Slattery John Townsend Ex-Officio/non-voting members Andrew Cader Spence Eccles Dennis Keller Peter Kellogg Andy McLane Kipp Nelson Alice Ruth Steve Strandberg Rich Tutino Tom Winters Thomas Weisel Partners Jeffrey Bergholt, Managing Director, Private Client Dept. Dan Holligan

USSA Investment Fund Board Greg Boester, USSA Investment Committee Chair & USSA Vice-Chair Phill Gross, USSA Investment Committee Vice-Chair Dexter Paine, USSA Chair John Bucksbaum, USSA Secretary-Treasurer

In attendance: Greg Boester, Dennis Keller, Rich Tutino, and Alice Ruth, in person; via teleconference: Phill Gross, Bill Slattery, John Underwood, Kipp Nelson, and Tom Winters; Guests: Mark Lampe, Jeffrey Bergholt and Dan Holligan

Agenda 1. Call to order 2. Opening comments 3. Portfolio Review; Composition and Performance 4. Outlook and Opportunities 5. Deep Dive : Equities Allocation, Managers and Discussion 6. Peer Group Performance Discussion 7. Other Business 8. Conclusion

20 1. Welcome & Call to Order: Greg Boester

Boester called the meeting to order. He said he appreciated all who had dialed in and who were here to attend the meeting in person. He said he wanted to quickly go through the agenda for today. The primary focus was to take a mid-year look at the portfolio with a special look at the portfolio manager construct.

2. Opening Comments: Greg Boester

Boester said he had been working with Jeff over the last year and we had improved a fair amount the transparency in the reporting and the structure of the portfolio where we were now settling into a cycle where we can have pretty meaningful discussions – good, bad or indifferent – and be critical where we need to be and praising and joyous where we need to be. Although, he said, his experience in business was that we don't do much of the latter. He wanted to make sure that everyone felt comfortable and empowered to speak up and voice opinions, getting items on the table and debated. Not terribly dissimilar to a lot of groups the trustees participate in, this one particularly, we have a lot to gain from people participating in an active, opposed to passive, sense.

With that he handed the meeting to Jeff Bergholt and asked if anyone had anything they'd like to bring up at the beginning of the meeting. He would entertain that and then quickly move into the portfolio review, which would encompass the standard form of thinking about the returns to date and thinking about the portfolio with respect to allocation targets, etc. but then he said he wanted to get into the equity deep dive because it was meaningful for the portfolio. We have a lot of people who have articulated some things to me and there were some things that I noticed and when we get there we will open it up to debate, or a healthy talk about how we are positioned, the manager performance, and then any rebalancing or allocation changes or other that we may want to think about with respect to equities.

Then, on a broader construct, we'd like to discuss the broader portfolio that we discussed last fall. We discussed that we were headed to higher rates. I'm not of the mind that we change the strategic positioning of the portfolio to recognize any short-term shifts in rates. There are a lot of moving pieces. We have more clarity on the level of short-term interest rates going forward but I'd like to talk about that position as well just re-evaluating how we've thought about restructuring the fixed income.

3. Portfolio review Thomas Weisel Partners: Jeff Bergholt/Dan Holligan

Jeff Bergholt stated for those who were on the phone that he was accompanied today by Dan Holligan, his colleague from the San Francisco office of TWP. He said that we had quite a bit to do today. What he would like to do is spend some time looking through the portfolio composition and review of performance but there were two relatively large things we should do; look at the allocation, the tilt of the equity accounts and, in addition to that, we have one manager that is in the process of wind down as of June 30. We are also going to be having at the end of this month a good amount more liquidity coming back to the portfolio. We're going to have a replacement by the name of Contrarian which is a global distress manager and we will speak more to that. There will also be some action items as well.

We will propose, as a result of this equity deep dive, to review the materials however, not hasten any commentary on that but what he would do was focus for the first three tabs, take a look at the allocation and you will see where we stand as of June 30. We will take a look at performance but then we will go right into the deep dive into equity managers which have some action items. From those whom he had met he knew there were no shy members of the committee, and he encouraged comments as things came up and he said that dialogues were a lot more productive than monologues. With that, he asked everyone to open Tab 1. Without

21 spending an enormous amount of time, as we've described in the past you have the far left column which are the 6/30 values for the portfolio vs. the targets (Attachment 1).

We went through an eight quarter rebalancing process, obviously markets are moving, but we are relatively in line now, much more so as relates to the investment policy statement in our asset classes. You can see the total fixed income position, just north of 20 vs. the target of 20 and, we have a slight bump in domestic and international equity positions vs. their targets. We are currently a 35.5 weighting vs. 33% target. Private equity -- you will recall at the last meeting we were in late last year we funded a $750,000 capital commitment to TPG, which is a top three fund; they are currently in the process of calling capital on that so we have about a $2.5 M target allocation to private equity.

The TPG fund, we are basically slowly beginning to replace that asset class; with the liquidation of Conversys, you might recall the single fund that we had involved there. The real asset allocation is also coming up to speed. Dan Holligan will have some comments on Penn Square. This is also a manager that we made a $1 M capital commitment to in the fall of 2013. They've had an expedited call on capital, putting it together to some really good use. They actually have some upside to their estimates on the return of capital already and Dan will speak to that. Our absolute return portfolio is slightly overweight. That $1.7 M left in May for the operating capital for cash we have slightly north of $2 M in cash as of the 6/30 report for the balances you see there.

Greg and committee have done a good job. We started this process almost two years ago of looking at and re-evaluating the allocation for Ski Team and to get that codified in the investment policy statement. That process was done and it has basically been an eight quarter process to bring us aligned from a portfolio that was very overweight to cash to one with fixed income and international securities; so as we sit here today, we are much more aligned with the long-term targets. If there are no questions on that, he would move to Tab 11.

Bergholt stated that this was much the same exercise, a report that both Greg and Mark see on a monthly basis (Attachment 2). We try as much as possible to simply show on a month to year basis, net of all fees with broad benchmarks at the top what the portfolio has done. You can broadly say as we split it up between cash, fixed and absolute return and real assets – split up as you have seen previously, we had some solid performance year to date and we will dig much more into multi-year since inception numbers as the meeting goes on. Admittedly the disappointment from a relative perspective is some of our long, lonely equity managers so it is coincidental and good timing to have the deep dive exercise today.

When you look at this, obviously we've had a beta rally across the board as Greg mentioned. You have a ten-year that has gone from a 303 at the beginning of the year that is sitting around 250 today. Anyone that has been long duration has benefitted from that. Recall the move that we made in restructuring the fixed income credit basket last year and we actually stated as a risk that if we get a big rally in bonds we will get left behind a little bit.

Without getting too forward with this I believe I agree with Greg that I don't believe that, unless we are basically Japan, this is necessarily the trade for the next five to ten years. The Fed is slowly changing course. We will be getting greater clarity on Fed policy and rates. When I look at our fixed income managers, we will do the deep dive into equity and Dan you would probably agree that from an absolute return perspective and real assets, the returns are doing broadly what they should be. The portfolio net through 6/30 is up 3.81%, up a little more than 1% in the month of June. Recall that the goal of the investment policy statement is a 5% annualized real rate of return so we are not looking to shoot the lights out here. There has been a broad but fixed equity rally; we are not naïve to that but from a year to date perspective…

Question: One page two, year-to-date time weighted return, your cash subtotal of 1.38% what does that mean?

22 There was a third manager in there so the Conversys cash used to be held in a third account per Mark and Greg. We used to have three cash accounts. One cash account was when Conversys cashed out at the end of 2012. We had north of $1 M in there so that position basically fluctuated back and forth. There was a tail of Conversys left in there at the end of last year. We picked up a piece of that so that's basically the impact of this. That's why you notice that line item there. We will come back to a lot of this material but I want you to at least understand the architecture of the meeting before looking at the equities.

Tab 111, we basically spent the last two years getting back to a more fully invested posture, that would be a fair way to describe it (Attachment 3). This analysis is a bit more of a statistical analysis of what this portfolio has done since its inception with all fees and some benchmarks. The far right hand column, total portfolio, you'll see net of all fees the portfolio has done 4.07% per annum where the broadest benchmark from a risk perspective is the S&P at 5.67%. In essence on a very simple risk reward basis, we are capturing 72% of the upside of the S&P by using a very simple common denominator. Standard deviation analysis below; we are doing it with added risk with a standard deviation of .08 with the S&P 15.1. That results in relatively good risk reward characteristics. The beta of the portfolio as it has been now for the past couple of years is about .47 so once again we start thinking about broad moves and risks. We're 5+ years into a bull market. In equities what would it mean potentially for the next correction? In what way or what might we expect for down performance? Roughly, just pure net contributions, since inception date we are net north of $15 M in profits for Ski Team at this time.

Question: What is inception? Bergholt replied that the inception was summer of 2001.

Underwood asked when we get into the inception pp 6 and 7 where we have the manager attribution, if we could include a column to the far right of the inception of each of the managers that would be helpful to all of us and certainly yourself, to analyze if a manager is having a problem and we've been invested for nine months, that's not worth have a discussion on that.

Bergholt replied that that information was on the left if you look under asset class page 6 of the meeting materials, you'll see the date in brackets. Boester noted that the date was right next to the name.

Underwood apologized; Bergholt said that it was a little cryptic as there was a lot of information on the page.

Bergholt said that we keep trying to modify… and Underwood said that the current reporting was a huge improvement.

23 Once again, Dan and I will be revisiting these pages as we go through the relative performance of all these. As Greg spoke at the beginning, the two primary agenda items are the equity deep dive which basically begins on page five.

He said what he would recommend is to do the equity deep dive in Tab V, we will look at some work we did alongside our institutional consultant Rocaton, have that reflect on what that looks like and then we will revisit Tab IV. We will do the deeper dive into equities. As I mentioned at the beginning, Whippoorwill is a distressed debt manager which is currently liquidating its offshore fund. I don't believe there will be any other decisions to make from an allocation of manager perspective. With everyone's permission, if there are no questions, we will dive into Tab V.

4. Deep Dive: Equities Allocation, Managers and Discussion

Bergholt stated that we will slow down here and reminded the committee that in December we did a deep dive and what came from that was not only solidifying the allocation of 20% for the portfolio but also really reconstructing how 60% of that portfolio was allocated which was the low duration credit basket where we are today. We spent quite a bit of time in the last meeting in December distinctly on fixed income. We did restructuring from 12 to 20%. What we are doing today is moving on to the next asset class which is equities. The first page of Tab V, page 9, we basically sent all of our separately managed accounts to Rocaton and said we wanted to see a full blown analysis of what these holdings look like with their underlying managers as of 6/30. Just for points of comparison, the equity managers which are separate accounts for Ski Team are on this page. It includes your top two international equity managers which are Harding Loevner and Thornburg. The bottom four are domestic equity managers.

As you can see, the weightings are roughly equal complementary between international and domestic. So, we are pretty evenly split between the two. When I started working with Ski Team several years ago, we were much more heavily weighted to international. Once again following the investment policy statement it calls for equal weighting between these two asset classes. We are there today. If you were to look at the domestic equity allocation as a single entity these are the allocation breakdowns, and that dollar value is just north of $10 M. The next page was to take a look at what all those equity securities looked like on an estimated basis (Attachment 4).

What you can see are the top positions, the top 10 holdings. There is no single position within the portfolio.

Comment: You took all the managers so all of this is combined, looking at it as though it were one portfolio. Bergholt confirmed.

First and foremost you have to see we have individual positions away from the benchmark, but we do see we have a diversified portfolio. There is no 10% position in here that could cause some idiosyncratic risk to the Ski Team portfolio. The top 10 holdings comprise 13% of this

24 broad equity mix. What you get from there is that we have a diversified portfolio that doesn't look exactly like its benchmark. Then you go over to portfolio characteristics and as Greg has spoken about some of the discussions we've had, what does it look like and where are our tilts? What you can see is that beta versus the S&P 500 it is slightly riskier 1.05 vs. the benchmark of 1.03. That would make sense as we have some international in here, we have some small cap, What you can also see is that we have a slightly greater expectation for the growth of the portfolio, the five year EPS growth is slightly elevated vs. its benchmark. For that we are seeing is a slightly lesser current yield and we are slightly more expensive from a valuation perspective both P/E and price to book. If we are paying off of earnings, we are going to pay a slightly higher price for that. The weighted average market cap is below the median. Those six managers compose 245 securities vs. a broader benchmark. Once again, we take from that this is a broad-based portfolio with a growth tilt.

Boester said he would show his naiveté of the equity market and asked if those were appropriate tradeoffs to make with respect to price to book and earnings growth? How do you think about that?

Comment: As a money manager, I studied this page prior to coming and two things jumped out at me. One was that even though you have a lot of US equities in here you only have two names in the top 10 that have any substance, which could be good or bad as the US markets have been on fire for many years. I'm surprised that there aren't three or four in there that aren't bigger and better. And then the portfolio characteristics jump out at me as a growthier portfolio; you are right of the S&P. It depends on how you want to be. I don't know if that is where you are finding the value.

Boester, the first question is what are we, right? And, then what do we want it to be? Now we see what we are and the question is do we as a committee agree that functionally-wise that is the right position? It's hard to affect change when you are looking at the entirety of everything. You have to get down to the manager level and ask what's out of favor and how you want to tilt.

Our job at TWP is obviously to put the allocation together and reflect that back to you and select the managers and have meetings like this to discuss them on the relative merits.

Underwood: Quick question, shouldn't the benchmark have a beta of just 1. By definition it should be 1 and the larger point is with six active managers I would expect to see the beta slightly higher than that which leads me to another point which is it would be helpful going forward if we could see the tracking error of the portfolio vs. the blended benchmark so we can see what is the probability that we will outperform the policy benchmark if our tracking error is 1% or something around what the fees are. We should just be prepared that we are going to be in line with the policy benchmark going forward unless we increase the tracking error and the easiest way to do that is with the allocation which I think we've got pretty much right. With six active managers looking at a beta that is basically the market I bet the tracking error is very, very low which, if our objective is to outperform the blended policy benchmark over time, that would be helpful for us to know.

Bergholt said, to answer your question, the benchmark is the blend of each of these six managers held up against the S&P.

Boester noted that he'd like to get some people working on benchmarking for some of the more idiosyncratic names such as Whippoorwill where they are supposed to be classed, right.

Bergholt said some of those are hard to classify, especially the hedge funds. It's pretty easy to say that our correlations will be tied between our supplement managed accounts, the S&P and the benchmarks that we have stated. Berens was short subprime in '07 & '08, what's your benchmark? To answer that we will have more issue with the co-mingled vehicles, especially the hedge funds. He indicated that we were pretty safe with the benchmarks that we had in the SMAs that we have.

25 Boester was always leery of snap and point analysis where you don't get a sense of migratory trends. We see the performance numbers at the manager level but we don't want to put the cart before the horse here.

The Harding Loevner allocation is a little heavier than the value manager, leaning a little heavier to international and leaning toward growth and Thornburg also has a little leaning toward growth at the moment. I would imagine this would vary pretty significantly over time.

Bergholt said he could speak to the international managers and two of them have been bearish. They haven't believed that Europe is fixed and there are probably a lot of money managers out there who would agree. You'll see when we do the dive on equities on a relative basis anyone else who is a money manager will attest you are basically trading on global fed policies as much as you are on earnings right now so as relates to financial those are two international equity managers who have been bearish so you have this massive beta rally going on in European financials that have been very good in the space and a lot of guys just haven't participated. That's a rough characterization.

He said one quick thing he did want to note was on page 11; he noted where there is bias in this portfolio are -- once again the international equity managers have been underweight Japan, and you can see that in the Pacific ex Japan weighting. If you are not 20% international in your portfolio, you are by definition short. That is a tilt here. The only other tilt is in the EM exposure. These two managers have about 10-15% of emerging market exposure that is not reflected in the indices - a tilt toward being short Japan and being long and strong emerging which has not had a great run vs. developed market.

Alice Ruth said when she looked at this in entirety one of the good points was this -- given how cheap emerging is. She said it was good to see a little more deviation.

Boester commented that it led to the broader discussion that we are sitting here with a portfolio that is calibrated risk wise to middling kind of returns, right?

Ruth said the consistency is for all the right reasons. We could talk about that in the equity and broader allocation of the portfolio. Boester said it jumps out at you from the top number down

26 through the selection methods and it's been by design historically and certainly through the reallocation process to ensure we have a solid consistent portfolio.

Comment: As an outsider looking at this, it makes sense but it seems to me that you've built the portfolio to protect against the downside; that's how I would look at it. You can probably do a lot of things with this going forward but it's a pretty rock solid portfolio; no matter what hits you, you are going to withstand it.

Bergholt confirmed that that went back to the mission and mandate in the investment policy statement. Page 13 is important (Attachment 5). Tracking error is quantified here as 1.67% for this equity portfolio and he would guess that for the overall portfolio it would be closer to 1%. Dan Holligan walked through the numbers on the risk analysis of the portfolio.

Comment: We should have managed expectations that we are unlikely to have big over or under performance, which is ok, with a really low tracking error. Rocaton can calculate active share easily. Bergholt said they would follow up on that.

Bergholt said that what they took away from this Rocaton piece was that it is a diversified equity portfolio where the risk is in stock selection. If we are paying active managers a fee we want these people to be stock pickers. The majority of the risk comes from stock selection not sector rotators; they are not playing currencies. We now have a better idea of what the aggregate equity portfolio looks like.

Kipp Nelson: What are the aggregate fees we are paying? Bergholt replied it's about 1.25. He said that today we would recommend that we ETF (exchange-traded fund) large cap with 50 basis point vehicles. Active management and a very active asset class – what we have here is where our long-term asset allocation is fine, the active performance of large cap managers is not up to snuff. We are basically asking to push these managers out.

Ruth asked, as the new kid on the block, do our policies specify how much we will have in large cap and mid and small cap?

Bergholt said it specifies domestic vs. international and the targets mirror the policy definition; so, yes it is defined.

Comment: With large-cap you can find active managers who perform very well; but you have to have that active share we discussed and they have to be incredibly disciplined and it could add tremendous value.

Bergholt: In this committee and what we have to be comfortable with and this does swing back to the investment policy is that we get away from consistency of returns. When you sit in front of investment committees, and you have one manager 15% behind its benchmark, you spend all of your time talking about that one manager. I'm not saying we don't do it, but if you want to have active management in the large cap space, I would suggest indexing a good portion of it; maybe find some high-conviction concentrated managers who will have a higher tracking error to whom we would give a lot of leash.

What we are recommending today is that you simply index it and we can do manager searches going forward, that can be an action item leaving here. We also have a collateral issue that Mark and I can speak to. One of those accounts is collateralized to the Wells Fargo Group and we have to be sensitive to that. We also want to terminate Berens which has had tough recent performance. There are some structural issues there. It's expensive beta with structural limitations.

Boester stated that we'd been through that before where we feel a manager has departed from what they are selling us as managers and we need to deal with it.

27 Bergholt said we are into Tab IV at this point. Getting back to the equity dive, we have three out of seven who have outperformed since inception. I want to go over all of them because there are some explainable factors (Attachment 6).

Dan Holligan began by discussing Berens the Global fund of funds turning into a typically long- bias manager; strong long-term performance; year to date has been pretty poor with a few other issues in terms of structure and high fees, with fees on top of fees; a few manager mistakes in managing their hedges over the last years and we could frankly allocate better; right now it's emerging market and hedged equity; it's not exactly true to what the underlying portfolio looks like so we are suggesting a year-end redemption to liquidate that and reallocate early next year once we get the cash.

Bergholt said that would be one of the to-do items; i.e. whether or not you want to terminate Berens. We don't have to make a near-term decision; we'd have to get it in within a couple of months and we have the paperwork for Mark to sign if that decision is made. Boester commented those were stupendously bad numbers and paying a high fee on top… Ruth concurred, eye popping, she said.

Holligan: Next line is Harding Loevner which is the international growth manager with strong long-term numbers but poor year-over-year numbers; we alluded to this earlier; they are underweight financials especially in Europe as well as 25% of their exposure in emerging markets which has annualized negatively over the last few years. We still like the team, the assets are still intact, the team is still intact, we'd like to give them more time and keep a watch on them. Near term, they have added value; long-term, against benchmarks, they look good. Boester commented that they aren't bad considering what they are dealing with.

Very similar story for Thornburg with a little bit worse numbers, especially going back three years; longer term still looks good; basically the same misses, underweight in financials and overweight in European financials, Japan, emerging markets; still like the team; still like the manager; assets are stable and we'd like to give them a little more time.

Metropolitan West we'd like to fire and at the same time index. Going beyond when we started working with these guys, the last five years have not been kind to them; basically we've lost confidence that they are going to add value going forward.

Question; what has caused you to lose confidence? Their numbers aren't great but it's been really tough to outperform anywhere with high implied correlation and low dispersion.

Holligan: A few things; structurally at the firm level, they changed the owners from Wachovia to Wells; the transition has not been strong; some of the team has left as a result, including one of the lead PMs and that is the primary reason, we've lost faith in the team. Boester acknowledged that if we don't feel comfortable with the management team then we have no reason to stick with them and pay the active manager fee.

Bergholt said I've spent 20 years mostly with Thom Weisel in the small cap space and as analysts leave that area, you can argue that they get less efficient. There are a lot of big firms out there that don't cover smaller cap companies now because the banking fees aren't there. It's also a philosophical thing when you pay an active management fee we need to index a portion of this and have a high-conviction manager. We would recommend them for termination.

Holligan: Wells Fargo we would like to terminate and index for the time being. It's been a pretty rough ride. The main story there has been portfolio management misses. They got energy trade wrong in '09; they got the rally wrong; they've not been able to incorporate any of the macro factors and the portfolio has suffered as a result, which is a risk you take when you go with fundamental managers; they've proved to have a worse experience than other

28 fundamental managers. We don't have faith that they will make up what they have lost so we'd like to terminate.

Bergholt said we'd speak to Riverbridge Partners and New South Capital, but once again the recommendation from TWP at this time would be to terminate Berens in full at year end and then we'll meet or speak again in advance of that to figure out what to do more cheaply and with the asset class and to liquidate both Met West and Wells structurally and as far as the security agreement we would look to keep these accounts simply to liquidate and replace those accounts because the Met West account is collateralized so what I don't want to do is collapse those so that is the recommendation that we have on the table. Succinctly, Riverbridge Partners and New South Capital are two quality managers with whom we now have two years of track record. New South is heavy to cash and Riverbridge is more valuation-centric and has been trailing.

Holligan: Both firms are very good in their respective spaces with very strong long-term track records. We've had a tough two years with them, unfortunately, but it does go with the territory in active management. New South is more explainable; they are very valuation sensitive and have not found companies that they like at these valuations and so they are sitting in 20% cash. In attribution analysis you ax their cash, their stock outperformed the benchmarks. We've been trying to give them a little bit of latitude because they are saying that they can't find stocks that they like at the current prices. We can equitize it; we can put an ETF in there.

Boester noted that it is our responsibility to manage the cash allocation.

Comment: Holding onto cash is not a long-term strategy. Find the active share manager where you can satellite around it. Bergholt asked for guidance here. We can leave them alone with the cash they have. We can equitize it.

Bergholt noted to redraw an agreement with them for a one off might be difficult. Ruth said to equitize it for now. It was noted again, taking the cash out, they have added value.

Bergholt stated that this is the kind of manager we would like to find in the large cap. It's pretty impressive given the 20% cash holding. He said he would swing back to the committee on this one because what he wanted was to reflect this back to New South as managers of the portfolio.

Comment: In some ways, if you really like these guys, it's not a lot of money. I've seen guys that use cash and it never works but you're talking about $600,000.

Boester added that if you made the case as a new potential manager, we wouldn't have a $600,000 allocation, we would be significantly higher. I hate little itty bitty positions.

Comment: How did they get to be so small?

Bergholt noted the amount is a construct of the investment policy statement.

Ruth: It might behoove us to see if we couldn't find some good domestic managers who can go anywhere; then they are able to make this allocation for you; sometimes it attracts some of the best talent. A good all cap manager who wants a concentrated portfolio. These small cap are 20 to 40 names and that's a nice place to be.

Boester said we have some liquidation decisions to make so we'll vote on that. At the next meeting we'll have a follow up with some alternatives for redeployment.

Comment: You have enough talent here to help you.

29 It was noted by Greg Boester that the policy statement was a living document and to the extent that it made sense to make changes, it was possible and within the purview of the committee to do so; to say that it's prudent to give more flexibility rather than having us constrained by two meetings a year, to give a little more power to the manager that we select and have them do some of that allocation.

Bergholt replied that we'll hear from you on terminating Berens, West & Wells. We'll take another look at New South. Boester confirmed that we had three of the seven voting members so it was decided to do an email vote of the six members.

The other item Bergholt wanted to address was the cash that would be coming within the next two weeks of $750,000 and the replacement manager selected was Contrarian. He walked through how we would get this cash. As you recall Whippoorwill is about a $1.5 M investment so in liquidity we will get about 50% back in the next two weeks. We will get another 20% probably by the end of the year or early next year. The remaining 30% will be liquidated in programmatic fashion through the course of 2015. We would like to put one more action item in front of you today for Contrarian to be the total replacement for Whippoorwill.

Holligan discussed the manager as a Greenwich-based hedge fund. The team has been together since 1986 and has a very long track record. Similar strategy to Whippoorwill but a lot more tools in the bag for a distressed cycle. Whippoorwill was mostly small to mid cap but Contrarian has a wider list of strategies -- US and European performing debt and EM performing debt; trade claims is their sauce that not a lot of other groups do; i.e. buying claims in complicated bankruptcies such as Lehman and holding them for years and you get some pretty juicy returns. We have a lot of faith in the team of about 53 total people with 28 investment professionals. We are bullish on them.

Boester said he liked having a manager with a track record and the breadth of understanding of different situations and who will be able to react to a world that is not all peaches and roses at this point. I know of them, but don't know them because they don't play in my space. He said he would do some more due diligence and that this was a good introduction.

Ruth stated they do European performing debt, but not European distressed. Holligan replied that they were in Greek debt last year and they were also involved in Argentina.

Bergholt: They've been big players; e.g. in the software vendors who were owed by Lima, these guys will buy these for the vendors and wait for them to be adjudicated in the system. The return is likely to be high single. He hopes this will be a 7-9% manager. From a pure absolute return perspective I do think that's what we're looking for. I do like their global vs. Whippoorwill which is more domestic-focused. They are a little bit larger. It is a very impressive team that has been together since inception. The only risk with these big, big funds is – and frankly, I don't know what their assets are -- if you have $10 billion to put to work, it's hard to move the needle. Imagine if New South went large, then the fee discussion gets real – what are you doing sitting on cash?

Holligan said that we don't think these guys are too big where they are, especially with as many different areas as they are playing in.

Boester requested that, in the interest of time, let's do some follow up here.

Holligan said if Boester wanted to meet with Contrarian, they were in NY all the time and this could be arranged; Boester agreed that he would like the meeting. These will all be codified by emails but determined that Berens, Met West and Wells were going. Boester said that we would vote on this and get back to Weisel Partners quickly.

30 Bergholt said that he would leave the paperwork needed with Mark; so if you decide to pull the trigger on Berens, the paperwork is ready. We will follow up with New South and deeper dive on the active share of all six of the managers from Rocaton.

Boester: From cash perspective and the annual operating grant for the USSA, are we running a very low cash portfolio and let the portfolio perform as it is or are we making a long-term decision to have cash as an asset of the portfolio? What is the appropriate way to think about it?

Ruth asked how much we were talking about. Boester noted that the annual grant is up to 5%. It's been 5% of the rolling so it's been about $1.75 M, explained Mark Lampe. So what we are saying is not run excess cash beyond what our visible needs are.

Bergholt indicated that the distribution is made annually in May so we just got through a distribution so you will have almost $3 M in cash in about three weeks. Boester said this was totally within our purview as an allocation decision today if we are deciding on allocations in fixed income, equities and otherwise.

Comment: So you will be around 7% cash. The response was currently about 5%.

Bergholt said let's spend just a few minutes on Penn Square.

Holligan said that he'd met with them just last week and they are increasing the multiple from 1.7 to 1.8 and they expect to go to 1.9 so they are off to a good start. 51% called. They are closing the investment period next year Q1. They are expecting to call more but not to 100%. They are already re-circulating some of the capital.

Ruth: Before we leave is there anything in here that you are concerned about on the debt side that you think is noteworthy.

Bergholt said the only thing he would look at is when we put the credit basket to work last December, bonds rallied and we lagged. The broader fixed income portfolio looks pretty good. One thing you have to ask yourselves is do we need Lazard emerging income? This was a fund that the committee went to before our inclusion as a result of PTSD '08-'09. The committee wanted non-US cash-based low beta investments. It served its purpose. It slightly outperformed its benchmark whether or not we want to get so granular …

Boester said that if we were having emerging market exposure that we have emerging markets exposure.

Ruth stated that we need equity. We cannot make 7% without equity. Boester said he did not disagree. Winters said he agreed with Boester's comment re emerging markets; either we are in or we are not.

Ruth said that it might be for another discussion, but the target for fixed income is 20% and if Whippoorwill comes out we are going to be at 16% plus the cash so we'll be at 21% non-equity.

Boester concurred that there were still opportunities but not 7% exposure opportunities; equities and absolute return will be the orientation. Ruth said that we really have to ask ourselves how we get the return having this low risk at 20%. Boester said that fixed income had come down a lot so we were on that journey.

Bergholt said that the return allocation on this portfolio, following the investment policy statement, was projected at 7.83% and 5% real return is the projected target so you guys tell me what you think the inflation assumptions will be going forward.

31 This process is iterative. Boester said do we do it in traditional equity space or do we look for more opportunistic investments like Penn, TPG, like these guys. Each meeting we add to this. We need to start getting recommendations of things to take a look at, absolutely.

6. Closing Comments

Boester stated that everyone would be getting a recap of what we discussed here and TWP has some take away from the discussion. He asked if anyone had anything else that they wanted to bring up. He said that as always he was available if people wanted to contact him directly and thanked everyone for participating.

October 2014- Fast and Female at the Center of Excellence, Park City, UT. Photo: USSA

32 Attachment 1: Asset Allocations

Attachment 2: Month-to-Month Review

34

35 Attachment 3: Portfolio Analysis

36

37 Attachment 4 - Portfolio Characteristics

Attachment 5: Risk Analysis 38

39 Attachment 6: USSA Investment Fund

40

41 Investment Committee & Fund Board Meeting Minutes – December 5, 2013

Thursday, December 5, 2013 5:15 p.m. – 6:00 p.m. The Sonnenalp, Kempten

USSA Investment Committee Chair: Greg Boester, present Vice Chair: Phill Gross, present Committee Membership Bill Bindley Erik Borgen, present Bill Slattery John Townsend, present Ex-Officio/non-voting members Andrew Cader Spence Eccles, present Dennis Keller Peter Kellogg Andy McLane, present Kipp Nelson, present Dexter Paine Steve Strandberg John Underwood, present Tom Winters, present

Also attending: Alice Ruth, Rich Tutino

USSA Investment Fund Board Greg Boester, USSA Investment Committee Chair Phill Gross, USSA Investment Committee Vice-Chair Dexter Paine, USSA Chair John Cumming, USSA Vice-Chair John Bucksbaum, USSA Secretary-Treasurer

1. Welcome & Roll Call: Greg Boester

Boester asked to do the roll call prior to his opening comments. He said he appreciated everyone taking the time to attend the investment committee meeting. He also thanked the TWP guys for making the trek out from San Francisco. We appreciate their work and our partnership. He said he looked forward to digging into the materials that they had provided. He said that everyone had a chance to look at the materials in advance of receiving the hard copies on site. Hopefully, we are getting to a point where it's still voluminous but we will continue to whittle this down and we continue on a pretty good track. Just working with Jeff and the team it's an iterative process where we keep coming up with things that we want to look at – different new ways to look at the portfolio. They responded in healthy fashion and have crafted a whole bunch of reports that are more meaningful looks at the portfolio from a return perspective but we are also starting to get a sense of the risk framework on the portfolio. We are largely past where we were last year in terms of getting the house in order and reporting and documentation. So we are starting a new chapter with the committee.

2. Approval of October, 2013 meeting minutes: Greg Boester

The first order of business is a motion to approve the minutes from the October 2013 teleconference.

Motion #1: To ratify the minutes as presented.

M/S/C J Townsend/ E Borgen

With that, he turned the meeting over to TWP.

3. Portfolio review Thomas Weisel Partners: Jeff Bergholt

Jeff Bergholt stated that he would do an expedited version of this. We had a call in July as well as October and people should be relatively fresh with where we are from the allocation perspective. He said he could spend a few minutes on that if they liked. We have potentially three to-do items today so he did want to get to those, stating that two were more important than the third from a timeliness perspective. With that, we can dive right into it.

What we have been talking about very broadly for four or five months was restructuring the total return portion of this portfolio. Two years ago when he started working with the committee and J Crandall we re-articulated in the investment policy statement the guidelines of target allocations which were codified in the investment policy statement that you have. What we have been doing is working on an eight quarter rebalancing from the current allocation which historically has been overweight to cash, fixed income and international equities into a more balanced, more endowment-like format.

You'll see the asset allocations that are broadly reflected on the first page of tab 2. You can see where we are as of October 31 against the investment policy statement and that we are much closer today to our policy target than we were, say, for example, six quarters ago. I won't dig into the granularity of that today. We will do another rebalance in January and another one in April unless otherwise instructed by the committee – to bring everybody up to speed on that.

The month to month portfolio review in tab 3 you'll see we are up through 10/31 about 7.5 on the year. You'll recall that the target is to have a 5% annualized real rate of return in the portfolio. It's been a very interesting year in the capital markets – everyone who sits in this room probably knows that. In a year when we've had a big beta rally in equity, the fixed income and cash of most portfolios have been flat or slightly down. Our absolute return portion has been in the middle of that teeter totter. From a capital markets perspective the portfolio in his opinion was performing relatively in line with what we would expect. We had some managers who underperformed and outperformed as in any portfolio. We can talk a little about that.

What he did want to do was and, again, not glibly go over this but know that we reviewed a lot of this in October and focus on the three to do items which are under tab 6 investment action items and the first one is continue our conversation from this summer and October and hopefully get a vote on restructuring the total return portion of the portfolio.

Recall that there is a 20% allocation to fixed for ski team within the broader investment policy. Of that 20% there are three basic tranches that we have allocated to. We have 12% of that 20% is to a total return mentality. 4% is to an intermediate duration and another 4% is to hedged. What we are going to focus on in this meeting today, and what we have been focusing on since summer, is the 12% of that 20% which is the total return portion of that.

There is a broad consensus from the committee to reflect that as well. He noted that for the next three to five years we were in for structurally higher rates. Again, this is me being a prognosticator. There will be a cessation of quantitative easing at some point in the next 12 to 18 months. You'll probably see the long end for yield (10 to 30 years) begin to lift.

The Fed has been pretty explicit in its targets for the short end. We'll probably see a steepening of the yield curve here over the next 12 to 24 months. Structurally higher rates will be noted once the employment picture gets better.

What we are focusing on today is under tab 6 would be to actually now propose specific funds – once again the broad thesis being how do we keep the integrity of the asset allocation, keep 20% of this portfolio in fixed income assets and maintain, obviously, the minimization of duration risk. What we

43 are proposing is to become almost Barclay's Aggregate Agnostic and understand that 12% of that 20% is going to be invested in portfolios that are largely unconstrained to a benchmark; they are invested in bank loans; and will hopefully have outperformance versus a benchmark the Barclay's aggregate.

Boester said he wanted to revisit the general theme here which is that for the last couple of committee calls the consensus among the committee was that we were headed into a world of structurally higher rates. I would agree with the fact that you don't need to see a Fed tightening of the funds rate as they start to drain liquidity out of the system by reconfiguring their balance sheet a little bit, that will reverberate through the banking system and he supported the idea that the curve got steeper. He wanted to be sure that the committee and this was open for comment, questions and debate, still felt that we should be positioning for structurally higher rates and be more opportunistic or defensive about duration in the broader fixed income markets.

Question: Our target is a minimum of 15 and maximum of 40, if we all agree to the statement you just made shouldn't we be taking a minimum position in fixed income? Boester agreed that it was open to debate and he would agree with the thesis there. There were two considerations we needed to keep in mind. One is our fixed income weighting is showing higher than it practically is at this point because we still have Whippoorwill which is really not in any way shape or form going to perform like the other fixed income managers and is still in that bucket. If we extract that Whippoorwill investment from that bucket it does bring our actual weighting down which is to your point. We're not quite as allocated there as we are showing. Your point is a good one and that is what the committee is here for; if we truly believe that is the case should we be taking more chips off that table and reallocate elsewhere.

Bergholt said he would also emphasize here that we are four and a half years into a raging equity bull market and we are one exogenous event away from a correction – there will be a decent correction here in equities just because that is what happens – things are cyclical. To your point we could potentially be underweight here but he also did not want to minimize the fixed income allocation such that if we go back to a bear market in equities so to speak. – have so little fixed income that it doesn't move the needle. A lot of capital portfolio theory basically says that unless you have a 15 to 20% allocation asset class it's not going to impact the aggregate return of the portfolio.

Comment: The other issue is the maturity of your fixed income. Boester replied that we are not running a singular or specific security portfolio given the size of the endowment. We have to be with managers and take the fund approach to fixed income where we never actually mature.

TWP: To your point if you look at tab 6 and go to A this will address that; what we tried to do here on the first page of tab a is, if we were going to make this move, we wanted to see the sector implications and what the designations are so what we thought would be helpful in trying to make this decision was to look at three different portfolios.

The far left is the Barclay's aggregate so what is the broad benchmark out there essentially it's treasuries, mortgage-backed Fanny and Freddie Mae paper as well as corporate – that is the broad designate of the Barclay's aggregate. To get your maturity question, the current duration is five years which is pretty healthy with a current yield of 2.2. You can see we have suppressed yields right now you are going to get hit pretty good if there is a 100-200 basis points move to the upside. Where we currently are now, we are in the middle so the 22-23% that ski team currently has actually has a duration of 3.8 years. We should and are being more defensive in the rising rate department. That does include Whippoorwill to Greg's point.

If you go to the far right, that is where we are proposing to get to today and we cut the duration measure in half. So interest sensitivity would mathematically be cut in half. If interest rates go up 100 basis points we would actually be maintaining a very healthy yield. We think we are maintaining the integrity of the asset allocation here; but what we are trying to remove here is interest rate risk from the portfolio. The risk is you are trying to put some alpha managers into the portfolio. The Goldman Sachs Strategic Income Fund is a great example. They have a negative duration profile

44 right now. That would be an example of how we are trying to reduce our exposure to a rising rate environment but if the S&P goes from 1800 to 1500 – we felt that pain in 2002 and we felt that pain in 2008; we just don't want to revisit it as much.

We mentioned in the last call that we will probably have to re-visit the policy. Boester stated that implicitly in this is if the world starts to come apart again we take more pain with this positioning. He said he was a fan because he thought we would be able to take advantage of it and the right thing to do but we have to understand that we are putting more eggs into the GDP economy basket than we have currently.

The bet is that we are not Japan and the way we get hurt in this is if we stumble, if labor and jobs aren't there. If there is some exogenous event, we aren't going to participate. We aren't going to have the duration extension. Probability weighted the rates are trending higher as Greg noted.

Boester added that it's somewhat fait accomplit that we have Janet Yellen as the next Fed chair and she will be more protective of where absolute level of short rates are. Their first line of defense in extracting government involvement in the market will be to start to drain some of the liquidity measures out of the market. There is a healthy feeling that as they start to drain liquidity out of the system, that you will see the curve steepen.

It was recommended to look at more of those kinds of assets that were duration neutral and don't have an equity bias. Boester said he would prefer to be with someone who had more of an absolute return approach, someone who has a more hedge-fund approach to the world that are value oriented and place our bets on the managers we select there as opposed to total return.

Bergholt said to look at the next page and that addressed what the portfolio would look like. If you looked at where we were currently in the portfolio the total return portion of the ski team's portfolio is made up primarily of three funds, the Pimco Total Return fund, the Lazard Emerging Income fund, and the Pimco Emerging Market Debt fund. The Pimco Total Return fund, which is the largest position in the portfolio today; as you go to the line item perspective we are making the decision to get out of Bill Gross' Total Return Bond fund. We would basically minimize our exposure - almost cut in half the Lazard fund, and Pimco Emerging Market Debt fund.

The four funds below it are the ones that we would look to add. They are top of class and are more alpha oriented. They are more tactical, more duration neutral. We have the Goldman Sachs Strategic Income Fund which has the ability to go negative duration which is very unusual. The Doubleline Total return fund, and the Hartford Floating rate fund, which is essentially duration neutral, these are bank notes, Libor based notes; then the Templeton Global return fund. You are taking credit risks here; these are non US 80% emerging, 20% developed; they are very active in the use of swaps to neutralize their duration exposure so that's how we get to the 2.5.

What you are seeing here is, for example, that Pimco fund, it is not that we don't like it, but the Pimco duration is pretty extended. By taking money away from Pimco emerging market, and putting it in Templeton, you are eventually getting the same credit and country exposure but they are more active in neutralizing the duration via swaps. That Templeton fund has held up better year to date than the Pimco. Geographically we are not making a huge switch here, but the shift is putting the money into different hands that are simply more tactical hands. If you look at the risk of the four funds being added to the portfolio, if rates come down from 2.7 which is where we are now, the committee is willing to accept that.

He noted the tear sheets from Bloomberg for Fixed Income, with as many characteristics as possible and we forwarded some other information in the past. These are recognized funds. What has changed since our call in July is that we have actually taken out the Pimco unconstrained bond fund and think the Goldman Sachs Strategic fund is a better option. Their returns are better year to date. It's a $30 billion fund and will be more nimble getting in and out of markets. They have done a better job of managing their credit exposure.

45 He said that in their opinion Hartford was one of the best bond managers out there. You do take credit risk; these are not investment grade credits. At the end of the day we are trading toward diversification. The other thing I will say is we like bank loans but I agree that there are a lot of people moving into this asset class right now.

From a diversification perspective, I like the idea of having Goldman making big broad calls about US and non-US bets. Doubleline has very solid mortgage guys with some of the best mortgage minds out there. Templeton we still want to have some non-US in there. Hartford is primarily domestic vehicles. The duration is de minimus. We talked about this in July and again in October; he asked for any specific thoughts or suggestions. What we would get to is that middle column in the proposed portfolio.

Boester said that there were two things to decide as a committee; do we want to approve the re- structuring as a first step here and he asked for a motion.

Motion #2: To ratify the restructuring of the portfolio.

M/S/C P Gross/K Nelson

Boester said so we will restructure the fixed income portfolio and the second stage of that is to go as proposed. There was discussion among the committee members regarding making this move. Boester said that if we were having a discussion six or nine months down the road and if there were an event I would advocate that we swing back a little. Within the portfolio, we have the reporting, we have more information now to enable us to make tactical decisions, and I think we should take advantage of this opportunity.

Bergholt said he would like to propose for consideration re-weighting the four funds and bring up the Hartford floating rate fund, trim a little on duration that way you would bring in yield a little bit. A comment was made to get closer to the minimum so when we get to your situation we can move away from the minimum, allowing us more room to play. I do not think doing a tiny thing like that is as important as getting this thing lower given where we are.

46

47 Bergholt said then why don't we skip proposed and go to final? Recall that we are going to 23% of this portfolio in fixed down to 20%. Proposed is slightly lower than final target because we are continuing to do our quarterly rebalancing. Let's just go straight to the far right column which is get rid of Pimco and shave these numbers you see here. You end up with a little bit more in bank loans and that would be the action item. That would get you in one fell swoop from the 23% which is where we are now down to 20% in fixed. There was discussion regarding the duration of the funds in that column, and making sure to get that down.

Boester spoke to the Doubleline fund and said the fund manager would be opportunistic without massive moves; he would be a 5 to 6 kind of guy within the asset class. The swap from total return to Doubleline makes all the sense in the world. He liked the bank loan premise of the Hartford fund to the extent that they pick all good credits and we don't hiccup economically and credits suffer; the liquidity available for any of these managers to move out of anything non-treasury, even treasuries, the amount of liquidity extracted from the market as long as we are aware of that and we are with these managers and they are not forced to sell into the illiquid markets that could go sideways on us, I think we are fine. A total return we can live through that. He doesn't really lever the portfolio and live through it since he is cautious by nature.

Bergholt said you are taking risk from one source and putting it into another. The risk that you are hopefully removing is duration which is the primary mandate. This gets back to why we have four managers – because of diversification. It has worked in the past. I would advocate for putting the risk in different areas. These guys are all top of class because of what they do. It's a mutual fund and are we going to be able to track what these guys are doing on a daily basis? No. Everyone understands who runs a mutual fund that these are co-mingled funds. That's why we went in this direction.

Boester said the first segment of the approval process got us where we need to be. He asked for a motion to go as proposed with the four managers.

Motion #3: To ratify the four managers proposed by Thomas Weisel Partners.

M/S/C K Nelson/J Underwood

Bergholt noted that we are not going to get to large cap managers in the time allotted.

The next item is that we currently have a 6.5% allocation to private equity in this portfolio; with the liquidation of the Conversys position last year, that allocation has gone down to zero. We are sitting with excess cash in the portfolio. I have carved out an allocation for ski team with a firm by the name of TPG; they are opportunity partners.

The first two funds have been about $2.2 billion in size. This is typical private equity if you look at the documents; it is under tab 6 under the action items. There is information that was provided to you on TPG and you might want to review it. This is an excellent opportunity. We are actually putting a lot of our clients into these funds. This is a private equity fund structure and he anticipated it to be a seven year life; three year capital call down. Funds I & II are clipping along about 25-30% IRRs. There are three primary buckets they are invested in. This is broadly multi-strategy global credit opportunities. The first two buckets are corporate distress control. He discussed the highlights of the Top II buckets. He commented that there was a lot of pressure on capital markets right now especially in Europe. He noted there was a domestic element as well. He discussed what comprised the third bucket.

48

49

50 Comment: How long have they been doing this? The reply was since 2010. The committee had further discussion. Boester commented that generally speaking banks are really bad at dealing with defaulted customers. Specialty servicers are really good at working with the customers. They keep them in their homes, move them to a different location that is more affordable, and restructure the debt. TPG is really good at this. There are others who are really good at it. The expected yields are realistically high single at this point. They can deliver on that. He said that he liked the idea that these vehicles did not need liquidity. They are Penn Square-like in terms of their orientation. We know what we are getting into at this point.

Bergholt stated that they were massively oversubscribed. We have a 6.5% allocation to private equity. He said that he carved out a $750,000 allocation for three years. My thought process was that this is a unique opportunity – it's not fund to fund; it's direct fund. We are taking some risk there that the management team will execute. From a portfolio perspective this is not a huge bet. You are talking about 2% of the portfolio that would get called down over time.

Boester noted that the world is changing and they are really good at doing what they do. This is a natural migration. This fits thematically; he was a proponent of the Penn Square investment because we can't afford to sell liquidity options in the portfolio. As a general matter, we can add some more things like this. He asked if as a committee we felt right now that we could get some paperwork distributed and do an email vote on this.

Bergholt said they could talk to the marketing guys but they are telling me the fund closes on the 13th. Boester asked what the consensus of the group was. Bergholt said he would email a piece on this and he said the other thing that he liked about it was 82% of the deals in Top II don't have any overlap with other funds. TPG will have very unique deal exposure. This ties in neatly with the larger composite of private equity. He apologized for the quick turnaround. He said it comes down to whether or not we want to take the fund risk.

The committee agreed to take this to a vote.

Motion #4: To ratify the $750,000 investment in TPG.

M/S/C K Nelson/J Underwood

Bergholt said that we should table it there that going into large cap would be too much. Boester concurred and the topic would be in the next teleconference in March or April, followed by a call in the summer.

Boester opened the meeting for new business or thoughts from the committee.

There was a question relating to Wells. Bergholt confirmed that there was no time for discussion of Wells being replaced by Sustainable Growth Advisers. He did note that there had been some turnover at the senior research level at Wells; since inception, Wells has cost us about 150 basis points. He said that we thought we could do better. The second manager, SGA, see tab 5 to refer to how they have done since inception, each manager, rolling periods, net of everything is in the materials.

Wells is at the top of page 25. Once again in a relatively tumultuous period since March of 2007 they've done 5% a year versus benchmark of essentially 7% so they have cost us 200 basis points. For anybody who looks at managers you want to look at performance, alpha generation, and clearly there hasn't been enough, if any, here. You also fundamentally look at the manager structure and what's changed. It's not a house on fire but we simply think that we could do better.

Boester said that it was not erroneous to say that our equity manager bucket has been underwhelming. It's not a disaster, they are all consistently average. It deserves our attention.

51 Bergholt said four of the seven equity managers have outperformed since inception. Wells has underperformed and Riverbridge, a small cap growth, has underperformed by benchmark but we are getting absolute returns of 25% a year, annualized. If you have a scintilla of cash in your portfolio you are performing. He said he was not disappointed with Riverbridge, but that's me. Wells is a disappointment which is why we are advocating for change in this area. Wells has been a drag and it is one of the larger allocations. We can deal with this in the next call.

Boester noted that once we get the portfolio restructured we'll send it around so you can see how things look. For the next call, he said he would work with Bergholt to do a deep dive on equities. Each call we'll take an asset class and go through in more detail as we did with fixed income recently. Bergholt affirmed we would move forward with the bond portfolio as proposed and put the paperwork in motion for the $750,000 commitment to TPG.

With that, Boester requested a motion to adjourn.

2014 Chicago Ski and Snowboard Ball Photo © Tina Smothers Photography

52 Sales, Marketing & Communications Committee

Thursday, December 4, 2014 2:45 p.m. – 3:45 p.m. The Sonnenalp, Bavaria Room

Teleconference Information: Dial-in: 1.888.519.8675 Participant code: 2249771

Meeting Chair: Mark Dowley

Sales, Marketing & Communications Committee Chair: Mark Dowley Vice Chair: Jonny Moseley

Committee Members: Bob Beattie Jay Kemmerer Jim Benedict Randy MacDonald Bill Bindley II Doug Mackenzie Gary Black Dave Morin Erik Borgen Kipp Nelson Michael Brooks Dexter Paine Jake Burton Carpenter Paul Raether Michael Corbat Eric Resnick J. Taylor Crandall Jim Riepe John Cumming Armins Rusis Harry Frampton Mike Shannon John Garnsey Bill Shiebler Rusty Gregory Julie Silcock Fred Harman Craig Slater Bob Hatcher Steve Strandberg Martha Head Lee Styslinger Jeanne Jackson Hank Tauber Kirk Kellogg John Townsend

Staff Liaison: Amanda Black, MGO Northeast

The Sales, Marketing and Communications Committee works closely across the Sponsorship sales, Marketing and Public Relations staffs of USSA to formulate an ongoing strategy for USST and other marketable programs of USSA and its Affiliates.

Goals are to maximize corporate sources of revenue from endorsement and sponsorship programs for the benefit of USST, USSA and their affiliates; to increase public awareness and favorable perception of USSA and competitive skiing and snowboarding at all levels, with the objective of expanding visibility of USST and competitive skiing and snowboarding in all forms of media; and to oversee and monitor marketing, television, and digital awareness and viewership results and staff performance in these areas.

53 Agenda 1. Introduction (1 minute) 2. Purpose of the meeting – Mark Dowley (3 minutes) a. Gain greater understanding of current sales/marketing revenue model b. Provide input into vision for growing value of digital inventory 3. USSA Sales/Marketing Revenue Update – Mike Jaquet (10 minutes) 4. Discussion: Increasing value of USSA digital inventory (1:15) 5. Closing – Mark Dowley

July 2014 USSA Partner Summit General Summit Session The Center of Excellence, Park City. Photo: USSA

54 Sales & Marketing Department Summary/State of the Business

The budget calls for over 25% growth year over year on NTA revenue, in the year AFTER the Olympics. This is done in an environment where 12 major USSA deals are up for renewal representing over $3 million of yearly revenue. We’ve renewed 10 of our 12 Partners that had deals up all through 2018 with good increases which have been negotiated and agreed upon. Revenue growth in this group of Partners is nearly $ 1 million year over year. Key new business growth with the Sacramento Kings ($2 million over four years) contracted. Good movement with key clients in the technology/data, beverage, and training categories. Built momentum to fuel Intellectual Property. The new television deal with NBCU will supply roughly $8-10 million of savings over five years and also grow our total viewership numbers and total hours on television by 25-30%. This deal is a monumental one that is a culmination of two years of negotiations and making strategic moves; i.e. buying the domestic rights to the World Championships, adding major properties to the long-term calendar with Worlds and World Cup Finals, committing to a live and same weekend programming plan, as well as the rise of our stars and intellectual property. The television deal and all that went into it are probably a good lesson for us to chart the same path in digital. More content, better content, unique content, spend some money, and most of all find the right distribution partner. That would be something worthwhile to spend time on in the committee meeting. The TV deal is for the next five years, through 2019 because of the World Championships in Park City. We have some major deals coming up in the next one to two years that we need to land. Sprint, Goodyear, GoPro, P&G, Audi, and Kellogg’s represent about $3 million of our $18 million annually. In each deal we need to change the mix of the sponsorship. We can’t be 30-second spot heavy; we can’t have as much on-hill inventory; we can’t charge as much for the IP. So we need something to add to these deals to land them and expand them. I need something NEW to sell.

Challenges

Digital Strategy: Sales and Marketing books over $16 million gross in sponsorships per year, about $2 million of that in NBC 30-second spots, and less than $50,000 of the overall total is in digital spending. This means that there is tremendous upside in digital activation for Partners because most of our event assets and all of our television inventory is sold-out for years to come.

Here are the reasons why we do not sell digital inventory: We do not have a way to guarantee impressions, even standard impressions. We do not serve video on the website but on a YouTube channel. Therefore we can’t sell pre-roll, mid-roll, or post-roll video advertising on our site or against our content.

Even with both of these systems figured out, we do not have enough traffic to justify more than a couple hundred grand of advertising. We need partnerships to build an OOT (over the top) strategy or team up with NBC, Yahoo, Universal Sports, USA Today Sports, or all of them.

Report submitted by Mike Jaquet, VP, Chief Marketing Officer

55

Sage Kotsenburg and Joss Christensen along with other USSA athletes welcome partners and trustees to the 2014 USSA Partner Summit Opening Reception Dinner at Vinto, Park City

56 Events Department Update

Overview In the 2014/15 season, the Events Department is moving to implement our new post-Sochi strategic plan. From a long-term calendar planning perspective, the two cornerstones of this plan were USSA’s bids for the 2017 FIS Alpine World Cup Finals in Aspen, Colorado and the 2019 FIS World Championships for Freestyle, Freeskiing and Snowboarding in Park City, Utah.

Each of these bids took considerable work in partnership with the host resorts. Aspen Skiing Company developed a compelling bid for the Alpine World Cup Finals and through considerable effort by the USSA leadership, this bid was secured over Lenzerheide (SUI) and Soldeu (AND). This event will aim to consolidate and build on the expected growth in profile of Alpine Ski Racing in the U.S. market after the successful 2015 FIS Alpine World Ski Championships in Vail/Beaver Creek.

The 2019 FIS World Championships bid was an innovative bid in that it brought together the three independent resorts of Park City Mountain Resort, Deer Valley Resort and Canyons to put forward a single message that Park City, Utah should be the epicenter of elite Freestyle, Freeskiing and Snowboarding in February 2019.

Park City celebrates receiving the 2019 World Championships for freestyle, freeskiing and snowboarding. From left, USSA Chairman Dexter Paine, Mike Goar (Canyons), Jenni Smith (PCMR), Bob Wheaton (Deer Valley) Tiger Shaw, USSA President and CEO; FIS Congress, Barcelona, SPA, June 2014.

57 The 2014/15 season will present a number of highlights for the USSA including:

The 2015 FIS World Alpine Ski Championships in Vail/Beaver Creek. This event will have the most broadcast hours in the USA of any Alpine World Championships in history. USSA will be looking to expand on the impact that Freeskiing and Snowboarding Halfpipe and Slopestyle had on the international market at the Sochi Olympics by hosting a three-stop series of Pipe and Slope events in the Grand Prix Series. USSA will be re-introducing World Cup Ski Cross and Snowboardcross to the U.S. Calendar with an event in Squaw Valley, CA this March.

Season Highlights

Alpine First Tracks, presented by Nature Valley at Copper Mountain Nov 7-8 U.S. Ski Team Announcement in the village of Copper Mountain. USSA hosting a media summit in conjunction with the event Nature Valley Aspen Winternational, Aspen, CO Nov 29-30 Return of the traditional Women’s Alpine World Cup after one year off due to the WSC test event. First tests of 2017 World Cup finals operations, including a new finish area layout. Audi Birds of Prey Men's WC, Beaver Creek, CO Dec 6-7 Final test of World Championships operations before Beaver Creek hosts the Alpine World Championships 2015 FIS Alpine World Ski Championships – Vail/Beaver Creek Feb 2-15 The 2015 FIS Alpine World Ski Championships will provide the opportunity for USSA to redefine the broadcast reach of Alpine ski racing in the USA through this event. Nature Valley U.S. Alpine Championships, Sugarloaf, ME March 25–29 The U.S. Alpine Championships return to the legendary Narrow Gauge run.

Freestyle Visa Freestyle International Freestyle WC, Deer Valley UT Jan 8 - 10 Deer Valley will be the final Freestyle World Cup before the World Championships in Kreischberg, Austria. USANA Freestyle Cup Freestyle WC, Lake Placid NY Jan 29 - 31 The first Freestyle World Cup event after the conclusion of the World Championships in Kreischberg, Austria. U.S. Freestyle Championships, Steamboat CO March 27 – 29 First time in history that Steamboat has hosted the U.S. Freestyle Championships.

Snowboarding and Freeskiing Sprint Grand Prix #1 Copper Mountain, CO Dec 05-06 FIS World Cup in snowboarding and FIS World Cup Co-sanctioned an AFP platinum event in Freeskiing. Sprint Grand Prix #2 Mammoth Mountain, CA Feb 06-08

58 USSA is looking to partner with TTR on the new World Tour with Snowboarding Halfpipe, Slopestyle and Big Air and will be co-hosted with Freeskiing Slopestyle and Big Air AFP Platinum competition. Sprint Grand Prix #3 Park City Mountain Resort, UT Feb 28 – Mar 01 Will form the first test event for the 2019 World Championships with a World Cup Halfpipe and Slopestyle event. Ski and Snowboardcross World Cup Squaw Valley, CA Mar 06 - 08 Return of this Ski and Snowboardcross World Cup to the U.S. market. Only FIS World Cup co-hosting Ski Cross and Snowboard Cross World Cup same weekend/ same venue.

Report submitted by Calum Clark, Vice President, Events

59 Communications Department Update

USSA Communications is an integral part of the USSA athletic and business operation, managing a positive public image and creating public awareness focused on serving athletes, maximizing revenue, increasing intellectual property value, and extending and growing the relevance of USSA's brands. Primary focal points being initiated this season include internal and external public relations programs being deployed to increase the USSA’s sphere of influence.

Key Areas of Work Athlete Service Public Relations Communications Issue Management Content Management Leadership and Governance

Key Goals Grow USSA’s sphere of influence Review positioning of USSA brands Grow awareness of the USSA through innovative content development and partnerships Provide communications leadership and oversight to maximize domestic sport awareness and global image through 2015 FIS Alpine World Ski Championships in Vail/ Beaver Creek

FY15 HIGHLIGHTS Sphere of Influence The USSA has enjoyed success in recent years through partnerships with influential organizations and individuals. A two-year advocacy campaign with the Utah Sports Commission is a good example, growing its stature with the Governor of the State of Utah resulting in incremental funding for Utah events. USSA Communications is developing and deploying strategic programs to increase this sphere of influence in areas important to the sport. This is a long-term direction designed to grow the USSA’s global stature and presence, resulting in increased benefits back to the organization.

USSA Brands The USSA has great equity in its family of brands including the U.S. Ski and Snowboard Association brand, as well as U.S. Ski Team, U.S. Snowboarding and U.S. Freeskiing. USSA Communications will coordinate company-wide efforts this year to provide initial evaluation of brand status through research with stakeholders. Of particular note will be discussions to increase the pro-active marketing of the USSA brand to potentially enhance the value to USSA members.

Content USSA Communications is spearheading a content partnership with longtime partner Ski Racing Magazine. The partnership will feature content sharing and a more strategic approach to content development. One of the primary targets will be USSA members and parents. Through the partnership and more extensive use of social media, the USSA will continue to increase its communications impact to stakeholders. The USSA has created a new staff position in communications to specifically oversee content development, deployment and marketing, with a goal of developing new content partnerships that both increase awareness and create new revenue streams.

60 2015 World Championships – Vail/Beaver Creek Post-Sochi, USSA Communications has changed focus to the upcoming 2015 FIS Alpine World Ski Championships in Vail/Beaver Creek. The USSA has worked closely with the 2015 Organizing Committee, Vail Resorts and FIS to develop a strong and strategic program for public outreach. This summer USSA Communications worked closely with FIS, Vail Valley Foundation and Vail Resorts on the following: Worked with VVF to expand both domestic and international PR efforts, drawing favorable review from FIS in its final inspection visit. Partnered with Vail Valley Foundation and FIS on an international press event at the Soelden Audi FIS Alpine World Cup opener. Partnered with Vail Valley Foundation, FIS and Vail Resorts on a New York City media event featuring U.S. Ski Team Olympic medalists Mikaela Shiffrin, Andrew Weibrecht and Julia Mancuso.

Report submitted by Tom Kelly, Vice President, Communications.

Rally Me/USSA live-streamed press conference at the Center of Excellence, Park City, Utah. Photo: USSA

61 Sales, Marketing & Communications Committee Meeting Minutes

Thursday – December 5, 2013 3:30 p.m. 4:30 p.m. MST The Sonnenalp, Bavaria

Sales, Marketing & Communications Committee Chair: Mark Dowley

In Attendance: Kipp Nelson, Phill Gross, Eric Resnick, John Bucksbaum, Mike Shannon, Greg Boester, Julie Silcock, Alice Ruth, Harry Frampton, Barry MacLean, Connie and Dennis Keller, Martha Head, Bob Hatcher, Lee Styslinger, Randy MacDonald, Craig Slater, Dexter Paine, Bill Shiebler, Dave Saunders, Mark Dowley, Rusty Gregory, Mike Brooks, Jarrett Wait, Jonny Moseley, Tiger Shaw, Amy Schoew, Calum Clark, Brook Bingham, Mike Jaquet, Mark Lampe, Kristina Dickson

1. Welcome

Mark Dowley welcomed the group, and introduced Mike Jaquet and the Marketing team. Mark discussed the Marketing team's extraordinary progress this past year and how Mike has a tremendous amount to share during the meeting. The meeting will include discussion of what is coming up in activation from key marketing partners for the upcoming Games, of new media rights deals and how they impact USSA both in the short- and long-term. Shaw will discuss CRM (Customer Relationship Management) and how it can be used as a tool to look at the larger ski and snowboarding audience, and to maintain a consistent, constant and enriching dialogue with them 365 days a year. This is always a challenge with these sports.

Dowley also wanted to discuss how both USSA and trustees see USSA's ability to become a $50 million company and not a $25 million company that behaves like a $50 million one. It is incredibly difficult to argue with the success on mountain of what USSA does with the resources that it is given, Mark can only imagine how much farther USSA could go if this company had more revenue opportunity.

Dowley comments that in today's environment, USSA and the board need to consistently think much more asymmetrically as it applies to marketing rather than symmetrically. CRM is one of those applications that will look at how USSA markets the aspiration of our athletes 365 days a year. People living in Texas may not be able to go skiing or snowboarding but can certainly train, live and work out with that same aspiration and ethos of the athletes. The athletes are extraordinary in getting extraordinary public relations exposure because of who they are and what they are doing and accomplishing. It's a whole other aspect that USSA needs to go after to attract a larger revenue base for the organization.

2. Marketing and Sales Recap

Mike Jaquet opens with how he'll walk through some recent updates and things that have happened in Marketing and Sales, specifically where USSA is from a business standpoint. He will not dive into specific numbers because the board will get that from Mark in the board meeting and in Mark's financial update. Mike will provide numbers to give the board an idea of the scope of the projects Marketing is working on.

New USSA Partners and Renewals

In Mike's 19th month on the job, he has hit the ground running. Last year at this time Marketing added one partnership right before this meeting then sold into the season. Since then and the summer's update, they have added a number partners to close what was a $3.5/$4 million revenue gap that they needed to hit. The great part about this side of the business, as opposed to

62 Ruth Flanagan's side of the business, is she starts fresh with donors on a yearly basis, whereas Mike can write contracts for five-six years, creating a whole base of business that is in place. Brooke Bingham, who joined USSA 48 hours before last year's meeting, also has had a great year in Marketing. Brooke will provide an update later on some of the deals that he specifically worked on, and will help in other parts of the presentation.

USOC Partners

A big focus over the last year, which took a while to get going but had tremendous success, is attracting USOC's partners. There are two reasons to do this:

1. USOC partners are people who are vested in the process, that understand the Olympics, Olympians, and understand the value of both.

2. The double edge of this is they are able to get the athletes to market and activate USSA sports and athletes during the Olympics. Kellogg's signed a two-year deal worth $750,000, P&G signed for $1.8 million over two years, and Marketing just recently signed Liberty Mutual. Specifically this winter, Kellogg's and P&G will activate 18 different brands in their portfolio with nine USSA athletes. Consumers will see these activations across 10,000 retail stores, cereal boxes, Pop Tarts boxes, point of purchase in grocery stores, at Target, mass retail, small retail, and convenience stores. This is really great activation with Kellogg's that USSA will be able to activate up to, through and after the Olympics.

A normal partner of USSA like Sprint and Audi can't do this because of Rule 40, which means they cannot advertise the athlete connection during the Olympics. This is the reason why Marketing went after them hard. P&G, same thing, heavy retail program, they signed about eight USSA athletes to endorsement deals. Bringing these guys into the portfolio, not only placed money that USSA needed into the revenue but they also went out and signed a bunch of athletes individually on top of that so there's money being spread all the way around.

Liberty Mutual

Bingham: Liberty Mutual is a three year, $1 million deal. This is very exciting for USSA because they are also tied closely with the USOC. With the USOC partnership, they signed three USSA athletes, including Seth Wescott, Jen Hudak and Jessica Jerome. In USSA's deal with Liberty, they wanted to build upon their individual athlete partnerships and their Rise Campaign leading up to the Olympics, so they gave USSA a tremendous amount of content with our athletes. Marketing will sign on an additional three to four athletes with Team Liberty, and will continue to roll out more athletes after the Olympics. They also came in on the digital side and on the media side, so it is a great partnership. Liberty is another Boston-based company so that makes things easy for partner trips when we have renewals and upsells.

Gross: How much money goes to athletes versus the company in a typical sponsorship deal?

Jaquet: It totally depends on the athlete and what they are asking. They can range from 15K for a one-year deal to something like Ted who got a couple low six figure deals. Lindsey Vonn's Oil of Olay deal, is a three-year, $250,000 a year deal with P&G. USSA does not take a cut of those specific deals.

Dowley: Good rule of thumb is that 90-95% of the total money coming into the company from the Marketing side is from USSA sponsorship deals. To answer Phill's question, Lindsey and Bode are an anomaly when you get to this level in terms of the total dollars spent on the value of an endorsement.

Jaquet: Again a key component to this is normally what P&G and Kellogg's would do is be in the marketplace for 18 to 20 days of the Olympics, but signing these deals with USSA allows them to

63 start activating their partnership well before that, which has been a key component to them and really a good value proposition for USSA; it is the reason why we have been successful.

Non-USOC Partners

In addition, the funding need was greater than going just after USOC partners. USSA has signed another three partners very recently. Goodyear is a two-year, $700K a year deal. Blue Diamond is a one-year, $550K, and then 24 hours before the board meetings, Marketing signed Bose for a three-year deal. This will represent about $1.1 million on this year's budget, which is good activity. Goodyear has gotten crafty, as they know that they are blocked out during the Olympics, so they signed Tommy Moe as a legend who happens to be celebrating the 20th anniversary of his Lillehammer win in the downhill. They are going to be activating heavily through the Games with Tommy Moe as champion. This will be seen a lot at retail, in their doors with incentives, etc. Similarly, Blue Diamond will be advertising a spot with content they created around USSA's nutrition program at the COE. They will be advertising that during the Olympics, through NBC's owned and operated affiliates (their local stations). So instead of doing a massive buy with NBC Olympics and trying to work on category exclusivity there, they are going to the local level, that still includes all the key markets – anybody living in a major metro area will view these. Bingham will cover a bit of information on Blue Diamond and Bose.

Blue Diamond and Bose

Bingham: With Blue Diamond Almonds, although it is a one-year deal, it is over $500K. One of the key selling points for them is that they actually came out and visited the COE in March. Once they got to the COE, they were able to do the tour, saw the kitchen, saw the athletes, and saw what relevance there was with USSA. Having that brick and mortar was huge for that deal. They have gone really heavy on the athletes, the vignettes. They brought out a crew of 19 people to film for over a week at the COE. Above what they are spending with Marketing, they are spending another $200K just on production in what they are doing at both retail and on the digital/TV side.

With Bose, it is a perfect demo from the alpine perspective. They have alpine on lockdown but they know they do not have the Grand Prix perspective (freeskiing and snowboarding). They are getting beat up by Beats, by Dre, by Skullcandy, so they looked at USSA and thought there is another solution. They are coming in and doing a fair amount of media with USSA. They are doing a lot of product integration, both on the Grand Prix level as well as with alpine racers. They are also offering exclusive U.S. Ski Team Bose headphones with artwork that is very much red, white and blue branded. This is a great partnership, again, one more Boston-based company.

Jaquet: Just to look at the scoreboard, with the Bose deal in place, Marketing is going to cross over into the $11.1 net to Athletics mark. This is up almost $3 million year over year, so about 30- 35% increase year over year. This is on a gross of about $18 million.

Dowley: Explain the difference between gross and net in this context. Jaquet answered that gross is what USSA hands the partner as an invoice, which is exactly what they owe. Net is what comes to Marketing's athletic commitment after expenses, it is sales and marketing writing a check to Athletics, it's what Calum and Luke can go out and spend. The expenses, for example, are $2 million to NBC for the time buy, about $3 million this year (running a little high) on TV production, and then administrative and so on. It is what Mark, Luke and everyone feels confident in spending, which creates what the net contribution from sales is.

Dowley: USSA decides those non-working dollars between the gross and the net? What trend is USSA seeing over the last couple of years? Jaquet replied that USSA and Marketing have been pretty consistent. The NBC time buy deal and the TV production have been consistent because USSA runs the same events year over year. It has crawled up a little as TV production has become a bit more expensive. What Marketing would like to see moving forward is finding partnerships to defray those costs (getting out of the time buy business, which will be covered

64 later in the media rights discussion), as well as selling rights against things that USSA is doing. The cost of TV production is going to be pretty fixed. USSA runs a certain number of events and is obligated to put them on television as a part of a sponsorship deal. If Marketing can get NBC, or whoever the media partner is going forward, to pick up those costs, that is right to the bottom line. That is why a media deal is so important.

Keller: What annual period are we talking about? Our fiscal year or calendar year? Jaquet replied Marketing is always on fiscal year, so FY14.

Dowley: In terms of drop off in revenue, post-Olympics and in the next fiscal year, USSA has very little leakage? Jaquet confirmed yes, it is a trend that USSA has corrected. Thank you for the opportunity to address that. During Vancouver, Torino, the Olympics, USSA normally does very well because people want to get in for the Olympics and then they take a couple years off before they want to get in again. What Marketing has done strategically is lay a lot of money into 2015. For example, Marketing did not let P&G do a one-year deal. Liberty Mutual and Bose on the other hand are out.

Marketing does have some traditionally written contracts on quadrennials (every four years). Seven of these sponsorship contracts are expiring in April, with NBC making eight. These are really key partners like Putnam, Anheuser Busch, Tempur-Pedic, Charles Schwab, and Paul Mitchell, so Marketing has started those conversations very early, as early as last summer. Mike predicts that USSA will not lose a single one. Marketing ended their latest conversations with every sponsor on how the relationship is looking, and what needs to be done to push the renewal forward. They have all come back stating that they are in, send details, let's figure this out. So Mike expects to not only re-sign all of them but re-sign them at increases, which will allow USSA to be consistent.

In Marketing's five-year planning, he actually laid out a path from a sponsorship standpoint. If Marketing nails a media deal and is able to lay out these renewals, there's a chance that USSA could contribute more net to Athletics; a very consistent $13-$15 million net deal just by writing contracts over the next several years with people with whom the USSA has had a relationship. It is 100 times easier to renew somebody than to pitch them outright. This P&G deal was call number one when Mike took the job and took over a year to get. Kellogg's took Marketing close to a year to get, deals take a long time.

Dowley: The sales cycle is not a rapid process here. Jaquet agreed, USSA is not in the transaction business.

Dowley: USSA should also make sure that there is sufficient budget set aside to over-index that retention. It is extraordinarily important after an Olympic year with seven renewals coming up, or basically half the portfolio, getting those done before the Olympics is going to be important. Jaquet noted that this is a great contract year with the Olympics; and the Olympic qualification events are spectacular. TV numbers are up; it is a good year to be having these conversations.

If Marketing nails this NBC media renewal (or any media renewal for that matter, he is not going to give NBC the advantage of just renewing without negotiation), there is a chance that Marketing can very significantly increase the net contribution. Before the snow flies this season, Marketing is committed to a $2.1 million time buy and about $3 million production budget. Therefore, before anything is done, that is the expense that Marketing is outlaying. With our deal expiring in April, Marketing has already started these negotiations early. Would Marketing have the ability to just sign a better deal just because we try harder? No, we need to go out and increase our portfolio and do it quickly. Specifically this year, where we have been successfully selling some rights, is U.S. Ski Team 36. This is an original program behind the scenes, all access. We did the pilot with Ted Ligety last year, we had a three-show deal this year and Sprint is underwriting all the production. This increases our portfolio. Marketing is going into the next negotiation with a very well laid out original programming plan on top of our live events.

65 We increased the Universal Sports deal by $80,000 this year by pulling some rights away from our NBC contract and selling them to Universal Sports. We are able to do a deal with Ally Sports this year to get an hour and a half of additional free time, just by sanctioning their event, the Dew Tour. We were able to do an exchange to get about $300-400,000 worth of additional media value, which we sold to our new partners. We also sold live streaming rights to the Grand Prix, to Red Bull Media House. So all told, we were able to walk this whole thing up about $1.2 a million in just being smart with our rights, breaking them up, and having really good strategic conversations with people about what we can do in an Olympic year.

NBC Renewal and Rights for the Future

Moving forward, NBC has the first right of refusal in an exclusive negotiating window. Jaquet knew that Marketing could do better than the time buy deal we had for the past five and a half years, because sports rights are doing better overall right now. In order to do dramatically better, which is really what USSA needs to do as an organization, we needed to be in the rights business and we needed to go out and increase our portfolio, make it sexier. Go out and buy something that we can attach to our rights and be able to leverage that in the marketplace.

Mike told the board last year that whatever deal was up, we were going to bid for it. We acquired all the exclusive media rights in America to 2015 and 2017, the Alpine and Nordic World Championships. This is especially valuable and unique because 2015 is here in the host country. We not only will pass this through on our television deal, which is important, but we also get to make a path for a very strong digital plan in 2015 and 2017. This will drive a lot of Marketing's digital strategy going forward, in terms of what we can do to activate against these rights.

We own them, we bought them, and we packaged them with what we already own on a year-to- year basis, and then take them to our partner. I hope that this partner will be NBC, and again we are in active conversations. Jaquet had a long conference call with them. We can now offer them something more valuable than what we sold in the past, dramatically more valuable, especially because of 2015. This is really going to help us, this was a big announcement we made on Sunday. We had a press conference, which got a tremendous amount of pick-up internationally. A ski federation has never done this, they have never bought rights, and we are the first to do it.

Dowley: Quantify for everybody the risk reward ratio on this. Jaquet replied that Marketing actually won those rights with less bidding, with less money than our competitors did. Our main competitive bid was Universal Sports Network; there were a couple other people that were kicking tires but didn't seriously bid. The way that Marketing won the rights and the actual cash outlay is $250,000 per World Championship year or $500,000 total for all the rights to the four events, which was a few hundred thousand dollars less than what our competitors were bidding.

What we were able to do, in addition to our financial value that we put out there (the cash that we said we would pay), is provide them a distribution guarantee with national cable. That was something that Universal Sports Network could not match, which is why they took our bid. We were able to show them not only financial opportunity, but also how we would present this from a viewership standpoint. This is especially important for 2015, because if we as a country, as an event, and as an organization, don’t dramatically push forward alpine ski racing with the opportunity that we have with 2015 Alpine Championships here in America, it will take us 10 years to dig out of that hole.

Universal's proposal, the one that Marketing competed against, was a couple hours on NBC and then 20 hours on Universal Sports Network. This is a reach of six million homes. Our proposal was matching the NBC hours but then putting all the other events, which is about 20 hours of programming on a national cable platform to be named. This would be NBCSN with a reach of 78 million homes and Fox Sports One, which has a reach of 90 million homes.

66 Nelson: Who are you buying this from? Jaquet answered Marketing is buying from the European Broadcasting Union and Eurovision, who bought the rights from FIS. FIS is going to make all their money back from Germany, Switzerland and Austria, so they were motivated do to a deal on a viewership and distribution basis with USSA. We have had a handshake agreement with EBU and Eurovision for about two months; we just formally signed the contract last week and made a press announcement on Sunday. This is what led the negotiation with NBC. The chance that NBC might lose 2015 Vail/Beaver Creek World Championships scares them all the way up to Lazarus level.

Frampton: Explain how that works in regards to the partnership with the Vail Valley Foundation? Jaquet stated that when we realized that there was only one bidder in the clubhouse, which was going to be a challenge, we collaborated with VVF, Ceil and Mike Gimhoff by presenting a cooperative plan to EBU. We explained to them the difference between a TV network in 6 million homes and 78 million homes, and then after they got that, the VVF was able to apply some pressure on EBU to take a lesser deal from USSA versus what our competitor offered. It was a total collaborative effort.

Nelson: Why would VVF put pressure on EBU? Jaquet replied because VVF hired EBU to be the host production unit. There are layers here that the board does not want to know about. In Front and EBU are the only two rights holders in the world. Ironically, In Front has already won the rights to represent the 2019 and 2021 World Championships. We will not even be able to renew with the same company.

Dowley asked, what is the net financial upside of doing it this way? Jaquet said it is a minimum of a million net. Where we are right now in negotiations, it is a minimum of a million dollars net to the bottom line gained year over year. I think we can do better and I am asking for more.

Nelson: So the million less the cost of the time buy. Jaquet concurred. Marketing's whole focus is how much we can contribute net to Athletics. Before the snow even flies, we are down $5 M, between a time buy of $2 M and production of $3 M. What I have asked NBC to do is reduce the time buy commitment and then pay for some production. To the extent of what they will do, turn that $5 M into $4 M, hopefully; $3 M is where we are. What we have already done with acquiring these rights, no other NGB has done, no other ski federation has done and then the deal that we'll get from NBC will be groundbreaking in the NGB world as well.

Shiebler: Where is the 2017? Jaquet replied in St. Moritz.

Amy Schoew comments about how she is thrilled with the national visibility USSA is going to get with these deals. Especially in terms of raising money from the major gifts perspective. Donors will be able to see the athletes and teams they are supporting.

Jaquet: Yes! There's absolutely a dual purpose to doing this. USSA needs to get a better media deal because we need to improve ourselves financially and there are massive marketing benefits to doing it. Television is still the number one way to reach the consumer right now when it comes to mass numbers. USSA will do about a million viewers over this weekend with our content, and then unfortunately next weekend when everybody goes to Europe, Universal Sports ratings will probably be less than 5,000 people. A new better media deal will change this.

Live Coverage

Recent things Marketing has done in the last couple of weeks, we announced our Liberty Mutual and Goodyear deals. We also announced our live coverage. Five of our six alpine race starts are this week and are live to America; all six are live to Europe. Last year we did two starts live. With our Grand Prix we have four live windows to America this year. We have dramatically increased live coverage across the board. We also will announce our World Championships this Sunday.

67 Dowley: Do you think that will continue in a non-Olympic year? Jaquet said NBC asked us how much of this can we make live. The ironic piece is that NBC feels that there is a strong digital play with keeping it live. We reminded them that it will cost more to go live, which is, again, part of our negotiations with them.

Dowley: How did we do in ratings last weekend versus college football? Jaquet replied this was a challenge. We were live during the end of the Ohio State/ Michigan 4th quarter and the first quarter of Auburn/Alabama. Despite that, we did 110,000 households, about 200,000 viewers. That was on NBC Sports Network on Saturday. On Sunday, our events did .5, which is about 570,000 households, or 600,000 viewers up against Chiefs/Broncos and three early games. 2015 buys USSA a tremendous opportunity in that we will not go up against the NFL and college football. 2015 starts the day after the Super Bowl, and part of our ask with NBC is pre-game promotion should they be our rights partner.

Merchandising Programs

Another focus of is merchandising programs. Through some really good, unique partnerships our merchandise and our logo on gear will be featured at Gap, Abercrombie and Fitch, American Eagle, and Baby Gap as well as an expanding program with the USOC with co-branding. Due to the shortness of time, Mike did not expand further and moved onto annual and quad planning.

3. Five Year Plan

Calum Clark and Mike began their discussion of the next five years. The significant piece for Jaquet in planning is how Marketing will lay out to NBC what the new opportunities are for the future. He was not going to NBC with what they had been sold for six years. USSA is drastically increasing content, the quality of content and the quality of events over the next five years.

2014

Calum Clark talked about the Olympic selection year from an athletic standpoint, now he is delivering and running these events. The Alpine World Cup is an Olympic qualification event plus a test event for 2015. Events moves into a very, very intense period, with an event going almost every weekend from now until Martin Luther King weekend. This includes the Christmas period with the Olympic Trials and 32 Olympic qualification competitions in 65 days.

Some of the really amazing programming is the Olympic trials in Ski Jumping and Nordic Combined, which are going to happen at the Utah Olympic Park. It is a truly unique program, live to NBC. We will do the Ski Jumping up at the ski jumps and then there is a new open space in a Nordic venue right in Kimball Junction. It is very easy access for the spectators, great interaction and a showcase for the USOC as to what USSA can put on.

The other key piece is our Grand Prix. It is the only path to the Olympics for our snowboarding and ski halfpipe and slopestyle teams, culminating to our finals on the same weekend. Mammoth is hosting the snowboard halfpipe and slopestyle finals with the announcement of the team on Martin Luther King, and at the same time, Park City is hosting the ski halfpipe and ski slopestyle. These are both going live on NBC and NBC Sports Network. We are in great shape; we have the best partners on earth when it comes to host resorts. This helps us focus on athletic credibility and quality of competitions that will turn into great television.

2015-2016

Jaquet - The assets in an Olympic year become more valuable because we have better TV, more live coverage and USSA has done a really good job of selling those assets. Going into 2015, we will have not only our regular World Cup schedule but the addition of 2015 media rights, as well as 2015 local hospitality rights. What we get to do in 2015 now with the Olympians coming home

68 and the world coming to challenge us, and being on air in February, and not December when Peyton Manning is playing, is a great advantage. What about 2015-2016?

Clark noted that Jaquet came to him when he first started and said we have to have new pillars each season, why air the same type of coverage and events over and over, when we can do it differently and speak to the public. The other question was, is what USSA is doing athletically credible? We have been talking for many years about what other opportunities we can bring to our metro areas, and we are working hard on bringing a cross country sprint World Cup to a major metropolitan region. We are in active negotiations with our friends in New York. The goal here is to put this in Central Park. We are not locked in and could do something in Chicago if New York falls through. He said he was not committing to this, however, unless all the details align because there is significant financial risk in putting on a new event.

Events walked into a situation with the Denver Big Air where they were eating costs, and the Organizing Committee that we were working with didn't have the wherewithal that we were expecting. If we can get the political and financial commitments from the host cities and control our risk, then this is a great place to bring someone like Kikkan Randall into a major metro market.

The other piece of this is that with a cross country World Cup, we can blow snow into a park and put up some barricades to run an event. An alpine World Cup costs around $20 million in construction. That is not viable, whereas this cross county World Cup does have the viability. There is risk on it but once we can get things penciled out, there is value here. Jaquet added that Kikkan specifically said she would hold off on retirement if USSA can nail this. That alone is worth it!

2016-2017

Jaquet: 2016-17 is an incredible year. St Moritz World Championships will have tremendous value and allow us a unique scheduling opportunity on the alpine side. Calum will go into further detail. Clark explained that the USSA is in the bidding process for the Alpine World Cup Finals in Aspen. As the tier goes, there is the Alpine World Cup Tour, then the Alpine World Cup Finals, and then the crescendo into the FIS world with the FIS World Championships we are holding in Beaver Creek. Aspen is extremely committed to this bid. They are already bringing ski racing back into a period that is winter, so that we are not fighting with football. The other opportunity, where he was working very closely with FIS, is that we will open our traditional Thanksgiving weekend. We have talked for many years about how we can bring the World Cup to the East coast. Thanksgiving is our opportunity, because we own that weekend and can come to the FIS with a cohesive bid. By no means is this locked in as we are bidding against Lenzerheide, SUI, which is the endemic host site but we are applying all political efforts to get this done.

Dowley: Which East coast site? Clark answered that has to be determined. Resnick asked if an East coast site could handle it? Would there be enough snow? Clark replied yes, USSA needs to manage our risk. Technically, we can run a World Cup on the East Coast at one of the resorts in the East that have the highest capacity snow making system. Believe it or not Killington is usually the first resort to open. We carry risk with this, but the idea is we come in this with a very clear plan and a back up site.

2017-18 and 2019

Jaquet: The 2016/17 season shapes up to be incredible if we can land all these things from a television perspective, increasing our reach and the value that we are bringing. 2017/18, just like this year, comes back with the Olympic qualification period where our rights and benefits go way up. This is where a company, especially NBC, would have a hard time explaining why they are not in business with us leading up to the Olympics. PyeongChang and everything around the Olympics is very important. The reason we did this five years out is because an opportunity has

69 arisen on the calendar and I have pushed really hard on Calum to make the numbers work, and we have secured internal approval to move forward. This is a bid that we are in active negotiations for 2019. Calum will explain further.

Clark: USSA is going to push forward with a bid for a joint Freestyle, Freeskiing and Snowboarding World Championships in 2019. The host site would be the Park City community. We would work with the three ski resorts in partnership to host all the disciplines. Therefore, we have one town, two weeks, all of the competitions culminating right into the home of skiing and snowboarding of USSA. It is a late January program and one of the key pieces for us, and why we have not bid for a World Championships in snowboarding before, was its lack of credibility and lack of traction in the marketplace. USSA has done quite well with the Freestyle World Championships and World Cup in Deer Valley, so we know we are prepared on the Freestyle end. Bringing these two together, really these two cultures, with fantastic host resorts, in the great destination of Park City, would bring compelling TV. We have tremendous support from the Park City community and the state of Utah. They are doing this because they want to further their Olympic aspirations and keep a connection to the 2002 Olympics.

Dowley: How close is it to Sundance? Clark replied that we cannot do this during Sundance. This event needs to thread the needle between Martin Luther King weekend and the Sundance Film Festival. This was crystal clear by the Park City organizers.

Jaquet: Again, I have talked about leveraging NBC; we are using this event as leverage with FIS. This bid is unlike what FIS has ever done as far as who owns what rights. We have more sponsorship rights with this event than they would normally give out, so we'll be controlling sponsorship rights, obviously domestic media rights, and if we could really nail this NBC deal, this event becomes really profitable.

Clark: Mike's job is to redefine the terms; he is the sales person. My job is to not only put this forward but figure out how we are going to redefine the sport. Snowboarding and freeskiing are very important to this organization and it is a good opportunity for growth. We are working with the FIS on how we are driving the sport differently towards and beyond PyeongChang. I am in active negotiations with FIS on what competitions are run at this event, their popularity, how they can become more popular, and what format they use. This is a great opportunity for us, not just for the championships but also in how to influence the Olympic program that helps us athletically.

Jaquet: As far as our profitability in these sports versus Alpine World Cups, we show significantly more profitability. The numbers are higher – higher gross than alpine and higher net then alpine. This is why ESPN is all over the X Games. We feel that if we are going to put our necks out there, we are going to do it in something with which we are comfortable. We have been hammering on these numbers for a year now to make this profitable. We have a good line on how to do that.

Dowley - Despite it being the right thing to do, the challenge is it is a onetime event. It does not become something that is annualized for us. We need to find the annualized events that also raise the gross. This is a lot of work for a onetime thing. Jaquet replied this was strategically why we did not bid for three big things in one year, because that would be a collar on us. We have gone out and looked strategically at the calendar to figure out how we can be great every year for the next five years.

Wait: To play devil's advocate, we have Beaver Creek World Cup every year, why can't this be something like that every year? Dowley replied that the problem is that lot of the bandwidth has been taken up already. There is only so much capacity, only so many open weekends, only so many opportunities. And, quite frankly, the way that we are geared as an organization, rightfully so, doesn't lend ourselves to being big high risk/reward promoters for a sport as a whole; nor would I advocate being in that business. What I think Mike and Calum have laid out is absolutely the right thing, but we have to be careful as we think economically on a revenue trajectory basis,

70 how do we double the size of the revenue over the next number of years. Often, these are those onetime things.

Calum: Related to Mark's comment, the Alpine World Cup has been an annual classic event for Beaver Creek. The World Championships is a peak performance on that end and it is going to bring tremendous attention to Beaver Creek races. It will have a tremendous impact on Alpine and World Cup for years to come because they are now a three-time World Championship host and the memories will run clear. We are planning to do the same with this event, to take test events not just in Park City but that leverage the excitement that we are going to have a World Championships. We will take the molding of the new sport to catapult us to the next Olympic bid.

Dowley: What is our net margin contribution for the event this weekend? Jaquet replied a couple hundred; the cost of doing business; if an organization is off the FIS calendar, they are off forever.

Just an example of 2015 and what it has done for USSA and the World Cup. We have never broadcast any of our Alpine World Cups in high definition. What 2015 has done as part of their big commitments is they had to fiber the whole hill. They have put in about a $.5 million worth of investment into fibering the whole hill that will stay there and we will use that for the next ten years. Now our production quality is way up, our capacity is way up, and we did not have to pay for that as an organization. It is just one small example of when you bring in these big pillars and they come with a certain amount of expectation. We need to build up what you are doing on a year-to-year basis to meet those expectations, and then once we spend that money, we need to amortize it over the next few years.

4. Digital Media

Jaquet moved into a discussion on digital media. What has been great about Tiger Shaw joining USSA early in October is that he has a unique insight into the media world and also comes with a fresh perspective. He can really give us some good feedback on what we might not be considering or where we could think differently. He can also help chart a very strategic path. The staff admittedly has its heads down, chasing dollars and it is really difficult for us to take a step back sometimes. What has been refreshing for me is the big picture conversations I have had with Tiger since he has started. I want to give him and the board the opportunity to contribute what they think we are missing, where they think we can be better. This is the interactive part of the meeting, where we would love to hear from everyone. Tiger will give an opening statement of this discussion.

Shaw said he has been picking up on work that Mark and Mike have been doing, the influence USSA has had over the last couple of years, as well as projects that Bill has achieved with the IT Department. When he started peeling the layers back, what we are doing is we're mounting projects that look at digital media from a very high level and then back down to detail in terms of our presentation management at USSA.

These projects touch donor relationship management, sponsor relationship management, touch so many groups with whom USSA communicates. It is as simple as trying to send out emails to various stakeholders and constituent groups, to using Twitter and Facebook properly and effectively, and all of the other media channels that are out there. Right now, we are not on a network to collect the business needs and requirements of the various departments in USSA, and this is not good time to do it so close to the Olympics, but it is a good time to take a good overview of it all and decide where we want to go.

We want to ensure that the common requirements from the different departments are noted and solved. We have to a certain degree a number of fragmented information management systems within USSA, and this is the low hanging fruit kind of opportunity through some very simple office help systems.

71 We need to understand the organization and then eventually rebuild and redo things like the website, the way we communicate with everybody, content management and member management. This is why we want to open it up and talk with the board. We know that we are sub-optimal in some of the ways we have been able to communicate over the years, and can become much better at communicating with all the stakeholders and all of our followers.

Jaquet asked the board to recommend systems they use themselves or business practices they have seen.

Gross suggests that the USSA website is something that needs to be updated.

Shaw: That is why the USSA is searching for options and the website is included in this. Our website is a form of our communication that provides content to media, sponsors, and followers. We also need to look at mobile apps and all the different digital platforms that people get their news and information. A group that would benefit from this is our donor base. We need to communicate with the donors funding individual athletes because we are all part of the same family. Those people are supporting our sports and our athletes, and we want to make sure that they are supporting us also. We want to make sure that we encompass all that we can.

Jaquet comments that the interesting thing here is that USSA has a tremendous amount of content, especially with the ownership of these news rights that we can use on these platforms. Mike does not know if there is any other business like this.

Dowley: It is also where USSA can really bring in partners like Liberty Mutual and Charles Schwab, where CRM is such a life link part of their business. Not only can we learn from them, but we can also figure out how to develop some things that will help build their relationship with us. This makes the connection more valuable, which makes the upsell more valuable as well.

Shaw: A lot of our sponsors have made that very clear - they just don't want our eyeballs, they want to be able to activate programs with our contacts, our followers. If we cannot properly segment and deliver those individuals to them, for content, contests, different outreach programs, etc, then we are somewhat handicapped. USSA is addressing this, which is the point we want to make.

Bucksbaum: Have you thought about studying universities or other NGBs?

Shaw: We are actually studying those along the way and trying to meet with them. There are also Olympic sports/NGBs and non-Olympic sports that we can get some direction from. USA Cycling is an NGB that does a great job with digital media in addressing all the participants in their sport. We do a very good job of keeping track of all the people competing but not of the participants.

Dowley: The best work is done in places like the athletic departments. USC, Michigan, Notre Dame, the money that they are raising from a CRM database is staggering.

Boester: Are you running into technology issues? Because there are so many young kids out there that can help streamline data of all of your supporters, partners, etc. if you just give them the tools and resources. You leverage their ability and knowledge to do this efficiently. I do not know where you are in the hiring, but there are so many talented kids out there that are 22/23 years old who can help.

Jaquet: To wrap up, the committee will see some updates in the board presentation as well, but this is giving you more detail. I am here all week if you have any questions. Just a reminder, if you have leads or you have an idea, please share them with me. Both Phill and Mark have been awesome here. Do not think that you are bugging us or we will not respond, because we will respond, we will chase people down and we will have great conversations. We have been

72 successful and will continue to be successful based off the networking that you guys provide and we really appreciate it.

Dowley: Are we getting many people buying Audis? Do enough people know about the program?

Jaquet: We do pretty well. We do about a half a dozen a year amongst the VIP program and I send these emails right to the global CMO in Munich and copy all the Americans and say we sold another one. Just as a reminder to the committee, all trustees qualify for the VIP program, which is 10% off a brand new top of the line Audi.

5. Adjourn

There being no further business, the meeting adjourned.

Kristina Dickson

2014 New York Gold Medal Gala The Museum of Natural History, New York City Photos: USSA

73

2014 New York Gold Medal Gala The Museum of Natural History, New York City

74 Foundation Committee

Thursday, December 4, 2014 3:45 p.m. – 4:45 p.m. The Sonnenalp, Bavaria

Teleconference Information: Dial-in: 1.888.519.8675 Participant code: 4468423

Meeting Co-Chairs: Jim Benedict and Paul Raether

Foundation Committee (U.S. Ski and Snowboard Team Foundation Resources & Special Events)

Committee Members: Bob Beattie Doug Mackenzie Bill Bindley II Randy MacDonald Gary Black Barry MacLean John Bloomberg Walter McCormack Erik Borgen Andy McLane John Bucksbaum Jonny Moseley Andrew Cader Alice Ruth Mark Dowley Dave Saunders Spence Eccles John Townsend Harry Frampton Stew Turley John Garnsey Rich Tutino Phill Gross John Underwood Bob Hoff Thom Weisel Kirk Kellogg Geoff Yang Jay Kemmerer

Staff Liaison: Kate Klingsmith, MGO Southwest

The Foundation Committee works closely with the development staff of USSA and U.S. Ski and Snowboard Team Foundation to plan and implement annual giving and capital funding campaigns, to identify and maximize fundraising opportunities, and to oversee and monitor results and staff performance in these areas. This committee will work closely with the development staff of U.S. SKI AND SNOWBOARD TEAM FOUNDATION to plan and implement fund raising events, to identify and utilize individuals and organizations that will be instrumental in executing these events, and to monitor results and staff performance in these areas.

Agenda

1) Chairman’s Welcome Jim Benedict/Paul Raether 2) Staff introduction and outline of discussion topics Jim Benedict/Paul Raether 3) Review of FY15 budget/progress Jim Benedict/Paul Raether a) Compare current progress with FY13 and FY14 i) Overall Annual Fund ii) Gold Pass iii) Special Events

75 iv) Major Gifts 4) Special Events Jim Benedict/Paul Raether a) Working Question: How do we build special event committees and keep all members involved, so the burden of fundraising doesn’t land on the chair of the committee? 5) Major Gifts Jim Benedict/Paul Raether a) Working Question: How do we increase our major gift donor pool across the country? 6) Planned Giving Jim Benedict/Paul Raether a) Working Question: How do we implement planned giving into our major gifts plan? 7) Gold Pass Program Jim Benedict/Paul Raether a) Working Question: How can we improve Gold Pass sales early in the season and engage all Trustees in the promotion of the program?

76

77 Foundation Department Update

The Foundation started the fiscal year under new leadership and staff structure. The department is organized into three teams including Operations, Special Events and Major Gifts. The Operations team will focus on creating and supporting excellent donor services and experiences. The Special Events team will continue to focus on developing and implementing well-run galas and receptions across the country. The major gifts team will focus on the annual fund, restricted programming gifts and growing our donor pool outside of our board. The goal of the new structure is to play on the strengths of the current staff and provide consistent communication and stewardship for our board members and donors in each area.

The FY15 budget is aggressive with a $1 million net increase over last year at $6,089,000. In a post- Olympic year, this will be a challenge. Following are program activities to help us get there:

Gold Pass – The National Ski Areas Association generously granted 50 more passes to the program this year for a total of 450. The staff and board are focused on renewing past supporters and identifying new donors. To date, we have secured 344 gifts/pledges; we are working on 29 renewals and chasing 77 new $10,000 gifts. We have successfully secured five passes towards the Nordic Combined program and expect a few more to come in before the end of the year. The Gold Pass program continues to be our largest annual fundraising program as well as the most reliable source of unrestricted funds for the Team.

Special Events – The Special Events department is wrapping up an extremely successful Fall fundraising season thanks to the leadership of local event committees led by USSA Trustees Phill Gross, Bob Reynolds, Julie Silcock, Geoff Yang, Dave Morin, John Bucksbaum, Jim Benedict and Rich Tutino. October was a busy month with major events in Boston, Dallas, San Francisco, Chicago and New York.

The Gold Pass program was a key focus at the Ski and Snowboard Balls this year. Ten new Gold Passes were sold at the New York Gold Medal Gala and three new passes were sold at the San Francisco Snow Ball. Revenue in Boston and San Francisco also exceeded projected expectations.

In addition to the five events held in October, the team also resurrected an annual event in Colorado that paid tribute to Bill Marolt. Thanks to the guidance of Colorado Trustees including Andy Daly, Harry Frampton, Erik Borgen, John Garnsey, Dan Leever and Eric Resnick, the Denver Snow Ball was met with great success and a huge crowd. The Special Events Team is looking ahead at opportunities for spring events and will continue a partnership with the Directors' Cup this March.

Major Gifts – The major gifts program has renewed focus on donor identification, cultivation and stewardship. The team has grown and the officers are spread out across the country. We have five major gifts officers covering the Northwest, Southwest, Rockies, New England and the Tri-State regions. Each major gifts officer is managing a portfolio of approximately 125 donors and prospects. The programs presented to these donors include Gold Pass, Vail 2015, Champions Club and World Cup hospitality programs, on-hill ski experiences, and the Executive Excellence fitness–testing program.

The small reception hosted by a board member or donor has proven to be an excellent donor identification tool. Many of our board members have hosted or intend to host receptions this year including John Underwood, Thom Weisel, Steven Read, Geoff Yang and Steve Strandberg.

New to the program this year, the foundation is working with donors interested in funding sport- specific programs. The “unfunded initiatives” in each sport are being presented to donors who want to earmark their gifts.

78 Special Projects – In addition to the unrestricted programs, three areas of support have been identified as fundraising priorities for the Team. Each program is prioritized based on “what will make the biggest medal impact in Korea”. The projects include: The Utah Olympic Park ramp project, a $3 million campaign to rebuild the jumps at the Park. Technology Fund, a $150,000 fund to support cutting-edge sport science programs. The New Zealand snowmaking project, a $300,000 effort to ensure quality training in New Zealand each year.

79 Direct Marketing – The direct marketing program is an area of focus over the next year with plans to build out a more comprehensive mail, email and social media fundraising campaign with a focus on online fundraising. A Technology Task Force was developed as a result of conversations at our Board of Trustees' meeting in Park City. The committee of technology and social media experts will help the Team and Foundation build out an expanded program.

Additionally, in September the new customer relations management (CRM) system was launched. This will be an invaluable tool for the Foundation department and will help us better target donor communications and stewardship. The reporting capabilities will provide statistical support for proper donor segmentation.

CURRENT FOCUS AND KEY OBJECTIVES

Unrestricted Fundraising Gold Pass – secure 100 more $10,000 gifts Vail 2015 – secure 4 more gifts Champions Club – secure 20 more gifts Special Events – reach event budget goals Special Project Fundraising – reach the goals stated above Board engagement – provide more opportunities for the board to share their experience and expertise Board communications – more consistency Develop fundraising story/pitch – share it with the entire USSA staff and boards

Report submitted by Trisha Worthington, EVP & Chief Development Officer, Foundation

2014 Chicago Ski and Snowboard Ball Photo © Tina Smothers Photography

80 Foundation Committee Meeting Minutes

Thursday – December 5, 2013 2:30 p.m. 3:30 p.m. MST The Sonnenalp, Bavaria

Foundation Committee (Resources & Special Events) Co-Chairs: Jim Benedict, Paul Raether Bob Beattie Harry Frampton Andy McLane Bill Bindley II John Garnsey Jonny Moseley Gary Black Phill Gross Alice Ruth John Bloomberg Bob Hoff Dave Saunders Erik Borgen Kirk Kellogg John Townsend John Bucksbaum Jay Kemmerer Stew Turley Andrew Cader Doug Mackenzie Rich Tutino Andy Daly Randy MacDonald John Underwood Mark Dowley Barry MacLean Thom Weisel Spence Eccles Walter McCormack Geoff Yang

In Attendance: Jim Benedict, Dave Saunders, Armins Rusis, Mike Jaquet, Rich Tutino, Calum Clark, Brooke Bingham, Kipp Nelson, Jarett Wait, Chip LaCasse, Andy MacLane, Mike Corbat, Mark Lampe, Ruth Flanagan, Greg Boester, Phill Gross, Eric Resnick, Stu Turley, John Bucksbaum, Bill Marolt, Mike Brooks, Tiger Shaw, Alice Ruth

1. Welcome

Jim Benedict welcomed the group and introduced the guests, stated this year's fantastic progress on Special Events, Gold Passes and Olympic Hospitality. Benedict introduces Ruth Flanagan.

2. Foundation Recap

Ruth Flanagan welcomes the group and introduces the rest of the Foundation Team. She notes that the philanthropic Foundation staff is all on board and the overarching goal is to keep athletes skiing and snowboarding – bottom line is that the Foundation needs to raise the dollars for them. Ruth stressed that we are doing a good job but, we could be doing a great job, and will be improving.

Ruth explained that Foundation was focused on getting everyone involved; athletes, donors and trustees, and integrating them into our programs to raise money through ski balls, on-snow events and parties such as the one hosted by Kipp Nelson in Sun Valley, ID.

She highlighted that we need to think about what we can take away from today's meeting to help meet our ultimate goal of $10 million. She noted that the financial year wraps-up at the end of April. She commented that we ended up putting $4.6 million to the Athletic department's budget, which is a slight increase from last year according to the real numbers provided by Mark Lampe. Special Events always sits around $1.5 million, Gold Pass is at a nice jump, Major Gifts at a slight jump and Direct Marketing is headed in the right direction and back on track.

Ruth introduced Kate Klingsmith to speak about Gold Pass program and encourages the trustees to push Gold Pass sales.

81 3. Gold Pass

Kate Klingsmith informs the group that we are currently at 350 Gold Passes sold; coming into this meeting, we are ahead of last year. There are 50 passes remaining to be sold and Kate has sent out emails asking for help with those and letting the trustee group know who has helped. Only 20 trustees have helped reserves Gold Passes, leaving her with 50 passes to be sold and an additional 50 trustees to assist with these gifts.

Kate notes that there have been huge advancements to the Gold Pass, such as the direct to lift technology and that the Major Gifts team is there to help all the trustees find prospects and make connections to sell out Gold Passes.

Mike Brooks asked when the last date that a Gold Pass was sold. February? March? Kate explained that a few were sold in February and March and that sometimes we can sell at the end of the season and combine it with the pass for the next season.

Following Mike's questions, he states that we need two or three cities where we have not had as much take up, where you could arrange something in January as a preview of the Olympics. This was tried in NY and about 10 Gold Passes were sold. We have a great excuse to organize this with the Olympics being one month away and try to get people to purchase Gold Passes in January.

Ruth responded that our Major Gifts have been working hard to arrange small intimate dinners with Bill Marolt and alumni and received great response with those which usually include 10-12 guests. These dinners target selling the Gold Passes and aim to increase Inner Circle contributions.

Continuing Mike's discussion, he stated that you will not have the athletes, but alumni are great with a preview of the Olympics and reviewing of the Teams with a short presentation.

Kate thanked the committee and the trustees for all of their hard work. Kate reminded them that the Gold Pass program brings in $3.5 million a year with the potential of $4 million.

Jim Benedict asked what the principal reason was that Gold Passes were not renewed. Kate replied that 25 out of 330 did not renew their Gold Pass this year. Financial reasons, family restrictions, people did not ski anymore or were injured were some of the reasons why they did not renew their passes. Getting sales and marketing to include a Gold Pass in the sponsorship deals and corporations to use them as an employee incentive or to loan to clients as a perk were all being looked at.

Eric Resnick asked if we had gone to our sponsors, USOC sponsors and individual athlete sponsors to pitch to them the Gold Pass and that it is a great way to activate these relationships. Kate responded that they were in the process of expanding to these.

Mike Jaquet adds that he has a number of sponsors that are contracted to a Gold Pass and is pushing the Gold Pass as new deals are being made. Connections have been made with Facebook and suggestions were made that they purchase a Gold Pass. Mike will follow up with the Chief Revenue Officer of Facebook.

John Bucksbaum stated that a few years ago he tried to get Hyatt hotels in resort areas to purchase Gold Passes, although late in the season and citing difficulty in follow up, if people have hotel contacts in resort areas they could offer Gold Pass use as a means to improve and develop relationships.

82 Ruth added that she received an email from Craig Slater praising our follow up process and that once Foundation is given the go-ahead to reach out, there was immediate contact with the trustee prospects. Ruth asked that the group send over their contacts and the contacts will be contacted.

Jessica Miller added that we sold four Gold Passes on the night of the New York Ski Ball with a paddle raise, which led to three new donors. Her focus in Special Events is on the night fundraising.

Ruth asked the group what else we could do to get our donation request out there, while stating that the technology is there with the direct to lift access and that Major Gifts staff is there to help.

Kipp Nelson highlighted that he was thinking of service providers that we can reach out to, such as brokers to buy a couple for their office and any other service providers we can push to. Andy McLane agreed that Kipp's idea was a great one. Reach out to those smaller companies that want to pick an employee of the week or month and offer them the pass usage as a reward.

Kate concluded the Gold Pass presentation by saying thank you to all the trustees for all of their help and commitment towards to program which is proving to be a success.

4. Olympic Hospitality

Ruth started the discussion on the Olympic Hospitality program and stated that Sochi is in less than 65 days. In four years time, we will be headed to PyeongChang in South Korea. She stressed that with the Olympic Hospitality program, along with your Inner Circle every year, there is an extra piece that is added to our Athletic budget that is not counted in our annual operating fund. That piece goes into this financial year and gives our athletic teams the ability to attend Olympic camps, have private housing, chefs and everything they need to win medals. We saw this working in Vancouver and came home with 21 medals.

Ruth confirmed that we do not have a medal goal for Sochi. The goal is to be the Best in the World and to win more medals than any other country in skiing and snowboarding and to take that success through to South Korea.

Ruth concluded her discussion on the Olympic Hospitality program and goes on to talk about the responsibility as our Foundation fundraising board, and not just the group in this room, it is the entire board of trustees' responsibility to help make sure this program keeps moving forward. She noted that it was not up to us to choose the locations in which the Olympics take place.

Mike Brooks suggested that PyeongChang may be great, but feels that given how far away it is that it will be a much bigger challenge with Korea than Sochi. Mike asked if we had begun doing something in connection with the 2015 World Championships.

Continuing Mike's discussion, Ruth added that if PyeongChang was too far away where the trustees were unable to attend and commit, there would be: 2015 World Championship in Vail Colorado 2017 World Championships in St. Moritz and the 2017 Nordic World Championships in Finland

Ruth explained that we need to look as a group at the fundraising from the Olympic Hospitality package. The package funds so much in the Olympic year and the lead up to the Olympic year and that source of funding needs to keep moving forward. If Korea is not where people want to attend the next Olympics, then we need to discuss other opportunities to keep the annual giving coming in at the same level and offer an experience that is a once every four year commitment.

83 Following Ruth's comments, according to Kipp, he prefers the World Championship over the Olympic experience. He states that the Olympics typically are chaotic with overwhelming security; they are usually difficult to get around and the locations are not chosen for the sports in which we compete. With the World Championship, the focus is more on the sport itself in places such as St. Moritz and Vail which are typically more desirable. Kipp added that we should not be shy about selling World Championship packages.

Andy McLane discussed the World Championships that he had attended with other trustees and that he had had an amazing experience. He feels that World Championships tend to be more intimate and all about skiing, the athletes are present and running into others that he knows happens often in the more intimate environments.

McLane continued to note that the trick is that we have people to donate a lot of money to the Olympic packages and we need to somehow put together other packages that are at the level of the Olympic package to create other exciting options.

Ruth informs the group of the actual hard costs of a World Championships which is around $35,000 for two people for three or four days; whereas, the Olympics costs us $80,000 for two people for eight or nine days.

Dave Saunders asked why we don’t offer a tuned down version for people to attend the World Championships, such as in Vail, for 4-5 days for a more intimate experience and ask $100,000 for the package.

Ruth replied reminding those that the annual Inner Circle is included in the Olympic package, $30,000 per year over four years totaling $120,000. For those who are interested in committing to Sochi, paying the $160,000 would secure a space.

Ruth continued her discussion that many might be surprised at the cost of the World Championships. She stated that anyone who has ever attended one of these events would know all the high costs involved. As an example, Beaver Creek 2015 credentials and access to the VIP areas start at $500 per credential, costing around $1,000 plus for the three days. The goal is to maximize what we send back to Athletics.

In his approach to World Championships, Kipp noted that the costs involved sound high, but anyone who buys tickets to another playoff sporting event, is prepared to pay those high prices.

Eric Resnick offered to suggest giving people an option. Those interested can choose Vail or St. Moritz for four days for the same Olympic Hospitability price point.

Dave Saunders pointed out that we should attempt to sell the packages to other parties and outsiders as a big ticket.

Ruth said, if someone is interested from the outside, the price for this package is $280,000. The bottom line is that we need to keep the annual giving level going.

Kipp asked if it is cheaper to attend with the USOC. Mark Lampe responds that there is no Inner Circle at the USOC and the cost is about the same, yet our program is better.

Eric Resnick asked if we could sell to outsiders for $160,000. Lampe answered Eric's question by stating that, when the concept was developed, we wanted to make sure it was an exclusive package and was a privilege for being on the board or an Inner Circle member and keeping those outsiders coming in and buying our packages for substantially less than the trustees.

A comment was made that being this close to Sochi, if someone was to offer $180,000 for an Olympic package, we should accept.

84 Armins Rusis offers the idea that, with the costs of the World Championships, what about doing a self-produced event where we are able to manage the costs for four days in St. Moritz or elsewhere, with U.S. Ski Team members, a chef flies in and we create an original experience while asking $75,000 for the right package with the same margins.

Ruth reminded them to keep in mind the costs of tickets. The prices are the prices.

Armins expressed that his idea would not be around a competitive event. He suggested something like the Windham on-hill event or the biking around France auction item - something more high-end and self produced and having the ability to control costs.

Kipp informed the group about his trips to Sölden over the past two years. He explained that it is one of the only events with the both the men and women competitors and takes place during the month of October. He said that October is a fun time to have a skiing event and everyone in the industry is there and connecting. The town is full with fun events, with parades, surrounded by beauty, easily accessible and access to great skiing. All the athletes are in Sölden in October at the training center and he suggests and encourages every trustee to take one trip over there each year.

Ruth added that a New Zealand package was also offered.

Mike Brooks highlighted that the positive to having the FIS Alpine World Championships in Vail 2015, is to experiment with our own event. If it goes well in Vail, we could end up with an alternative, and wouldn’t have to haul people over to Korea. Eric agreed that it will be as difficult to get people to Korea as it is for Sochi.

Ruth re-iterated that we currently have over forty-nine packages sold to Sochi and are doing very well and she announced their latest recruit, the Bucksbaums. Although they will not be going to the Games, they will be making a very generous donation and listed as a Team Sochi Members and receiving the gear.

Eric asked about creating a cool and unique experience without all the glitz of the Olympics, while creating an event each year where guests pay an amount and are able to choose which event they partake in, such as a heli-ski trip.

Following Eric's question, Ruth mentioned that she appreciated this discussion and that we are on the same page and would encourage all the trustees to take a trip every two to three years with a Team. This gives them the opportunity to get to know and bond with the athletes and connect with both the athletes and the coaches. This is also a chance to ultimately see where your money goes and to be involved with what is happening in the organization.

Kipp interjected that the issue with New Zealand when compared to Sölden or heli-skiing, is that New Zealand is a training camp and the chances of the conditions being bad are likely which leaves the guests sitting around and was not an appealing prospect.

Chip LaCasse mentioned packages to Kitzbühel would be a great idea.

Andy McLane follows up on Chip's comment about Kitzbühel, noting that over 10 years ago, there was more interest in attending World Championship races in different venues in Europe with groups of 8-10 couples which soon diminished. He feels that it will take a lot of work to package and promote these World Championship packages. He suggests to only focus on a couple of events and create the excitement in knowing who else is attending and getting to know other trustees. He said we need a working group to bring this all together.

85 Ruth said she will move forward and come back to the group and share ideas of other options besides the Olympics and PyeongChang.

Eric recommends sending out a survey to the trustees asking which experience package they would prefer instead of PyeongChang and offer packages at two different price points.

Ruth emphasized that we have to keep our Olympic Hospitality program operating because this is what funds our athletes at the Olympics.

Tiger Shaw asked the group to jot down events or sites that would be the most interesting to begin setting up this program.

Mike Brooks stated that while talking with Bill, we have three or four of the best downhills in the world.

Andy McLane notes that the World Championships are a bigger deal, but are all the same events and same races. He said it is important to think hard about the time of year and especially the venue to get a bunch of people participating.

Ruth wraps up the discussion by looking forward at the $10 million mark. She said we will ultimately reach this goal through our Major Gifts. We have filled the West Coast position, but still need to fill other regional positions with the right people in each area.

She mentioned that smaller dinners that have happened in the West coast, have been very successful while being low impact, involving alumni and inviting 6-7 couples who could potentially be at the $10-30,000+ donor level. She informed the group that the whole board can help by hosting and choosing a venue and pays for the costs involved. The Foundation will then assist with bringing Bill Marolt or athletes to attend the dinners. She followed this up saying, this has been a slow process, but it is a great platform with which to move forward. Within a year's time, we will have a much improved number on our Major Gifts bottom line.

Ruth recapped the discussion on Gold Passes and addresses Jarett Wait's question about Deer Valley accepting the pass. She responded that we are getting closer. She noted that we need to find homes for the remaining 50 Gold Passes. She offered a round of applause to Jim Benedict for the New York Gold Medal Gala that broke the $1 million mark.

Looking ahead and summing up our once-in-a lifetime experiences, it is important that we continue to freshen up our events such as the new venue for the New York Gala with just under 700 people.

Ruth mentioned the crowd fundraising effect. A lot of athletes are self funding and we have begun to see more individual platforms arise to help these athletes raise money to compete. We are encouraging athletes to use crowd fundraising, but to not over commit. When a donor supports an athlete through crowd fundraising, the gift is not tax deductible. Everything we receive, we provide a tax letter and follow up. Crowd fundraising is getting a lot of media attention and is building momentum. It is a great platform and appreciated by parents.

Ruth ended noting that the Foundation's goal is to meet the $10 million mark and for the problem of self-funding athletes to become a thing of the past.

5. Adjourn

There being no further business, the meeting adjourned.

LeAnne Zamzow

86 USSA Strategic Planning Committee

Thursday, December 4, 2014 4:45 p.m. – 6:30 p.m. Sonnenalp, Kempten Room

Teleconference Information: Toll Dial-in: 435-252-3214; Toll Free Dial-in: 1-888-519-8675 Participant code: 1356952

Meeting Open to Committee Members Only

USSA Strategic Planning Committee Co-Chairs: Charlotte Moats/Eric Resnick Claire Abbe Mark Lampe Kevin Arquit Jim McCarthy Alan Ashley Edith Morgan Michael Berry Alex Natt Lynn Bleil Kipp Nelson Luke Bodensteiner Dexter Paine Greg Boester Ross Powers David Currier Nick Sargent Ryan Heckman Tiger Shaw Joe Holland Trace Worthington Jeanne Jackson Trisha Worthington

Agenda

4:45 Welcome, roll call, agenda, and approval of minutes

4:55 Review goal definition and targets as discussed on last call

5:05 Discuss sport evaluation criteria - Current criteria - What is missing? How can we simplify?

5:45 Discuss strategy for allocation given prioritization output and current performance – How do we choose our battles? - Current strategy - Discuss base level funding (if any) for lower-tiered sports - Discuss other ways to invest opportunistically

6:25 Next steps

6:30 Adjourn

87

2014 San Francisco Snow Ball at Bimbo's 365 Club, San Francisco, CA.. Photo: USSA

88 Technology and Applied Research Committee

Friday, December 5, 2014 7:30 a.m. – 8:45 a.m. The Sonnenalp, Bavaria Room

Teleconference Information: Dial-in: 1.888.519.8675 Participant code: 4468423

Meeting Chair: Barry MacLean; Presentation by: Troy Flanagan

Technology and Applied Research Committee Co-Chairs: Mike Brooks and Barry Maclean Committee Members: Jake Burton-Carpenter Doug Mackenzie Hank Tauber Thomas Weisel Staff Liaison: Ruth Flanagan, MGO Rockies

The Technology and Applied Research Committee guides the athletic department to produce a clear competitive advantage to USSA athletes. Technology projects are selected based on the priorities of the sports, potential impact on the medal tally and technical resources available. Collaborations between USSA and research groups around the world are conducted to execute the technology projects for each Olympic cycle.

Agenda

Opening remarks from committee chair (5 min)

Identify the four main groups and high-level goals:

1. Recap on outcomes of Sochi technology projects and those ongoing since Sochi a. Aim to complete the projects. b. Working question: Has the technology committee impacted performance? 2. Development of new technology projects a. Aim to identify a couple of major technology projects that will achieve major breakthroughs in performance. b. Funding model for priority projects. c. Working question: What emerging technology areas will have a major impact on the medal tally? 3. Technology Network a. Aim to create a network of technology companies and research partners to assist with potential staffing, research and design, matched funding for projects. b. Working Question: How do we increase our technology network?

89 Sports Technology Executive Summary

Motion Analysis: Significant progress has been made in inertial tracking and high speed GPS. A new system called Trace has been implemented by snowboarding, freestyle, ski jumping and alpine teams that automatically processes the data and overlays it onto video for immediate viewing after a training run.

Race Course Simulation: The alpine team has been using a Russian-made course simulator that projects animated versions of the Beaver Creek downhill while the athlete skis on an interactive lateral track.

Software: The athlete management platform (AMP) software system continues to add more features and improves communication between strength coaches, medical staff and coaches on the progress of athletes and their training programs. New video capture apps have been developed that export directly into the athletes' profile.

Safety and concussion: Recent work has been done on measuring the landing impacts of aerial skiers in the water ramps by attaching accelerometers to the back of their heads.

Landing forces: Collaborative work with UC Davis has enabled us to calculate the landing forces and 'fall heights' of freeskiers and snowboarders to help improve the understanding of the safety of our jumps. The IOC is looking to showcase our work at an upcoming ski safety conference in 2015.

Alpine Suit Design: Work on the 2018 suit has not yet begun; we are still in the planning stages. New collaborative partners have been identified.

Force Plate Analysis: A new software system for force plate analysis has been designed to allow more comprehensive assessment of force and power of our athletes. This system will integrate with video, Dartfish and AMP for storage, analysis and communication of results to athletes and coaches. Software programming is currently being put out to bid for completion by April 2015.

SBX start gate: The snowboard start gate in the Center of Excellence had an upgrade in its software and a new velocity measuring device was installed. This enables us to look at different techniques and their effect on board velocity out of the gate.

Report submitted by Dr Troy Flanagan, High Performance Director

90 Technology and Applied Research Committee Minutes

Mr. Barry MacLean opened the committee meeting by welcoming everyone. He stated he is excited for today’s meeting as it will showcase the many technological developments that Dr. Troy Flanagan has been working on. Mr. MacLean noted that technological projects take time to come to fruition but once these projects come to term they will provide the athletes with incremental advancements. Mr. MacLean highlighted that Troy Flanagan will be presenting five to seven new ideas that he has grouped into three categories, product development, data gathering and marketing/video feedback. With those groupings outlined Mr. MacLean invited Dr. Flanagan to address the committee.

Dr. Troy Flanagan began his presentation by addressing the progress of the alpine suit project. He showed the committee a photo of the suit that the athletes will be using in Sochi. It is the same suit that Ted Ligety used at the World Championships where he won three gold medals. Dr. Flanagan shared a video that showcased the development of the racing suit. The suit project has resulted in reducing the aerodynamic drag by 17%, thereby making it an overwhelming success. In the opinion of Dr. Flanagan this is one of the greatest aerodynamic projects that he has ever worked on.

Dr. Flanagan provided a historical overview of how sports science came to the final suit end product. The suit project began in 2012, after the great work that was accomplished with the ski jumping suits used at the 2010 Olympics, the team set out to evaluate the alpine racing suits. Over the course of the project, 106 wind tunnel tests were conducted and 100 different fabric combinations were also tested. This is the greatest number of wind tunnel testing ever conducted in any aerodynamic testing by the USSA staff. Dr. Flanagan showed results of using various fabrics in the wind tunnel and passed around to the committee samples of the various fabrics.

The team narrowed the fabrics down to eight types, four of the fabrics were used in last year's Spyder suits. However throughout the process, the team discovered a new fabric that Austria and Norway were using and conducted several tests on it. The findings concluded that, at high speeds, the fabric used in the Austrian/Norwegian suits were faster. The next step in the process was to test if it was best to have a smooth fabric or a rough fabric. Depending on the makeup the fabric, the results varied. However it was determined that by putting lines on the suits, similar to those used in the ski jumping project, the suits were in fact faster than the Austrian and Norwegian suits.

Mr. Hank Holland asked if the athletes were currently competing in the new suits and how could we prevent other countries from obtaining one of our suits. Dr. Flanagan acknowledged that yes the athletes are currently competing with these suits. To prevent the suits from being obtained by a competing country the sports science team collects all the suits after competitions.

Mr. MacLean asked Dr. Flanagan to speak about the seams of the suits. Dr. Flanagan highlighted that the zipper has been moved so that it is located underneath the racers bib. Initially the seams of the suit were going to be welded but due to the amount of tailoring undertaken with each suit it is more beneficial to pull the suits on tightly. Making the suit as tight as possible reduces the drag significantly.

Mr. Keller asked Dr. Flanagan, since our fabric is made in France how are we assured that the French team does not have the same fabric for their suits? Dr. Flanagan acknowledged that this was a very valid question and the team goes to the factories and specifically asks who is using what fabric. One of the reasons why the team no longer uses fabrics from Spyder’s factory in Switzerland is because they gave the American teams' fabric to competitors. Other countries are not using the same factory as the Americans. The suits are purchased from Jonathan Fletcher, and then taken to a second factory where they are taken apart, rolled and textured. No other teams are aware of this process.

91 Mr. Keller stated that we are relying on the second factory to not share our suit advancements with other countries.

A question from the floor was asked, given the advancement in technology, how are we assured that the suits will not be disqualified after the athletes have performed.

Dr. Flanagan acknowledged that one way to prevent a disqualification is to make sure that the suits are worn at competitions in advance of the Olympics. To date the suits have been worn at World Championships and other international competitions. The team also made sure that no rules were broken in the development of the suits. Nothing is produced that could break any FIS rules. The spirit of fair play is important and as well as making sure that the suit is completed and tested one-year prior to the Games.

Mr. MacLean noted that in ski jumping there are very strict rules to the make up of the suits, what are the rules in alpine? Dr. Flanagan noted that there are two rules for alpine suits, first being you cannot plasticize a suit and second the suit must flow 40 liters of air through it per minute. For example, at the World Championships, Ted Ligety’s suit tested at 80 liters of air, showing that this does not have an affect on aerodynamics.

Dr. Flanagan then spoke about the various wind tunnel projects that are under way. There is a wind tunnel in Ogden, Utah that is only 60 minutes away from the Center of Excellence that allows for testing and athletes to work on their body positions. Dr. Flanagan showed photos of the women’s alpine team testing and noted that they did a test on tucking the ladies hair into their suit. This test reduced drag by about 10%. Mr. Eric Resnick commented that he saw the ladies still competing with their hair out. Dr. Flanagan acknowledged it is a struggle to get the women’s team to comply with this notation. Ultimately, it is up to the athlete to make the decision.

The ability to conduct wind tunnel testing and training has allowed huge progress for many of the athletes in determining the most aerodynamic body positioning. For the technical events there is still a benefit to wind tunnel testing. Any time you are above 40 mph there is a benefit to utilizing the wind tunnel.

The ski jumping athletes have also been utilizing the wind tunnel and the sports science team built an apparatus where the athletes could free fly in the tunnel. Dr. Flanagan shared a video of the ski jumpers in the tunnel. There is also a new boot-binding project that is currently underway to allow them better control of their skis.

Dr. Flanagan noted that if Americans ever figured out how to harness their talent pool, they would dominate at the Olympic Games. An example of trying to find greater talent was utilized in the sport of aerials. Currently there are 50 aerialist in the country and 20 athletes are selected onto the national team. By working with a talent identification consultant, the sports science team embarked on recruiting gymnasts to become aerialist skiers, by utilizing social media for recruitment.

In the United States there are over 90,000 gymnasts and only six athletes make an Olympic Team. By utilizing social media and YouTube, they launched an Elite Air Tryout camp. Athletes were encouraged to submit a video of their best acrobatic trick and upload it to Youtube and Facebook. The effects of friends/ family liking and sharing their videos resulted in the contest going viral. Dr. Flanagan showed an example of one of the video submissions to the committee. Within one week there were over 100,000 people who had commented, liked or shared a video. Dr. Flanagan shared the analytic findings behind who participated in the project, including a breakdown of age demographic, gender, location, total votes, number of likes and shares, etc. These analytics and demographical breakdowns provide insight into potential sponsors for the next time a competition like this is hosted.

92 There were a total of 60 videos submitted and 30 athletes selected to participate in tryouts. The top athletes were then given an all expense paid trip to the Olympic Training Center in Colorado Springs, as well as coaching and training fees covered. According to the coaches, the quality of gymnastic athlete selected was incredible and they have the potential to reach the Olympic podium.

USA House celebration (l-r): Todd Schirman, Eliza Outtrim, Amanda Revman, Cheryl Pearson, Hannah Kearney, Garth Hager, Mike Bahn and Troy Flanagan. Women's Moguls, 2014 Olympic Winter Games - Sochi, Russia. Photo: Sarah Brunson/U.S. Ski Team

A current snowboard project underway is the utilization of high-speed gps units. These units allow the athletes to study their velocity and g-force within the half pipe. The athletes are embracing this technology as they are now putting analytics to the tricks they are trying in the pipe. By using this technology, they can understand why they can complete or cannot complete a trick in the half pipe and use the data/ feedback to help them improve.

The Athlete Management Platform was launched last year and is a software system that collects data on the athletes. Dr. Flanagan shared analytics for the end of last year’s season including: 170,000 inquiries for information. The Athlete Management Platform, AMP, is now available to the club teams. For the past four years programmers were donated to USSA to develop the ultimate athlete management system, today professional sports teams are now purchasing it. Dr. Flanagan shared how the sports science team utilizes AMP to monitor athletes. There is the potential for 400 clubs to use AMP, this will allow for consistency in athlete monitoring across the country.

The next project that Dr. Flanagan highlighted was SkillsQuest for clubs. SkillsQuest will replace about 1/3 of races for alpine skiers with a skills competition. Each athlete will get a placement or medal for how well they perform a technical aspect of skiing. This will allow the USSA to track what kids are working on and will encourage young athletes to focus on the right technical skills to continue to progress within the sport.

93 Mr. MacLean asked if there was enough support within the organization to facilitate projects like AMP and SkillsQuest. Dr. Flanagan noted that, like any organization, there is always a need for more. Fortunately, Jim Chassion has been willing to donate his support and programmers to help develop these specific programs.

There is a new project that has been underway for only a couple of weeks based off of a research study from Great Britain. During the Summer Olympics Games, the British track cyclists were wearing heated pants. The study showed there was a dramatic increase in peak power when the athletes wore heated pants, keeping their muscles warm prior to competition, than if they did not wear heated pants. Therefore the sports science team is currently trying to figure out how they can apply this to the athletes that will be competing in PyeongChang. The pants are only worn prior to or in between ski runs and are not worn while competing. The pants are battery operated and will keep the athletes warm at the top of the hill.

Looking forward to 2014, there is a large database of information that the sports science team will begin to analyze and look for specific patterns within each sports discipline. By analyzing the data, the sports science team will be looking for answers to questions such as the following; what are the trends behind a specific injury, what are the factors that are associated with optimal performances. There have been several years of data collection and it is now time to take an in-depth analysis of it to identify key performance factors for the future.

Dr. Flanagan concluded his presentation by speaking briefly about the snowboard binding plate. He noted that the snowboard plate project has reached full maturity and the athletes are all using it. By using the binding plate, the athletes do not have to drill through their snowboard to attach the binding. This allows for a much more responsive and smooth ride on the board.

Dr. Flanagan thanked the committee for their time and concluded his presentation.

Catherine Raney

Alex Deibold, Chad Hofheins, Tiger Shaw, Jack Thomas, Steve Rush and Andy Newell; Solar panel ribbon cutting ceremony on the roof of the Center of Excellence, Park City, Utah. October 2014 Photo: USSA

94 Athletic Committee Meeting

Friday, December 5, 2014 8:45 a.m. – 9:45 a.m. The Sonnenalp, Bavaria

Teleconference Information: Dial-in: 1.888.519.8675 Participant code: 5132287

Meeting Chair: Dr. Richard Steadman; Presentation by: Luke Bodensteiner

Athletic Committee Chair: Dr. Richard Steadman Vice Chair: Michael Brooks

Committee Members: Bill Bindley Kirk Kellogg Bob Reynolds John Bloomberg Brian Leach Jim Riepe Jake Burton Carpenter Barry MacLean Alice Ruth Michael Corbat Walter McCormack Mike Shannon J. Taylor Crandall Jonny Moseley Bill Shiebler John Cumming Cindy Nelson Julie Silcock Phill Gross Dexter Paine Lee Styslinger Martha Head Dr. Marc Philippon John Townsend Jeanne Jackson Steven Read

Staff Liaison: Ruth Flanagan, MGO Rockies

The Athletic Committee works closely with the athletic department staff of the USSA to formulate an ongoing strategy for the sport science program and athlete development programs. The committee chairman is proposed by the president and approved by the Board of Trustees. This committee will work closely with the athletic department staff of the USSA to review the ongoing strategies of the athletic department to insure that the Foundation Board of Trustees fully understands the USSA’s plans as they relate to the elite athletic success and development in each of the NGB’s sports.

Agenda 1. Call to order and Chairman's remarks Dr. Richard Steadman 2. Review of activities since last meeting (summary handout) 3. Areas of discussion a. Expanding training access b. Expanding medal opportunities c. Data and analytics If time allows: d. Elite team coach development e. Athlete community engagement

95 Athletic Department Update

Updates since the July Board of Trustees' meeting.

Elite Teams: Roughly two-dozen athletes who were injured last season have recently been cleared for return to snow, meaning we enter this season with much of the team healthy. A reorganization of the moguls staff is providing increased air coaching to address a competitive weakness in that area, and greater focus on the development levels. A special allocation of Gold Passes for Nordic Combined has provided a staff of five (two World Cup coaches, development coach, two ski technicians).

Elite Athlete Development: Twenty-eight athletes are taking part in the alpine NTG this season, providing programming below the D-team level. Three athletes have been named to a Boardercross development group, developed in close collaboration with top domestic SBX clubs, providing athletes with access to national team coaches and training camps. A slopestyle snowboarding Rookie Team has been established with 10 athletes on the roster. A new addition to the freeskiing/snowboarding Project Gold lineup is a winter camp, expanding out from summer on-snow and conditioning camps. Thirty-six aerials prospects were evaluated for our Talent ID program, with three being selected into the EADP. Development groups in moguls and aerials were further expanded to provide training with the national team at the UOP and the Center of Excellence.

Thirty-two rookie athletes were inducted into the USSA's elite teams during the annual Rookie Camp at the Center of Excellence. The two and a half day camp serves as an introduction to the services available to the athletes, expectations of them as Team member, and the USSA culture. Special seminars covered financial literacy, military mentorship, substance abuse prevention, media training, charitable engagement, personal fundraising, networking, career planning and anti-doping.

2014 Rookie Camp - We started from the bottom, now we're here…

Rob Powers of the Military Mentorship Program in partnership with USSA; Center of Excellence, Park City, UT.

96

Jen Housholder, former member of the Air Force and Army Black Hawk pilot.

SkillsQuest: Thanks to a grant from P&G, SkillsQuest will again be deployed at 20 to 30 locations nationwide through events organized by USSA staff, targeting approximately 2,500 U14 participants. A fitness testing protocol is under development and will be deployed through SkillsQuest utilizing AMP, eventually enabling us to distribute normative data back to clubs as recommended national standards. Freestyle SkillsQuest is now under development.

Coach and Official Education: A 27% increase in the number of coach clinics was achieved last year, including five new certifications. Three new certifications are being launched this year (L400 alpine and snowboarding, and L200 cross country), along with a coaching mobile app which will be available to all USSA coaches providing mobile viewing of COE TV content, drill plans and instructional content. National Training Systems for Freeskiing have been completed to guide coach and athlete development in that sport. An alpine online introductory race officials' course is being launched in September.

Club Development: 58 clubs have received certification to date with ten at the Podium level; 42 additional clubs have applied for certification, with 14 applying for podium certification. An 11- member club consultant team is involved with certification and club mentoring. Participation in monthly club leadership webinars ranges from 10-40 participants, with re-broadcasts viewed by up to 80 more. Content for these webinars is topical to the published Guide to Club Excellence.

Report submitted by Luke Bodensteiner, Executive Vice President

Angeli VanLaanen, Olympic Freeskier, and Jen Housholder of the Military Mentorship Program 2014 Rookie Camp; June 2014; Photos: USSA

97 Athletic Committee Meeting Minutes

Friday – December 6, 2013 7:45 a.m. – 8:45 a.m. MST The Sonnenalp, Bavaria

Athletic Committee Members Chair: Dr. Richard Steadman Vice Chair: Michael Brooks

Committee Members: Bill Bindley Jonny Moseley John Bloomberg Cindy Nelson Jake Burton Carpenter Dexter Paine Michael Corbat Dr. Marc Philippon J. Taylor Crandall Steven Read John Cumming Bob Reynolds Richard Georgi Jim Riepe Phill Gross Alice Ruth Martha Head Mike Shannon Jeanne Jackson Bill Shiebler Kirk Kellogg Julie Silcock Brian Leach Lee Styslinger Barry MacLean John Townsend Walter McCormack

In Attendance: Dr. Richard Steadman, Dexter Paine, Hank Holland, Steve Strandberg, Phill Gross, Spence Eccles, Jay Kemmerer, Dennis Keller, Mike Corbat, John Townsend, John Underwood, David Henle, Walter McCormack, Julie Silcock, Rich Tutino, Andy Daly, Andy McLane, Mike Shannon, Mike Brooks, Marty Head, Craig Slater, Edie Thys Morgan, Dave Saunders, Mark Dowley, Bill Shiebler, Eric Resnick, Kirk Kellogg, Bob Reynolds, Lee Styslinger, Thom Weisel, Mark Philippon (phone), John Bloomberg, Jarett Wait, Greg Boester, Ron Kruszewski, Cindy Nelson, Luke Bodensteiner, Troy Flanagan

1. Welcome

Dr. Richard Steadman welcomed the group and introduced Luke Bodensteiner.

2. Sochi: Making the Difference – Luke Bodensteiner

Luke Bodensteiner welcomed the group making note of the upcoming Olympic season in Sochi, Russia. He highlighted that Olympic seasons are always challenging with different pressures and stresses than a normal season. Luke stressed that we really don't know how our athletes will perform, but that what we'll see in February is a culmination of a plan that was built six years ago.

Part of the six-year plan involved reformed resource allocation. According to Luke, this has been a game changer for the organization and has helped to unlock athlete performance. Luke explained that resource allocation is always challenging, as we have to rely on good collaboration and partnerships with affiliated groups to make performance happen. However, the Team has seen results since reallocating resources, as demonstrated this past winter.

Luke explained that post-Vancouver was an interesting time for the USSA. The Team achieved their goal of being best in the world in Vancouver. Now, he said, the focus is less about how we get to the top and more about how we stay at the top. After the Vancouver Olympics, Luke and

98 the athletics team made the decision to pump up two programs. They combined the long-standing medical program with the sports science program to create the new High Performance Program headed by Troy Flanagan. Luke described how combining the two programs resulted in a stronger performance process for athletes.

In addition to creating the High Performance Program, Luke described how they have also focused on athlete career and education, hiring Lauren Loberg to head up the program. Luke and his Team have used the athlete career and education program as a tool to enhance the performance of athletes. The program has helped reduced stress during times of injury (which is always a very stressful time for the athletes) by filling the time with a positive activity and personal development. Luke also noted that the program has helped to address negative behaviors of athletes. Luke explained that when the athletes do have downtime, we want them to fill it with something positive and productive. We want to make sure our athletes have stronger athletic careers and this program can help them maintain their athletic careers for an additional one to two Olympic cycles. Luke also noted that, with the establishment of this program, the athletes are getting a clearer sense of transition into post-athletic life.

Luke moved on to talk about athlete infrastructure mentioning the USSA's flagship project, the Copper Speed Center. In addition to Copper, Luke and his team have spent a lot of time developing relationships with resorts to provide better training experiences. Luke noted the following relationships: Mammoth for Freeskiing and Snowboarding Private access to venues Customizing the training courses Deer Valley and Wolf Creek for Freestyle training camps Soldier Hollow in Utah for Nordic Utah Olympic Park Tubing hill in Park City

Luke went on to talk about the depth of the Team. After Vancouver, Luke and the athletic staff decided that we needed a deeper team in Sochi. Luke explained that Vancouver was atypical. He noted that we had all the home team advantage without the home team pressure and the athletes came away with an excellent medal performance. Luke stressed that in Sochi, however, there will be extreme planning challenges. (He mentioned un-built venues, lack of experience at the sites, etc.). He explained that we need a larger squad of athletes to get to the podium in Sochi. To do this, Luke described how they have focused on the better development of specific athletes. He said that they have been reasonably successful in doing this.

Luke continued his discussion on Team depth by talking about the addition of new Olympic events. He brought up the lobbying process with the FIS and IOC to add Women's Ski Jumping, Freeskiing and Slopestyle Snowboarding events to the Olympic lineup.

Dennis Keller asked Luke how many athletes we took to Vancouver and how many we are planning to take to Sochi. Luke replied that we took 76 athletes to Vancouver and will take 95-100 to Sochi. He commented that we do have to go through a process of earning quotas in these sports. Luke also described how his staff tracks podium potential athletes who they believe have the potential to make it to the podium. He said that we are 30% higher here than in Vancouver and have a stronger team.

Continuing his discussion on the plan for Sochi, Luke described how he and Bill Marolt went to Russia to discuss a training partnership with the Russian team, particularly with Alpine skiing. He said that this partnership will really pay off for us. The partnership started in 2012 with the first

99 training camp in Sochi. Luke noted that we are the only team (other than Russia) that has been able to train on the Olympic alpine course in Sochi. According to Luke, this has been very productive for the athletes. Troy Flanagan also came with his sports science and technology team to make analyses of the course and map out the tactical plan of how they will attack the race. Last year, we had a five-week window of training in Russia and the athletes came at a time that was good for them. Unfortunately, at the Games there is not a lot of training space and Luke and his team are trying to work out a training course on other side of the venue.

Dennis Keller asked what the benefit was to the Russian Team to partner with us. Luke explained that in return, we've given the Russians access to the training hill in Copper. He noted that the Russians are not trying to win medals in Alpine as they are not yet good enough, they simply want to get their kids on snow.

Mike Corbat asked if the Russian Team had any decent skiers. Luke said that they have been improving and are now getting into second runs.

Dave Saunders asked if there were going to be any challenges getting gear to Russia so that the athletes can be prepared on the Mountain. Luke said he thought we would be ok there, but that it wa a different situation for the Norwegian teams – they have a much more difficult time in Russia.

Luke went on to explain that our team has done an incredible job in laying things out early in the Olympic cycle. He said that we have allowed the team to focus on the execution of the plan in a calm and collected approach.

Mike Brooks asked if Luke had started to think about Korea. Luke said that they have, but not in terms of a training partnership yet.

Following Mike's question, Luke expressed that people are focused and confident in the plan and he thinks we are in a good spot. He described how they have also put a lot of focus on team culture and dynamics, focusing hard on this spring and summers. He said that they have spent a lot of time with the teams defining expectations and developing standards including sessions during team meetings, seminars and other communications. According to Luke, the focus is on what will make us successful and how to be successful. Luke also described how they added a core value to the organization this year - courage.

Luke highlighted that the main message going to Sochi is to focus on the most important thing, strong leadership. He explained that they have set strong leadership expectations for all athletic staff focusing on what is expected, whom it is expected of, and who is accountable and why. He said that issues do come up (we have a team of young athletes and that does bring with it some challenges), but we have to circle up with them and help them with personal life challenges at times.

Luke concluded saying that, over the last six years, we have set a very strong foundation for the Team. He then introduced Troy Flanagan, Director of the High Performance Department.

3. Best in the World – Shaping the Future Troy Flanagan

Troy Flanagan began his talk by noting that our prep this year has been recognizably different than for Vancouver. He said that, to him, Vancouver was practice for Sochi. Troy went on to describe that there is extraordinary infrastructure for our Teams now. There are now seven team strength coaches on the weight room floor versus only five last year. He described how athletes are really getting the personal treatment saying it's almost like every athlete has a personal trainer when they come into center to work out.

According to Troy, the new infrastructure has helped generate great test results for athletes. Troy proceeded to give examples of improved athlete testing:

100 Mikaela Schifrin has had a 10% increase in her strength test since using the COE. Before, she had been racing under her strength level, which is very dangerous. Now, she is racing up to her strength level on the World Cup and is technically unbelievable. Kikkan Randall had had a 62% improvement in power. Last year, half of the entire U.S. Freeskiing field blew out ACLs, but, Troy has found that people are coming back stronger after injury. Snowboarders: 17% change over three years in strength with 23% increase in body comp over the same period. Aerials – now hit 10 Gs when going off ramp.

Phill Gross asked Troy if most of the athletes have their own personal trainers outside of USSA. Troy explained that in 2007 about 125 athletes were on their own personal program. Now, 95% of our athletes are on our program offered through the Center of Excellence.

Eric Resnick asked what Troy meant when he said that 95% are on "your" program. Troy said that it meant that about 5% of the athletes go on their own personal program, with their own trainers etc, but that we find that partnering with the athletes and their personal programs works out better. For example, Lindsey Vonn has her Redbull team to help her with her training program.

Troy went on to discuss athlete injury prevention noting that they have prevented so many injuries this year via individualized programs.

In his approach to the Games, Troy explained how he interviewed his staff to get their opinions. He played a short video that featured comments from USSA trainers and High Performance staff. The comments expressed by trainers in the video about Sochi and their plan included the following: They have put many processes in place to help athletes with the Internship program, and managing the rehabilitation process. The number one key to success - communication and teamwork within the group. Everyone comes from a different background and all have different expertise in their own ways, we challenge each other and this all drives the ship forward. We have something unique that isn’t replicated in other places which keeps us unique. Sports medicine is fully integrated with sports and fitness and sports science. The staff downstairs is very competitive, but also very lighthearted. Everyone works extremely hard to make the athletes the best that they can be. Sports Science probably has more fun than anyone in the building does right now. We see how athletes can get worked up in an Olympic year. At times, they may want to change things up, but the most important thing is consistency - to stick to the program. We will set up similar processes that worked in Vancouver - just remain focused on performance, make sure athletes are comfortable. Successful athletes said they felt a lot more relaxed and ready in Vancouver than in Torino It is going to take a whole team effort; everyone working together to win, not just athletes and coaches, but all of USSA and we all must stick to the plan. When it comes down to crunch time, everyone's focus needs to be on success - from athletes to trainers, to management, everyone should be focused on the athletes and what they need; if we're all focused on that goal, we will have success at the Olympics.

101 Troy wrapped up the presentation by saying that the athletes are better prepared than ever. He said that it has been a long summer, but we have given them every possibility to perform at the highest level and to do their best.

4. Team Environment in Sochi – Luke Bodensteiner

Luke returned after Troy to discuss the team environment in Sochi. He explained that some athletes will be in the Olympic village and some will not;- it will be determined on a team-by-team basis. Predominately, Luke said, teams will be staying in a private location in the valley. According to Luke, they are taking a similar approach to Vancouver. They will bring their own chefs to insure high-quality food for athletes and will set up a training center in the hotel. They also plan to set up team meeting rooms, tuning rooms, and a broadcast studio. The broadcast studio is new for us in Sochi. Luke noted that successful Olympic athletes have a big media demand on-site and a broadcast center at the hotel will help cut down transport time.

Touching on the numbers, Luke said that there will be roughly 100 athletes in Sochi with 145 athletic personnel to help including nutritionists, psychologists, chefs, trainers, concussion specialists, press officers, coaches and parent point people. Luke noted that the Parent Program has been active for over a year now and they are working with parents to help them understand how to be high performance parents (i.e. to help them to not to stress out the athletes at the Games).

Talking about Team selection, Luke noted that we have a large team. He said that the week of January 20th athletes will be named to Olympic teams across the board and this is followed by a four-day window where we may pick up additional quota spots. Luke explained how selection was based on athlete performance at Olympic trials, the Grand-Prix series and the World Cup events. Luke said that there is also room for coaches' discretion spots. He also said that there are a lot of interesting situations that will affect selections this year including athletes recovering from injury.

5. Best in the World – Shaping the Future – Luke Bodensteiner

Luke then mentioned the upcoming Olympics in PyeongChang. He said that one focus is keeping our eyes on new sports to bring into the Olympic program in 2018. At the spring IOC meeting, big air snowboarding and Team SBX will be presented as potential new events. Luke said that they are getting good traction on these events and if they are successfully added, the IOC may consider adding ski big air as well. According to Luke, they are also looking closely at dual moguls. Luke shared that adding dual moguls to the lineup is not so popular with the FIS though, so Luke said they might work through the South Korean Olympic Committee to help bring this to the table. South Korea may not have many opportunities to win medals at the Games in 2018 except potentially in moguls' events, so this may be advantageous.

Luke concluded his talk by addressing the USSA's Domestic Development. He said that they are increasing staff and hiring stronger leadership at the development level. At this time, the floor was opened up for questions.

Mike Brooks asked if Russia would win any medals in alpine. Luke said his opinion was no medals for Russia in alpine, but yes for winning medals in nordic and biathlon. Luke asked if there were any other questions to which the committee members responded with a "Good Job!"

6. Adjourn

There being no further business, the meeting adjourned.

Jessica Miller

102 Youth Initiatives Committee Meeting

Friday, December 5, 2014 2:45 p.m. – 3:45 p.m. The Sonnenalp, Bavaria

Teleconference Information: Dial-in: 1.888.519.8675 Participant code: 9495068

Meeting Chair: Phill Gross

Youth Initiatives Committee Chair: Phill Gross Committee Members: Bill Bindley, Jr. John Cumming Spence Eccles Rusty Gregory Tom Karam Dexter Paine Eric Resnick Bob Reynolds Mike Shannon Steve Strandberg John Underwood Staff Liaison: Chip LaCasse, Senior MGO, Northeast

The Youth Initiatives Committee works closely with the USSA to provide winter sports opportunities to youth in the United States that will improve fitness, build youth of character, and expand the athlete pool by increasing participation in skiing and snowboarding. The Committee will review plans and programs to insure that the USSA acts as a convener; effecting success by providing a national platform, establishing best practices, facilitating local collaborations and sourcing funding through strategic linkages with youth organizations.

Agenda

1. Chairman’s Welcome Phill Gross

2. Roll Call of Members Present

3. Update on Current Programs NWSEF Invitational Race Series Winter Activity Center Ted Ligety Learn to Ski – Utah and at the WAC Nordic Rocks – Midwest and East Youth Fest

4. USSA’s Collaboration and Role within Programs

103 USSA Branding and Public Relations USSA Athlete Mentoring/Coaching: Virtual and In-Person USSA Merchandising and Purchasing Cooperation NWSEF’s Role in Growing the USSA “Community” Talent ID

5. Working Group Questions: What is the USSA’s participation and role in the NWSEF programs? What does success look like for the Youth Initiatives programs in the coming years as it pertains to the USSA? What metrics should be used to measure success? Are there additional key strategic alliances/programs that could be further engaged or developed?

6. Adjourn

2014 National Training Group girls pose as the sun breaks over the mountains before training camp at the top of Copper Mountain

104 Youth Initiatives Executive Summary

In 2014, the Youth Initiatives Department’s projects were moved outside of the USSA and currently are managed by the National Winter Sports Education Foundation, NWSEF. The Executive Director works closely with Brian Krill, the USSA’s Club Development Manager to coordinate mutually- beneficial projects and the involvement of USSA athletes in NWSEF programs. The NWSEF is expanding pilot projects with its partners for the 2014-15 season. Several of the projects are continuations from the prior season; the Ted Ligety Learn to Ski program is expanding to other resorts in Utah; and in the NYC area, Youth Fest 2015 at Pats Peak includes a coaches' clinic; Nordic Rocks in the Midwest is also moving to the East Coast.

Athletes involved in NWSEF programs are Ted Ligety, Kikkan Randall, Andy Newell, Sophie Caldwell and Liz Stephen.

New for 2014-2015 – The NWSEF has approved funding for a ski area in New Jersey the National Winter Activity Center, NWAC. The Hidden Valley Resort is being purchased by the NWAC and the project should begin in February 2015. It is a model for growth in alpine skiing. It will take “never- evers” through structured programs culminating in club development as well as competition. YES Kids will be starting a program in Boston for its kids. The program “Coach” is Sophie Caldwell who will provide tips and updates to the participants during the season. Nordic Rocks will begin a “race around the schoolyard” program this year with medals for each gender in 1st, 2nd and 3rd places.

Report submitted by Dick Coe, NWSEF Executive Director

USSA float in the 4th of July Park City Parade; Photo: USSA

105 Nominating & Governance Committee

Friday, December 5, 2014 3:45 p.m. – 4:30 p.m. Sonnenalp, Bavaria Room

Meeting Open to Committee Members Only

No teleconference

Meeting Chairs: Eric Resnick/Andy McLane

NOMINATING & GOVERNANCE COMMITTEE Co-Chairs: Eric Resnick and Andy McLane Committee Members: Greg Boester John Bucksbaum Phill Gross Jonny Moseley Dexter Paine Paul Raether Steve Strandberg Stew Turley Thom Weisel Staff Liaison: Kate Klingsmith, MGO Southwest

The Committee consists of 11 Trustees, including the president but no other officers. The other Trustees are proposed by the president and approved by the Board. The committee will select its chair, who cannot be the president. In the event that the immediate past president remains on the Board of Trustees, he or she automatically becomes chair of the Committee.

The Nominating and Governance Committee will have the following responsibilities: To nominate U.S. Ski and Snowboard Team Foundation officers. To lead the search for individuals qualified to become Trustees and provide the Board with appropriate individuals for the Board to vote upon as potential new Trustees as well as to nominate Trustees of USSTF to serve as directors on the Board of Directors of USSA. To develop and disseminate written Trustee criteria for each open Board position. To work with the President and the CEO to develop and implement an appropriate orientation program for new Trustees and continuing education of existing Trustees. To report to the Board on its activities and to maintain minutes of its activities and records of attendance of its members. To review the governance structure of the organization, and propose any changes which may be necessary or desirable.

106 Agenda 1. Welcome Andy McLane/Eric Resnick 2. Approval of May 8, 2014 Meeting Minutes Andy McLane/Eric Resnick 3. Potential Nominations Andy McLane/Eric Resnick Active List Athlete Alumni List 4. Old/New Business Andy McLane/Eric Resnick Fall 2014 Rotation Schedule Ratification of chairmanship and vice chairmanship for Investment Committee 5. Adjourn

Fly fishing on the Provo and Weber Rivers during the Summer Board of Trustees' Meeting Photo: USSA Foundation staff

107 Nominating & Governance Committee Minutes

The detailed meeting minutes from the USSTF Nominating & Governance Committee meetings were distributed previously to the members of the committee.

EXECUTIVE SUMMARY OF ACTIONS

Wednesday, December 18, 2013 Teleconference Eric Resnick joins the Nominating Committee as the co-chair of the Nominating and Governance Committee with Andy McLane. Resnick replaces Dexter Paine as the co-chair. It was noted that the bylaws needed to be amended to increase the size of the Board of Trustees from the current 70 to 75. It was agreed that a ballot would be sent out to the entire board to ratify the change. Three Trustee candidates were discussed including Andrew Davis, Dani Virtue and Austin Beutner. Davis and Virtue both attended the December Board of Trustees meeting. All three candidates had complete paperwork and were ready to move forward. The motion was made to ratify the three new Trustee candidates and approved by all. McLane confirms the current number of Trustees on the Board is 72 with the recent non re- nomination of Richard Georgi. Recently resigned Trustee, Shelby Davis was nominated to become an Emeritus Trustee. The nomination was moved and approved by all. Other Trustee candidates on the nomination list were evaluated. McLane commented that there were three open spots on the board. With a capital campaign about to start, he deemed it very important to bring people onto the board who have greater capacity than just Inner Circle. It was noted that there were five vacancies on the Nominating and Governance Committee, including four Trustee spots and one athlete spot. McLane expressed there were five names on the list of potential new committee members and that having a woman on the committee was really important. The committee members were tasked with reaching out to the prospective new members to ask them to join the next committee meeting, which was tentatively scheduled for late spring.

Thursday, May 8, 2014 Teleconference The committee welcomed Trisha Worthington back to the Foundation as EVP and Chief Development Officer. McLane also welcomed the four new committee members, Phill Gross, Jonny Moseley, Steve Strandberg and Jarett Wait. Two potential Trustee candidates were discussed including Lynn Dorsey Bleil and Dan Leever. Both had completed paperwork and the motion was made to ratify the two Trustee candidates and approved by all. The December meeting minutes were discussed, moved and approved by all. Six other Trustee candidates on the nomination list were evaluated and it was noted there was only one open spot at this time.

108 McLane mentioned that the committee should take a step back and look at what was really needed on the Foundation Board, in terms of geography, gender and overall representation matters. Strandberg asked if there were any industry gaps or any other criteria used to find Trustees when vacancies occur. Resnick explained that we were weak in the Southeast and Southwest representation, heavy on the finance side and weak on the technology side. Resnick suggested having more of a structured conversation for the next committee meeting, complete with proper research and materials on current industry and geographic distribution. McLane explained that the Trustee term is three years and there are no term limits. There were 11 Trustees whose terms expired in the spring and would be approved at the summer Board of Trustees meeting. McLane noted there were times we had issues with delinquent payments and lack of attendance at board meetings. McLane was proud to disclose that there were no financial delinquencies this year. He also communicated that the list of 11 Trustees to be re-nominated this spring all had great track records. The 2014 Spring Trustee re-nominations were moved and approved by all.

New England Ski Ball, Cyclorama, Boston, MA; Photo: USSA

109 U.S. Ski and Snowboard Team Foundation Board of Trustees' Rotation Schedule

Trustees Year Joined Three-Year Term Expires

1. Kevin Arquit 2012 2015 2. Bob Beattie 1996 2014 3. Jim Benedict (Secretary) 2009, Spring 2015 4. Bill Bindley II 2004, Fall 2016 5. Gary Black, Jr. 1997 2015 6. Lynn D. Bleil 2014, Spring 2017 7. John Bloomberg 2004, Spring 2016 8. Austin Beutner 2013 2016 9. Greg Boester (President) 2004, Spring 2016 10. Erik Borgen 1996 2014 11. Michael Brooks 1997, Fall 2015 12. John Bucksbaum 1997, Fall 2015 13. Andrew Cader 2001, Fall 2015 14. Jake Burton Carpenter 2000, Fall 2015 15. Kevin Connors 2010 2016 16. Michael Corbat 2011 2014 17. J. Taylor Crandall 2002, Fall 2014 18. John Cumming 2003, Spring 2015 19. Andrew Davis 2013 2016 20. Mark Dowley 2002, Summer 2015 21. Spence Eccles 1985 2015 22. Wes Edens 2005, Spring 2014 23. Harry Frampton 1998 2015 24. John Garnsey 2011, Spring 2014 25. Rusty Gregory 2008, Spring 2014 26. Phill Gross 2008, Fall 2014 27. Fred Harman 2007, Fall 2016 28. Robert Hatcher 2007, Fall 2016 29. Martha Head 1997, Fall 2015 30. David Henle 2006, Fall 2015 31. Robert Hoff 2003, Spring 2015 32. Hank Holland 2007, Fall 2016

110 33. Jeanne Jackson 2001, Fall 2016 34. Tom Karam 2009, Fall 2015 35. Dennis Keller 2004, Spring 2016 36. Kirk Kellogg 2011 2014 37. Jay Kemmerer 1997, Spring 2015 38. Ron Kruszewski 2010 2016 39. Brian Leach 2013 2016 40. Dan Leever 2014 2017 41. Randy MacDonald 2011, Spring 2014 42. Doug Mackenzie 1998, Fall 2016 43. Barry MacLean 1999, Spring 2014 44. Walter McCormack 2010 2016 45. Andy McLane 1997, Fall 2015 46. Dave Morin 2012 2015 47. Kipp Nelson (Treasurer) 2005, Spring 2014 48. Dexter Paine III 1996 2014 49. Marc Philippon 2011 2014 50. Paul Raether 1993 2014 51. Steven Read 2006, Fall 2015 52. Eric Resnick (Vice President) 2006, Fall 2015 53. Robert Reynolds 2006, Spring 2015 54. James Riepe 2002, Summer 2014 55. Armins Rusis 2012 2015 56. Alice Ruth 2010 2016 57. Dave Saunders 2012 2015 58. Michael Shannon 2005, Spring 2014 59. Bill Shiebler 2002, Spring 2014 60. Julie Silcock 2009, Fall 2015 61. Brian Simmons 2010 2016 62. Craig Slater 2013 2016 63. Dr. Richard Steadman 1981 2015 64. Steve Strandberg 2006, Spring 2015 65. Lee Styslinger 2007, Fall 2016 66. Hank Tauber 1985 2015 67. John Townsend 1999, Spring 2014 68. Rich Tutino 2013 2016 69. John Underwood 2011 2014

111 70. Danielle Virtue 2013 2016 71. Thom Weisel 1977 2014 72. Geoff Yang 2002, Spring 2014

Athlete Alumni Trustees Year Joined Two-Year Term Expires 1. Jonny Moseley 2013 2016 2. Cindy Nelson 1986 2016 3. Edith Thys Morgan 2012 2015

Emeritus Trustees Year Joined Year Elected Three-Year Term Expires 1. Graham Anderson 1974 2011 2014 2. David Arnold 1976 1996 2015 3. Renee Behnke 1992 1997 2014 4. Bill Bindley 1988 2011 2014 5. Craig Brown 2003 2009 2015 6. Nic Cohen 1982 1997 2015 7. Andy Daly 1994 2012 2015 8. Shelby Davis 2010 2013 2016 9. Daniel Doyle 1995 2002 2014 10. Jake Garn 2011 2014 11. Peter Kellogg 1991 2011 2014 12. Hal Kroeger 1994 1994 2015 13. Wm. Jeffries Mann Sr. 1991 1996 2015 14. John McMillian 1973 2002 2015 15. Andy Mill 1997 1997 2015 16. Warren Miller 1987 1996 2014 17. Robert O’Block 1989 2001 2016 18. David Pottruck 1998 2010 2016 19. Jim Swartz 1999 2011 2014 20. Jamie Temple 1999 2009 2015 21. Stew Turley 1986 2007 2016 22. Stephen Woodsum 2000 2003 2015 23. Samuel Zell 1993 1996 2015

112 USSA Board of Directors’ Rotation Schedule Two-Year Term Expires Spring 1. Dexter Paine, Chairman 2014 2. Greg Boester, Vice Chair 2014 3. John Bucksbaum, Treasurer 2015 4. Jeanne Jackson 2014 5. Kipp Nelson 2014 6. Hank Tauber 2015 7. Andy McLane 2015

USSTF Nomination Policy and Procedures

Should you wish to refer to the USSTF Nomination policy and procedures, please request a copy from your major gifts officer.

2014 Park City Community USSA Reception hosted by Mike Engel. Photo: USSA

113 U.S. Ski and Snowboard Team Foundation Board of Trustees

Active President: Greg Boester, Rye, NY Vice President: Eric Resnick, KSL Capital Partners, Denver, CO Treasurer: Kipp Nelson, Ketchum, ID Secretary: Jim Benedict, Millbank, Tweed, Hadley & McCloy, LLP, New York, NY Kevin Arquit, Simpson, Thacher & Bartlett, LLP, New York, NY Bob Beattie, World Wide Ski Corporation, Aspen, CO Austin Beutner, Los Angeles, CA Bill Bindley II, Intruder Films, Malibu, CA Gary Black, Jr., Elk's Rest, Sun Valley, ID Lynn D. Bleil, McKinsey & Company, Park City, UT John Bloomberg, Park City, UT Erik Borgen, Borgen Investment Group, Inc., Denver, CO Michael Brooks, Venrock Associates, New York, NY John Bucksbaum, Bucksbaum Retail Properties, Chicago, IL Andrew Cader, ACNYC, LLC, Mt. Kisco, NY Jake Burton Carpenter, Burton Snowboards, Burlington, VT Kevin Connors, Goldman Sachs, London, UK Michael Corbat, Citi, New York, NY J. Taylor Crandall, Oak Hill Capital Management, Menlo Park, CA John Cumming, Powdr Corp., Park City, UT Andrew Davis, Davis Selected Advisers, L.P. Sante Fe, NM Mark Dowley, DDCD & Partners, New York, NY Spence Eccles, Well Fargo Bank, Salt Lake City, UT Wes Edens, Fortress Investment Group LLC, New York, NY Harry Frampton, East West Partners, Avon, CO John Garnsey, Vail Resorts, Vail, CO Rusty Gregory, Mammoth Mountain Ski Area, Mammoth Lakes, CA Phill Gross, Adage Capital Management, Boston, MA Fred Harman, Oak Investment Partners, Palo Alto, CA Robert Hatcher, Mid Country Financial Corp., Macon, GA Martha Head, Vail, CO David Henle, DLH Capital, LLC., New York, NY Bob Hoff, Crosspoint Venture Partners, Irvine, CA Hank Holland, The Private Banking and Investment Group at Merrill Lynch, San Francisco, CA Jeanne Jackson, Nike, Portland, OR Tom Karam, Delphi Midstream Partners, LLC, New York, NY Dennis Keller, DeVry Inc., Oakbrook Terrace, IL Kirk Kellogg, Kellogg Group, LLC, New York, NY John Kemmerer III, Jackson Hole Mountain Resort, Jackson, WY Ron Kruszewski, Stifel Financial Corp., St. Louis, MO Brian Leach, Citi, New York, NY Dan Leever, Platform Specialty Products, Vail, CO Randy MacDonald, IBM, Greenwich, CT Doug Mackenzie, Radar Partners, Palo Alto, CA Barry MacLean, MacLean-Fogg, Mundelein, IL Walter McCormack, Granite Capital Management, LLC, New York, NY Andy McLane, TA Associates, Inc., Weston MA Dave Morin, Path, San Francisco, CA Dexter Paine, III, Paine Partners, New York, NY Dr. Marc Philippon, The Steadman Clinic, Vail, CO Paul Raether, Kohlberg Kravis Roberts & Co., New York, NY

114 Steven Read, Read Investments, Berkeley, CA Robert Reynolds, Putnam Investments, Boston, MA Jim Riepe, T. Rowe Price Group, Inc., Baltimore, MD Armins Rusis, Markit, New York, NY Alice Ruth, Willett Advisors LLC, New York, NY Dave Saunders, K2 Advisors, Stamford, CT Mike Shannon, KSL Capital Partners, Denver, CO Bill Shiebler, Park City, UT Julie Silcock, Houlihan Lokey, Dallas TX Brian Simmons, CHS Capital LLC, Chicago, IL Craig Slater, Anschutz Investments, Denver CO Dr. Richard Steadman, The Steadman Clinic, Vail, CO Steve Strandberg, WestBridge Ventures, San Francisco, CA Lee J. Styslinger, III, Altec Industries, Inc., Birmingham, AL Hank Tauber, Park City, UT John Townsend III, Tiger Management, LLC, New York, NY Rich Tutino, Lazard Asset Management LLC, New York, NY John Underwood, Goldman Sachs & Co., San Francisco, CA Danielle Virtue, Rye, NY Thomas Weisel, Stifel Financial Corp, San Francisco, CA Geoff Yang, Redpoint Ventures, Menlo Park, CA

Emeritus Graham Anderson, Graco Investments, Inc., Ketchum, ID David B. Arnold, Jr., Boston, MA Renee Behnke, REB Enterprises, Seattle, WA Bill Bindley, Bindley Capital Partners, LLC, Indianapolis, IN Craig Brown, Wilton, CT Nic Cohen, Astor Industries, Inc., Reading, PA Andy Daly, Steamboat Alpine Development, LLC, Vail, CO Shelby Davis, Wilson, WY Daniel Doyle, Tampa, FL Jake Garn, Summit Ventures, LLC, Salt Lake City, UT Peter Kellogg, IAT Re-Insurance, New York, NY Hal Kroeger, Tower Hill Wealth Management, Inc. St. Louis, MO William Jeffries Mann Sr., Mann Investments, Inc., Memphis, TN John McMillian, Park City, UT Andrew Mill, Aspen, CO Warren Miller, Warren Miller Entertainment, Deer Harbor, WA Robert O'Block, McKinsey & Company, Inc., Boston, MA David Pottruck, Red Eagle Ventures, San Francisco, CA Jim Swartz, Accel Partners, Palo Alto, CA Jamie Temple, Real Estate Developer, Steamboat Springs, CO Stew Turley, Clearwater, FL Stephen G. Woodsum, Summit Partners, Boston, MA Samuel Zell, Equity Group Investments, Chicago, IL

Athlete Edith Thys Morgan, Etna, NH Jonny Moseley, Belvedere Tiburon, CA Cindy Nelson, Vail, CO

11/14

115 U.S. Ski and Snowboard Team Foundation Committee Membership

EXECUTIVE STEERING COMMITTEE President: Greg Boester Vice President: Eric Resnick Treasurer: Kipp Nelson Secretary: Jim Benedict Immediate Past-President: John Cumming Nominating & Governance Committee Co-Chairs: Eric Resnick /Andy McLane Foundation (Resources & Special Events) Co-Chairs: Jim Benedict/ Paul Raether Education Committee Chair: David Henle Athletic Committee Chair: Dr. Richard Steadman Marketing & Communications Chair: Mark Dowley CEO: Tiger Shaw (non-voting) Staff Liaison: Trisha Worthington, Chief Development Officer, EVP

NOMINATING & GOVERNANCE COMMITTEE Co-Chairs: Eric Resnick and Andy McLane Committee Members: Greg Boester John Bucksbaum Phill Gross Jonny Moseley Dexter Paine Paul Raether Steve Strandberg Stew Turley Thom Weisel Staff Liaison: Kate Klingsmith, MGO Southwest

EDUCATION COMMITTEE Chair: David Henle Vice Chair: Jim Benedict Committee Members: Kevin Arquit John Bucksbaum John Cumming Phill Gross Dennis Keller Kirk Kellogg Barry MacLean Edith Thys Morgan Jonny Moseley Cindy Nelson Dr. Marc Philippon Steven Read Armins Rusis Bill Shiebler Hank Tauber John Underwood Staff Liaison: Chip LaCasse, Senior MGO, Northeast

116 ATHLETE MENTOR WORKING GROUP Co-Chairs: Greg Boester and Kipp Nelson Committee Members: Jim Benedict John Cumming Mark Dowley Harry Frampton Bob Hatcher David Henle Hank Holland Dennis Keller Jay Kemmerer Doug Mackenzie Dexter Paine Steven Read Eric Resnick Bill Shiebler Steve Strandberg Hank Tauber Gordon Strachan, General Counsel Staff Liaison: Amy Schoew, MGO Northwest

FOUNDATION (RESOURCES & SPECIAL EVENTS) COMMITTEE Co-Chairs: Jim Benedict and Paul Raether Committee Members: Bob Beattie Bill Bindley II Gary Black John Bloomberg Erik Borgen John Bucksbaum Andrew Cader Mark Dowley Spence Eccles Harry Frampton John Garnsey Phill Gross Bob Hoff Kirk Kellogg Jay Kemmerer Doug Mackenzie Randy MacDonald Barry MacLean Walter McCormack Andy McLane Jonny Moseley Alice Ruth Dave Saunders John Townsend Stew Turley Rich Tutino John Underwood Thom Weisel Geoff Yang Staff Liaison: Kate Klingsmith, MGO Southwest

117 SALES, MARKETING & COMMUNICATIONS COMMITTEE Chair: Mark Dowley Vice Chair: Jonny Moseley Committee Members: Bob Beattie Jim Benedict Bill Bindley II Gary Black Erik Borgen Michael Brooks Jake Burton Carpenter Michael Corbat J. Taylor Crandall John Cumming Harry Frampton John Garnsey Rusty Gregory Fred Harman Bob Hatcher Martha Head Jeanne Jackson Kirk Kellogg Jay Kemmerer Randy MacDonald Doug Mackenzie Dave Morin Kipp Nelson Dexter Paine Paul Raether Eric Resnick Jim Riepe Armins Rusis Mike Shannon Bill Shiebler Julie Silcock Craig Slater Steve Strandberg Lee Styslinger Hank Tauber John Townsend Staff Liaison: Amanda Black, MGO Northeast

TECHNOLOGY & APPLIED RESEARCH COMMITTEE Co-Chairs: Mike Brooks and Barry Maclean Committee Members: Jake Burton-Carpenter Doug Mackenzie Hank Tauber Thomas Weisel Staff Liaison: Ruth Flanagan, MGO Rockies

118 YOUTH INITIATIVES COMMITTEE Chair: Phill Gross Committee Members: Bill Bindley, Jr. John Cumming Spence Eccles Rusty Gregory Tom Karam Dexter Paine Eric Resnick Bob Reynolds Mike Shannon Steve Strandberg John Underwood Staff Liaison: Chip LaCasse, Senior MGO, Northeast

ATHLETIC COMMITTEE Chair: Dr. Richard Steadman Vice Chair: Michael Brooks Committee Members: Bill Bindley John Bloomberg Jake Burton Carpenter Michael Corbat J. Taylor Crandall John Cumming Phill Gross Martha Head Jeanne Jackson Kirk Kellogg Brian Leach Barry MacLean Walter McCormack Jonny Moseley Cindy Nelson Dexter Paine Dr. Marc Philippon Steven Read Bob Reynolds Jim Riepe Alice Ruth Mike Shannon Bill Shiebler Julie Silcock Lee Styslinger John Townsend Staff Liaison: Ruth Flanagan, MGO Rockies

119 USSA AUDIT COMMITTEE Chair: Bill Shiebler Committee Members: Bob Hoff Ryan Heckman Willy Graves Staff Liaison: Suzette Cantin

USSA INVESTMENT FUND BOARD Greg Boester, USSA Investment Committee Chair Committee Members: Dexter Paine, USSA Chair Greg Boester, USSA Vice-Chair John Bucksbaum, USSA Secretary-Treasurer Phill Gross, USSA Investment Committee Vice-Chair Staff Liaison: Suzette Cantin

USSA INVESTMENT COMMITTEE Chair: Greg Boester Proposed as Co-Chairs: Alice Ruth and Rich Tutino Vice Chair: Phill Gross Committee Membership Bill Bindley Erik Borgen Bill Slattery John Townsend Ex-Officio/non-voting members Andrew Cader Spence Eccles Dennis Keller Peter Kellogg Andy McLane Kipp Nelson Dexter Paine Steve Strandberg Tom Winters Thomas Weisel Partners Jeffrey Bergholt, Managing Director, Private Client Dept. Dan Holligan Staff Liaison: Suzette Cantin

120 Task Forces

Cross Country Advisory Committee - Lead by Luke Bodensteiner Staff Liaison: Amy Schoew, MGO Northwest

Technology Development Task Force – Lead by Geoff Yang Staff Liaison: Amy Schoew, MGO Northwest

Athlete Funding Task Force – Lead by Lynn Dorsey-Bleil Staff Liaison: Trisha Worthington, Chief Development Officer, EVP

Insurance Task Force – Lead by: Greg Boester Staff Liaison: Alex Natt, EVP

Mikaela Shiffrin at the FIS Alpine Forum at the Audi FIS Alpine World Cup opener Soelden, Austria

121 Executive Steering Committee

Friday, December 5, 2014 4:30 p.m. – 5:30 p.m. The Sonnenalp, Bavaria

Teleconference Information: Dial-in: 1.888.519.8675 Participant code: 5602121

Meeting Open to Committee Members Only

Meeting Chair: Greg Boester

EXECUTIVE STEERING COMMITTEE President: Greg Boester Vice President: Eric Resnick Treasurer: Kipp Nelson Secretary: Jim Benedict Immediate Past-President: John Cumming Nominating & Governance Committee Co-Chairs: Andy McLane/ Eric Resnick Foundation (Resources & Special Events) Co-Chairs: Jim Benedict/Paul Raether Education Committee Chair: David Henle Athletic Committee Chair: Dr. Richard Steadman Marketing & Communications Chair: Mark Dowley CEO: Tiger Shaw (non-voting) Staff Liaison: Trisha Worthington, Chief Development Officer, EVP

The Executive Steering Committee is empowered to act on behalf of the Board of Trustees, with the same powers as the Board, on all matters brought before it between regular meetings of the Board of Trustees except as prohibited by the law of the jurisdiction in which USSTF is incorporated. All actions taken by the Executive Steering Committee must be ratified by the Board of Trustees at its next meeting, and any such actions which the Board declines to ratify must be reversed to the extent reasonably possible.

Agenda

1. Welcome Greg Boester 2. Chief Executive Officer's Report Tiger Shaw 3. Financial Report Mark Lampe Audit Committee Bill Shiebler 4. Foundation Executive Vice President's Report Trisha Worthington 5. Old/New Business Nominating & Governance Committee Dexter Paine/Andy McLane o Ratification of the new Co-Chairs of the USSA Investment Committee: Alice Ruth and Rich Tutino (Phill Gross remains Vice chair) Foundation (Resources & Special Events) Committee Jim Benedict

122 Education Committee David Henle Athletic Committee Dr. Richard Steadman Sales, Marketing & Communications Mark Dowley 6. Adjourn

September 2014 - Park City artist Josee Nadeau presents a painting of Joss Christensen to the Olympic champion as young athletes were honored at the Youth Sports Alliance Circle of Excellence Awards at Newpark Center in Park City, Utah. USSA Photo: Tom Kelly

123 Executive Steering Committee Minutes

Friday, December 6, 2013, 4:30 p.m. – 5:50 p.m. The Sonnenalp, Kempten

Meeting Chair: Greg Boester

Executive Steering Committee President: Greg Boester Vice President: Eric Resnick Treasurer: Kipp Nelson Secretary: Jim Benedict Immediate Past-President: John Cumming Nominating & Governance Committee Co-Chairs: Dexter Paine/Andy McLane Foundation (Resources Special Events) Committee Co-Chairs: Jim Benedict/ Paul Raether Education Committee Chair: Tiger Shaw Athletic Committee Chair: Dr. Richard Steadman Marketing & Communications Chair: Mark Dowley CEO: Bill Marolt (non-voting)

Meeting Open to Committee Members Only – Meeting convened at 4:30 pm.

In attendance: Bill Marolt, Andy McLane, Tiger Shaw, Alex Natt, Mark Lampe, Dexter Paine, Greg Boester, Jim Benedict, Eric Resnick, Kipp Nelson Ruth Flanagan, and Kate Klingsmith.

Mr. Boester called the meeting to order and discussed his initial impressions that there are many Trustees who have a strong interest in becoming more involved with the organization and we need to find out how to best engage them.

He also discussed the challenges surrounding communication to our audience. We need to do a better job in telling our story. We are asking Trustees to be ambassadors of our brands and telling their contacts about the organization and how young people can benefit from USSA involvement. We also need to do a better job speaking to the parents.

Mr. Marolt gave his CEO report and discussed Olympic preparation, revenue challenges, USOC, FIS matters, as well as possible future events. He discussed the Alpine World Championships in Vail 2015. He then discusses the planned transition to the new CEO, Tiger Shaw.

Mr. Shaw commented on his impressions since October 1 and his efforts in meeting key constituents.

Mr. Lampe gave the financial report. He detailed the revenue opportunities and challenges.

The Executive Steering Committee discussed the possibility of raising the Inner Circle contribution. Mr. Resnick suggested that the staff analyze the metrics of trustee giving to determine the effect of raising Inner Circle contributions.

The Nominating & Governance Committee suggested raising the USSTF Board size to 75. The Nominating & Governance Committee also recommends not re-nominating Mr. Georgi as a result of his failure to comply with trustee commitments.

Meeting adjourned at 5:50 pm.

124 U.S. Ski and Snowboard Team Foundation Board of Trustees' Meeting

Saturday, December 6, 2014 7:30 a.m. – 9:45 a.m. Bighorn Ballroom, Four Seasons Hotel One Vail Road, Vail, CO

Teleconference Information: Dial-in: 1.888.519.8675 Participant code: 5132287

Please remember to put your phone on mute.

Agenda

Meeting Chair: Greg Boester

1. President Calls the Meeting to Order & Welcomes All Greg Boester 2 min New Active Trustees: Lynn Dorsey Bleil, Dan Leever Andrew Davis, Austin Beutner, and Dani Virtue Moved to Emeritus: Shelby Davis Trustee Resignation: Ned Gilhuly and Jarett Wait

2. Roll Call and Establishment of Quorum Alex Natt 5 min

3. Approval of the December 2013 BOT Minutes Alex Natt 1 min

Motion: To ratify the Foundation meeting minutes as presented

4. FIS 2015 Alpine World Ski Championships Report Ceil Folz/Harry Frampton 5 min

5. President's Report Greg Boester 2 min

6. Chief Executive Officer’s Report Tiger Shaw 10 min Strategic Planning Update

7. Financial Review Mark Lampe 5 min USSA Investment Greg Boester 5 min USSA Audit Committee Bill Shiebler 5 min

8. Sales, Marketing & Communications Committee Mark Dowley 5 min

9. Foundation Committee Jim Benedict/ 5 min Paul Raether

10. Athletic Committee Dr. Richard Steadman/ 5 min Mike Brooks/ Luke Bodensteiner Technology & Applied Research Barry MacLean/ 5 min Mike Brooks

125 11. Education Committee David Henle/ 5 min Jory Macomber

12. Nominating & Governance Committee Andy McLane/ 5 min Eric Resnick

Action Item: Trustee Re-nominations Alex Natt 3 min

USSTF Board of Trustees' Re-nominations Trustees Year Joined Three-Year Term Expires Bob Beattie 1996 2014 Erik Borgen 1996 2014 Michael Corbat 2011 2014 J. Taylor Crandall 2002, Fall 2014 Wes Edens 2005, Spring 2014 John Garnsey 2011, Spring 2014 Rusty Gregory 2008, Spring 2014 Phill Gross 2008, Fall 2014 Kirk Kellogg 2011 2014 Randy MacDonald 2011, Spring 2014 Barry MacLean 1999, Spring 2014 Kipp Nelson (Treasurer) 2005, Spring 2014 Dexter Paine III 1996 2014 Marc Philippon 2011 2014 Paul Raether 1993 2014 James Riepe 2002, Summer 2014 Michael Shannon 2005, Spring 2014 Bill Shiebler 2002, Spring 2014 John Townsend 1999, Spring 2014 John Underwood 2011 2014 Thom Weisel 1977 2014 Geoff Yang 2002, Spring 2014

Emeritus Trustees Year Joined Year Elected Three-Year Term Expires Graham Anderson 1974 2011 2014 Renee Behnke 1992 1997 2014 Bill Bindley 1988 2011 2014 Daniel Doyle 1995 2002 2014 Jake Garn 2011 2014 Peter Kellogg 1991 2011 2014 Warren Miller 1987 1996 2014 Jim Swartz 1999 2011 2014

Motion: To ratify the Foundation Trustee re-nominations as presented

Action Item: Ratification of the Co-chairs of the USSA Investment Committee

Motion: To ratify the new Co-chairs of the USSA Investment Committee: Alice Ruth and Rich Tutino.

13. USSTF Youth Initiatives Phill Gross 5 min

14. New Business

126 Athlete Funding Task Force Report Lynn Dorsey Bleil 5 min

Cross Country Advisory Committee Report Luke Bodensteiner 5 min

Athlete Health Insurance Task Force Greg Boester 5 min

Technology Task Force Dave Morin 5 min

Next Meeting Dates and Sites: Greg Boester 2 min July 22-24, 2015, Park City, UT December 3-6, 2015, Beaver Creek/Vail, CO

15. President's Closing Comments & Adjournment Greg Boester 3 min

Motion: To adjourn the Board of Trustees’ meeting

Executive Session Greg Boester

Lindsey Vonn stretches before an early morning training session at the top of Copper Mountain as the moon sets in the west.

127 U.S. Ski and Snowboard Team Foundation Board of Trustees' Roster

Active Trustees

Kevin Arquit Phillip Gross Paul Raether Robert Beattie Fredric Harman Steven Read James Benedict Robert Hatcher Eric Resnick Austin Beutner Martha Head Robert Reynolds William Bindley II David Henle James Riepe Gary Black Robert Hoff Armins Rusis John Bloomberg Hank Holland Alice Ruth Greg Boester Jeanne Jackson Dave Saunders Bjorn Borgen Tom Karam Mike Shannon Michael Brooks Dennis Keller William Shiebler John Bucksbaum Kirk Kellogg Julie Silcock Andrew Cader John Kemmerer Brian Simmons Jake Carpenter Ron Kruszewski Craig Slater Kevin Connors Brian Leach Dr. Richard Steadman Michael Corbat Dan Leever Steven Strandberg J. Taylor Crandall Randall MacDonald Lee Styslinger III John Cumming Douglas Mackenzie Hank Tauber Andrew Davis Barry MacLean John Townsend III Mark Dowley Walter McCormack Richard Tutino Spencer Eccles P. Andrews McLane John Underwood Wesley Edens Dave Morin Danielle Virtue Harry Frampton III Kipp Nelson Thomas Weisel John Garnsey Dexter Paine III Geoff Yang Alan Gregory Marc Philippon

Athlete Trustees

Jonny Moseley Cindy Nelson Edie Thys Morgan

Emeritus Trustees

Graham Anderson Daniel Doyle Robert O'Block David Arnold Jake Garn David Pottruck Renee Behnke Peter Kellogg Jim Swartz William Bindley, Sr. Hal Kroeger James Temple Craig Brown William Mann Stewart Turley Nic Cohen John McMillian Stephen Woodsum Andrew Daly Andrew Mill Samuel Zell Shelby Davis Warren Miller

128 USSA Athlete Funding Task Force Update

About the Task Force

Formed in response to questions raised at the July Board meeting; met over a series of calls and meetings from August through November.

Comprises Trustees Lynn D. Bleil, Dan Leever & Kipp Nelson (with input from Hank Holland, Eric Resnick, Phill Gross) as well as input from others (Charles Christianson, Bryon Friedman, Marina Knight) – with active engagement by USSA leadership/ staff (Trisha Worthington, Alex Natt, Mark Lampe, Julie Glusker, Jory Macomber, and Luke Bodensteiner)

Objective: Recommend future role and optimal vehicles for USSA to support growing US Ski & Snowboard team (USST) individual athlete funding requirements – in a manner that optimizes total athlete donations (tax advantaged where possible), leverages USSA’s brand/ influence, preserves USSA’s 501(c)3 status, and complements/ expands existing athlete funding sources

Summary of key findings/current state of play

The need is real, as is the desire among Trustees and donors to help

Biggest USST athlete concern today - as overall costs increase, athletic funding stretched, and USST size reduced

Many Trustees passionate and actively supporting individual athletes today, but not all tax-advantaged; recent flexibility to provide restricted gifts well-received and starting to make a real difference, but confusion remains

Many external funding sources exist, but are highly variable and not working in close collaboration with USSA

Five grant-making foundations, all 501(c)3 but different foci/funds: T2, WCDF, Five Rings, Level Field, US Athletic Trust

Two national foundations supporting projects (National Nordic Foundation) or junior athletes (Kelly Clark Foundation)

Some private operating foundations - i.e., Team America (the largest)

Several club/division/region level foundations – focused on junior/ development but some also at elite/USST level

Current USSA efforts to help athletes and/or donors are limited and relatively fragmented

Provide informal counsel to USST athletes – increasing in recent months with RallyMe partnership, T2 collaboration

No formal donor/Trustee education or guidance – but starting to change with restricted giving flexibility, other initiatives to respond to donor requests

129 Summary of recommendations and plan forward

USSA should proactively and formally support individual USST athlete funding, consistent with longer-term aspiration to more fully fund all named USST athletes as well as to help those aspiring to be USST athletes

Collaborate with the five existing/other ‘approved’ athlete funding foundations across all disciplines

Independent financial needs assessment

Input on applicants’ athletic performance/potential

Joint education/promotion to Trustees/other donors as well as USST athletes

Potential facilitation of mutually-beneficial partnerships with RallyMe to enable tax- advantaged athlete giving

Help USST athletes understand existing funding sources, access available funds in tax- advantaged ways, and effectively promote themselves through an integrated athlete curriculum - as a foundational component of the broader athlete education/counseling program under development

As part of the Marolt Athlete Endowment campaign, establish a formal USSA/USSTF-affiliated fund that will make individual USST athlete grants based on well-defined financial needs-based criteria, with a separate selections committee and application process available to all USST athletes in need

Goal: grow annual total grants from ~$50K in 2015 to ~$500K over 3-4 years (with an average grant level of $5-10K per qualifying USST athlete); requires ~$10M total endowment, and/or annual restricted gifts to fund

Serve as “first line of support” for named USST athletes in need – co-existing with other foundations and allowing them to focus more $ on prospective USST or other development-level athletes

Continue to promote opportunity for annual restricted giving to groups of USST athletes/specific programs in a tax-advantaged way, and offer targeted support for key fundraising events (e.g., recent men's alpine B team)

Actively guide Trustees/other prospective donors on optimal ways to support athletes tailored to their snow sport, tax/financial and other preferences – through USSTF staff as well as structured web-based portal – e.g.:

New USSA/USSTF athlete grant-making fund, if want to build sustainable funding source, tax-advantaged

Restricted USSA gifts, if want to support specific programs or teams/athlete subgroups in need, tax-advantaged

Donations to other athlete support foundations, if want to support non-USST athletes, and/or direct funds to USST athletes meeting foundation-specific criteria, tax-advantaged where possible

Donations directly to individual athletes only if tax deductibility a non-issue

130 Assist interested clubs and other USSA- affiliated divisions/regions or other nonprofit entities in structuring effective (and compliant) athlete support foundations – offering “turnkey” models and best practice sharing; should be supported through USSA’s Club Development and Domestic development staff

If done right … USSA can shift from being viewed as “the villain who can’t fund USST athletes” to the NGB that is using its resources and scale/influence to “get it done, one way or the other” – in active collaboration with external funding sources/donors – and building USST athlete life skills in the process

Next steps – with oversight by Foundation Committee

Begin collaboration with existing external foundations (including exploration of potential RallyMe partnerships to support individuals in tax-advantaged way) – Trisha, with Alex (legal) and Julie (financial needs assessment)

Develop explicit roadmap/guide and education plan for Trustees/other donors, including details for new USSA/USSTF fund (within context of the Marolt Athlete Endowment), opportunities to provide restricted giving to programs/athlete subgroups, and overview of other ‘approved’ foundations – Trisha and Foundation staff

Establish comprehensive education and support model for USST athletes, as part of the broader athlete education/counseling curriculum under development – Jory, with support from Julie and Luke Develop template/‘turnkey foundation model’ for interested USSA-affiliated clubs/divisions/ regional non-profit entities – Trisha/Alex (template), with implementation by Brian Krill (Clubs)/ Michelle Demschar (Regions/ Divisions)

Summary submitted by Lynn D. Bleil

Ted Ligety -2014 Early season U.S. Ski Team training at the Copper Speed Center at Copper Mountain, CO. Photo: Sarah Brunson

131 U.S. Ski and Snowboard Team Foundation Board of Trustees' Meeting Minutes – July 24, 2014

Thursday, July 24; 2:00-5:00 p.m. MDT The Borgen Swartz Education Center USSA Center of Excellence, Park City, UT

Note: as there was not a quorum of the Board present, these minutes are informational only.

Board member who were in attendance or teleconferencing:

Kevin Arquit; Bob Beattie; Jim Benedict; Gary Black; Lynn Bleil; John Bloomberg; Greg Boester; Mike Brooks; Andrew Davis; Harry Frampton; John Garnsey; Phill Gross; Bob Hatcher; David Henle; Bob Hoff; Dennis Keller; Jay Kemmerer; Dan Leever; Andy McLane; Edie Thys Morgan; Dave Morin; Jonny Moseley; Kipp Nelson; Dexter Paine; Marc Philippon; Steven Read; Alice Ruth; Dave Saunders; Julie Silcock; Bill Shiebler; Richard Steadman; Hank Tauber; Rich Tutino; Dani Virtue; Thom Weisel; Geoff Yang

1. Welcome/Opening Remarks: Greg Boester

Mr. Boester calls the meeting to order and opens the meeting welcoming the Trustees to the summer board meeting. This is Mr. Boester’s second board meeting serving officially as the president of the Foundation and he wanted to provide the trustees with takeaways from the past year. A critical highlight has been the successful transition of CEO. There is a new orientation around the strategic direction of the organization with added focus on development. This focus on development will serve us well to ensure long-term stability to the business side of the organization, but more importantly through the ability to identify and help our athletes perform at the highest level across all disciplines using multiple metrics.

Mr. Boester set out with the goal of being transparent, figuring out what makes the organization tick, providing a strong leadership to bring the organization together and create a greater attachment to the organization. Over the course of the last several months he has reached out to the trustee group to listen to their feedback, ask questions, get to know people and came away with a better understanding of what the trustee group desired. Throughout those discussions the following conclusions became very evident.

1. The trustees’ level of engagement to the organization is varied. Each individual determines their level of engagement on the continuum of the organization, whether it is an association with the organization or passionately involved on a regular basis. Therefore the officers are focusing on ways to foster engagement based off where people fall on that continuum. They are using this feedback as a general framework for how to tackle different initiatives.

2. The trustees are very passionate and are looking for greater insight into the decision-making process and strategic direction of the organization. Many want to be involved on a level, beyond that of the long-term strategic working group; rather a more tactical short-term basis. Tactical or project-based involvement will allow a deeper level of engagement for the trustees with the staff and organization. This will allow them to make a difference within the organization without a long-term commitment.

3. We have a budget challenge this year and he indicated that he set out to further understand what the specifics are surrounding this challenge. It has shown that we are an organization with scarce resources and we need to trust that the management team is making the correct decisions based on the metrics and the strategic plan in place. There needs to be an understanding that there are tradeoffs between funding individual athletes and

132 transformational projects, like the Center of Excellence, the Copper Speed Center, the TEAM Academy, etc., that will positively affect the evolution of our athletic programs across all disciplines on an ongoing basis. These transformational projects do not show up on our direct yearly allocation budgets but do require resources that affect a multitude of athletes and their development. The thought process is always what is best for us in a long-term capacity to affect as many athletes as possible versus funding an individual. Mr. Boester recognized that this question is open for debate and personally believes that a partnership with the athlete is a good thing.

The Officers, Mssrs. Boester, Resnick, Nelson, and Benedict, have strategic working calls with Trisha Worthington and Tiger Shaw every six weeks and organize those calls on a topical framework. On those calls, they address individual issues of the organization and try to come up with a framework to activate and use the strength of the trustees more effectively to help the organization.

The trustees are a key piece to the financial puzzle and their financial commitments are well established. The greatest untapped resource is figuring out how to harness the intellectual capacity, management and business experience, personal perspective and elements of success that the trustees have established within their own lives and contribute this toward the organization, thereby building a framework where they can contribute to the organization in a non-financial manner. The greatest opportunity for the organization is to establish a way for people to contribute and connect with the USSA in intangible ways, as it will have a great long- term strategic payoff.

We have several opportunities for trustees to become engaged and Tiger Shaw will further elaborate on this. Mr. Boester used the example of how the organization uses technology and if there were experts within the trustee group that could lend their expertise. There are a tremendous number of people with experience in this space, who could help guide the organization to effectively use technology at the organizational level. Insurance is another example of a huge topic of conversation for the organization. If there are trustees with expertise in this field, that could help the organization on a project basis that would be directly impactful on the athletes. These are just examples as to how the management team and officers are looking for ways to have the trustees interact and engage with the staff in a meaningful and essentially in- kind intellectual perspective.

The budget will show the broader framework to what it means to fund athletic programs and Mark Lampe can answer specific questions regarding budget line items. The big picture is that there are a lot of things that the organization does for the athletes that make a difference in performance that do not show up in the direct allocation numbers.

The other consideration is, over the course of the last quad, we have had a flat allocation of resources; however, the numbers in our athlete performance pool have dramatically increased, especially with the addition of the sport of Freeskiing. Resource allocation has become increasingly more difficult and the minimum standard that we are responsible for in creating the platform and programs for athletes to reach the podium continue to increase. He noted that the staff takes a very methodical look at how the resources are allocated across an increased and growing athlete pool. There has been a reasonably flat and constant allocation but the burden under which we operate is one that is increasingly difficult as athletes within the performance pool increase.

The Partners' Summit showed the financial side of the organization from a marketing/corporate perspective and everyone is very aware of the foundational approach that is in place through the Inner Circle. As many are aware, changes were made this year to Inner Circle. There has been an incremental financial difference in the program, as it has not increased over the last eight years. Overall there was broad-based acceptance of the increase. The Officers recognized that in the future they will try to socialize these ideas to gain a broader perspective. Generally speaking

133 there was a lot of debate but it was determined this was a reasonable starting place that was a manageable and acceptable number.

Mr. Boester discussed that a revised plan around fulfillment is being undertaken on which Trisha Worthington may further elaborate. In general, we are expanding fulfillment and providing a larger range of items at cost to the trustee group. All of the fulfillment items are not necessarily the best use of the Foundation resources as it detracts from the athletics budget. This will allow the Foundation to utilize financial resources toward athletic programming and still provide trustees the opportunity to take part in the fulfillment program.

Mr. Boester concluded his remarks stating that it had been a fascinating couple of months. He noted that Trisha Worthington and Tiger Shaw have brought a fresh energy to the organization, the sense of transparency and patience around explaining the allocation decisions has made his role extremely enjoyable. He looks forward to the momentum that they have gained with the various initiatives. Mr. Boester then introduced Tiger Shaw to address the trustees.

2. State of the USSA: Tiger Shaw

Mr. Shaw noted that it had been just over 100 days since he started as CEO of the USSA. He is excited to see so many trustees at the summer meeting and how it is expanding each year. Athletic planning process was in full swing when Mr. Shaw took the reigns and he knew that there were going to be budgetary challenges. He and his staff would have to try and plan for a lot of activities with significantly less funding. Luke Bodensteiner and his team did a tremendous job at working through the budgetary constraints and had to make some tough decisions very quickly.

Respectively, we had to decentralize funding to the Nordic team and will address this further later in the meeting. We are looking at some creative funding strategies to help to sustain the Nordic funding through restricted giving and other prospective resources. Mr. Boester will discuss the allocation process the organization went through when making this decision, followed by discussion from Mr. Kevin Arquit and Mr. Billy Demong on the changes affecting Nordic. Lastly, Mr. Bodensteiner will speak to the current state of athletic budgets, including the sport of Nordic and mechanisms to fund in the future.

Mr. Shaw provided an athletics update, citing that training has been going well with various camps across the country and in the southern hemisphere. The COE is bustling with energy and athletes training here all the time. All sport disciplines have a world championship event to look forward to this year. Domestically, we are looking forward to hosting the Alpine World Championships in Vail, CO. The USSA is actively involved in this planning as are several of the trustees including: Harry Frampton, John Garnsey, Eric Resnick, Erik Borgen, all of whom are working on the planning committee and various subcommittees. We are excited about the athletic opportunities for our athletes to compete on home turf and we plan to take advantage of this.

Mr. Shaw gave an update on the organizational structure that he has put into place, notably bringing in George Macomber, Trisha Worthington and Alex Natt onto his team. He feels that his staff is exceptional, well seasoned and well positioned. He is proud of the team and what they have accomplished thus far. Mr. Shaw thanked Mike Jaquet and his team on a fantastic Partners' Summit as well as Ms. Worthington’s team for producing the board meetings.

Governance was addressed by Shaw's noting that the May USSA Congress was successful. They are in the process of putting forward the McKinsey study recommendations, including formalizing the alpine agreement amongst all of the alpine divisions across the country. It has been a tremendous effort and will come to a head this fall, when we are asking the divisions to formally sign an affiliation agreement to become officially part of the USSA.

The June FIS Congress went very well as the USSA was extremely successful in its efforts with the awarding of the 2017 World Cup finals to Aspen, CO and the 2019 Freestyle, Freeskiing and

134 Snowboarding World Championships to Park City, UT. Dexter Paine’s election to the FIS Council and Bill Marolt’s honorary appointment to the FIS were significant accomplishments from those meetings. A thank you was extended to Hank Tauber for his help and organization throughout the election process of Dexter Paine's position onto the FIS Council. Phil Mahre will also be serving on the FIS as a representative to the FIS Alpine Executive Committee. This is a very influential committee dealing with World Cup rules and regulations and many critical decisions are deferred to the Alpine Committee. It is exciting to have Phil Mahre in this position that will hopefully serve the organization well for many years.

Looking ahead, the athletic planning is mostly complete and in place for this season; however, we are already making great strides on the two to five-year strategic planning process. Strategic planning has become much more collaborative and this has proved to be extremely effective. Mr. Shaw will be looking for several individuals to serve on committees to help his staff and the organization with strategic planning. The strategic planning committee will be reconvened; its role is to provide processes, tools and ways to help make decisions on our resource allocations. We currently do not have enough funds to cover all the sports. Therefore we need to know how to move forward and in which sports to invest.

There is also a sport committee task force that has been established for each discipline, whose job will be to study sport entry growth, how to stem attrition, how to forge new relationships and accomplish greater outreach. A committee of experts from around the country, including industry and resort experts, along with staff will comprise the committee. These committees will help to formalize relationships with key stakeholders include: TTR, the Association of Freesking Professional, USASA, NENSA, NNF, USA Ski Jumping and Ski Jumping USA.

Mr. Shaw introduced his new assistant, Tracy Meier, and concluded with a brief recap of his recent trip to PyeongChang, Korea. Mr. Shaw and Luke Bodensteiner recently traveled to PyeongChang to complete their first site inspection. They toured venues and prospective athlete housing. In general PyeongChang is significantly further ahead in the process than Sochi was four years out. The proximity to the venues is extremely close and the airport is only a 90-minute train ride to Alpensia. There will be two clusters similar to Sochi with a coastal and mountain cluster. The altitude is similar to Vermont and the weather will be cold in the winter. The opening ceremonies stadium will be newly constructed in the mountain cluster. Mr. Shaw showed slides from his trip showcasing the various venue locations for the sporting events, cluster proximities and airport locations, all highlighting the compactness of the upcoming Games.

Mr. Shaw concluded his presentation by introducing Trisha Worthington, Chief Development Officer and Executive Vice President of Foundation.

3. Foundation Preview: Trisha Worthington

Ms. Worthington thanked the group for the warm welcome. She has enjoyed reconnecting with many old friends from the board and is looking forward to connecting and working with the new board members. The format for the Foundation meeting has changed in that each of the committee chairs and vice chairs will give a report in the area that they are leading. This is the first step to further engage the board in what the Foundation is doing.

Ms. Worthington will focus on building the foundation and outlined the recent changes that she instituted. There has been an organization change within the Foundation, focusing on three divisions: Special Events, Major Gifts and Operations. Special events will continue to be lead by Jessica Miller and her team, LeAnn Zamzow and Elaine Minihan.

Major Gifts is a new approach for the Foundation, placing officers across the country. There is a team focusing on the west coast, Amy Schoew, Kate Klingsmith and Ruth Flanagan, and a team in the east, Chip LaCasse and Amanda Black. The Foundation is looking to expand and hire an MGO in the tristate area and should anyone have any recommendations or leads, please connect

135 with Trisha directly. The goal of having the major gift officers spread across the country is to better communicate with the trustees and to keep everyone engaged. Furthermore the MGOs will help to grow support outside of the board therefore we are not always coming back to the trustees when we have a new project that needs to be funded.

Lastly, Operations will be lead by Catherine Raney and her team providing donor services, hospitality programs and supporting all of our fundraising efforts.

Trustee engagement is the number one piece of feedback that Trisha has received since returning to the organization. She has therefore been reevaluating our committee structure and creating task forces to further engage the board. This is a mechanism to provide greater opportunities for involvement and to take advantage of the trustees' knowledge, expertise and connections.

The Foundation is now letting donors donate restricted gifts and support the sports that they are most passionate about. Since May, the Foundation has raised almost $100k in restricted gifts for our sports of nordic, alpine, freeskiing and snowboard. The annual fund/traditional programs will continue to remain unrestricted, as we want to ensure that we have the resources to support the operations of the team. Moving forward, the Foundation's key focuses are on selling Gold Passes, Team PyeongChang, Vail 2015 and special events as these are the key programs impacting our daily operations.

4. Foundation Budget Review and Forecast: Kipp Nelson, Treasurer

Mr. Nelson provided a review of the current budget. He highlighted a few key areas where the trustees can help especially in special events and Gold Pass. Special events are forecasted to increase revenue again this year, which is a challenge in a post-Olympic year. These events are crucial to our success.

Gold Pass is a program where trustees can make a difference. Last year there was a huge effort to sell out to 400 and this was successful. This year the goal is 400, despite the fact that the organization has been allocated 50 new passes. The impact of selling these additional passes will be instrumental in our athletic funding. To date there are 120 passes committed.

Major gifts and the increase in Inner Circle to $40k were very achievable. The foundation stretch number is important as there are many athletic programs that the organization would like to fund that are currently unfunded. The stretch number signifies that if things go well, we can fund those unfunded programs. The Foundation is working to reach the stretch number, however the default is the forecast. The goal for Team PyeongChang is to secure 25 by the end of the year and currently there are 10 committed. The Marolt Athletic endowment will be re-launched after the Alpine World Championships. Lastly, incremental funding has already been successful in achieving $100k to date, exceeding that stretch number.

5. USSA Financial Report: Mark Lampe

Mr. Lampe provided an overview of where the USSA is financially to date. The foundation plays a significant role in what the USSA is able to accomplish. Last year was a very tough year, as we opened the budgeting cycle with a $2.5 million funding gap. We cut $1 million out of that gap before the start of the year; however, we were still positioned with a $1.5 million funding challenge. The organization has never opened a year with that type of challenge and knew going into it that additional revenues needed to be found to close that gap. Throughout the year additional revenues were achieved, however they were countered with unexpected expenses.

At the December Vail meeting we received a huge help from the trustees, who closed out the additional 40 gold passes to sell out. Furthermore, Ring Fence contributions and additional Team Sochi packages helped to mitigate the funding challenges. These contributions were huge factors

136 to support the budget; despite this, there were still additional costs. Critical camps for the sports of snowboarding and freeskiing were added in December, TV production costs were higher than forecasted, weather challenges caused events to move locations, and finally three sponsors for the Olympic qualifying event backed out in January. With all of these expenses added together, we did end the year with a small deficit; however it did meet the debt covenants.

Looking forward to the FY15 forecast, many have spoken to the challenges for this year and our key revenue areas are in foundation and marketing. The departments’ annual operating budgets have been challenged for a 20% net gross. Marketing is forecasted at an increase of 16%, with $3 million of contracts left to close out, primarily through renewals. Foundation has historically had a 10% net growth and FY14 was a record year for the Foundation; many thanks to those on the board who helped make that a successful year. There is a lot of potential in the foundation and the stretch goals could potentially achieve a $6 million net of administrative costs and this is achievable. The Gold Pass forecast for this year has been reduced to 380; due to the 20 that were purchased by trustees to sell out the program last year. The MGO team is working to refill these passes and chase down additional opportunities, to achieve a goal of 420 passes which would provide us with an additional $400k.

Mr. Lampe discussed the annual growth in costs of funding elite programs. Generally each year we like to grow and in the last quad we were able to grow elite program funding however this was due to special circumstances. In FY15 we will actually be going backwards, as Mr. Shaw and Mr. Lampe felt there was a need to re-center the budgets and programs for the upcoming quad. Mr. Lampe provided a yearly overview of the budgetary funding from FY9 – FY 14, noting a $2 million dollar cut in athletic funding in 09/10 due to the financial crisis, FY11 funding was restored and in FY12 the inclusion of the sport of Freeskiing added increased demands on athletic funding and stresses on our budgets. The gradual increase in funding was due to special one-time funds that came into the organization through infrastructure gifts, VIK and Ring Fence.

He noted that these one-time funds could not be relied upon for funding FY15. In FY15 the one- time funding line item in the budget has been normalized. The revenues that have been used in the past to push up our athletic funding are no longer feasible moving forward. There is the likelihood that additional revenue sources could be found, through special one-time revenue projects; however, the organization cannot count on them at this moment. Interest expense on the Center of Excellence is too cost prohibitive to float the interest rate, to extend this over the next year is too expensive and the net savings would be mitigated by the increased interest rate.

Since FY15 is the first year of a quad, it is the best year for athletics to support a change to their budgets. Typically there is a breather taken in the year after an Olympic Games, camps are reduced, athletes take time off, therefore the coaches are able to adjust their annual plans to get by with the resources that are available. These planning adjustments have not solved everything for this year as there are still needs to be fulfilled but the organization can get by for this coming year. Moving into FY16 we need to recharge the budgets and reinstate any cuts that were made for this year. Historically, the impact on results is a two-year return on investment for the organization. Meaning what we reinstate in FY16 will have a dramatic impact on our results in FY18 and beyond.

Mr. Lampe provided an overview of the five-year planning process and examples of how the teams and administrative staff put forth initiatives to achieve the departmental goals of the organization. Initiatives are submitted by each department and team, prioritized, priced out and a review process is undertaken to determine where the next dollar should be spent that will yield the greatest results in 2018. This is a huge help in the annual resource allocation process.

There is a need to find an additional $1.5 million to get back to the same level as FY14. Examples of initiatives include additional sports medicine staff and techs, critical services for camps and training courses, quality training and additional days on snow. To just fund athletics initiatives and

137 activities could take upwards of an additional $5 million dollars to fund everything. Our goal is to reach this within the next 2-3 years.

6. Investment Committee: Greg Boester, Chair

Mr. Boester provided a brief overview of a very productive investment meeting the day prior. He feels confident in the transparency of the organization on a macro, sector and manager perspective. The outcome of the meeting was that organization's portfolio has increased just under 4% year to date. There was in depth discussion on the equity sector of the portfolio. The open, honest and objective discussion resulted in terminating three of the managers. Some of those managers have been replaced and a series of initiatives have been launched to find managers with a wider mandate and greater investment purview. There will be a more detailed report at the December meeting in Vail.

7. Athletics Committee: Steven Read

Mr. Read provided an athletic update on behalf of Mr. Brooks. Mr. Read noted that, in a typical Olympic year, athletic attrition happened due to athlete retirements; however, this post-Olympic season we have only seen a slight number of retirements. Currently there are 186 athletes in the program, down from 193. There has been minimal turnover of the World Cup staffing with some shuffling on the alpine and moguls teams. The teams are ramping up with on-snow camps in New Zealand and Chile. Mr. Read provided an update on the key areas of focus for 2015 as it pertained to elite teams, domestic and regional initiatives, club and coaches' education. Specific areas mentioned were the following: Success in Beaver Creek and the Alpine World Championships. Continued development of emerging and successful new Olympic sports, i.e. Freeskiing. Expansion of elite development and national training teams. Domestic development is expanding; Skills Quest has just over 3,000 participants. Regional projects have reached 5,239 athletes, 1,421 coaches, and 714 parents. Ongoing talent id projects have reached 438 elite athlete and junior athletes. Coaches' development is one of the greatest successes with 50% of coaches now certified. There is at least 1 certified coach for every 10 skiers out on the hill. 58 clubs have been certified to date; this program has been extremely successful. After highlighting the 2015 areas of influence, Mr. Read concluded his report.

8. Nordic Combined Update: Kevin Arquit, Bill Demong, Luke Bodensteiner, Tiger Shaw

Mr. Boester invited Mssrs. Arquit and Bill Demong to foster an open discussion surrounding the Nordic Combined funding changes.

Mr. Arquit thanked the board and the officers for letting him share his observations and to allow for discussion on this topic of concern. He expressed his disagreement with the recent decisions to decentralize the funding of the Nordic Combined teams. By eliminating centralized funding, the USSA is defunding the Nordic Combined team and these actions will have irreversible consequences on the sport. Mr. Arquit shared the Nordic Combined budget numbers from the previous year, $684,000 and compared them to this year’s program funding of $40,000 and an additional $80,000 in sponsorship. This is close to an 85% reduction in athletic funding from the previous year and signifies the defunding of a sport.

138 Mr. Arquit disagrees with the notion that Nordic Combined is a dying sport and cited metrics of support, including the number of jumping hills across the country at 84, with 30 standing clubs and the steady increase in under 17 participants since 2000.

In Vancouver, Nordic Combined athletes acquired 20% of the USSA’s total medal count and therefore questions why the bulk of the budgetary cuts are falling on one sport. Since Mr. Arquit has been on the board, Nordic Combined has always been funded; the decision was made without any notice to the trustees and he is disappointed in the decision-making process and how it was communicated to stakeholders.

He has a serious concern as to whether USSA is in compliance with the Ted Stevens Amateur Sports Act. He provided a brief summary of the Act and then stated concern regarding the third provision of the Act and if USSA was in compliance. The third provision outlines the purposes of the United States Olympic Committee and within it states, “the USOC or designee is to use its best efforts to have its athletes compete in each event of the Olympics.” In this instance, USSA is the designee and at no time is commercial appeal or greatest return on investment a requirement of the Act.

Mr. Arquit concluded with his personal observation that during times of raising funds the trustees are approached as being partners of the organization. The bylaws state that we act in concert and coordination to jointly achieve the goals of the organization; however, the trustees were not counseled prior to this decision. He noted that while the trustees are an advisory board, they should have been given the opportunity to provide feedback prior to an email notification being distributed. He hopes that the decision will be reconsidered.

Mr. Beattie commented that working together with key ski resorts to help support the Nordic Combined teams could prove to be a positive partnership. In particular he mentioned the Steamboat Springs Ski area as they are concerned about the recent decisions regarding Nordic Combined. Mr. Beattie feels we should reach out to our partners when critical decisions surrounding a sport are made and reach out to them for support.

Mr. Arquit agrees that key partners, like Steamboat, will be critical to the future success of the Nordic Combined program. However establishing those partnerships takes time. The current decision does not allow the time to find alternative funding sources, as this decision was not a reduction in budget but rather a budget elimination. The decision to eliminate funding was made without the necessary time to help find alternative funding resources to keep the sport sustainable.

Mr. Weisel shared his past experiences with athletic funding in the sport of cycling. He noted that USA Cycling, along with several NGBs within the Olympic Movement, is faced with making decisions on which sports, athletes and programs to fund. He noted that the US Olympic Committee supports decisions to invest in the highest-performing sports.

Mr. Arquit stressed his concern regarding the legality of the decision based on the Ted Stevens Amateur Sports Act. He asked to not get into a legal debate over the topic but reiterated the importance of how the decision was made and the effect on the long-term sustainability of the sport. At which time he invited Mr. Demong to address the trustees.

Mr. Demong shared his story in the world of ski racing and noted that every athlete knows it is the journey that defines you and helps you to achieve success. Regardless of what sport you are in, freeski, alpine, snowboard, Nordic combined, the dream of a child is to be a part of the U.S. Ski Team. The U.S Ski team is the aspirational model for every children and parent across the country.

139 It was Mr. Demong’s life’s dream to be a part of the U.S. Ski Team and to wear the logo with pride. When Mr. Demong made his first development team he had to pay $10,000 to take part, which was a substantial financial obligation for his family to make. It caused the family to buy into his dream and Mr. Demong to try and reach the World Cup level as soon as possible to not have to pay the annual fee.

There are some aspects of sustainable funding models that Mr. Demong agrees with but having watched the defunding of ski jumping several years ago, he sees the same trends for Nordic Combined. Currently there are several smaller organizations partnering together, however the role of those organizations is still unclear. Today USA Ski Jumping and Nordic Combined have partnered together to form a joint organization.

Mr. Demong added that when there is no funding at the top level, the smaller organizations form their own teams, name their own athletes and even have their own branding. Mr. Demong believes this is steering the sports in the wrong direction. He asked that there be future honest, transparent discussions surrounding the role of USSA to fund the needs of elite athletes from all disciplines. Elite-level athletes need to rely on USSA to fund the top coaches, athletes and travel because it becomes too cost-prohibitive for the smaller organization to fund elite athletes.

Mr. Demong is invested in trying to save this year's season for his teammates as there is a huge potential for growth and opportunity for the up and coming Nordic Combined athletes. USSA needs to figure out how to be the best NGB at funding all of its disciplines at some type of marginal level. To be the best in the world, the USSA can’t focus on just their stronger disciplines but needs to invest in every discipline to leverage as many medal opportunities as possible. Mr. Demong thanked Mr. Arquit for his continued support and the trustees for the opportunity to address them.

Mr. Shaw addressed the decision-making process that he and Bodensteiner undertook in the spring. They involved the heads of the USSA leadership and the Foundation officers in the process. They followed the general guidelines of the 2010 strategic planning committee and several factors taken into consideration including: athletic success, public interest, commercial interest and relevance, to name a few.

Mr. Shaw reported that the strategic committee would be reconvened to review these guidelines and factors. The decision was one that Luke and he made and they were hoping that there is a way to partially fund, which USSA is currently doing, and reduce the costs of the program. The hope is to find restricted funding, incremental and from current leaders within the Nordic community to help fund the program. There is a commitment by Luke and Tiger to find a middle ground to support the programs.

Mr. Bodensteiner addressed the strategic plan and provided context to the decision-making process that was undertaken. In 2007 when Mr. Bodensteiner started his position he looked at what were the key drivers in sport. He saw that there were responsibility and opportunity in a lot of sports and how could the organization truly become best in the world. He looked at international best practices and recognized that the highest performing multi-sports organizations were the ones that took a lot of care in their decision making process of resource allocation. Therefore he concluded that we needed to put mechanisms in place to help guide the decision making process of resource allocation.

Through the context of the strategic planning committee they developed a framework and criteria to make an assessment of each of USSA’s sport disciplines. The criteria included: viability, sustainability, relevance and then further analytics to determine if it was a sport that needed long- term investment versus short-term opportunities. This was a game changer in the performance of the organization and the impact of the organization as a whole. This approach was first implemented in 2008, and while it has been a difficult approach, it has ultimately been successful. We have a lot of experience in managing sports that have been supported by partner

140 organizations, i.e. Women’s Ski Jumping USA and Parallel Giant Slalom. As an organization we know the partnerships are critical to the sustainability and success of these disciplines.

As a result of the commercial partnerships, Dave Jarrett will continue in a leadership role as the Nordic Combined head coach and is moving forward with hiring support staff. Within the high- performance programming, USSA has allocated a conditioning coach to the Nordic athletes as well as providing physiology, psychology, academic programing, nutritional and medical services. Through various levels of support with the USOC, the direct athlete support provided includes access to training sites, like the Utah Olympic Park and Solider Hollow, elite athlete health insurance and an annual financial grant.

He noted that the obligation of the NGB under the Amateur Sports Act is met by having a domestic program manager who facilitates the competition and selection program to enter athletes into the Olympic Games. At the domestic level we are rolling out coaches' education and certification in ski jumping and club development programming focused on best practices and building of clubs. There is still work to be done on the program working with other stakeholders within the sport, fulfilling the additional coaching and travel needs and assisting with equipment supply. This is a challenging and disruptive decision where we need to use the community and the organizations within this sport to make a difference.

Mr. Beattie commented on Mr. Bodensteiner’s presentation in that one of the critical factors of success is money and that each year it becomes increasingly expensive to compete. Mr. Bodensteiner acknowledged that the increasing costs are a huge challenge. There is no apparent solution to this challenge. The costs are expanding in many areas and create decision-making challenges. Mr. Bodensteiner is extremely appreciative of the strategic planning framework as it has given the organization guidance on how to make the tough decisions.

Mr. Beattie commented that the best way for the trustees to become involved is to get to know the ski racers.

Mr. McLane made an observation on the 2010 strategic planning committee, as he was a part of the process and discussion. It was a thoughtful process to establish a framework to make these tough decisions. The challenges that USSA is facing is one that all of the NGBs go through and each NGB is limited by money. This is an incredibly tough situation for the organization and the athletes and it’s not unique to USSA.

Mr. Boester thanked Mr. Arquit, Mr. Demong and the group for their discussion. He encouraged those who would like to further discuss this to get together and do so.

Mr. Kemmerer asked whether or not USSA can take dollars from a trustee and have them go to a specific athlete. Can the trustees help the athletes individually and what is USSA’s involvement.

Mr. Shaw responded to Mr. Kemmerer’s question about earmarked funding. Donations to USSA can be received and may be directed toward athlete needs, as long as the funding is incremental and made to a sport, project, or team rather than to an individual athlete. USSA’s standard annual fund programs will remain unrestricted. If an individual would like to get involved in a sport and give incrementally that can be done through USSA. However if the funds are directed to a specific individual then the funds are not tax-deductible.

Discussion continued amongst the membership on how the trustees could potentially fund athletes directly through USSA or other organizations. It was suggested by Mr. Weisel that Mr. Shaw comprise a 3-4 person working group to look into athlete-directed funding and to report back at the December board meeting.

141 9. Technology & Applied Research Committee: Troy Flanagan

Mr. Flanagan opened his presentation with a video from Sochi. He then identified the theme for the next four years was to abandon what they have done in the past and look forward to what they can do in the future. Mr. Flanagan identified the top five things within the next quad that they are reviewing to take athletes to the next level. 1. Performance analytics on the hill will continue to help the athletes become faster. The software for performance analytics will be launched to help us further understand performance analytics and allow athletes and coaches to do this analysis on their own. 2. Instant Replay will turn the hill into a learning environment, allowing instant real time feedback for the athletes, so they continue to improve their current training environments. 3. Social Media – USSA is crowd-sourcing talent into aerial skiing. They are asking kids to submit videos online and are using this as a way to recruit new athletes into the sport. It defies the conventional method of scouting and has resulted in an overwhelming response. USSA has found 90 new gymnastic athletes as a result of this style of recruitment. We are looking to do this in snowboard to recruit boardercross athletes. 4. Data management, analytics and communication – The USSA has one of the most comprehensive databases you will ever find in sport. All performances and training diaries are tracked; we are now in a position where we can learn from all of this information. 5. Aerodynamics – The suits are tested constantly in wind tunnel tests resulting in a 17% reduction in aerodynamic drag. Norway and the U.S. had fastest suits at the Olympics (and we were slightly faster). We took six customized suits to the Olympics, depending on the discipline you skied as well as the weather conditions for the days.

10. Youth Initiatives Committee: Phill Gross, Chair

Mr. Phill Gross provided an update on Youth Initiatives. Youth Initiatives has a long-term goal of creating a collaborative environment between the USSA and youth associations across the country. This will help to grow and expose more athletes to the sport and provide an opportunity for our athletes to give back to communities and provide brand exposure. Furthermore these programs will allow our serving youth and talent id opportunities to grow.

Mr. Gross gave a recap of last year's programming, which included the Ted Ligety Learn to Ski Program, CXC Community Olympic Development Program, Nordic Rocks and Youth Fest 2014. For the 2014-15 season the above programs will return and become further expanded. There will also be a new program, the Winter Activities Center located in the NY/NJ Metro area, with the goal of bringing skiing to 4,500 youths. Ted Ligety will be involved in the Winter Activities Center by being a spokesperson and serving on the board of directors.

USSA’s collaboration will be through public relations and communications assistance, athlete participation through mentoring and coaching, USSA branding and merchandising as available. USSA will receive positive public relations, enhanced brand awareness and many of these programs will serve as athlete growth and talent id.

He noted that all of the programs are currently funded through the National Winter Sports Foundation. Mr. Gross noted that many of these programs are long-term initiatives that will allow measuring success several years down the road. These programs will take time to be successful but in the interim he is confident that they will be and the athlete engagement will prove to be extremely positive.

142 11. Education Committee: Jim Benedict, Vice Chair

Mr. Jim Benedict opened his committee update by introducing the USSA staff members who are involved in the educational and career services programs at USSA. Leading the team is George Macomber as the new Vice President of Education for the USSA and headmaster of Team Academy. Jory will oversee and guide Team Academy, college placement, career services. Julie Glusker is also new to the organization and will be the assistant headmaster of Team Academy; she will focus on tuition grants and scholarship programs. Lauren Loberg will continue with the organization as a director of athletic services and lastly there are four teachers on staff at Team Academy. Elaine Peterson and Joe Rhodes are based at the Center of Excellence and two additional teachers are based on site in Lake Placid.

Mr. Benedict spoke to the mission of the educational services and highlighted four guiding principles: to create a holistic athlete improving athletic performance, increase longevity in the sport, initiate successful careers and cultivate long term connections to USSA. The primary goals of the education and career programs are to reach out to athletes and support them with services that are compatible with the current stage of their athletic career and performances. Currently 80% of athletes are participating in programs and the goal will be to have 100% participation.

The USSA athlete leadership program is a new program and will be a combination of workshops and internships allowing for trustee and alumni engagement. This is a way to help foster educational progression and further engage athletes and trustees. Lastly a flexible housing program is another goal of the program.

Mr. Benedict gave an update on the current status of Team Academy. To date there are 27 athletes enrolled for this year; the goal is to get this to 52, with 40 in Park City and 12 in Lake Placid. There was concern at the onset of the program that it would potentially cannibalize other regional academies but now in its third year this has not been the case. The program is geared to be mobile, flexible and vigorous athletic programs. There are four primary long-term goals of Team Academy: 1. Promote athletic development. 2. Become a fully-accredited three-year high school. 3. Increase enrollment to 52 student athletes. 4. To become a fully housed and ultimately fully-funded Academy. Currently about 33% of the costs associated with the school are funded by scholarship. Mr. Macomber will have a strategic plan in place by the December meeting with tactics to achieve the above-listed goals.

Mr. Benedict noted the cost to attend Team Academy is $15,000 and currently 1/3 of the tuition is funded by scholarship. The goal is to eventually be able to fully fund the tuition by scholarship. Mr. Beattie pointed out that college skiing has been overlooked by the organization over the years and could be used as a mechanism for feeding scholarships and athletes onto the U.S. Ski Team.

12. Athlete Mentoring Working Group: Kipp Nelson, Co-Chair

Mr. Nelson explained how the mentor program compliments the education committee. Moving forward the mentor program will be revamped incorporating Jory Macomber and Lauren Loberg both working on the program. Lauren Loberg will liaise with the athletes and Jory will work with the trustees. Despite the fact that there were 23 matches last year, there will be a shift in the program moving forward.

The mentor program will be workshop-based with trustees presenting to the athletes on various topics, i.e. fundraising, business practices, public speaking etc. From there, it is hopeful that the

143 athletes and trustees can form a relationship more organically. If a trustee is interested in hosting a workshop, please connect with Jory Macomber. The second shift in the program will be on short-term internships to help provide athletes the flexibility of a work experience that accommodates their travel and training schedules.

13. Marketing Committee: Mike Jaquet

Mike Jaquet updated the trustees that Jonny Moseley has agreed to become the Vice-Chairman of the marketing committee. Mr. Jaquet is looking forward to working with both on the marketing committee.

He then provided a recap from the Olympic Games and noted USSA was extremely successful at leveraging and amortizing Sochi, including the lead up, during and after the Olympics Games. He noted the greatest success from Sochi for the marketing division, is there are now 17 new superstars that can be leveraged to bring revenue to the organization over the next four years.

Mr. Jaquet provided a breakdown of TV ratings and viewership for the individual events that occurred in the Olympic season. Overall USSA produced a lot of media impressions domestically and internationally, the later producing a greater value on the organization's brand. The value of international exposure has historically been underrated and moving forward he will find sponsorships that recognize the impact of international exposure. For the first time in two years we have a patch available for sponsorship and he will market this to a company who understands the level of international exposure they will gain from this opportunity.

All access shows were very successful and compelling; they aired multiple times on NBC Sports Network above what was originally contracted. During the Olympics there were 18 athletes with NBC profiles and nine athletes featured in creative segments. The enhanced athlete exposure was a huge benefit to the organization and the retail benefit was huge. This past year the USSA was nominated for Team of the Year by Sports Business Journal. This is a testament to how well the organization is doing.

Looking forward to this year, the highlight will be the Alpine World Championships and the center focus of all NBC coverage, with six hours on NBC and eight hours on NBC Sports Network live from the site. Mr. Jaquet stated this is a huge opportunity for the organization and the sport. It should be the catalyst for an increase in Alpine viewership. He shared the television schedule for the two weeks of the Alpine World Championships, where there will be coverage every day. USSA holds exclusive rights with NBC to broadcast the event and owns all of the commercial inventory.

To date, the organization is sold out of inventory, had it not been for the Alpine World Championships we would be significantly oversold. A question from the floor was asked, “If we are selling out, shouldn’t we raise the price on our inventory?” Mr. Jaquet listed the challenges of raising the price of our inventory and noted that sponsorship deals take a long time to complete. As an organization we are not competing with other NGBs but rather professional sports entities. Since deals take such a long time to negotiate they can break down on the basis of what value you are able to deliver. As an organization the current assets are appropriately priced and have grown in price over the last several years.

Currently the marketing team is in a renewal phase, renewing 12 sponsorships deals and has increased renewal prices by about 20%. Marketing is charting significant gains in their strategic goals of additional net revenue to Athletics; this is largely because of what the organization has been able to do with television rights.

He noted that his greatest challenge is how to leverage digital assets, to date out of the $16 million in gross revenue only $50,000 has come from digital revenue. Therefore we need to enhance our digital platform to leverage and sell additional assets. Mr. Yang provided an example

144 of leveraging a combination of digital platforms like YouTube and USSA.org to drive audiences to our digital platforms. This is an area of great potential and growth for the organization and Mr. Jaquet recognizes that we need help in the digital arena.

14. Communications Project/USSA App: Dave Morin

Tom Kelly introduced Dave Morin and gave a brief introduction of how he became involved with the organization. Mr. Morin shared his thoughts on how to develop and leverage technology beyond sports science and into the realm of communications, marketing and video. Mr. Morin provided some metrics to set context for current trends in digital communications. Statistics show that PC communications over the Internet is rapidly declining. The growth in technology is coming from Smartphones, up 20%, and tablets are up 52%. Tablets and Smartphones are growing at a faster rate than historically new communications medium have ever grown at. The world of mobile is growing so fast that it will become one of the dominant mediums in the world. Therefore we need to develop competency in software that delivers content in the way that consumers are receptive to receiving it.

Mr. Morin acknowledged that many non-profit organizations face challenges when it comes to investing and allocating resources toward technology. Additional challenges non-profits face are crowd-funding sites. Crowd funding will continue to be a trend in the digital space for fundraising and the USSA needs to be proactive and provide a platform for athletes to be successful.

Currently USSA does not have a large enough digital inventory and therefore in the future USSA needs to invest in a software that could further build out our digital platform. This year USSA needs be working on and ready to launch a mobile app. Mr. Morin concluded his report by suggesting a technology working group be formed to further expand the topic and see how funds could be acquired to fund the technology initiatives.

15. Resources & Special Events Committee: Jim Benedict, Co-Chair

The Foundation has a multi-fold fundraising strategy for this year. Mr. Benedict provided an overview and description of the various annual programs that the Foundation conducts, including Inner Circle, Gold Pass, and Executive Excellence, on snow clinics like Ice Men, Inside Track, Team PyeongChang and Vail 2015. Key ways for trustees to contribute to the organization are by helping to sell Gold Passes at various regional events. One strategy for growing the Foundation is by increasing the number of major gift officers. Major gift officers across the country will allow for face-to face interaction in the field, as well as an onsite resource for the trustees.

Mr. Benedict acknowledged the generous impact that the trustees have had on the organization. Last year many trustees hosted very successful regional dinners and many trustees are scheduled to host dinners in the future. He thanked the 19 trustees who last December helped to sell out the Gold Pass program and close the budget gap. Mr. Benedict noted that special events are a great way for the trustees to help the organization. Joining a committee, forwarding on invitations, donating auction items, providing feedback after events are all ways to contribute. Mr. Benedict provided the dates and locations of the upcoming ski balls and thanked the trustees who have volunteered to chair the committees.

16. Nominating & Governance Committee Update: Andy McLane, Co Chair

Mr. McLane welcomed the newest members of the trustee board, Dan Leever and Lynn Dorsey Bleil. Recently Mr. Jarett Wait offered his resignation from the board; he has served with the organization for nine years and we are thankful for his many contributions over the years. Currently there are 73 active trustees on the board with a cap of 75 trustees. There is a working list of prospects that the nominating committee is reviewing. Mr. McLane encourages anyone with a prospective name for the board to please share it with Ms. Worthington, Mr. Resnick or himself

145 for consideration and review. He wants to further encourage greater diversity on the board as this is something the board is currently lacking.

17. Final Remarks: Greg Boester, President

Mr. Boester closed the meeting with details for the evening event. He thanked the trustee group for the discussion and invited those who would like to further discuss topics to meet at the conclusion of the meeting. He appreciated everyone’s willingness to shift the structure of the meetings, by having the trustees present the committee reports. This new structure will continue to foster greater discussions and engagement in the future. As a result of this meeting, the first working groups have been identified for digital strategies and elite athlete funding and insurance. Mr. Boester has encouraged any trustees who would like to take part in the working groups to please contact him so that they can contribute to the discussions.

Transcribed by Catherine Raney

2015 FIS Alpine World Ski Championships President Ceil Folz (right) celebrates Mikaela Shiffrin's win with the U.S. Ski Team staff, 100 days before the opening of the FIS World Championships in Vail/Beaver Creek.

146 U.S. Ski and Snowboard Team Foundation Board of Trustees' Minutes – December 7, 2013

Saturday, December 7, 2013; 7:00 a.m. – 9:30 a.m. Sonnenalp, Bavaria/Garmisch & Allgau Meeting Rooms

Meeting Chair: Greg Boester

Active President: Greg Boester, Rye, NY - present Vice President: Eric Resnick, KSL Capital Partners, Denver, CO - present Treasurer: Kipp Nelson, Ketchum, ID Secretary: Jim Benedict, Millbank, Tweed, Hadley & McCloy, LLP, New York, NY - present Kevin Arquit, Simpson, Thacher & Bartlett, LLP, New York, NY - present Bob Beattie, World Wide Ski Corporation, Aspen, CO - present Bill Bindley II, Intruder Films, Malibu, CA - present Gary Black, Jr., Elk's Rest, Sun Valley, ID - present John Bloomberg, Park City, UT - present Erik Borgen, Borgen Investment Group, Inc., Denver, CO - present Michael Brooks, Venrock Associates, New York, NY – present via teleconference John Bucksbaum, Bucksbaum Retail Properties, Chicago, IL Andrew Cader, ACNYC, LLC, Mt. Kisco, NY Jake Burton Carpenter, Burton Snowboards, Burlington, VT Kevin Connors, Goldman Sachs, London, UK Michael Corbat, Citi, New York, N - present J. Taylor Crandall, Oak Hill Capital Management, Menlo Park, CA John Cumming, Powdr Corp., Park City, UT Shelby Davis, Wilson, WY - present Mark Dowley, DDCD & Partners, New York, NY - present Spence Eccles, Well Fargo Bank, Salt Lake City, UT - present Wes Edens, Fortress Investment Group LLC, New York, NY Harry Frampton, East West Partners, Avon, CO - present John Garnsey, Vail Resorts, Vail, CO - present Richard Georgi, Grove International Partners, New York, NY Rusty Gregory, Mammoth Mountain Ski Area, Mammoth Lakes, CA - present Phill Gross, Adage Capital Management, Boston, MA - present Fred Harman, Oak Investment Partners, Palo Alto, CA Robert Hatcher, Mid Country Financial Corp., Macon, GA - present Martha Head, Vail, CO - present David Henle, DLH Capital, LLC., New York, NY - present Bob Hoff, Crosspoint Venture Partners, Irvine, CA Hank Holland, The Private Banking and Investment Group at Merrill Lynch, San Francisco, CA - present Jeanne Jackson, Nike, Portland, OR Tom Karam, Delphi Midstream Partners, LLC, New York, NY - present Dennis Keller, DeVry Inc., Oakbrook Terrace, IL - present Kirk Kellogg, Kellogg Group, LLC, New York, NY - present John Kemmerer III, Jackson Hole Mountain Resort, Jackson, WY - present Ron Kruszewski, Stifel Financial Corp., St. Louis, MO - present Brian Leach, Citi, New York, NY Randy MacDonald, IBM, Greenwich, CT - present Doug Mackenzie, Radar Partners, Palo Alto, CA - present Barry MacLean, MacLean-Fogg, Mundelein, IL - present

147 Walter McCormack, Granite Capital Management, LLC, New York, NY - present Andy McLane, TA Associates, Inc., Weston MA - present Dave Morin, Path, San Francisco, CA Dexter Paine, III, Paine Partners, New York, NY - present Dr. Marc Philippon, The Steadman Clinic, Vail, CO – present via teleconference Paul Raether, Kohlberg Kravis Roberts & Co., New York, NY Steven Read, Read Investments, Berkeley, CA - present Robert Reynolds, Putnam Investments, Boston, MA - present Jim Riepe, T. Rowe Price Group, Inc., Baltimore, MD - present Armins Rusis, Markit, New York, NY - present Alice Ruth, Willett Advisors LLC, New York, NY - present Dave Saunders, K2 Advisors, Stamford, CT - present Mike Shannon, KSL Capital Partners, Denver, CO - present Bill Shiebler, Park City, UT - present Julie Silcock, Houlihan Lokey, Dallas TX - present Brian Simmons, CHS Capital LLC, Chicago, IL Craig Slater, Anschutz Investments, Denver CO - present Dr. Richard Steadman, The Steadman Clinic, Vail, CO - present Steve Strandberg, WestBridge Ventures, San Francisco, CA - present Lee J. Styslinger, III, Altec Industries, Inc., Birmingham, AL Hank Tauber, Park City, UT - present John Townsend III, Tiger Management, LLC, New York, NY Rich Tutino, Lazard Asset Management LLC, New York, NY - present John Underwood, Goldman Sachs & Co., San Francisco, CA - present Jarett Wait, JF Wait Advisors, New York, NY Thomas Weisel, Stifel Financial Corp, San Francisco, CA - present Geoff Yang, Redpoint Ventures, Menlo Park, CA - present

Emeritus Graham Anderson, Graco Investments, Inc., Ketchum, ID David B. Arnold, Jr., Boston, MA Renee Behnke, REB Enterprises, Seattle, WA Bill Bindley, Bindley Capital Partners, LLC, Indianapolis, IN Craig Brown, Wilton, CT Nic Cohen, Astor Industries, Inc., Reading, PA Andy Daly, Steamboat Alpine Development, LLC, Vail, CO Daniel Doyle, Tampa, FL Jake Garn, Summit Ventures, LLC, Salt Lake City, UT Peter Kellogg, IAT Re-Insurance, New York, NY Hal Kroeger, Tower Hill Wealth Management, Inc. St. Louis, MO William Jeffries Mann Sr., Mann Investments, Inc., Memphis, TN John McMillian, Park City, UT Andrew Mill, Aspen, CO Warren Miller, Warren Miller Entertainment, Deer Harbor, WA Robert O'Block, McKinsey & Company, Inc., Boston, MA David Pottruck, Red Eagle Ventures, San Francisco, CA Jim Swartz, Accel Partners, Palo Alto, CA Jamie Temple, Real Estate Developer, Steamboat Springs, CO Stew Turley, Clearwater, FL - present Stephen G. Woodsum, Summit Partners, Boston, MA Samuel Zell, Equity Group Investments, Chicago, IL

Athlete Edith Thys Morgan, Etna, NH - present

148 Jonny Moseley, Belvedere Tiburon, CA - present Cindy Nelson, Vail, CO - present

1. President Calls the Meeting to Order & Welcomes All: Greg Boester

Greg Boester called for everyone to take their seats. He called the meeting to order and welcomed everyone to the annual meeting of the USSTF Board of Trustees. He said, as a point of introduction before we introduced the new trustees, I recently assumed this position from John Cumming in the spring and have had a fantastic couple of months working with the staff and a number of the trustees in terms of getting to know the organization better. As a point of history my perspective has always been from the USSA board side and then I was asked to be a member of the board of trustees and have held a number of committee positions throughout the course of that and am skinning those back as we move forward.

With that, he said that he would like to welcome the new Trustees who have recently joined us: one of whom is here and one is not; Richard Tutino, Craig Slater, and Brian Leach; he indicated the new athlete Trustee, Jonny Moseley, who was present at the meetings.

Boester encouraged reaching out to the new members and welcome them to the board. He felt they would be fantastic members and had exhibited enthusiasm and excitement to be real assets for us as we move forward and confront our challenges over the next five or ten years.

He noted that Brian Leach was not here today but welcomed him and said we were looking forward to his participation. With that he said he would move forward to Alex and his taking the roll call and establishing if a quorum was present. He said that he had one disclaimer and that was that he was not that familiar with parliamentary procedures so he would be leaning on Alex Natt to make sure that he remained on track.

2. Roll Call and Establishment of Quorum: Alex Natt

Alex Natt thanked the president and welcomed him, stating that his service was appreciated. Natt said that he would be calling the roll and to reply if present with, aye. He noted that quorum was established.

3. Approval of the December 2012 BOT Minutes: Alex Natt

Natt asked for a motion to approve the December 2012 USSTF BOT minutes. They were included in your packet starting on page 128.

Motion: To ratify the Foundation meeting minutes as presented.

M/S/C J Bloomberg/ E Borgen

4. President's Report: Greg Boester

Boester said that he would try to be brief with his remarks. A little bit of context as he assumed a different role within the organization… he said he visited Park City in July and spent a fair amount of time with Ruth, Luke and the staff and Bill. He said that it was the second time that Bill Marolt had yelled at him personally. It was a fantastic experience and ended up representing the enthusiasm and culture that he has instilled in the organization.

149 Boester said, I made the mistake of posing the question, how are we going to maintain the dominance we have and he came out of his chair and yelled, fingers pointing, that we never maintain. That is emblematic of the culture and conviction that he has instilled in the organization over the last 18 years. I have personally been involved, having been asked to be on the board in 1996 and have seen the journey that we have undertaken. For anyone who has joined along the way they have certainly a deep appreciation for those who have been along for that ride.

Where we have come under his tenure as an organization it puts it lightly to say that it is a night and day difference. He commended the organization for supporting him and giving him the leeway to run the show. And he instilled in the staff a singular desire to help develop and create the best athletes in the world. You see that in the scientific approach that we have to sport science and medicine and dealing with concussion, and technology and equipment and everything else. It really is a pretty special organization that we are all a part of. That starts at the top, and with the staff, and volunteer boards that we have. That's a legacy that will live on for years and years.

So with that I learned a few things. I learned that the culture of the organization is one in which we are not afraid to be open and honest around the challenges that we have. We'll see one of those later and spend a bit of time on that after Mark does his presentation. It also transcends other things as well. Qualitative assessments where we are not afraid to look and confront questions that are not always easy to answer.

One of which came starkly home to me when I spoke with a lot of the trustees was the question about how we do funding and budgeting. There were a lot of questions asked about why team athletes had to pick up some of the freight, if you will. I also wondered why we do that. So, I sat down and asked the question. What I found was a fantastic response. It was that we have a limited amount of resources as an organization and we cannot do everything for the athletes. When you start to think about that and prioritizing and what really drives results, it becomes starkly clear that, and I agree, we would rather have the best athlete platform that we can provide to as many athletes as possible.

Rather than paying for every plane ticket for a C or B team athlete, allocate those dollars to things like the COE, things like Copper, things like sport science, technology projects. I do think of it as a more horizontal approach at the top. If that is what will make the difference, expose innumerable numbers of kids to the best in the world, the best in class, and in training and facilitation of getting their physical and mental conditioning, their recovery, everything at the absolute top level, it's a very legitimate ask for them to have the athletes pick up some of their other expenses that come along with that.

The point of that one is, when you have questions, I have found the staff and everyone involved to be very open and honest about the process and the decision-making so I urge you to reach out to them if you have questions. It's not asking the questions that is the biggest risk as an organization. If we have concerns, that filters back to the community that does not necessarily have that information.

That led to, is our message getting down to where it matters; the families of the young kids who are joining USSA. And are they hearing about all of the great things and understand everything that's gone into this platform and this organization over the last ten years and quite frankly no. It came starkly home to me this summer when I spoke with the parents of a young free skier who said they didn't know what was in store for their young athlete. I asked if they knew about the educational opportunities, about the COE, about these other things that we have developed and funded in a very meticulous approach to create the very best athletes that are possible, but they didn't know that.

150 All this great work was done to create game-changing initiatives but we are not necessarily getting our messages out appropriately. We have to do a better job of getting our messages out to the places that matter – the thousands of athletes who participate in the clubs. You'll see a lot more support of that approach. You'll see it in the development initiatives, SkillsQuest, etc. There is a long laundry list of things that have been undertaken that are an amazing story that parents and young athletes of every discipline are going to grab onto as we go forward. And draw us forward as a collective community which is the future of this sport. If we are not getting access to the best talent out there we will have problems down the road.

We are on the way to get that foundation built. We can always do better and constantly question ourselves on how we can be better on that front. We are here in this room to vest in management the ability to design that strategy, to question that strategy, to have input into those strategy decisions; but at the end of the day, we are here to fund it and get the best outcomes over time.

You will hear more about this funding and we have a funding challenge this year. We have a budget hole and Mark Lampe will address this. We will come back around to some of the ways that we have strategized to plug that hole over the course of this year. In the spirit of confronting our challenges head on, we will simply tackle it, and we will move on. With that I'll turn it over to Mr. Marolt.

5. Chief Executive Officer’s Report: Bill Marolt

Marolt welcomed Greg Boester in his new role as President of the Foundation. He said that we were looking forward to his leadership. Marolt stated that Greg was an Olympian, an athlete, so he knew the organization and would do a tremendous job as the president.

Marolt said that, as he sat there today, it felt like snap your fingers and 18 years go by. He said that it had been an unbelievable ride for him and his family. He thanked everyone for the other evening. He said he was looking forward to giving a good CEO report. He said that he would brief everyone on what we had done since the last meeting in July.

First he wanted to address the leadership that was being provided by the vice presidents of the company. They did a fantastic job and they provide the leadership and between them and the sport directors, they are the strength of the company. You see that going into an Olympic year. They have ramped up and you see their motivation and the attitude they have taken out to the athletes. The entire company has really taken it up a notch. We are doing things at a higher level; we are doing them better and with more sense of urgency. That brings me a lot of personal satisfaction to watch that happen.

In the preparation phase, we talk a lot about getting ready for the season. As you see what we have done physically, mentally and on-snow, we've had the opportunity to train in the southern hemisphere where we had good snow again.

The USSA Center of Excellence has been terrific. He said he marveled at the resources that that brought to all of our teams. Literally, in every way, the COE has made a huge difference. As we go down the road, this will become more and more valuable.

Our USST Speed Center in Copper Mountain is another resource that has made a huge difference. Whatever we miss in the summer we are able to make up with opportunities at Copper Mountain.

This is not just for our elite programs. We see tremendous use on the part of our development athletes.

151 This is infrastructure that will be here long-term and the basis for us going forward as best in the world.

Training at the U.S. Ski Team Speed Center at Copper Mountain, CO. – 2013 Nature Valley First Tracks - Photo: Tripp Fay/Copper Mountain Resort

We've had some good early-season success. He noted some of the athlete performances from this summer and fall thus far. World Cup Wins: Devin Logan - New Zealand; Kelly Clark – New Zealand; Ted Ligety – Soelden; and Mikaela Shiffrin – Levi.

He said that highlighted the preparation. He said he knew there were questions about the downhill teams both last week and this week. He said he knew we have some issues. He had discussions with the alpine director and the head coaches and we will find out what is going on and he said the performances and results to date were not indicative of the ability that we have. The women's speed team won the World Cup last year so what we are showing right now is clearly not what we are capable of. It's disappointing but we will find answers and get it fixed.

Just a few thoughts on development, this is something that we have talked about through the years. If you go back a couple of years and look at what Luke and his elite national staff started to put in place was a really good coaches' education program. Skill development and club development and putting in place a regional, divisional and state structure that really builds out the pipeline from the local club. These were not new ideas but they are projects and concepts that we have funded, staffed and provided direction. We have made the commitment to fund this over a long period of time. When we've had down years in the budget the first thing cut was development. From a management and leadership standpoint we have to make sure that this does not happen. Tiger will have to run with that. He said he was excited about where this was going.

On the business side, in Sales & Marketing we were making progress toward our year-end goals. Clearly we have challenges. Mark will show you the numbers in his report. But, as we look into the future, Mike has the opportunity to re-negotiate our NBC contract. As you know, we are in the time-buy business. We produce all of our own TV. Because of the relationship and other opportunities we are going to reduce and eliminate costs with NBC and ultimately get those dollars back to the bottom line.

Another really exciting prospect is the purchase of some international rights from the EBU. We are one of the first national ski associations to have purchased these rights. It's given us the ability to create more inventory and better tell our story and create value.

152 The Foundation, again, we are making progress. We have work ahead of us and as alluded to we'll have more discussion on this in Mark's financial presentation. We have solutions but they will fall in the area of Team Sochi and with our gold pass program.

One final thought regarding the Foundation. One of the major elements of our fundraising effort has to be our major gifts program. We have to look to rebuild that and add major gifts managers around the country to expand our reach and build a base. Ruth is well on her way to put that plan in place.

Another strategy that we are looking at in terms of value and promotion is by adding future events that create revenue and promotional opportunities. Looking down the road we are looking at doing the World Cup Alpine Finals in a few years. We are looking at Freestyle, Freeskiing and Snowboarding World Championships for which we are bidding in 2019.

Where we are right now is good. We have a platform to move forward on the business side and, in summary; I would say that 2013-14 has some challenges which I believe that we can solve. The future is really bright from an athletic and financial standpoint.

Other things I want to report on are the USOC, of which I am a member of the board of directors. Being on the board has been gratifying and a lot of fun. What really struck me in my last meeting was that we are in total alignment with the Olympic leadership; i.e. Larry Probst and Scott Blackmun. If you look at their vision and mission and the way that they allocate resources, we are right in line.

When we go in to present out plans and our programs, they understand what we are doing; and as a result, we have strong support from them. Our partnership is strong financially and promotionally. We were part of the 100 day kickoff to Sochi. We co-hosted a Media Summit here in Park City as part of the lead up to Sochi. Another thing that is really critical is the relationship between the USOC and the IOC. Larry Probst has just been elected to the IOC. Anita de Franz has been elected to the executive committee of the IOC. Both are big steps for us as we look down the road and look at future bids.

We have spent a lot of time on safe sport. That arose from some issues from USA Swimming as it relates to providing a safe environment for youngsters. We were leaders in this area and have worked hard with the USOC to put this policy and these programs in place.

Future bids – I know that there is a lot of interest in this room on what the USOC is thinking for the future and right now their priority will be to focus on a summer bid. They will be looking for a bid city to bid for the 2024 Olympics. How that will play out remains to be seen.

The FIS – our main work there has been with World Cup schedules and to create the properties that we want to add to our inventory to create the incremental athletic, promotional and resource opportunities for the company. We are spending a lot of time clarifying ownership rights and we have a lot of people in the marketplace selling sponsorship. The market is cluttered and we are spending time on who owns what and what we can all sell.

Finally, I would like to mention that the ongoing testing programs to ensure a level playing field continue to evolve. WADA just came out with a new list of banned substances and new protocol. So, we continue to be mindful and watchful of what is going on in international testing.

Marolt said he did wish to address the 2015 FIS Alpine World Ski Championships in Vail and Beaver Creek. You've all seen what a fantastic job the Organizing Committee did with the field

153 of play which will be unmatched. The organization, the Foundation with Vail Resorts, they prepare and put on competitions like nobody else in the world. The business plan, the promotional plans are coming into place. As we get past the Olympic Games then this becomes number one priority. We've had good events here the last two weeks and I'm very confident in the success of the skiing championships for the Organizing Committee, for the valley and state of Colorado and most importantly for our athletes. It gives us a great opportunity to showcase our athletes in the US on home soil. We have an organization meeting on Monday; we are meeting regularly to make sure we are staying on top of our game and we are looking forward to making this a super show in February 2015.

A couple of thoughts on transition – Tiger Shaw started on October 1 after a good search process that was well done and well received. The process brought us Tiger Shaw and we are all excited about his business background and understanding of the sport. He came on board as the chief operating officer and has taken on the responsibilities that fall under that job. He was assigned to direct our IT department; membership, where we are working hard to redefine our programs; also work with our creative department. He is fully integrated with the management team and is part of all the department monthly financial reviews. He has total access to the vice presidents and the staff. He has been traveling to meet with trustees and it's been a good first phase.

Tiger Shaw thanked Bill and stated that it's extraordinary to be here – quite an honor and responsibility to take over when Bill leaves as CEO. He said that he was incredibly fortunate to be in the situation to be mentored by Bill for a period of time and be given the time to understand what has made this organization so great. It's an opportunity to integrate into the organization and spend time with the vice presidents. He complimented all of them on their work. He wanted to add his comment about the incredible athletic achievements and best in the world – the vision that Bill had for so many years and many of us were stunned when he announced that would be our vision and, lo and behold, that is where we have come. That will be job number one to keep us best in the world and it's not easy to defend that mountain once you have climbed the top.

He added that a lot of the credit is due to Luke Bodensteiner because he has had to execute all those programs. It's helpful to have this opportunity to get integrated and learn from all of these leaders within the organization and have time to observe what makes us tick and run so well and what I need to do to shore that up moving forward.

We all know there are many challenges but we will face those head on and immediately and look at our opportunities where we can evolve and improve moving into the future. My first 100 days are an opportunity to learn, listen and get out there in the field. I've worked with the McKinsey initiatives that have become directives and are now being implemented and executed in the field and will work to fulfill that mission of being best in the world in every way in all the things with which we are charged as an NGB and leaders of these sports.

6. Financial Review: Mark Lampe

Mark Lampe noted that you all have folders at your desk; what you have are the two audited financials for FY12/13. We did finish with an operating surplus of $67,000. That was sufficient to meet all our debt covenants. So we got that behind us and we are working on this year's budget.

One thing to note was the audit firm was acquired over the last year so now the footnote areas have changed a little to represent the Edie Bailey format. The content is still basically the same. One significant change that they did was with the opening balances for FY12, and Bill Shiebler our audit chair will address this as well, there are new statements out that put a focus

154 on the accounting for permanently restricted endowments and how those are handled. They now split that into pieces. The corpus stays within permanently restricted but earnings and grants are now moved out of there and are accounted for in either temporary or unrestricted. They concluded that we needed to split that from permanently restricted so they moved our earnings and grants over to unrestricted and left the corpus in permanently restricted.

There was no change to the income statement or retained earnings, merely a change in classification from permanent to unrestricted in the balance sheet. You'll see that in there with several pages of footnotes on it.

FY 14 Budget vs FCST FY13 Fcst FY14 Bdgt FY14 FCST Sales and Marketing, net of costs 7,266 11,022 9,349 USSTF Fundraising, net of costs 4,444 5,959 4,794 Team Vancouver/Sochi program 330 280 (76) USOC grants 4,300 5,021 4,797 Revenue risk reserve (2,839) Subtotal 16,340 19,443 18,864 Member Dues and Fees 4,519 4,523 4,463 Endowment grant 1,667 1,714 1,714 Other revenue 3,345 2,002 2,024 Total Revenue 25,871 27,682 27,065 Elite programs 14,007 14,038 14,295 Olympic program costs 1,030 1,085 Center of Excellence ops, depr, interest 1,236 1,463 1,303 Domestic development programs 3,288 3,679 3,691 Events 5,026 4,930 4,953 Gen'l & Admin. Expenses 2,247 2,492 2,860 Total Expense 25,804 27,632 28,187 Operating Surplus 67 50 (1,122)

Moving forward to FY14, it's been a roller coaster year. Those of you at the July meeting knew we were at a $1 million deficit challenge. The October USSA board meeting we had gotten worse and were at about $1.8 million. We dipped below the $2 million for part of the summer. We were getting a lot of headwind on expenses and some of the revenue grants were a little lower than we felt we would get. Since October we have done a good job of chipping away at this. We've pulled about $700,000 back in so we are now back to where we started in July with a $1.1 million challenge.

To address a couple of highlights, the first four lines are really what I call our controllable revenue and those are our growth revenue areas and where we put a lot of focus to grow the company. We did not grow quite as far as we had hoped to this year; even with the sales risk reserve we are behind. Right now marketing, net of all their administrative costs, is at $9.3 million. The sales gross that Mike Jaquet referred to in his meeting is $11.1 million. Once we take costs out, it brings that to $9.3 million. Of that $11.1 million in revenue, $10.5 million is either under contract or is pending contract. We have $600,000 more to go and he has several companies with whom he is working to get for this year and there are about 30 remaining TV units to sell. There is upside to get that $600,000 and possibly a little more.

On the foundation side, Ruth Flanagan did not mention this in her meeting, but she and her team are going to set a new record for annual fundraising. That beats FY08 which was our last high right before the financial collapse and that's the only economic event that we've seen that ever hurt our donor programs. Her team has worked hard for the last two years to get everything back on line. The big contributor there is growth in net gold pass revenue. It's up about $200,000 vs. 2008. We are still behind in major gifts, balls and direct mail but they are working hard to set records in those categories as well.

155

Team Sochi continues to be one of our most dynamic programs for raising money every quad for our athletic programs. It's a challenge for us this year due to its being Russia and we are finding that there is a lot more expense than projected. We did contract with JetSet to minimize the risk of not having our hotel or having a restaurant yanked out from under us. The downside, and most of you are familiar with this, is that JetSet effectively gets a monopoly every Olympics and they get pretty discretionary in how much they charge you. We are starting to see that now, the upping of costs on us. We will negotiate that one to the very end.

The USOC grant always spikes in an Olympic year. They grant us significant extra funds. We were hoping for $1 million but we received a little over $750,000 as an extra one-year grant. We also, and this is a credit to Luke who worked very closely with them, got an extra grant last year and that's why you don't see a big difference year over year. Several difference makers for his program got funded a year early.

The remainder of the revenue activity is pretty standard. I would highlight in our Athletic program elite and domestic were up about $1 million; year over year, about $600,000; that is putting staffing back on the ground in the regional program. In FY09 we took a couple million out of the Athletic program to live within our means and we had to recharge that which should provide long-term benefits for us.

You'll see a line item for $1 million of Olympic costs and those are specific athletic costs of putting the team on the ground and competing during the Olympics. This figure does not include any of our prep camps. The coaches have those in their individual elite team budgets. This is the cost of housing the team, having support and technical staff there, uniforming, and the chef program, everything to maximize our opportunity for success there. Luke has worked feverishly for five years to find housing and they are racing to the finish line.

You'll note that elite is slightly up over its budget and that represents holding off on some initiatives that specifically related to Olympic camps and preparation in December and January. We held off as long as we possibly could and the management team decided that we needed to commit to these and most were snowboarding and freeskiing camps and those represented a lot of medals for us so we approved those camps and they cut some of the costs back.

At the end of the day we are still faced with a pretty large challenge. There are a number of upside opportunities still pending and he discussed each: Team Sochi packages – 4 more at 150 net each Gold Pass – 40 more passes = 400k 100% inner circle pledges paid by April 30 = 120k Other donor programs Close marketing opportunities – working 8 to 10 prospects (need 750k to hit forecast)

He reiterated that was our challenge and asked Greg Boester if he wished to make any comments.

Boester said that, in Executive Steering Committee, when we got to the budgeting challenges we spent the bulk of time on this and attacked it methodically. We discussed what was driving the challenge. We went through the drivers of revenue meticulously and we were satisfied that foundation and marketing were really working hard and looked at the drivers of the deficit.

There are a lot of little things contributing to this so we moved on to the potential solutions. We have unsold inventory between Sochi and the gold passes and those two programs are very effective at dropping money into the budget to close that gap. Those 40 unsold passes we

156 decided to attack that quickly. We have to lead by example and very quickly all six members who were there took an extra gold pass to start this process.

We then discussed what we thought the receptivity would be around the board stepping up and our conclusion was that we thought it was incumbent upon the full board to help get this done. We have 70 board members and you don't have to do this personally but take responsibility for moving one more gold pass. That would get us a long way to closing the gap. Please go to Ruth, Kate and team and help with leads to move one more gold pass. It's a great opportunity to bring in other people. They tend to be repeat at that point which will help to strengthen the base going forward. This is a very effective way to add incremental money every year.

We moved beyond unsold inventory and realized that we would still have a bit of a hole and after further brainstorming Dexter Paine and Eric Resnick said they would figure out a way to plug this hole and he asked Dexter to address this.

Paine said that in 2010 coming into Vancouver we had a similar deficit. Phill Gross led the charge and created something he called Ring Fence which raised about $750,000. This was used to close the gap in 2010 and fund all of the Olympic training that would get us to being best in the world. This year, this board will need to make the same type of effort. He indicated that he would work with Eric to lead the charge. We've made financial commitments to the organization and look forward to talking with people about closing the gap. We hope it will be smaller as we get the gold pass program sold and sell the remaining Team Sochi packages. It is incumbent upon us to make sure that our athletes have all the training and preparation necessary and what is needed in Sochi that will allow us to be best in the world. This board is always incredibly supportive and this is a very important year. I've told Bill that we will not let him go out with a deficit after 18 years of surpluses.

USSA Investment: Greg Boester

Boester said that he had taken over the Investment Committee early last year from J. Crandall. He said he had been a member of the committee for several years previously. He spent several months getting to know the advisory team at Thomas Weisel Partners who help us manage the endowment. He found that J. had done a tremendous amount of work and he gave him credit for establishing a more rigorous and solid foundation by which the endowment was managed. We went through a robust revision of the investment policy statement and asset allocation framework which is being implemented over an eight quarter migration. We are starting to see the benefits of that. He thanked J. for all the efforts he had put in there.

The team at TWP really stepped up and did a great job for us and took a fresh look at all of the reporting and structure around the endowment to make sure that it was being managed in a very transparent fashion and very rigorously. We revamped the reporting; we have a robust committee process; we have an allocation process that does give us some flexibility. We were able to get in place good reporting, manager oversight, and with respect to the allocation policy, we are comfortable that the portfolio is very solid, stable and transparent and allows the investment committee to have solid debate about how and where we want to select managers and the level of risk within the portfolio.

He discussed the fixed income restructuring that had taken place and that the asset managers had done reasonably well this year. He noted the real estate opportunities fund that had been added to the portfolio.

He mentioned that he was available to discuss any of the items offline with the trustees.

157 Endowment Balances as of October 31, 2013

Spence Eccles asked about when the pledges would all be received for the Legacy campaign and were there any means to accelerate the payments. Lampe replied that he did not have an answer on how long because that was up to the donors to finish their pledges. He said that the figures included contributions of about $42 million and the figures shown were net of grants. He noted that $11 million were bequests.

There were individual questions directed to Greg Boester re the portfolio which he addressed.

USSA Audit Committee: Bill Shiebler

Shiebler noted that it had been mentioned that we have a new auditing firm. He said he thought there was quite a bit of consolidation going on among small auditing firms around the country in no small part due to the Accounting Professional Standards Board that has come into play in the last couple of years; some of them are feeling the heat of regulation, some for the first time. This group has become very strong as a regulator so our firm merged with another firm and came in this year and took a look at our endowment classifications as was mentioned earlier and they decided that they had been wrongly classified over the last five or six years.

If you read the footnotes it looks like it was our classification and the Professional Standards Board will not allow them to say that they had classified things wrong. It's an Orwellian world we are in here so we have to take the heat for it. He said in his mind it was all of no consequence because nothing changes in our numbers. Our numbers are solid.

On several occasions in my talking with the partners of the firm, they went out of their way to assure me that our team had done absolutely nothing wrong, that it had been on their side. Because of this we were unable to have an audit committee meeting right before this meeting which is more the norm. This came down to the wire this week and we were going back and forth on the language in the report. We will work on scheduling an Audit Committee meeting in the near future. He said there was really nothing else to report and everything was as you see it in their report.

7. Sales, Marketing & Communications: Mike Jaquet/Mark Dowley

Mark Dowley said that an enormous amount of work was done this year, on a gross basis about 30%. Many new sponsors were coming in and there were several in the hopper that we should be able to close before Sochi. There are seven sponsors contracted that will expire in April so there will be a lot of effort to make sure that we renew those.

Part of that renewal process is something that Tiger talked about yesterday about having a more CRM basis and CRM as a total marketing tool as well as a total relationship tool for the entire organization is something that we are going to spend a lot of time on and, as Bill alluded to, this new time buy and negotiations with NBC could be a substantial improvement for us.

158 One of the caveats that we need to be careful of is that some of these are for one-time events like the World Championships here in Vail.

We need to continually strive for systemic new revenue growth. We keep saying here that what the organization does with the resources at hand is simply staggering. It's unbelievable the dollars that get into the Athletic department and what is done with them. We would certainly like to have many more resources for our athletes and the organization and it will need to come from this area and Mike will take you through some of the plan and improvements that he presented in committee yesterday.

Mike Jaquet said that this was his 19th month in this position. It had been a whirlwind and we have accomplished a lot. We've made a lot of staff tweaks since I got here with some people moving on and hiring new people. I can tell you today that we are in great shape and we have some great momentum, but even more than momentum, we have a solid base of revenue so that we can now be a little more aggressive than we were in the years past. We have a solid base of strong sponsorships.

We have seven big renewals as is typical after an Olympics. These usually sign up for Olympic quadrennials. He said he felt confident with all seven of them and that we would sign them back for pretty significant gains. He said that would allow us to be really consistent in our funding to Athletics. Our entire department is judged on how much money we are able to raise to hand off to Athletics. That is why we talk in net. Before, working at CBS, it was always gross, gross, and gross. Here it is about how much we can hand off to Luke to spend on athletes. He said it was very rewarding to walk through the gym every day and know that your successes on the third floor directly affected the success of the athletes.

He said he would try to update what had taken place in a two-hour committee meeting in just a few minutes. If anyone had questions, they would easily be able to reach him afterward. The strategy that he had in raising revenue this year, and we were looking for about $3.5 million net to meet the budget number that Mark laid out. We really targeted USOC sponsors which had a dual benefit. Obviously, their investment is in the Olympic experience and they know what sponsoring this type of movement is. We knew they were good targets.

By signing these specific sponsors, P&G, Kellogg's, and Liberty Mutual, they added about $1.6 million to this year's budget among the three of them. We also laid out some money for 2015 with a couple of them and Liberty Mutual out to 2017. But what we are able to do now in an Olympic year is have them activate their partnerships with us and some of them are spending up to $20-30 million on Olympic sponsorship. They are able, with our sponsorship, to carry an active sponsorship through retail, national advertising all the way up to, through, and after the Olympics. We will be able to renegotiate these as they come up through PyeongChang based on really positive results. You'll see us at retail this year. You'll see us advertising during the Olympics. Kellogg's alone will activate 18 different brands with nine of our athletes; this will be a really good activity from both a revenue and advertising standpoint.

With new sponsors, USSA is strong in the marketplace with Blue Diamond, Bose, and Goodyear for two years, which added $1 million to this budget year alone. We've had a $3 million selling season with media and new sponsorships on top of the base that we had in place. We have good momentum but key is also that he felt really confident about all these people joining the USSA family. These are not just three-month opportunistic we'll see what we can do and see you later in four years. All are excited about activating their sponsorships so far.

On media, we spent a little time in the committee meeting on this. He said he was honored to have Bob Beattie in the room as he set the standard for ski media across the board in our sport. Standing on his shoulders, we have been in a time buy and our six-year deal with NBC

159 expires in April. We need to do better. He added that it's a very good time to be a rights holder now in sports.

The timing is right for us but we couldn't expect to go to NBC and say we are paying $5 million a season for the right to be on your network with the exact same package of events and say don't charge us as much. We needed to be more dynamic with that. We needed to be in the rights holding business so that's what we have done.

We announced that we have a four-year agreement for the 2015 and 2017 Alpine and Nordic World Championships. Those rights we will package and, conveniently, 2015 alpine is in Vail/Beaver Creek and that is highly valuable to hold the domestic rights to that so we are packaging those with what we do on a regular season basis and we are in active negotiations with NBC right now.

He said they were very motivated. We both want to talk long-term – a five up to 10-year media rights deal. We can get significantly better. NBC has the early negotiating rights and also the right to match by contract. We've put out our ask and NBC called it aggressive – it is highly aggressive. We are in that exclusive negotiating period now. We should receive their counter next week.

If we do not come to an agreement by the end of the year, we will go to the marketplace. We need to be aggressive here; if we lay this out for 10 years this will be a game changer for the organization because, as Bill mentioned in his address, benefits here will go net to the bottom line.

We are committed on doing events. We have long-term sponsorship agreements that will require media value in them. So this is important for us to deliver. The costs for delivery need to be better to direct revenue to the bottom line on a long-term basis. No other ski organization has done this; so congratulations to us on being pioneers. Again, this has changed the tone of our negotiations with NBC, especially having the rights to 2015 in particular. To finish up on media, we stand on a strong basis to lay this out long term and it allows us to be aggressive in going out and increasing the value of our inventory and in getting new inventory. We discussed in the meeting what the next five years of this organization looks like.

We are being aggressive in going out to find new opportunities. There is tremendous athletic benefit to that but we can do this opportunistically and Mark has put all the bids through the wringer to ensure they are financially viable. Because we are so strong with a good base of sponsorships we can go out and add additional events. We are trying to do something with a metro cross country event for 2016, obtain the World Cup finals in 2017, that would allow us an east coast tech event, which would open up a huge market for us; and the 2018 qualification events which increase our value every four years; and add to the calendar the 2019 Freeskiing, Freestyle and Snowboarding World Championships, here in Utah showing the world that we are ready for an Olympic Winter Games bid. We are well positioned. There is a lot of really exciting stuff going on right now in my department and across the company. Our success is that we have a really great product to sell right now. I'm only as successful as Luke is successful in Athletics.

I spoke with you about how exciting it is for me to be here and a lot of you reached out to me with your connections to people in various companies; many of you who have done that will attest that I take you up on these offers of introduction and we track these down and then are active with them, so I encourage you all to please continue to do this. I'm always available and love talking about this stuff. So, at anytime reach out to me. We will be very passionate in response to your customers and friends.

Boester said it would be helpful if Mike kept the board abreast of where he had open slots and desires of things to fill because it might work more effectively if we knew which specific

160 category for which you needed contacts; so just periodically send that to the trustees where you think they could be helpful. Mike replied that last year at the conclusion of the fall meeting he had sent everyone a kind of state of the union and we now have six less categories there so congratulations to us but I'll do that again next week.

8. Foundation Committee: Ruth Flanagan/Jim Benedict

Ruth Flanagan said to echo Mike's points, she had been on maternity leave but she loved her job and this team and the board too much so she had remained in touch and will remain so for the future. She said that it was a board with whom the team enjoyed working very much. She had a great team and her staff loved being in Park City. She extended an invitation for everyone to come and visit. She said she hoped that everyone had enjoyed the meetings; she was very pleased by the turnout; and to let her know how they could be improved upon for the future. She also thanked Jim Benedict for helping to chair the meeting. Looking at our numbers, although Mark had touched upon them, the bottom line is that we are growing from last year and she wanted to touch base on a couple of areas.

She said that the special events were really important; that these events, while making $1.5 million, also engaged so many people around the country who got to meet some of our athletes and learn what they do and who they are and we also got to tell our story. While events were a great way to raise money they also were very expensive to put on; we have to be very thoughtful about how we spend money and what we are getting in return.

She commented that Kate Klingsmith had done a phenomenal job with the gold pass program. She noted that if you put her on to someone she will do all that she can to get those sold. She added that Jarrett Wait had sent two emails this morning and Kate would follow up so we hope to get two more in there.

The major gifts number is very stagnant; she said that we all know that we need major gifts managers around the country. She said that we have Amy for the west coast and she has met all the trustees in that area and was doing a great job out there. We look forward next year to that number being much higher. We need major gifts managers in other parts of the country but we need to make sure to get the right people in these positions. We have to get people who work well with you, understand our organization, and can ultimately make a difference to our bottom line. It's really important to get the right staff.

Direct marketing is moving in the right direction. We have a very small program. We do it in house; we don't need to be paying huge dollars to external companies; next year we hope to be in the $150,000 - $200,000 range in direct marketing. These were the $35 t-shirts and the fun mail you get in the letterbox.

We discussed two areas in our committee meeting, the gold pass and our Olympic hospitality programs. As we highlighted this morning, we have 50 gold passes left on the table. If we sell those, that's $500,000 to the bottom line. While it would be fantastic for everyone in this room to commit to taking another, we would really like you to get your friend that we don't know to take one because then Kate next year will work diligently to get them to renew.

The gold pass is a great tangible piece to get people involved with our organization. They get to wear it proudly knowing that they are supporting the athletes. While it is a gift to the organization, it's an easier way to get people involved because they get to do something with that – they do what we do – ski and snowboard. Please look at whom you ski with and who your neighbor is at your ski house – do they have these great gold passes? Also, organizations, do they have a lot of skiers/snowboarders within? It is fantastic for clients and employees alike.

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Special events as we said is very important. This year the New York Ski Ball put a record of net $1 million, on $1.5 gross; again, $500,000 to put on a party is a lot of money but we had 700 people in the room and put $1 million to Athletics. It was a fantastic event and she thanked Jim Benedict who headed the ski ball. She said they were looking for a new chairman for next year.

The other events around the country also did fantastically. She thanked the Bay area trustees. It was a fun party and raised some money and engaged a lot of people. Phill and Bob in the Boston area spearheaded the New England Ski Ball. It was a new venue and we had fantastic response. Edie helped to engage the local ski community. These events help tell our story and explain where the dollars go and why we need to raise them.

John Bucksbaum in Chicago revitalized the event, which was great. She also thanked Julie down south in Dallas for her event which helped with gold pass sales.

There was a lot of discussion regarding Olympic hospitality in the committee meeting. The 2014 Sochi hospitality program funds athletic programs and the additional $1 million that we spend just for the Olympics. It's the offsite housing for the athletes, chefs, and making sure the athletes have everything they need to win as many medals as possible. We are at almost 50 packages for Sochi. It's a great effort but we need to get those last three or four more. Those who have been to the Olympics know it's an amazing experience. It's phenomenal. You won't go back in your lifetime to Sochi to experience another Olympics.

While that will be great we also need to look forward to 2018 and 2022 – we have to keep this Olympic hospitality program going. We had great discussions in the committee meeting about what we would do for South Korea which may be too far away for some of our donors. We need to keep the annual giving at the same level and the excitement and connection to our teams; we have to keep that support going so we discussed what we could do.

We decided to take a look at World Championships and see where those were in 2015 and 2017. Obviously, 2015 is here in Vail. In 2017 it's in St. Moritz, SUI. The Nordic World Championships are in Finland. Also, there are the Freestyle and Snowboarding World Championships, if that is where your interests are. We will work with the Resources Committee to put various packages together for the Olympics, or Worlds, or go heli-skiing with the athletes, for example. We will individualize the choices and options for you keeping the same costs because we are, after all, in the business of raising money here. Bottom line, we just need to

162 keep the annual giving at the same level; if not, increase it. If anyone has questions about that, I'll be happy to answer them or anyone else on the team as we are all up to speed on that. If you have suggestions, let us know. It's super important for our athletes moving forward. We don't control where the Olympics go.

She said she wanted to finish off with letting everyone know that people always ask what they can do to help and turning up to the meetings is fantastic because you get reenergized about the organization. You meet other trustees. You meet our athletes. You see where we are putting our dollars up on the hill in Beaver Creek. This is only one of the many World Cups around the world where the athletes compete.

How you can help us is we are all involved with different committees and I encourage our committee chairs to reach out to you during the year and let you know what we are doing and help with what we are doing there. If you have a suggestion, put it out there. No suggestion is a bad suggestion. I always use the example of Mark Dowley who gives me 20 suggestions and one is really good and the other 19 we look at and realize he needs that Russian budget.

Please, there are a lot of talented and really successful people in our organization, so we do want your help. We need your financial help with the type of board we are but my recommendation is getting involved with a committee that you really like. Perhaps you are interested in the nominating or investment committee or another committee you haven't been involved with yet but you feel you could make a difference, then let us know. We are often looking for new committee members.

Financially, those gold passes we really want and need to get them sold. We've got two weeks left in this calendar/tax year. We've got some great Team Sochi opportunities. Also, under Believe in U.S. we have a promotion going on throughout the Olympics. We hope to have a lot of supporters wearing the Believe in U.S. hats, supporting what we do, and be out there promoting what we do. We want everyone in the U.S. to know about our best in the world vision. All of us need to work to make that a reality. She asked Luke to bring home the medals and they would work to keep the athletic program funded.

9. Athletic Committee: Dr. Richard Steadman/Luke Bodensteiner

Dick Steadman stated that he had been involved with a lot of sports teams and he was familiar with the way they were set up and did their training and put their teams together and he said, while it wasn't true 10 years ago, but now the USSA leads that pack. He said that this was the best trained team of which he was aware. There is no professional team that has the organization and the quality of research, the quality of preparation the USST has. We should give the committee and Luke and his team a great hand as they deserve it. Today he said he wanted to share with the group that it had been announced that they were one of two sites selected by the US Olympic Committee for the treatment of Olympic athletes.

Luke Bodensteiner said thanks for those words and he thanked Dr. Steadman for the role he continued to play in this performance and our program. He said there were 61 days until kickoff in Sochi. He said he was extremely pleased with the plans the teams had put together and the way they had executed against those plans. We've seen those performances over the last three seasons with excellent performances across the teams. Last season each of the 12 sports won medals at the World Championships. We are well positioned here. I should say that the planning that has gone into Sochi has not been short term. It was kicked off here six years ago with our strategic planning committee in helping us rethink how we use our resources across all programs.

We've also known for quite a long time that Sochi would be a much different environment from Vancouver. Vancouver was en easier performance environment. We didn't have the home

163 field pressure associated with competing in the US. Sochi is a much different ball game for us. It's been every bit of the challenge we thought it would be.

Collectively, within the athletic department we've done a good job of setting up our athletes. We've done things like partner with the Russian team which is pretty unique. When I hear other US federations talking about the extreme challenges that they have with the Russian Olympic Committee and the attempts that they make to get them off balance with the way the training over there operates and so forth. We have had an incredibly fruitful partnership with the Russians. We committed to each other early on in this Olympic quad and they lived up to every bit of the agreement so that will provide advantages to our team on site.

We will be the only team that has achieved a similar performance set up in Sochi as we did in Vancouver where many of the teams elected to live outside of the village, with the advantage of being able to control the environment around the athletes. As Mark mentioned in his report, we spent multiple years trying to get a situation off site that will provide an advantage to our athletes and programs and the services we can put around them. It's been a touch and go process like everything in Sochi. It's being built and it's being built today. It's been on and off multiple times but I think we are in a good space with that.

Most recently, in the execution of our plans, one of the things we wanted to address with the athletes in a pretty significant way this year was the culture of our team. We've had a strong team culture and a culture of excellence within the team and that has paid dividends in our performance.

The challenge is that in an Olympic year there are an incredible amount of pressures both for the athletes and coaches and the parents and people who are around the athletes' experience. That can eat away at that culture; so this spring and through the course of the summer, we invested a lot of time with our teams in talking about what was going to make us successful in Sochi but also how we were going to be successful there.

We set in place a lot of good processes around the athletes so they could deal with issues as soon as they arose in a consistent way. They knew what to expect and actually during what could be challenging times for the athletes they've felt well supported in terms of navigating the different situations that they found themselves in.

Team selection is ongoing and that is part of the stresses that athletes experience. At the end of the day the selection process is driven by the performance of the athletes. We don't have to do too much to select the teams, as they select themselves.

But we've also left ourselves a good amount of flexibility for those extraordinary situations where we may have a top-level athlete who is rehabbing from an injury or facing some other issue so that we can focus less on getting them into qualification by competitions and earning enough ranking to get selected to the team but instead manage them in the correct manner to obtain the performances in February. That's the point of how we built the selection processes to select the most competitive teams but do it in the least stressful and invasive way for the athletes so they are able to achieve peak performance in February.

I do want to talk about a few items that we didn't get to in the athletic committee meeting. In the last few years we've placed emphasis on the development of our future and as Bill said focusing on building up our elite development systems. A bit of that is the luxury of the good planning we did around the Olympics. It's afforded all of our teams the time to devote themselves to building up some of these development programs.

We had a great year last year in terms of coaches' education. We will continue to exceed past performance in that area. A year ago we started a program which was called Fast Start Coaching which was intended to insure that all of our coaches in the system had some baseline

164 level of education. This had never been the case before in USSA. You just had to buy a membership and go out and coach kids. We really wanted to address that. We had all of our coaches who were not previously certified go through this program. It was very well received and this year we've seen an additional 600 coaches enroll in the Fast Start Coaching program. A lot of new coaches are coming into our system which is a great sign for the future. We've increased the number of our clinics and last year we had 65 and this year 85 and those are well distributed across the country. We have many new clinic sites and we foresee a 20% increase in participation with our coaches in our education system over last year, which was a watermark year as well.

We've also reinforced and made a more robust regional staff. We've put extremely good leadership into the regions to start to move those programs and work in closer connection with the clubs and focus on our U16 athletes. We're also in the second year of the SkillsQuest program, a national program intended to highlight for athletes and coaches alike the importance of fundamental skills – how to teach them and how to verify that athletes are doing those. We do that in the format of a tournament where athletes train in these skills and we send alumni out into the field to provide inspiration to the kids and also be very high-level demonstrators. We also have a team of certifiers whom we've trained to rate the kids and provide strong feedback on their fundamental skills progression. We put 2,500 kids through that program last year. This year we have expanded this thanks to a grant from P&G and we'll reach 4,000 kids.

On the domestic side, we've launched in earnest our club development program. This program will have a massive impact on our future. It wasn't too long ago that we really did not know who was running our clubs. We didn't know who the presidents were. We didn't know who the sport directors were. Now, we are very much in touch with these clubs. We are running a program that is based on education and certification primarily and we've hired a guy who has very good experience as a coach but also in non-profit organizational development where he has his master's degree.

He has assembled a set of best practices for clubs to work directly with the boards and staff of the clubs to validate the performances of best practices and by doing that, identify areas where they can make improvements. The feedback we've gotten from this program has really been heartwarming for me. We've targeted in this first year a set of 20 clubs which are our best clubs and they will go in and essentially work with other clubs to define and evaluate their performance. The feedback has been over the top and a lot of areas have been uncovered to continue to drive performance up. Beyond those we have about 70 that are more at baseline certification and the objective over the next two or three years is to touch all of our clubs within our system to provide good leadership and guidance there and add to the connectivity of the clubs and the national organization.

165 For the future, we are already doing some planning for PyeongChang that will not be as difficult to plan for as Sochi. But one initiative that we will be tackling this spring is to highlight some additional disciplines that are not on the Olympic program right now which we believe would be excellent additions to the program and we are working with FIS to move some of these sports in. We have our eye on Big Air skiing and snowboarding, team boardercross and dual moguls.

There are various strategies on how we get these done. At the FIS Congress in the spring we are taking a proposal to the Congress for Big Air skiing and snowboarding and team boardercross, which don't require additional athletes or coaching staff. They slot into existing programs. We are developing good traction with the FIS in terms of receptivity. They have in their sights a team alpine and jumping event.

Dual moguls have been in World Championships for a long time – a very dynamic event – but not very much in favor with FIS. They prefer only one moguls' competition. The angle of attack on this one is through the Korean Olympic Committee as the next host of the Games. They do not have much opportunity to win medals on snow in their Olympics beyond moguls. So that is our pitch to them, that they are holding the cards.

Boester commented that this year he had been particularly struck with seeing the connections among all of these initiatives, such as the club identification and certification and the propagation of coaching technique and the standards we want to enforce in that dovetails amazingly well with the development initiatives and delivers that content that we have so well developed at the elite athlete level.

Boester added, you look at the projects that we are doing and the groundbreaking work in sports science and have Dr. Steadman say that this organization is best in class in sports science and the way we manage our athletes' physical wherewithal; the ability then to transcend that and move it down into the community made him increasingly excited about where we, as the broader USSA family, it feels that we are planting the seeds for the next decade and have the delivery mechanism through technology that will be incredibly transformational for these sports and provide stability in making sure that we can identify and track and not lose talent as they are coming through the system. It is comforting to see how impactful these will be down the road.

Technology & Applied Research: Barry MacLean

Barry MacLean said much of their meeting was very exciting. Some of the projects have been underway for several years and will actually be in play this year. The first item to discuss is the wind tunnel training and he noted that a new wind tunnel was located just an hour from Park City and that has had an impact on our suit design. We also will use that for the jumping, Nordic combined and alpine racing suits. He then showed the trustees a video of the wind tunnel training.

He indicated that we had started on the suit design four years ago and now we have a suit that will be used in the Olympics by a whole group of our athletes. It does take time to come up with a product that is incrementally revolutionary. He said that Bode had spent quite a bit of time in the wind tunnel. He had a slightly

166 lighter build now and changed his tuck. The wind tunnel really helped him. We also had the ski jumpers in the tunnel which was very helpful for their own interests.

Another part of the meeting involved big data. Gathering data on athletes is very important. We have an Athletic Management Platform which feeds back all kinds of information to the athletes and their coaches. We manage an injury surveillance study, a psychological study. We track all information on conditioning, what they eat and so on and we provide feedback to the athletes.

Talent identification – One of the things we've done is asking the question for aerials, 'who are the best at knowing where their bodies are at any given moment?' and it was thought that it was gymnasts. So we went out using social media and attempted to find great gymnasts. We wound up recruiting a group of athletes through camps and tryouts and so on. We've identified six athletes in the process, 13-16 year olds. We teach them how to ski. We're optimistic that component of athleticism through gymnastics training can be transferred to aerials competition in the future.

10. Education Committee: Tiger Shaw

Tiger Shaw said they had a great meeting yesterday with a large number in attendance. He wanted to announce that since he had become a staff member he stepped down as chair of the committee and David Henle had very graciously agreed to chair the committee moving forward along with Jim Benedict. He was very excited about that transition.

He discussed TEAM Academy with its 34 athletes in four sports on two campuses; one in Park City, the primary location at the Center of Excellence; the other in Lake Placid, utilizing the USOC facilities there. From members attending the Academy we have two World Cup wins, and a World Championship podium, among our athletes, which is extraordinary. He showed a Team Academy video.

The Academy continues to support our sports and potentially play a significant role in the US in offering an Academy experience especially for non-alpine athletes in sports for which this infrastructure does not exist.

Moving on to the athlete education program, the Borgen Swartz tuition reimbursement program is in full swing again this year. We will reimburse about $83,000 in tuition to 23 athletes who have attended a variety of schools. This excludes Westminster, which he would discuss shortly. We have 21 students taking advantage of the DeVry programs and systems that allow them to continue education with a remote model and continue to study while they travel.

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Westminster – we have a total of 107 current and former athletes at this point. We are still trying to renegotiate a contract with them. It expired this spring and we have an agreement that is being worked on that is similar to the last and we are attempting to outline how they and we can market the relationship. It is quite an opportunity for us and we continue to work closely with them. The more we ask our athletes to move to Park City and train with us and be able to go to school at the same time is an amazing opportunity. Westminster has offered millions in scholarships over the years and we are excited to move forward with that program.

Utah State University has a remote learning model with campuses all over the state, one of which is in our COE. They have high speed, high-quality video systems that allow students to interact with the instructor. It does simulate closely the teacher being in the classroom. They work with us on in-state tuition which makes it very affordable and we hope to expand that program in the future.

Athlete career programs – we are expanding our career seminars. The Rookie camp is a good example of that. When you join the team you come to Park City in the spring you’re your parents and that provides the opportunity to get that educational plan started with the athletes so they are ready when they finally retire to move on to the next phase of their lives. Lifestyle counseling is a big part of that. We also have a number of athlete internships in and outside of Utah. We continue to evolve those with the help of many people in this room. When an athlete gets to the point of retiring, especially in post-Olympic or World Championship years, we will work closely with them in the transition.

A number of programs tie in to the mentoring program and he wanted to thank everyone in the room for their help with all of these programs.

Athlete Mentoring Working Group: Greg Boester/Kipp Nelson

Boester said that as a general observation, we had a productive meeting with the mentor working group. We explored what we think is working well and where things are not working great. On the positive side of the ledger, we identified that the matches we have been able to make, some formally and some informally, have been incredibly well received and very beneficial to the athletes so ultimately the initiative around mentoring is the right one to pursue and is incredibly valuable to the athletes.

On the trustee side, we bandied about quite a few alternatives about how we get more trustees actively engaged in the mentoring process. We’ve had a core group but for whatever reason we feel that this initiative is not working as well as it might. We still see a tremendous benefit in it. Whenever we can make the personal contact as opposed to email or phone, it's very

168 beneficial so we need to do a better job in aligning things geographically and Lauren Loberg will work on a more specific plan for alignment and facilitation of direct contacts. We also recognize that chemistry is something you cannot force and at its core you want a friendship to develop between the trustees and athletes with whom they are working. Certainly it ends up being a sounding board on future plans.

He said his own experience with Willy Graves was great. We spent a lot of time discussing what life after skiing could potentially look like and articulating all the experiences that he's gathered as an athlete. He said he would encourage reaching out to Lauren to establish that connection to show that you are willing to work with her as an involved member of the working group.

11. Nominating & Governance Committee: Dexter Paine/Andy McLane

Andy McLane stated that, for starters, Dexter Paine would be stepping down from his co-chair position as he had served many years as chair of the Nominating & Governance Committee. He has done an enormous amount for us over the years and Eric Resnick will join the committee and co-chair going forward.

McLane noted that you have before you the names of the trustees whose terms expire this year and they are proposed for re-nomination; they include the regular trustees, athlete trustee and trustees' emeriti.

He explained that everybody comes to this board with a pretty good expectation of the organization and, on the part of the trustee, how they will contribute. Clearly, this is a board that provides a lot of financial support. So for those who are members who have the capacity, we expect them to maintain their Inner Circle pledges and contributions. It has been a compassionate process in the past where individuals who have had a financial setback we worked with that.

In one case here, Richard Georgi, came on the board three years ago, attended one meeting and has not fulfilled his pledge from last year or this year. In spite of the staff's efforts to get in touch with him, he has not been responsive and is therefore not being considered for re- nomination.

With that, he asked for a motion to approve the re-nominations.

USSTF Board of Trustees' Re-nominations Trustees Year Joined Three-Year Term Expires Bill Bindley II 2004 2013 John Bloomberg 2004 2013 Greg Boester (President) 2004 2013 Kevin Connors 2010 2013 Shelby Davis 2010 2013 Ned Gilhuly 2010 2013 Fred Harman 2007 2013 Robert Hatcher 2007 2013 Hank Holland 2007 2013 Jeanne Jackson 2001 2013

169 Dennis Keller 2004 2013 Ron Kruszewski 2010 2013 Doug Mackenzie (Treasurer) 1998 2013 Walter McCormack 2010 2013 Alice Ruth 2010 2013 Brian Simmons 2010 2013 Lee Styslinger 2007 2013

Athlete Alumni Trustees Year Joined Two-Year Term Expires Cindy Nelson 1986 2013

Emeritus Trustees Year Joined Year Elected Three-Year Term Expires Robert O’Block 1989 2001 2013 David Pottruck 1998 2010 2013 Stew Turley 1986 2007 2013

Motion: To ratify the Foundation Trustee re-nominations as presented

M/S/C B Reynolds/ B Shiebler

McLane stated that, under the bylaws, we have a 70 member trustee group and athlete trustees and trustee emeriti. We are at 70 and in every organization there is attrition, there are resignations, there are retirements; and we simply have not been seeing these. That's a testament to the staff and board leadership in maintaining engagement. We've had great results from the teams and that is rewarding for everyone. The trustees do make a difference and it is a lot of fun. He thanked all who continued to serve.

We have some good people under consideration and we would like to add to the number which would require a bylaw change. To increase the number of trustees from 70 to 75 is what we would like to do and will get back to you shortly with a ballot for the increased number and the nominations for approval.

Natt said that the bylaw amendment would be sent shortly after the meeting, providing the requisite time to vote. We wanted to bring this up in Nominating Committee and let you know that this was on the table and you should expect to receive that ballot shortly.

Natt stated that there was excellent leadership in the foundation and we needed the board to ratify a new slate of officers at this time. He read the list.

USSTF Board of Trustees' Officer Nominations: Alex Natt

Greg Boester, President Eric Resnick, Vice President Kipp Nelson, Treasurer Jim Benedict, Secretary

Motion: To ratify the slate of Officers for the USSTF Board of Trustees as presented

M/S/C B Reynolds/S Eccles

170 12. USSTF Youth Initiatives: Phill Gross/Dick Coe

Phill Gross stated that they had had a good meeting of the committee. It was good to get the recommendations from the people who were in attendance. He said that most knew that this had been introduced last year and while early days yet, through the good work of Dick Coe, Schone Malliet, and the Winter Sports Foundation, we've made a lot of progress.

The purpose of this from the USSA is to establish pilot programs to get kids on snow. The primary funding comes from outside the USSA. We also try to bring our athletes to these events and expand our brand to the youth development area.

2014 Projects:

Ted Ligety Learn to Ski Jessie Diggins/CXC School Cross Country Program Team Athletes Giving Back Winter Activity Center Whaleback Mountain Youth Fest 2014 Girl Scouts of Utah Cross Country Fantasy Ski Racer NANANordic

He said he would provide a couple of examples. The Ted Ligety Learn to Ski program is collaboration between PCMR, Ted Ligety and the YMCA of Utah. Dick brought Ted and Park City to the table. Schone brought the YMCA to the table through his connections. The pilot program was just 20 kids but it could pretty quickly ramp up to a couple hundred kids. It got them on snow with five days of lessons and a season pass afterwards. The leverage is the YMCA. There is no financial commitment from USSA. PCMR provides discounted lessons and the YMCA provides the logistics. If this works, this program could be taken nationally. Ted's role is to lend his name to this. It is a fantastic program. He showed the video Ted made on behalf of this program.

He next illustrated the cross country program in central that had 1,100 kids involved with $30,000 raised from the Winter Sports Foundation and a matching grant, we were able to do this program six times to get 7,500 kids involved in cross country in the Midwest. Athlete talent ID could be a part of this program. You could see schools competing at year end. USSA could provide certification and get kids involved. We will bring one of our athletes into this program and this could be levered into a program across the entire country.

Next steps are to monitor these programs. See what the best practices are and ultimately expand them. They are also working on the club development side where there is a fantasy ski racer program similar to football but you pick the top 10 World Cup finishes for men and women. We'll provide $1,000 to the club that wins that contest each week. We want to add shirts next year to increase the attention.

Boester said that Phill's attention to this matters and it dovetails well with the USSA's other initiatives and he appreciated Phill's efforts.

13. New Business - Next Meeting Dates and Sites: Greg Boester

July 16-18, 2014, Park City, UT; December 6-7, 2014, Beaver Creek/Vail, CO

171 Boester encouraged trustees to attend the July meetings which were casual and a good way to meet the staff, athletes and he encouraged them to attend the fall meeting in Vail/Beaver Creek.

14. President's Closing Comments & Adjournment: Greg Boester

Boester thanked the Framptons and John Garnsey for everything they did for skiing and for this organization by hosting their events and welcoming us every year. There was no further business.

Motion: To adjourn the Board of Trustees’ meeting

September 2014 - Members of the FIS, USSA and Park City Mountain Resort inspect the site of the halfpipe venue for the 2019 Freestyle World Championships hosted in Park City. Photo: USSA

172 U.S. Ski and Snowboard Team Foundation Bylaws

UNITED STATES SKI & SNOWBOARD TEAM FOUNDATION BYLAWS

ARTICLE I - ORGANIZATION

1. The name of this organization shall be United States Ski Team Foundation, Inc. aka United States Ski and Snowboard Team Foundation (USSTF).

2. USSTF shall assist the United States Ski and Snowboard Association (USSA) in conducting its affairs by providing fundraising, development, education, communication, marketing support and other expertise as the Board of Directors of USSA may from time to time request.

3. USSTF shall be organized and incorporated to qualify as a non-profit, charitable organization exempt under Section 501(c)(3) of the Internal Revenue Code and its regulations.

4. USSTF shall be incorporated under the laws of any of the states of the United States or the District of Columbia as a not-for-profit organization. USSTF shall have a seal if required by the laws of the state of its incorporation. USSTF shall also have a copyrighted trademark and/or logo, which shall not be used in any advertising, promotion or sale of commercial goods or services, except as specifically authorized in writing by the USSA Board of Directors or its designated representative.

ARTICLE II - PURPOSES

1. To provide fundraising, development, communication, education and marketing support and expertise as requested by USSA.

2. To contribute management and business expertise toward realization of the vision and mission of USSA.

3. To provide support for the identification and training of young skiing and snowboarding athletes with the potential to become elite ski and snowboard athletes.

4. To provide support for the educational needs and aspirations of the USSA’s elite athletes.

5. To nominate members from the USSTF Board of Trustees to serve on the Board of Directors of USSA.

6. To endeavor to increase public awareness and favorable perception competitive skiing and snowboarding in all forms and at all levels.

ARTICLE III – GOVERNMENT AND MEETINGS

1. The government and general management of USSTF shall be vested in its Board of Trustees.

2. The Board of Trustees shall meet as a body at least once each fiscal year in the Fall, usually in Vail, Colorado. Date and place of the next meeting will be established at each meeting, with written notice at least thirty (30) days prior to each meeting. The Fall meeting of the USSTF shall serve as its annual meeting.

173 Trustees may participate in the annual, regular, or special meeting of the Board of Trustees, or the meeting may be conducted through the use of any means of communication by which all persons participating in the meeting may hear each other during the meeting. A Trustee participating in a meeting by these means is deemed to be present in person at the meeting.

A majority of the current number of Trustees serving on the Board of Trustees shall constitute a quorum for the transaction of business at any meeting, but if less than such majority is present at any duly called meeting, a majority of the Trustees present may adjourn the meeting from time to time without further notice and the Trustees present at such adjourned meeting shall constitute a quorum for purposes of adjourning the meeting. An act of a majority of the Trustees present at a meeting at which a quorum is present shall be the act of the Board of Trustees.

3. Special meetings may be called by the president, the chairman of the USSA Board of Directors, or ten (10) Trustees by written request to the president and secretary. Time, place, description of the purpose for, and agenda for special meetings will be sent to all Trustees with a minimum of thirty (30) day’s notice, unless an emergency requires less notice. In case of such an emergency, attempts will be made by the president or designated staff personnel to contact all Trustees to explain the purpose of the meeting and obtain consent by a majority of the Board of Trustees for a mutually acceptable time and place for such a meeting. In the event of a failure by the president to call such a meeting within ten (10) days of written request by ten (10) Trustees, as described above, the secretary is empowered and required to call such a meeting.

4. The Board of Trustees shall organize itself and conduct its meeting as it determines, except as specifically provided in these bylaws. Any action required or permitted to be taken by the Board of Trustees at a meeting may be taken without a meeting if a written ballot is sent to every Trustee entitled to vote on the matter. Such ballot shall at minimum set forth the proposed action and provide an opportunity to vote for or against each proposed action.

Approval by written ballot shall be valid only when the number of votes cast by ballot equals or exceeds the quorum required to be present at a meeting authorizing the action, and the number of approvals equals or exceeds the number of votes that would be required to approve the matter at a duly called meeting.

In the event of a procedural dispute, Roberts Rules of Order, most current edition, will be consulted and govern.

The secretary will take or arrange for the taking of minutes at all meetings, and will certify, along with the president that they represent an accurate meeting history. Minutes of all meetings will be distributed to all Trustees within thirty (30) days of each meeting.

Proxy voting is not permitted.

5. No trustee shall receive any form of compensation or reimbursement of travel expenses from USSTF unless specifically authorized by the Board of Trustees. It is the responsibility of every trustee to recognize and publicly acknowledge any issues involving USSTF, USSA or any of their affiliated organizations ("Affiliates") in which he or she may have a conflict of interest, real or perceived, and to abstain from voting on any such issues.

6. The Board of Trustees, as a board and individually, is specifically held harmless by the USSTF and by USSA and Affiliates for all acts taken in good faith on behalf of USSTF, including omissions, unless found culpable in a court of law of willful malfeasance, knowing violation of law, or gross negligence.

7. The officers and the Board of Trustees, as a board and individually, are herewith granted by USSTF the following right of indemnification:

174 A. Any person who was, is or is threatened to be made, a party to any action or proceeding, whether civil or criminal (including an action by or in the right of any other corporation or business entity of any kind in which any trustee, director or officer of USSTF, USSA or any Affiliates served in any capacity at the request of USSTF, USSA or any Affiliates by reason of the fact that he or his testator or intestate was a trustee, director or officer of USSTF, USSA or any Affiliates, or served such other corporation or business entity or enterprise in any capacity,) shall be indemnified by USSA and USSTF against judgments, fines, amounts paid in settlement, and reasonable expenses, including attorneys' fees actually and necessarily incurred in connection with the defense or appeal of any such action or proceeding; provided that no indemnification shall be made to or on behalf of any trustee, director or officer if a judgment or other final adjudication adverse to the trustee, director or officer established that his/her acts were committed in bad faith, or were the result of active and deliberate dishonesty and were material to the cause of action so adjudicated, or that he/she personally gained in fact a financial profit or other advantage to which he was not legally entitled.

B. USSA in consultation with the Board of Trustees shall be authorized to amend or expand this indemnification provision from time to time, as it deems necessary, taking into consideration the cost and/or availability of insurance coverage for such indemnification; the effect on the organizations, their respective trustees, directors and officers; and their continued ability to fulfill the purposes under their bylaws.

8. The Executive Steering Committee shall have the authority and the responsibility to establish, review on an annual basis, regulate, modify or disband all USSTF committees, working groups or task forces, with the exception of the Nominating and Governance Committee, Executive Steering Committee, Resources and Special Events Committee, Education Committee, Marketing and Communications Committee, Investment Committee, and Athletic Committee which are standing committees functioning as follows:

A. Nominating and Governance Committee

The Nominating and Governance Committee will consist of eleven (11) Trustees, including the president but no other officers. The other ten (10) Trustees on the Nominating and Governance Committee shall be Trustees proposed by the president and approved by the Board of Trustees. The committee will select its own chairman, who shall not be the president. In the event that the immediate past president remains on the Board of Trustees, he or she shall automatically become chairman of the Nominating and Governance Committee.

The Nominating and Governance Committee will have the following responsibilities: i) To nominate USSTF officers. ii) To lead the search for individuals qualified to become Trustees and recommend potential Trustees for consideration by the Board. iii) To develop and appropriately disseminate written Trustee criteria for each open Board position. iv) To provide the Board with appropriate individuals for the Board to vote upon as potential new Trustees, with each such individual recommendation to be accompanied by a written description of the qualifications, skills and experiences of each individual so identified. (v) To, at the request of the Board, work with the President and the CEO to develop and implement an appropriate orientation program for new Trustees and continuing education of existing Trustees (vi) To report to the Board of Trustees on its activities.

175 (vii) To nominate Trustees of USSTF to serve as directors on the Board of Directors of USSA. (viii) To, upon, request of the President, review the governance structure of the organization, and propose any changes which may be necessary or desirable. (ix) To maintain minutes of its activities and records of attendance of its members.

B. Executive Steering Committee

The Executive Steering Committee is empowered to act on behalf of the Board of Trustees, with the same powers as the Board, on all matters brought before it between regular meetings of the Board of Trustees except as prohibited by the law of the jurisdiction in which USSTF is incorporated. All actions taken by the Executive Steering Committee must be ratified by the Board of Trustees at its next meeting, and any such actions which the Board declines to ratify must be reversed to the extent reasonably possible.

The Executive Steering Committee will consist of the president, vice president, secretary, treasurer, and the chairmen of the standing committees of the USSTF, as appointed by the president. The CEO of USSA shall be a non-voting ex officio member of the committee. If the immediate past-president remains on the Board of Trustees, he or she will automatically be a member of the Executive Steering Committee. The president will chair the Executive Steering Committee.

C. Resources and Special Events Committee

This committee will work closely with the development staff to plan and implement annual giving and capital funding campaigns, to identify and maximize fundraising opportunities, and monitor results. This committee will work closely with the development staff to plan and implement fund raising events, and to identify and utilize individuals and organizations that will be instrumental in executing these events, and to monitor results. The committee chairman shall be proposed by the president and approved by the Board of Trustees.

D. Education Committee

This committee will develop specific funding sources to assist certain designated elite athletes with educational expenses, will propose policies and programs to protect and enhance the educational opportunities for certain designate elite athletes and athlete alumni. The committee chairman shall be proposed by the president and approved by the Board of Trustees.

E. Marketing Committee

This committee will work closely with the marketing, events and communications staff of USSA to formulate an ongoing marketing strategy for USSA and its Affiliates; to maximize corporate sources of revenue from endorsement and sponsorship programs for the benefit of USSA; to increase public awareness and favorable perception of competitive skiing and snowboarding at all levels, with the objective of expanding visibility of USSA and its elite athletes, and competitive skiing and snowboarding in all forms of media. The committee chairman shall be proposed by the president and approved by the Board of Trustees.

F. Athletic Committee

This committee will work closely with the athletic department staff of the USSA to review the ongoing strategies of the athletic department to ensure that the Board of Trustees fully understands the USSA’s plans as they relate to the elite athletic success and

176 development in each of the sports governed by the USSA. The committee chairman shall be proposed by the president and approved by the Board of Trustees.

ARTICLE IV - BOARD OF TRUSTEES

1. All USSTF trustees must be members in good standing of USSA, and must support the purposes of USSTF, USSA and USST.

2. The Board of Trustees shall consist of up to seventy (70) trustees, but not less than fifteen (15) trustees. Nominations for available trustee positions shall be presented by the Nominating Committee and shall be voted upon by all then-current trustees. There shall be three (3) categories of trustees:

A. Trustee B. Athlete Alumni Trustee C. Emeritus Trustee

3. The term of office for Trustee shall be three (3) years and there will be no limit on the number of terms a Trustee may serve. Athlete Alumni Trustee and Emeritus Trustees shall not be counted for purposes of quorum nor against the limit of seventy (70) set forth above. Term of office for Athlete Alumni Trustees shall be two (2) years with no limit on the number of terms an Athlete Alumni Trustee may serve. Term of office for Emeritus Trustees shall be three (3) years with no limit on the number of terms an Emeritus Trustee may serve. In the event of a midterm resignation by any category of trustee, the president, after consultation with the Nominating Committee, may appoint an interim replacement until the next annual meeting.

4. Voting may be by mail or at any regular or special meeting of the Board of Trustees. In conjunction with any vote, each Trustee will receive a resume or biography for each candidate, which will include a statement from the candidate indicating his interest and willingness to serve. An affirmative vote of the majority of the current number of Trustees serving on the Board of Trustees at the time of such vote is required to elect a candidate to the Board of Trustees.

5. Any Trustee may be removed, with or without cause, by a two-thirds (2/3) vote of all other Trustees, after due notice and opportunity to respond by the respective trustee.

ARTICLE V - OFFICERS

1. The officers of USSTF will consist of president, vice-president, secretary and treasurer. The positions of president, vice-president, secretary and treasurer shall be elected by the Board of Trustees from amongst the members of the Board of Trustees. These officers shall be nominated by the Nominating Committee and shall be elected at the annual meeting of USSTF.

2. The term of office for all officers shall be two (2) years. No individual shall serve for more than four (4) consecutive terms in any elective office.

3. The president is the highest elective position in USSTF, shall preside at all Board of Trustees meetings, and shall be an ex-officio member of all committees. The president automatically shall be one of the USSTF nominees to the Board of Directors of USSA.

4. The vice-president shall discharge the duties and obligations of the president in his/her absence. Any member of the Board may nominate any other member of the Board for the position of vice-president. Any nominations must be routed through the Nominating Committee before being voted on by the Board.

177 5. The secretary will be responsible for overseeing the proper notice of all meetings, the taking of minutes of Board meetings, the accuracy of the minutes taken, and their timely distribution to all Trustees.

6. The treasurer will ensure that all treasury functions are handled professionally and competently; will collaborate with the USSA’s Chief Financial Officer, the USSA Audit Committee,, and USSA's audit firm; and in collaboration with the Chief Financial Officer will report at all meetings to the Board of Trustees on the financial position of USSTF, the USSA and its affiliates and subsidiaries.

The Chief Financial Officer of USSA and its affiliates in collaboration with the USSA Audit Committee is responsible for overseeing accounting and cash handling systems, the expenditure of funds in accordance with budgetary controls, the adequacy of insurance and all other insurance and legal matters.

ARTICLE VI - DISSOLUTION

USSTF may dissolve only by an affirmative vote of the Board of Trustees and the Board of Directors of USSA in the manner and proportions described below. At special board meetings of USSA and USSTF, at least three-quarters (3/4) of the authorized number of directors of each entity must approve the proposed dissolution before such action may be taken. Each member of the boards of USSA and USSTF shall be given notice of the special meeting of their boards in the manner prescribed in their respective bylaws for notice of such meetings. In the event of dissolution, the disposal of the assets of USSTF shall devolve upon the Board of Trustees. No part of the assets, income, or net earnings of USSTF shall inure to the benefit of any of the members of the Board of Trustees or other USSA members or any other individual; and upon dissolution, such assets, income or net earnings shall be distributed only to organizations similar in general purpose to USSTF and as allowed by law.

ARTICLE VII - AMENDMENTS

1. Amendments to these bylaws may be proposed by (i) any USSA director; (ii) any member of the USSTF Board of Trustees; (iii) written petition of one hundred (100) members of USSA in good standing and eligible to vote; or (iv) the vote of two-thirds (2/3) of the Discipline Committees of the USSA.

2. Amendments to these bylaws may be adopted only by the affirmative vote of two-thirds (2/3) of the full Board of Directors of USSA and Board of Trustees of USSTF acting at any regular or special meeting of those organizations, or by mailed ballot after due notice as described below.

3. Proposed amendments shall be presented to the USSA office in writing at least sixty (60) days before a meeting of the Board of Directors of USSA, and shall be mailed by the USSA office to all directors of USSA and Trustees of USSTF, at least thirty (30) days before the next board meeting of each organization.

4. Proposed amendments shall be presented as follows:

A. State who is proposing the amendments.

B. State in writing that portion of the existing text in its entirety, inclusive of all portions which are to be considered for change.

C. Within the text of the above statement in B., show any new phrases or addenda with all words to be added underlined.

178 D. Within the text of the above statement in B., show any dropped phrases or deletions with all words to be deleted stricken through.

E. The proposed amendment must be accompanied by a brief explanation of the reasons for the proposed amendment, and the effect of the change, if adopted.

5. Unless withdrawn, proposed amendments which have been prepared and circulated to the directors of USSA and Trustees of USSTF less than thirty (30) days in advance of a board meeting shall automatically be placed on the agenda for action at the next meeting of the board, provided that there are at least thirty (30) days between board meetings.

Foundation and USSA Board approved 12/2/2011.

June 2014 - Center of Excellence Olympian, Bryan Fletcher, a cancer survivor himself, does a treadmill demo for a group of college students who helped raise funds for the Huntsman Cancer Institute in Salt Lake City. The students were from colleges across the USA, part of a fundraising effort by Sigma Chi to benefit Huntsman. (USSA)

179 2014-15 USSA Event Schedule

Schedule Subject to Change

OFFICIAL EVENT NAME DATES DISCIPLINES SITE

First Tracks at Copper Nov 7 - 8 None Cooper Mountain U.S. Team Naming Event & Vendor Summit

Aspen Winternational Nov 29 - 30 Women Aspen GS, SL Birds of Prey Dec 5-7 Men Beaver Creek DH, SG, GS

Alpine Alpine FIS Alpine World Ski Championships Feb 3-15 Men & Women Vail/Beaver Creek DH, SG, GS, SL, SC, Team USA U.S. Alpine Championships Mar 26-29 Men & Women Sugarloaf, Maine SG, SL, GS FIS Nor Am Cup Dec 1 - 2 Women SL, SL Copper Mountain, CO Dec 3 - 4 Men SL, SL FIS Nor Am Cup Dec 3 - 4 Women GS, GS Aspen, CO Dec 1 - 2 Men GS, GS FIS Nor Am Cup Mar 15-19 Women - SG, DH, DH, Sugarloaf, Maine

Alp ineNor Am ineNor Alp (Nor Am Finals Speed + U.S. Alpine DH Champs) Men -SG, DH, DH,

FIS Nor Am Cup Mar 21-23 Women GS, GS, SL, SL Burke, VT

Nor Am Finals Men GS, GS, SL, SL Waterville Valley, NH Deer Valley Freestyle International Jan 8-10 Men & Women Deer Valley Freestyle World Cup #1 Ae, M, DM Lake Placid Freestyle Cup Jan 29-31 Men & Women Lake Placid Freestyle World Cup #2 M, Ae, Ae

FIS Freestyle World Championships Jan 16-25 Men & Women Kreischberg Freestyle Freestyle M, DM, Ae, HP, SX AUT U.S. Freestyle Championships Mar 27 - 29 Men & Women Steamboat CO M, DM, Ae

180

OFFICIAL EVENT NAME DATES DISCIPLINES SITE

U.S. Grand Prix Dec 03-06 Men & Women Copper Mountain, CO Freeskiing and Snowboarding HP World Cup U.S. Grand Prix Feb 4-8 Men & Women Mammoth, CA Freeskiing and Snowboarding SS, HP U.S. Grand Prix Feb 25 - Mar 1 Men & Women PCMR, UT Freeskiing and Snowboarding HP, Slopestyle World Cup World Cup #1 Mar 4-8 Men & Women Squaw Valley, CA Freeskiing and Snowboarding SX, SBX, BX-T U.S. Revolution Tour Dec 16-19 Men & Women Copper Mountain, CO Freeskiing and Snowboarding SBS, HP U.S. Revolution Tour Jan 27-30 Men & Women 7 Springs Freeskiing and Snowboarding BA, SBS, HP U.S. Revolution Tour Feb 10-14 Men & Women Mammoth, CA

Snowboarding/Freeskiing Snowboarding/Freeskiing Freeskiing and Snowboarding SBS, HP, BA U.S. Revolution Tour Mar 10-13 Men & Women TBD Freeskiing and Snowboarding BA, SBS, HP

FIS Snowboard World Championships Jan 16-25 Men & Women Kreischberg HP, PGS, SBX, Big Air, PSL AUT U.S. Cross Country Jan 3-9 Men/Women -15/10Km Free, 10/5Km Classic, Houghton (Mich Tech), MI Championships Sprint (Classic), Team Sprint M / W Sit-Ski - 15/10Km, 10/5Km, 5/2.5Km Mar Men/Women - Long Distance 50/30K, 30/15K Free, Pursuit U.S. Jumping and Nordic Combined Jul 28 Aug 3 Men/Women - K120 UOP Nordic Nordic Championships Oct 11-12 Men/Women - K90 Lake Placid NC Individual (K120 & 10K) + K90 + Sprint Nordic World Championships Feb 18 - 1 Mar XC, Jumping, NC Falun SWE

181 2014-15 Television Event Schedule

182 Audi Birds of Prey Ski World Cup Schedule

The final dress rehearsal for the 2015 FIS Alpine World Ski Championships will take place December 5-7 of 2014 as the world’s fastest men once again descend on Beaver Creek for the annual Audi Birds of Prey Men’s World Cup Weekend. Slated for Downhill, Super-G and Giant Slalom competitions, Birds of Prey will set the stage for not only the World Championships, but the entire 2014-15 World Cup campaign. Olympic champion Ted Ligety looks to make it five consecutive Beaver Creek Giant Slalom victories, while teammates and Sochi Olympic medalists Bode Miller and Andrew Weibrecht, along with the world’s best skiers, seek to tame Birds of Prey and become early favorites for World Championships hardware. The Birds of Prey Downhill will get things started on December 5, with Super-G on tap for December 6 and Giant Slalom bringing down the curtain on December 7.

Monday, December 1 07.00-20.00 Event Registration & Headquarters Open Park Hyatt, Ford Hall 19.00-21.00 Team Meal ~ Dinner Team Hotels 20.00 Team Captains’ Meeting ~ Downhill Training Park Hyatt, Ford Hall

Tuesday, December 2 06.00-09.00 Team Meal ~ Breakfast Team Hotels 07.00-18.00 Event Registration & Headquarters Open Park Hyatt, Ford Hall 07.00-17.00 Main Press Center Open Talons Restaurant 11.00 Men’s Downhill Training Birds of Prey 11.00-15.00 Team Meal ~ Lunch Dusty Boot & Beaver Creek Lodge 17.00 Team Captains’ Meeting ~ Downhill Training Park Hyatt, Ford Hall 19.00-21.00 Team Meal ~ Dinner Team Hotels Wednesday, December 3 06.00-09.00 Team Meal ~ Breakfast Team Hotels 07.00-18.00 Event Registration & Headquarters Open Park Hyatt, Ford Hall

183 07.00-17.00 Main Press Center Opens Talons Restaurant 11.00-15.00 Team Meal ~ Lunch Dusty Boot & Beaver Creek Lodge 11.00 Men’s Downhill Training Birds of Prey 17.00 Team Captains’ Meeting ~ Downhill Training Park Hyatt, Ford Hall 19.00-21.00 Team Meal ~ Dinner Team Hotels

Thursday, December 4 06.00-09.00 Team Meal ~ Breakfast Team Hotels 07.00-18.00 Event Registration & Headquarters Open Park Hyatt, Ford Hall 07.00-17.00 Main Press Center Open Talons Restaurant 11.00-15.00 Team Meal ~ Lunch Dusty Boot & Beaver Creek Lodge 11.00 Men’s Downhill Training Birds of Prey 17.00 Team Captains’ Meeting ~ Downhill Park Hyatt, Ford Hall 19.00-21.00 Team Meal ~ Dinner Team Hotels 19.00-21.00 Welcome Party (tickets required) The Dusty Boot, Beaver Creek

Friday, December 5 06.00-09.00 Team Meal ~ Breakfast Team Hotels 07.00-18.00 Event Registration & Headquarters Open Park Hyatt, Ford Hall 07.00-17.00 Main Press Center Open Talons Restaurant 08.00-14.00 VIP Tent Open Birds of Prey Finish Area 10.00-16.30 Talons Restaurant Open to Public Talons Restaurant 11.00-15.00 Team Meal ~ Lunch Dusty Boot & Beaver Creek Lodge 10.45 Men’s Downhill Race Birds of Prey Formal Awards will immediately follow the conclusion of the Downhill 17.00 Team Captains’ Meeting ~ Super G Park Hyatt, Ford Hall 19.00-21.00 Team Meal ~ Dinner Team Hotels

184 Saturday, December 6 06.00-09.00 Team Meal ~ Breakfast Team Hotels & Denver Renaissance Hotel 07.00-18.00 Event Registration & Headquarters Open Park Hyatt, Ford Hall 07.00-17.00 Main Press Center Open Talons Restaurant 08.00-14.00 VIP Tent Open Birds of Prey Finish Area 10.00-16.30 Talons Restaurant Open to Public Talons Restaurant 11.00-15.00 Team Meal ~ Lunch Dusty Boot & Beaver Creek Lodge 11.00 Men’s Super G Race Birds of Prey Formal Awards will immediately follow the conclusion of the Super G 17.00 Team Captains’ Meeting ~ Giant Slalom Park Hyatt, Ford Hall 18.00 Black Diamond Ball (Tickets required) Location ~ Ritz-Carlton, Bachelor Gulch 19.00-21.00 Team Meal ~ Dinner Team Hotels & Denver Renaissance Hotel

Sunday, December 7 06.00-09.00 Team Meal ~ Breakfast Team Hotels & Denver Renaissance Hotel 07.00-14.00 Event Registration & Headquarters Open Park Hyatt, Ford Hall 07.00-17.00 Main Press Center Open Talons Restaurant 08.00-14.00 VIP Tent Open Birds of Prey Finish Area 9.00-14.30 Talons Restaurant Open to Public Talons Restaurant 9.45 Men’s GS Race – Run 1 Birds of Prey 11.00-14.30 Team Meal ~ Lunch Dusty Boot & Beaver Creek Lodge 12.45 Men’s GS Race – Run 2 Birds of Prey Formal Awards will immediately follow the conclusion of the Giant Slalom 19.00-21.00 Team Meal ~ Dinner Denver Renaissance Hotel

185 Birds of Prey Downhill Course

186 Raptor Downhill Course

187 2015 FIS Alpine World Ski Championships

http://vailbeavercreek2015.com/events/#event-calendar

Andrew Weibrecht, two-time Olympic medalist

To me the two best courses in the world are Kitzbühel and Birds of Prey at Beaver Creek. It is one of those courses that are full on from start to finish – there are no breaks. It is exciting as an athlete and as a spectator. The World Championships will give kids an opportunity to see ski racing and hopefully get out there and try it. I coach camps and there are many eager kids out there. This will be a good start to showcase our sport even more.

Sarah Lewis, Secretary General, International Ski Federation

The World Championships will be the showcase of the season in Vail/Beaver Creek. On the annual World Cup circuit, Beaver Creek has become right up there with the classics – places like Kitzbühel and Wengen. The races will be absolutely outstanding and technically challenging.

The broadcast coverage in the USA with NBC is groundbreaking - the USSA has done an outstanding job with that. The public will be more exposed than ever before to ski racing, which is important to the long- term growth of the sport in America.

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U.S. Ski and Snowboard Association President and CEO Tiger Shaw welcomes attendees at a media event in New York City for the 2015 FIS Alpine World Ski Championships in Vail/Beaver Creek.

Bode Miller and Ted Ligety talk World Championships at a Vail/Beaver Creek media event during the FIS Alpine World Ski Championships in Soelden, Austria.

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191 2017 FIS Alpine World Ski Championships St. Moritz

192 2018 Olympic Winter Games PyeongChang

193 USSA Corporate Partners

Audi Official Vehicle of the U.S. Ski Team

Bose Official Headphone of the U.S. Ski Team, U.S. Snowboarding, U.S. Freeskiing

Charles Schwab Official Brokerage Firm to the U.S. Ski Team, U.S. Snowboarding, U.S. Freeskiing

Chobani Inc. Official yogurt of the U.S. Ski Team, U.S. Snowboarding, U.S. Freeskiing

Delta Official Airline of the U.S. Ski Team, U.S. Snowboarding, U.S. Freeskiing

Devry UniversityOfficial Online High School of USSA, U.S. Ski Team, U.S. Snowboarding, U.S. Freeskiing

DJO Global Official Bracing and Support Systems to the U.S. Ski Team, U.S. Snowboarding, U.S. Freeskiing

Goodyear Official Tire of the U.S. Ski Team, U.S. Snowboarding, U.S. Freeskiing

GoPro Official Camera of the U.S. Ski Team, U.S. Snowboarding, U.S. Freeskiing

High Sierra Official Bag Supplier / Provider to U.S. Ski Team, U.S. Snowboarding, U.S. Freeskiing

John Paul Mitchell Systems Official Hair Care of the U.S. Ski Team, U.S. Snowboarding, U.S. Freeskiing

Kellogg's Official Cracker Partner of the U.S. Ski Team, U.S. Snowboarding, U.S. Freeskiing

Liberty Mutual Official Insurance Provider of the U.S. Ski Team, U.S. Snowboarding, U.S. Freeskiing

Nature Valley Official Granola Bar, Energy Snack of the U.S. Ski Team, U.S. Snowboarding

PenFed Official Veteran Mentorship Program of the U.S. Ski Team, U.S. Snowboarding, U.S. Freeskiing

Procter & Gamble Official Beauty and Grooming, Health and Well Being, Health Care and Household Care Products of the U.S. Ski Team, U.S. Snowboarding, U.S. Freeskiing

194 Putnam Investments Official Mutual Provider of the U.S. Ski Team, U.S. Snowboarding

Sacramento Basketball Holdings Official (category pending) of the U.S. Snowboarding, U.S. Freeskiing

Soelden Official European Training Base to the U.S. Ski Team

Sprint Official Communications Provider of the U.S. Ski Team, U.S. Snowboarding, U.S. Freeskiing

Tempur-Pedic Official Mattress and Pillow Provider of the U.S. Ski Team

USANA Official Health, Nutritional Supplement, Vitamin and Minerals of the U.S. Ski Team, U.S. Snowboarding, U.S. Freeskiing

Visa Official Payment Service of the U.S. Ski Team, U.S. Snowboarding, U.S. Freeskiing

USSA Apparel Partners

2XU Official Compression Gear of the U.S. Ski Team, U.S. Snowboarding, U.S. Freeskiing

Auclair Official Glove Supplier / Licensee of the U.S. Nordic and Freestyle Ski Teams

Bj Sport Official Uniform Supplier to U.S. Nordic Ski Team

Burton Official Uniform Supplier to U.S. Snowboarding

Columbia Official Uniform and Base layer Supplier to the U.S. Ski Team (freestyle)

Helly Hansen Official Base layer of the U.S. Alpine Ski Team

Reusch Official Alpine Glove Licensee / Supplier to the U.S. Alpine Ski Team

SmartWool Official Sock of the U.S. Ski Team & U.S. Snowboarding; Official Base Layer of U.S. Nordic Team

Spyder Official Outerwear, Competition Wear, Speedsuit of the U.S. Alpine Ski Team

195 The North Face Official Uniform Provider to U.S. Freeskiing (head to toe provider including outerwear, lifestyle and footwear)

Licensees

Big Truck Brand, Inc. Official Ball Caps of the U.S. Ski Team

Bungy Pump Official Training Poles of U.S. Ski Team, U.S. Snowboarding, U.S. Freeskiing

Dermatone Official Lip Balm and Sunscreen of the U.S. Ski Team, U.S. Snowboarding, U.S. Freeskiing

DryGuy Official Boot Dryer of the U.S. Ski Team, U.S. Snowboarding

Extended Exposure Official Promotional Products of the U.S. Ski Team, U.S. Snowboarding, U.S. Freeskiing

Forward Ski System Official Forward Ski System of the U.S. Ski Team

Huge Sportswear Official T-shirt, Hat, Hoodie (signature line) Partner of the U.S. Ski Team, U.S. Snowboarding

Identity Plus Official Patch Supplier to the U.S. Ski Team, U.S. Snowboarding, U.S. Freeskiing

Jimmy Beans Wool Official Yarn, Crochet and Knitting Supplier to U.S. Snowboarding, U.S. Freeskiing

Khombu Official Après Ski Boots of the U.S. Ski Team

Lasting Impressions Official Lapel Pin Supplier/Medal Supplier to the U.S. Ski Team, U.S. Snowboarding, U.S. Freeskiing

Liftopia Official Online Discounted Lift Tickets of the U.S. Ski Team, U.S. Snowboarding, U.S. Freeskiing

Little Hotties Official Hand, Toe, Foot and Body Warmer of the U.S. Ski Team, U.S. Snowboarding

Presidium USA, Inc. Official Alpine Helmet Sensor Alert System to the U.S. Ski Team, U.S. Snowboarding, U.S. Freeskiing

Skiers Edge Official Training Device to the U.S. Ski Team

196 Team Fan Shop Official Online Store/eCommerce Provider of the U.S. Ski Team, U.S. Snowboarding, U.S. Freeskiing (shop.usskiteam.com, ussnowboarding.com, usfreeskiing.com)

Thule Official Cargo Box Rack of the U.S. Ski Team, U.S. Snowboarding, U.S. Freeskiing

Yaktrax Official Traction Devise of the U.S. Ski Team, U.S. Snowboarding

WinCraft Official Promotional Products of the U.S. Ski Team, U.S. Snowboarding, U.S. Freeskiing

Zarges, Inc. Official Aluminum Cases of the U.S. Ski Team, U.S. Snowboarding, U.S. Freeskiing

Media

CineSport NBC Sports Network

Echo Entertainment Snowboarder Magazine

Freeskier Magazine The Whistle

Infront Transworld

LockerDome Universal Sports

NBC You Tube

Official Suppliers

Tools, Wax, Gates, Panels, Signage & Supplies

Swix Tools4Boards Wintersteiger

Dominator WEND Wax World Cup Supply

Toko Holmenkol Reliable Racing

Eps-Doublet Javelin Performance Ski Sauna Coatings HKD Snowmakers Sun Valley Ski Tools

Hard Goods (Skis, Boots, Bindings)

Alpina Sports Madshus Dalbello

Lange Marker-Volkl Fischer

Atomic Bomber Full Tilt

Blizzard Nordica Hart

197 Head Rossignol Stockli

ID One Salomon Tecnica

Helmets and Eyewear

Bolle POC UVEX

Briko Rudy Project

Oakley Shred

Gloves

Johaug Gloves Yoko Gloves

Accessories

Ski Metrix/Booster Straps

Poles

Komperdell One-Way Zipline

Leki Swix

Protection

Dainese POC Slytech

Leki Ortema

Training Devices BOSU Skier's Edge

Other

Prinoth – Official Snow Grooming Machine of U.S. Ski Team, U.S. Snowboarding, U.S. Freeskiing

Westminster – Official Education Partner of U.S. Ski Team, U.S. Snowboarding, U.S. Freeskiing

198 Staff Contacts

Foundation Trisha Worthington Executive Vice President & Chief Development Officer Cell: 435.640.8581; Office: 435.647.2075

Jessica Miller Director Special Events Cell: 435-714-2928; Fax: 435-647-2656; Office: 435-647-2095

LeAnne Zamzow Special Events Manager Cell: 435.714.8434; Fax: 435-647-2656; Office: 435-647-2089

Elaine Minihan Special Events Assistant Office: 435.647.2059; Fax: 435.647.2656

Catherine Raney Director of Operations Cell: 435.714.8527; Fax: 435-647-2656; Office: 435-647-2094

Jana Dalton Development Assistant Office: 435.647.2056; Fax: 435.647.2656

Major Gifts Officers

Meg MacClarence Director of Major and Planned Giving Email: [email protected] Cell: 518-221-4678

Chip LaCasse New England Region Home: 802-864-0225; Cell: 435-640-8644; Work: 802-656-4145

Kate Klingsmith Southwest Region Cell: 435-714-1284; Fax: 435-940-2832

Amanda Black Northeast Region Cell: 435.714.0287

Amy Schoew Western Region Cell: 435.602.0639; Fax: 435.940.2811

Ruth Flanagan Rockies Region Cell: 435-714-9213; Fax: 435-940-2763; Office: 435-647-2023

199 Alex Tracy Tri-State Area Email: [email protected]

Executive

Tiger Shaw President & CEO – U.S. Ski and Snowboard Association Office/Voicemail: 435-647-2071; Email: [email protected]

Tracy Meier Executive Assistant, Office of CEO Office/Voicemail: 435-647-2006; Cell: 435.714.8084; Fax: 435-729-9104 Email: [email protected]

Mark Lampe Executive Vice President/Chief Financial Officer Office/Voicemail: 435-647-2002; Email: [email protected]

Sales & Marketing

Mike Jaquet Chief Marketing Officer Office/Voicemail: 435-647-2046; Email: [email protected]

Athletics

Luke Bodensteiner Executive Vice President, Athletics Office/Voicemail: 435-647-2055; Email: [email protected]

Events

Calum Clark Vice President, Events Office/Voicemail: 435-647-2053; Email: [email protected]

Communications

Tom Kelly Vice President, Communications Office/Voicemail: 435-647-2053; Email: [email protected]

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