Breckenridge Grand Vacations gives $1 million to The Summit Foundation
Breckenridge timeshare developers Mike Dudick, Mike Millisor and Rob Millisor donated $1 million to the largest nonprofit organization in Summit County, The Summit Foundation.
The community foundation raises funds to support nonprofit organizations and students in Summit, Lake, Park and Grand counties, and the gift from the owners of Breckenridge Grand Vacations (BGV) is one of the largest donations the foundation has ever received.
“The Summit Foundation is honored to be the recipient of this unbelievable gift,” said Kevin McDonald, president of the board of trustees for The Summit Foundation. “We are fortunate to have this forward-thinking company in Summit County that truly cares about our community and is creating a legacy for our children and future generations.”
The BGV owners wanted to ensure local nonprofits would continue to be financially supported regardless of economic conditions.
“Recognizing the need to continue to philanthropically fund nonprofit organizations after we someday finish the development phase of our company, my partners and I have decided to develop an endowment fund with The Summit Foundation,” Dudick said.
The company already established a donor advised fund with the foundation in 2008, which contributed more than $400,000 to the community during this past fall and spring giving cycles. The $1 million gift will remain as an endowment to provide more financial certainty for the foundation’s efforts.
Rob Millisor said he and his partners felt now was a good time to create the endowment so it could grow over time.
“We want to ensure funding remains available to the local nonprofits that are so critical to the town we call home,” he said.
His brother, Mike, added that the company actively supports a culture of giving and hopes the donation encourages others to do the same.
“Even our employees contribute to The Summit Foundation through payroll deductions to the tune of $75,000 annually,” Mike Millisor said. “It’s fair to say we believe the work of The Summit Foundation to be highly valuable and worth continuing to support for many years to come.”
BGV is the parent company of the Grand Lodge on Peak 7, Grand Timber Lodge and Gold Point Resort. In 2015, the company was named the Top Employer by the American Resort Development Association and an employer of choice by The Denver Post Top Workplaces.
The company’s newest resort, Grand Colorado on Peak 8, continues to break sales records since its launch last December. The resort is scheduled to open for occupancy in the summer of 2016.
Timeshare sales at the Grand Colorado will continue for at least the next six years, and the company may work on additional developments in the future.
The Summit Foundation’s executive director Jeanne Bistranin said the latest BGV donation will help the foundation address larger issues in the community over time.
“They could have done anything with this million dollars. They could have put it back into their business or they could have done whatever they wanted,” she said. “People need to recognize how special that is and how unusual that is for people, and in particular a business, to make that kind of long-term commitment to the community.”
The Summit Foundation has awarded more than $21 million in grants and scholarships since its inception 30 years ago.
The foundation raises about $2 million annually in operating funds and contributes an additional $500,000 to $750,000 toward its endowment fund, donor advised funds, scholarship funds and agency endowment funds.
The cornerstone of foundation’s fundraising efforts is the patron ski pass program — donated by a partnership with Arapahoe Basin, Copper Mountain and Vail Resorts — which earns more than $1 million annually.
In 2014, the foundation awarded $1.8 million in grants to 94 nonprofits with programs in Summit, Lake, Park and Grand Counties, and 99 local high school graduates were awarded $230,000 in scholarship funds.
The other major gifts the foundation has received include a 2014 bequest from the estate of Norman Ringhand, which was more than $1 million, Bistranin said, and a $1 million gift in 2000 from Chuck Lenzmeier and Valerie Williams.
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