The Greenway Endowment has been formed to provide capital to make Greenway Sound Marine Resort a permanent boating treasure, owned by the boaters, past and present as a community. This will be done by acquiring ownership of the facility and funding the operating base through earnings and endowed funds. Then, infrastructure upgrades become possible, making Greenway Sound Marine Resort a true treasure.Today, boaters enjoy Sucia Island and Princess Louisa marine parks,
because past boaters were willing to make a similar effort to preserve those beautiful places. Having an oasis such as Greenway Sound Marine Resort available in the Broughton Islands makes a lot of sense. It is irreplaceable, and is in the best interests of the boater to be sure remote facilities do exist for their safety, pleasure, and convenience.
Right now, Greenway Sound Marine Resort offers a safe haven in a remote area, with competent staff to assist in almost any need. Boaters have good amenities available to them, including good moorage and shore power, unlimited water, clean showers and laundry, a well-stocked store with flown-in fresh produce and dairy, a dandy restaurant, and complete garbage service. All of these services are provided, without any city support, such as roads and trucks, or power and telephone lines. That is exactly why boaters come to the Broughton's - to get away from cities and civilization.
Although Greenway Sound Marine Resort looks very prosperous during the summer season, the cost to provide the services exceeds the revenue, due to the location and the extremely short season. Greenway’s season is about the same length as the Christmas season, with almost all the traffic arriving from July 15 to August 20. There is no traffic or revenue whatsoever after Sept. 10, until about June 1.
Greenway Sound Marine Resort could diversify, such as fish farming, creating a housing community, go into rental fishing cabins, or selling off part of the docks to the yacht clubs. Greenway Sound Marine Resort has resisted those temptations so far, preferring to remain loyal to the boaters exclusively. That can continue, and even expand, if there is vigorous support for the Greenway Endowment. The boaters would own Greenway Sound Marine Resort, and control it for the exclusive enjoyment of the boating community.
About 80 boaters have joined in the Endowment, so far. You probably have seen the blue plaques on the wall in the main building by the door. The majority have put in $1,000., with some putting in much more. That capital has allowed Greenway Sound Marine Resort to stay open, while retiring portions of the original capitalization. Without that help, Greenway Sound Marine Resort would be long gone. Normal funding for a business is denied to Greenway Sound Marine Resort, due to the location, type of business, and the short season. So for Greenway Sound Marine Resort to continue, funding must come from those who benefit from it.
FREQUENTLY ASKED QUESTIONS (FAQ’s)
The Greenway Sound Endowment
- Who will run Greenway Sound Marine Resort?
Tom & Ann Taylor, Greenway’s founders and sole owners, are happy to continue to run Greenway, as long as it is properly funded.
- How long can Tom & Ann last?
Tom, about 65, and Ann, much younger, are both in good health at this time. Ann’s major surgery on her neck worked very well, and has given her a new lease on life. Also, a younger couple that can become heir-apparent will be brought in and trained. That way, continuity will be
preserved, should Tom or Ann become disabled.
- What corporate structure is envisioned?
When the Endowment reaches a certain point, the ownership of Greenway Sound Marine Resort will be transferred to a new Canadian corporate entity, with a tax-status to be determined at that time. It would be run by a five-person Board of Directors, two of which would probably be Tom & Ann, and two others would be the younger couple. The fifth would be a local "North Island" person with extensive financial background and connections.
- What do I get in the meantime?
Right now, each Endowment participant receives a promissory note, bearing 6% interest, from Greenway Sound Marine Resort, and personally guaranteed by Tom & Ann Taylor.
- What if there is not enough interest in the plan?
Greenway Sound Marine Resort will be offered for sale, first to the fish farm that wanted it earlier, and then to the general public, probably through an auction. The proceeds of the sale will be used for liquidation of all obligations, subject to the usual pecking order.
- When would that be decided?
If no one cares about the Endowment, and the burdens continue to mount, it could go quickly. There is no definite cut-off point. As long as there are people interested enough to see that Greenway Sound Marine Resort continues to exist, then we will continue to operate.
- How much are we talking about?
The goal is to raise about $1.8 million CDN (1.2 million US). That would complete the ownership conversion, fund a lot of the maintenance, and even add some important amenities. Almost 2000 boaters have enjoyed Greenway Sound Marine Resort over the years, so each boater’s share could be quite low. We hope each participant could provide $1,000. 10% has already been provided by 80 boaters.
- Is there a prospectus?
Not yet. That is an expensive step that we will take once we know there is interest in the overall Endowment plan. If nobody cares, we are not going to spend the money. If there is interest, we will write one.
- What does one do to participate?
The simplest way to participate is to write a check payable to “Greenway Sound Marine Resort” and mark it for “Endowment”.
Send it to:
Greenway Sound Marine Resort, c/o Tom & Ann Taylor P.O. Box 280
La Conner, WA 98257-0297P.O. Box 759
Port McNeill, B.C. V0N 2R0
If you prefer, Visa, MasterCharge, and Discover can be used. Canadian or U.S. Funds? Your choice. We hope US boaters can send US funds and Canadian boaters send Canadian funds. Your interest will be payable in the same currency as received.
- How do you want your Endowment Plaque to read?
The plaques are displayed in the entrance of the main building at Greenway Sound Marine Resort. Typically, each plaque proudly shows the owners names and the boat name:
Tom and Ann Taylor
~~~~~~~~0~~~~~~~~
BLUE BOMBER
It is hoped that others will see all the plaques, and will want to join, too.
- Still have questions?
Give us a call or see our web page on “How to Contact Greenway” for all the phone numbers.
