The Revenue Anticipation Note (RAN) is a document unique to Gunstock. The RAN is a short term business loan or line of credit, secured by Gunstock each year (usually in June), to cover operating expenses and winter operation start-up costs during the cyclic slow business period from September to December.
Gunstock and the GAC are not authorized to borrow money (or secure a line of credit) for the County Owned facility, without approval of the Belknap County Delegation (BAC). A revenue anticipation note is drafted by Gunstock, showing the need for borrowing and the amount of credit to be obtained. The Ran is presented to the BCD in June for approval. RAN requests average $950,000 in any given year.
Once the RAN is approved, Gunstock negotiates favorable terms with a local bank. Funds are withdrawn on an as-needed basis starting in July. Once revenue from winter operations starts coming into the mountain, withdrawal of funds from the RAN is no longer necessary and ceases (usually in January). The RAN loan is paid back in full, with interest, by April 1st.
Gunstock has requested a RAN beginning in 1991, and every year thereafter. The Belknap County Delegation has approval the RAN in every fiscal year. Gunstock has paid back the RAN in full and on time, in every year.