Board of Trustees Meeting Minutes: December 19, 2020





Board of Trustees Meeting Agenda

Mad River Glen Cooperative

Date: Saturday, December 19, 2020, 5:00 PM EST

Location: Online – Zoom


Present: Matthew Milan, Barclay Rappeport, Matt Lillard, Meg Schultz, Brad Noble, Andrew Carey, Carol Pierce, Ron Shems, Leigh Michl, Eli Godwin, Garret Cooney, Mike Boland

Shareholder Comments

5:05 PM        Call to order, shareholder comments (Matthew Milan): there were no shareholder comments


Consent Agenda Items

Approve minutes for November 2020 Board Meeting (Matthew Milan) – minutes approved by consent agenda


Reports and Discussion

Management Report (Matt Lillard): Mountain opened on schedule. Compliance with COVID protocols has been good so far. Admin is working through attestations and pass printing. The scanning system is working well thus far. Traffic has been slow and there has not been a situation where the Pub has filled up yet.

The Snack Shack is on site and will be pulled into place this week with an anticipated opening right after Christmas.

Ski school has been receiving attestations turned in and have had some attrition due to travel restrictions. We are anticipating new guidance from the state to allow some format of groups for lessons upcoming soon.

Midweek adult programming has drawn a lot of interest. Additionally there will be some midweek programs for kids as we develop the schedule.

Rental shop is open and busy tuning. We are not currently doing daily rentals, but the seasonal rental program has been well received.

Cricket Club and Naturalist program will be up and running after the holiday.

General Store has continued to be strong.

Building projects are being wrapped up with systems coming on line and being tweaked to ensure they work as expected. There is some finish work and painting to be done. The project is on track to come in just under budget.

Matt offered kudos to the staff for their hard work at getting the mountain ready to go for opening.

Heaters have arrived and will be set up on the deck and in other places in the base area as demand dictates.

Finance Committee Report (Brad Noble): Report attached. The FC committee recognized Deb Steines for her past work on the Finance Committee as she has moved on to be a board member on the Stark Mountain Foundation. John Stetson has moved into the secretary position.

Season pass deadline for refund is 12/20/2020.

POP monies were used in November. There is still federal PPP money on the budget but is still anticipated to be largely forgiven in the coming months.

As a reminder there were no season pass sales in November. College pass sales have been down due to reduced college populations on campus.

Retail continues to perform above expectations. Share sales have remained strong.

Strategic Planning Committee Report (Andrew Carey): report attached. By pushing the project out for 2 years, the question was raised as to how many years out the strategic plan could forecast. The question was whether to extend the plan to 25 years, but it was decided to plan for 15 with an eye towards 25 years.

The committee is working with Matthew Milan and Matt Lillard to ensure that the project is meeting expectations.


Open Items & New Business

Share Redemption Requests (Matt Lillard): Traditionally the request for the previous year tender of shares is accepted by the board after the audit has been received. Due to COVID, the audit has been delayed. The actual share redemption and payment to the shareholder is made when the audit has been approved by the board.

There are 13 shares up for tender totalling $19857.68. The book value is $1613.57 per share as of 9/30/20.

Matt is asking the board to approved the payment of share redemption with the audit not submitted.

Ron Shems moved to accept. Matthew Milan 2nd. Unanimous acceptance.

2021 Board Development (Barclay Rappeport): There have been no further candidates to come forward. Will be reaching out to Ry to organize an info zoom for interested candidates during vacation week. Matthew Milan and Barclay Rappeport will be looking into the possibility of reviewing the shareholder list for specific purposes.

Shareholder comments: Eli Godwin volunteered that he has past information from the prior planning committee that he will share.

Ron Shems moved to adjourn at 6:16pm. Matthew Milan 2nd.


December 2020 Finance Committee Report