5:02 Call to order, shareholder comments (Brad Noble): Eli Godwin commented that he was disappointed to read about the cancellation of Roll Back the Clock day. Matt responded that it was a matter of crowd management and the staff was not comfortable with having that type of crowd while Covid is still an issue. It’s not gone for good, but will be returning as a re-envisioned event when the climate is safer.
Consent Agenda Items
Approve minutes for Nov 2021 Board Meeting (Brad Noble): Passed by consensus.
Reports and Discussion
Management Report (Matt Lillard): Overall, despite a slow start to the season, we are doing ok. Conditions have continued to be challenging and we’ve been saved by snowmaking to keep skiing during the adverse weather conditions. Season pass and program sales have provided a good stopgap during a low revenue time. Covid continues to be a challenge with incidences of employees being out and lack of testing availability.
Admin: Matt F has joined the team in admin and has been a great asset to the team.
Basebox: The Basebox is fully staffed with veterans and new alike. We will continue to hold off on music events or any events looking to draw a crowd due to Covid concerns. The Snack Shack is up and running for the year.
Marketing and Events: Lydia, Jose & Ry have provided a much needed positive messaging which has proven to be entertaining and gaining respect within the industry. Upcoming events include the Family Tournament. IFSA Jr Qualifiers as well.
Mt Ops: Nate continues to make the best of it with his crew. Just waiting for the storm!
Retail: December was strong.
Ski School/Race/Freeride: all programs are up and running.
Brad questioned the upcoming homologation of Porcupine, which is a required aspect from USSA for every 10 years.
Will questions the OSHA/ANSI report regarding the lift evac systems not being up to code. Historically there was one rope over the haul rope and current guidance requires two during training. We don’t currently have a double rope set up, despite it not being used during a live event.
Finance Committee Report (Andrew Carey): See attached
The MRG Finance Committee met on Wednesday, January 12 and was presented with a better than expected financial recap. As expected, December was an unexpectedly slow month with partial operations occurring toward the end of the month. Additionally, Tyler Kimberly from our auditor presented the Audit for the year ended September30, 2021.
The Co-op posted a net ordinary income of almost ($166,107) vs budget of ($119,214)
When accounting for depreciation, the Net Income was $(201,940) vs a budget of $(155,148).
Cash position remains strong going into February. LOC remains $0 and the construction loan continues to be paid monthly.
The Finance committee report continued into the discussion about the Audit and the action items below.
Strategic Planning Committee Report (Brad Noble): See attached. The committee has completed the research phase and is currently working on shaping the plan to be presented. The draft was presented by Brad. The mission statement remains: The Mad River Glen Cooperative’s mission is to protect forever the classic Mad River Glen skiing experience by preserving low skier density, natural terrain and forests, varied trail character, and a friendly community atmosphere for the benefit of its shareholders, personnel, and patrons.
The bulk of the work has been in the strategy section. The draft is available as a PDF on the website.
Discussion regarding the operating model; An economically viable operation that runs lean. The committee welcomed the discussion to grow understanding of lean vs cheap and how economic viability can be influenced by fundraising and capital improvements.
Rocky offered thanks to the committee for their dedication and work and requested that the next meeting be warned to see the draft of the strategic plan.
Committee Charter Template Discussion (Will Kriewald): Will presented the Charter Template for the Finance Committee. Draft is attached and available. The finance committee meetings should be warned as the 3rd Wednesday of each month. Brad stated that generally the committee chairs continue on for 1-2 years and that the document as presented would be invaluable to the incoming chair.
Approve and Accept 2021 Audit Report (Andrew Carey): There was very little room for improvement in the Audit and we received an unqualified opinion. There was a $7k correction needed due to handling of SMF Funds. Other than that, there were very few errors. The Financial committee recommends that the board accept the Audit as presented.
Andrew Carey moved that the board ratify the Audit. 2nd by Will Kriewald. Unanimous acceptance.
2022 Board Development & Election Discussion (Barclay Rappeport): Terms are up for the following trustees – Instate: Carol Pierce and Andy Weis. Out of state: Brad Noble. From the discussion around the strategic plan, it may behoove us to recruit both electronically via Ry/Lydia and through messaging in the Basebox and lift boards. Lesson learned from last year regarding qualifications to be a board member including current shareholder in good standing. Matt offered that we could use the shareholder Mail Chimp tag to reach directly to shareholders. The ballot has to leave by March 2nd. The candidates will need to be presented by 2/21/22.
Open Items & New Business
Eli Godwin commented regarding shareholder communications and added that including social media. He pointed out that on the website it’s not clear on how to join meetings. In order to get to the upcoming meetings you need to go to the minutes of the previous meeting. He suggested that the link for the current meeting to be placed on the ‘About the Co-Op’ section of the website. The calendar listing does include the links but was incomplete for this particular meeting. The information could be delivered more clearly to shareholders to encourage participation, including through internal messaging and external/social media.
The meeting adjourned at 6:27pm Will Kriewald moved, Andrew seconded.