Board of Trustees Meeting Minutes July 2, 2005










July 2, 2005



After due notice, a meeting of the board of trustees of the Mad River Glen Cooperative was convened at 8:05 AM on July 2, 2005 on the 3rd floor of the Basebox at Mad River Glen Ski Area in Fayston, Vermont.


Trustees Jay Appleton, Paul Finnerty, Rick Moulton, Mary Schramke, Jed Kalkstein Bill Reynolds, Steve Mackenzie and Geordie Hall were present. Deb Steines was absent.Also present was President Jamey Wimble as well as several shareholders.



Jay Appleton called the meeting to order at 8:09 AM.




Upon motion duly made by Jed Kalkstein and seconded by Geordie Hall, it was unanimously


VOTED: To approve the minutes of May 28, 2005.



Management Report


The Management report is attached for reference.Jamie reported that an adjoining landowner is seeing an easement over Cooperative land located on and near lower Antelope.Jamie did an inspection of potential house sites off of the Ridge Road.The next step would be to conduct perk tests, which would cost approximately $700.


Financial Report


The financial report is attached for reference.


Single Chair Update


Jamie reported that the single chair engineering plan is ahead of schedule.The next step is to come up with a contract for the project that would include the price and a payment plan.The project will include an acceptance plan which entails review by an independent engineer.Mary Schramke requested that management provide the Board with a written summary of the project time line.Jamie Wimble responded that the plan is to have a signed contract by December 2005, begin work in April 2006 to have the lift completed and load tested by Green and Gold weekend 2006.



Single Chair Finance Committee Update


Leigh Michael gave a power point presentation outlining the Single Chair Finance Committee’s thoughts on how the single chair project will be financed.The power point presentation is attached for reference.


Fundraising Organization


The board engaged in a lengthy discussion of how the fundraising campaign should be conducted.The major issues addressed include fundraising by the Stark Mountain Foundation, whether to hire a consultant, and what role the consultant would play.


Jamie presented managements draft proposal for Single Chair Fundraising.The draft proposal is attached for reference.


Upon a motion by George Hall, seconded by Rick Moulton and amended by Paul Finnerty it was unanimously


VOTED: To authorize the Single Chair Finance Committee to develop a plan to raise 1.4 million, as recommended by the SCFC.


Upon a motion by Rick Moulton and seconded by Mary Schramke it was unanimously


VOTED : To direct the Single Chair Finance Committee to recommend to the executive committee a consultant to assist in the development of the fundraising plan.


Committee Reports


Executive – no action


Finance – no action


Facilities – Rick Moulton reported that there was great potential to develop housing lots for raising capital but that it was the considered opinion of the Facilities Committee that the development should not be considered to be a part of the Single Chair financing effort.


Steve M –Stated his opposition to the selling MRG land for developement.Proposed a shareholder straw poll to determine whether the Cooperative was in favor of developing these lots.


Board Development – Reynolds reported that the he and Mr. Finnerty are working on a policy governing employee participation on the Board.


Personnel – no action


20th– – no action


SRC – Work going forward on 4th of July float.There will be a MRG table up at Brooks Field giving out information on the Cooperative.



Shareholder Comments – There were no shareholder comments as all the shareholders who were present at the meeting departed to work on the float.




There being no further business to come before the board, the meeting adjourned at 10:54 AM.


Respectfully submitted, Bill Reynolds


A true record.




Debra Steines, Secretary