Present: Barclay Rappeport, Matthew Milan, Matt Lillard, Carol Pierce, Brad Noble, Jeff Whittingham, Andrew Carey, Meg Schultz, Nathan Martin
Shareholder Comments
8:04am Call to order, shareholder comments (Matthew Milan) There were no shareholder comments
Consent Agenda Items
Approve minutes for May 2022 Board Meeting (Matthew MIlan): minutes were approved
Reports and Discussion
Management Report (Matt Lillard): see attached on website.
Andrew Snow has been promoted to Finance Director which is reflective of the great work he’s been doing. Bullwheel liner on the single is being replaced. The Double was hit by lightning in mid-May and broke the carrier line. The insurance company and electricians are working on the repair. Most of the expense should be recoverable.The Admin building work is almost complete.
Freeride – Ry is playing an integral role in improving the IFSA experience in the East.
Finance Committee Report (Andrew Carey)
Summer operations kicked off with the Stark Mountain Pub opening for the summer.
The Co-op posted a net ordinary loss of 113,319 vs budgeted loss of 133,178.
This improvement was the result of stronger pub sales and lower facilities expenses. These facility expense savings will reverse as the summer progresses.
When accounting for non-operating costs, the net loss was $155,862 vs a budgeted loss of $134,077. This variance swing was the result of unbudgeted depreciation (37,000) and flood expenses (3,800).
In summary, for the year to date ending May 2022 as success in spite of Mother Nature:
Strong Pass sales were offset by shortfalls in day ticket sales and basebox operations, netting in a marginal negative revenue variance to budget
Operating expenses were essentially universally lower than budget due to the shortened season and lighter operations. Expenses were $167,000 less than budget.
When considering Net Income, the Co-Op ran an $86,000 negative variance to budget due to unbudgeted depreciation (296,000), the Three Peaks Medical center donation (20,000), unbudgeted covid expenses (11,000) and flood related expenses (6,300).
These unbudgeted expenses were offset by 98,000 in grant funds.
The proposed FY23 budget features a NOI profit of ~$59,000 before any grants or other outside funding. This is in keeping with our overall philosophy of building a budget that is attainable in a slightly below average year and provides a strong upside. This budget enables the Cooperative to invest its planned $50,000 annual amount in capital projects. The Cooperative is in a very strong cash position and also has back up support from a healthy Rainy Day account balance and an untapped Line of Credit if we encounter another bad snow season.
Action: Matthew moved to approve the operational budget as presented and recommended by the Finance Committee. 2nd by Meg Unanimous approval
Strategic Planning Committee Report (Brad Noble)
2022 Strategic Plan Language Updates Review & Approval (Brad Noble): after approval of the Strategic Plan there were a few slight adjustments to the language, notably to clarify regarding philanthropic giving. The following edit was mad.
Replace paragraph 9 of the Strategies section, which reads:
“Clarify and support the role of philanthropic giving The community broadly and the shareholders specifically need to better understand how it is critical to the economic sustainability of the Cooperative to augment capital projects with philanthropic giving in order to avoid incurring a debt load”
With this paragraph:
“Clarify the role of and support philanthropic giving
Communicate to the Cooperative’s community and shareholders how philanthropic giving is critical to the sustainability of the Cooperative and encourage support of organizations whose missions’ complement the Cooperative’s”
Action: Andrew motioned to approve the updated language. Brad 2nd. Unanimous approval.
Brad offered sincere thanks to all on the Strategic Planning committee with special notice to John Skelly for his exhaustive volunteerism.
Shareholder Communications Committee Charter Discussion (Brad Noble): The charter was presented as a working document. The goal of the Communications Committee is to increase shareholder engagement. The end goal is to have this committee in good standing by early fall.
2022-23 Organization Slates Review & Approval(Matthew Milan): Slates presented for approval are as follows:
Executive Committee:
President: Matthew Milan
Vice-President: Brad Noble
Secretary: Barclay Rappeport
Treasurer: Andrew Carey
Andrew motioned to approve. Carol seconded. Unanimous approval.
Finance Committee
Chair: Andrew Carey (ex-officio)
Secretary: John Stetson
Matthew motioned to approve, Brad 2nd, Unanimous approval.
Board Development Committee
Chair: Barclay Rappeport
Secretary: Carol Pierce
Matthew motioned to approve, Brad 2nd, Unanimous approval.
Sept 2022 Approvals
Facilities Committee
Communications Committee
Outgoing Trustee Thank-You & Offboarding (Matthew Milan): Andy Weis is outgoing board member.
Incoming Trustee Welcome & Onboarding (Barclay Rappeport) Mariah Riggs will be the incoming trustee. Barclay will be working with Sharon to schedule paperwork and walk through of the facilities.
Action Item – no additional action items
Open Items & New Business- discussion regarding summer trail maintenance. This falls under the purview of mountain ops. Suggested that a further discussion be held regarding maintenance in a future meeting.
