Shareholder Comment   

Call to order, shareholder comments, There were no shareholder comments

Consent Agenda Items

Approve minutes for May 16 meeting: minutes were approved.

Reports and Discussion

Management report (Matt): Construction projects are moving along nicely. MRG continues to monitor what is happening in the industry around the world. Admin is working on switching the phone system to a hosted system to replace the aging Nortel system that is currently in place. Work continues on a new employee handbook. Power will be cut off in the base area from 6/23-26. The base box is being painted – with a return to the classic color scheme of gray, red & white, with repairs happening as the staff moves along with the painting project. There is a new mobile camera in the base area which is currently pointing at the construction projects. This camera will allow live streaming of events next season. Report has been posted.

Finance committee report (Matthew M.): It’s possible that we may get up to 100% forgiveness of the PPP loan, pending new guidance. Retail has been up, due to the new ‘Social Distancing’ shirt. Cash available is good. Management has presented a budget which has been unanimously approved by the Finance Committee. The rainy day account remains untouched. Report has been posted.

Update on building projects (Matt): Patrol building is ahead of schedule. The septic tank was replaced during the construction to save later costs. This plus a new propane tank allowed re-grading of the surface behind the Cricket Club. Things continue to go smoothly. Budget-wise we are tracking well, with some overages in asbestos abatement ($20k overage) which is covered by the contingency fund in the budget. There will be some decisions for the Facilities Committee coming soon regarding the possibility of third floor bathrooms, which would take us close to the budget limit. Management’s inclination is to pass on the option in order to come in at or below budget. Plumbing will be installed to facilitate construction of the bathrooms if they are deemed to be desirable in the future.

Update on onboarding new trustee (Development & Governance Committee): Andrew Carey met with Ron and Barclay and completed the onboarding process.

Election of officers for FY 2020-21 board: proposed slate is Matthew Milan, President; Brad Noble, Treasurer; Ron Shems, VP; Barclay Rappeport, Secretary.

Motion was made to approve by Carol Pierce, Andy Weis second. Motion passed.

Review & approve FY2020-21 budget: The budget has been built with the assumption of a ‘normal’ year. There are contingencies being developed for possible COVID scenarios. The Finance Committee approved of this methodology. Leigh questioned if we were forced to operate at reduced capacity, have there been discussions regarding how to regulate this. Matt L replied that there will be a passholder policy, then a mix of Mad Card and Shareholder, before ticket sales. There are uncertainties remaining at this time regarding the upcoming season and plans will continue to be developed for a decision in the fall.

Matt Milan moved to approve the budget. Brad Noble seconded. Unanimous approval.

Open Items & New Business

Open items

Ways to improve community engagement (Deferred to offseason)

Forest Plan (To be updated during coming FY)

Strategic Plan (To be updated by 2020-2021 board)

Additional Shareholder comments if necessary: Eli commented that the updates on construction are great!

8:52 the board moved to executive session

9:45 am the board came out of executive session.

Matt Milan moved that the board discussed and approved the compensation package for the GM. Carol seconded. Motion carried.

Additional comments: Matt Milan publicly thanked John Tobin for his many years of service to the Co-Op. The board joins him in these thanks!

The meeting adjourned at 9:54am.

Manager’s Report 6.20.2020

June 2020 Finance Committee Report