8:02 AM Call to order, Shareholder comments (Will Kriewald)
No comments
Consent Agenda Items
8:03 AM Approve minutes for May 2026 Board Meeting (Will Kriewald)
Minutes approved by consent agenda
Reports and Discussion
8:04 AM Management Report (Matt Lillard)
Summer traffic is starting to pick up, and the General Stark’s Pub is open for dinner Wednesday through Saturday.
Recruitment is open for the Marketing Director position, the 20th Committee is progressing, land acquisition processes with state/local agencies are ongoing, and mountain ops projects are moving forward.
Administration & Finance
2026-27 Budget & Inflation: Draft budget covers expense increases through strong revenue demand, though inflation volatility and weather remain potential variables.
Pub Renovation Funding: Finance Committee recommends addressing a potential $650,000 funding gap by using up to $325,000 from the Capital Reserve and securing a 20-year construction loan for up to $325,000.4
E-Commerce & Tech Upgrades: Decided against switching online store platforms to avoid losing functionality, focusing instead on updating the existing store for security requirements and testing POS upgrades.5
Shareholder Management: Managing deceased and delinquent accounts, resulting in 13 tendered shares, 22 shares moving to inactive, and 41 open shareholder spots in July.
Staffing Transitions: Sharon and Vee are sharing finance duties and preparing for an upcoming audit, with Vee set to lead shareholder account operations next fiscal year.
Food & Beverage
Summer season is off to a strong start with positive feedback on new menu items and strong attendance on Wednesday music nights.
Department & Operations Updates
Mountain Operations: Ongoing projects include painting single chairs, groomer maintenance, installing the office furnace, and completing the Birdcage Septic maintenance project within two weeks.
Freeski & Seasonal Programs: Freeski program is adjusting offerings for competitive and skill-building athletes and will manage IFSA events; Ski School is transitioning seasonal programs online for September sales.
Closed Seasonal Departments: Ski School, Retail, Race Department, Rental/Repair, Ski Patrol, Cricket Club, and Naturalist Program are closed for the off-season, with specific maintenance or future planning underway.
8:30 AM Finance Committee Report (Bryan Hall)
May Performance:
Revenue: Total revenue came in at $30.9k (4% below budget), impacted by a 16% decrease in Basebox revenue due to weather and timing of events. This was partially offset by “Other” revenue exceeding budget by 42% ($3.1k), driven by the collection of past-due APRs.
Operating Expenses: Expenses were 22% ($40.1k) above budget, primarily due to bonus wages ($17.0k) and maintenance expenses ($20.0k).
YTD & Cash Position:
Total cash and investments stand at $2.95M, with unrestricted cash at $1.36M.
YTD cash flow performance is approximately $700k better than initial forecasts.
2026–2027 Preliminary Budget
Recommendation: The committee voted to recommend approval of management’s proposed preliminary budget, which is structured as a breakeven budget with a modest Net Operating Income (NOI) of over $10,000.
Key Assumptions:
111 operating days and 11 weeks of seasonal programs.
3% wage increases and a 15% increase in healthcare costs.
Projected record revenue of $5.6M, supported by strong season pass sales and an increase in full-day ticket prices from $125 to $129.
Other Business & Actions
Pub Renovation Funding: Recommended covering the anticipated funding gap for the pub renovation (up to $650,000 total) using up to $325,000 from Non-Operating Fund reserves and up to $325,000 in borrowed funds.
Committee Membership: Voted to recommend eight current members to remain on the committee for the upcoming term.
Motion made by Andrew Carey to approve 2026-27 Budget & Fund Balances, seconded by Jeff Whittingham. All in favor.
The Finance Committee members voted to recommend eight members to remain on the committee. One member did not express interest in remaining on the committee. The committee slate includes the following individuals:
Geordie Hall
Andrew Cary
Richard Gervase
Brian Williams
Leigh Michl
Brad Noble
Will Kriewald
Bryan Hall
Motion made to approve 2026-27 Treasurer and Committee Slate by Will Kriewald, seconded by Andrew Carey. All in favor.
8:40 AM Facilities Committee Report
Permitting: underway – Matt will submit final paperwork and a check for fees to VIA who will submit the State permit (Act 250). Matt will file the town permit.
Matt is working on updating the plan for hazardous material remediation – with an updated proposal
Acoustics: Peter H. and Marty B. are coordinating further design refinements and budget checks to get into the final pricing documents.
We expect a construction documents estimate to commence in July, received by mid August, reviewed by the committee, questions asked, and then sent to the Board ahead of the “warning”call for the Green and Gold member vote in early September. The Guaranteed Maximum Price will be developed based on subcontractor bidding beginning in October.
Motion made by Andrew Carey to approve the Pub Project for a Special Election on October 3rd. Seconded by Marty Beam. All in favor.
8:45 AM Collaborative Fundraising Committee (Karen Lloyd)
The report outlines current fundraising progress for the “Two Projects. One Vision.” (TPOV) campaign.
The overall campaign goal is $5 million, which includes $2.8 million for land and closing costs, and $2 million for the Pub (against a current Pub total of $1.5 million, leaving a $500,000 gap).
The primary objective for the upcoming July and August campaign phase is securing approval to boost donor participation, build urgency, and create personal connections to the reconstructed Stark’s Pub without competing with major gifts.
Proposed Participation-Based Fundraising Initiatives – led by Sarah Haviland.
Raise a Beam:
Contribution Level: $10,000
Concept & Appeal: Supporters fund structural timber beams that define Stark’s Pub, featuring a discreet recognition marker at the base. It directly connects donors to the architecture and appeals to leadership-level donors.
Potential: 10–20 participants, yielding $100,000–$200,000 in revenue.
Pub Roll Call:
Contribution Level: $1,000
Concept & Appeal: Supporters receive small nameplates incorporated directly into the bar, creating a visible trail of contributors. It offers an achievable, repeatable, and scalable option for a broader audience while generating visible momentum.
Potential: 100–300 participants, yielding $100,000–$300,000 in revenue.
Board Action Requested
Recommendation to advance both the “Raise a Beam” and “Pub Roll Call” initiatives to close the remaining funding gap for Stark’s Pub.
Board consideration focuses on supporting the immediate development and implementation of these concepts for the next campaign phase.
Action: Motion made by Karen Lloyd to approve additional plaques within the renovated pub for fundraising purposes. Seconded by Jeff Whittingham. All in favor.
9:00 AM Board Development Committee update (Barclay Rappaport)
Action: Approve 2026-27 Committee Slate
Barclay recommended Kate O’Neill as the sole board development committee member and recommended Joe Perella to serve as back-up support (Joe agreed to the recommendation).
Action: Motion made by Karen Llyod to approve the Board Development Committee Slate as recommended. Seconded by Barclay Rappeport. All in favor.
9:10 AM Executive Committee (Will Kriewald)
Discussion in relation to the ‘26-27 Executive Committee. The slate presented and discussed was as follows:
Jeff Whittingham – President
Karen Llyod – Vice President
Bryan Hall – Treasurer
Kate O’Neill – Secretary
Action: Motion made by Will Kriewald to approve 2026-27 Executive Committee Slate. Seconded by Andrew Carey. All in favor with one abstention (Marty Beam).
9:15 AM 20th Steering Committee Update (Stephen Sands)
Steering Committee (Stephen Sands, Lars Bruns, Matt Lillard) expanded to include Eric Palola (former Board member), Joe Perella (current Board Member), and Chris Stephenson (SMF Board member).
Steering Committee has been meeting with Vermont Land Trust regarding conservation easement and easement holder selection
Working on Shareholder Survey to be distributed in time to be able to discuss some preliminary results at Shareholder Town Hall on on G&G weekend
Drafting a Committee Charter to discuss at next Board Meeting
Open Items & New Business
9:30 AM Open Discussion
Andrew Carey shared his thoughts on his 6 years on the board, our future success as a board and as an organization.
