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Board of Trustees Meeting Minutes: March 19, 2022

MEETING MINUTES HISTORIC ARCHIVE

Type

Year

 

Board of Trustees Meeting Minutes

Mad River Glen Cooperative

Date: Saturday, March 19, 2022 5:00 pm

Location: Hybrid (Online & In-Person)

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https://us02web.zoom.us/j/89742773994?pwd=SklZemdlRXd3L1VDeGhySFlxQ1VEZz09

Present: Will Kriewald, Matthew Milan, Brad Noble, Carol Pierce, Matt Lillard, Meg Shultz, Jeff Whittingham

Shareholders: Mariah Moulton Riggs (candidate), Ram Verma (shareholder), Rocky Bleier, Al Pierce

Shareholder Comments

5:04pm Matthew Milan called to order, shareholder comments (Matthew Milan): No comments

Consent Agenda Items

Approve minutes for Feb 2021 Board Meeting (Matthew MIlan): Minutes were approved by consent

 

Reports and Discussion

Management Report (Matt Lillard): see attached. Matt gave kudos to the staff for holding steady and positive through a challenging season. We are going to suspend operations on Monday with the hopes of re-opening on Saturday. Share sales remain strong. Shares are becoming more attractive as our sales grow.

Basebox has some functions for the off season already booked and we will be expanding the summer business with Wednesdays during the prime season and reinvigorating the summer music series. Price increases are inevitable due to the current economy but we will continue to be family friendly.

Retail continues to grow and be strong.

Ski School is ending seasonal programs after a record year of attendance.

Freeski is sending several kids to Nor-Ams in Montana and will hopefully have a good showing.

Race hosted several events in March including the Kandahar and Rockefellers and has had many other well attended races.

Rental/Repair will be actively recruiting for next season.

Patrol has had a strong season.

Cricket Club is moving back to pre-pandemic numbers.

Finance Committee Report (Andrew Carey): See attached. February was a very strong month, only missing P&L by 6% which was extremely strong. Our revenue has been carried by the early pass sales. The operating team remains aggressive and thoughtful about managing expenses.

Al Pierce (Ramapo Ski Club) commented that he would like to see a preferred pricing structure for ski clubs to allow them to entice new members and increase club memberships. This is beneficial for both the clubs and MRG. The clubs have a long history of supporting the mountain. He mentioned that there was previously a block ticket purchase by clubs to ensure access to lift tickets and returning to this system might be a good idea.

Barclay questioned – how many club members are shareholders. Al commented that out of roughly 300 members at Ramapo there are about 50 shareholders.

Spring 2022 Season Pass Sale Pricing Review & Approval (Matt Lillard):

Mad River Glen Management seeks approval to launch spring Season Pass sales for the 2022-2023 Season.  Spring 2023 Season Pass sales are a great way to capture excitement from this ski season and lock in passholders before everyone turns their attention to summer.  Revenue from spring sales helps the Cooperative get through the summer months without needing to use its reserves.  Since starting spring pass sales in 2019 we have seen steady growth in sales and set a record last spring.  The spring 2023 pass sale and its results will inform our decisions regarding fall and winter rates and availability.  Ticket pricing will not see a significant increase and remain below $100.

We will keep the $99 Junior 12 & Under pass that we introduced in 19-20.  The Stark Mountain Cards will be included in the sale at the same cost with the same rules. We will guarantee SMC availability to shareholders through September 30th.  The Value Pass loses its blacked-out Sundays.

Matt Milan questions concerns regarding exposure for fall pricing. Discussion ensued regarding fixed costs vs inflation. In general the costs that can be controlled have been accounted for.

Matt L said that uncertainty around pass sale and day ticket totals favors sales and is to our advantage.”Panic buying” leads people to buy and even encourages share sales.

Matt Milan moved to approve the spring pass pricing, Will 2nd. Unanimous approval.

Donation to Three Peaks Medical Clinic Review & Approval (Matt Lillard): 3Peaks is a new non profit clinic which will be taking the place of the former Sugarbush clinic, which provides services to skiers/guests/staff from both MRG and Sugarbush. Matt L has suggested a donation of $20k from the Co-Op to the clinic. This donation was approved by the finance committee. Matt Milan reminded the board that this also shows support of the community pillar aspect of the strategic plan and that giving back is within our ability.

$20k will also add a MRG naming opportunity to the clinic. Geordy Hall will be assisting Matt with this effort.

Matt Milan moved to approve the $20k donation the Three Peaks Medical Clinic. Meg 2nd.  Unanimous acceptance.

2022 Capital Improvement Plan Review & Approval (Matt Lillard):Matt is requisition approval on $185k capital improvements. Slated is finishing the Bridge Building repairs, converting the POP system to integrate the Pub into the current system. We also need to move off of mag-stripe technology to chip technology. The top shack for lift 4 is in need of replacement. There are long range plans that address base area congestion as well as shoring up the foundation under the bar. Small discussion regarding lights on lift 4. Additionally there was a discussion regarding the flooding issue. Matt commented that this is related to the bar foundation plan.

Carol commented regarding the proposed mid-station on the double. In her opinion it would be rarely used and the costs would outweigh the benefits.

Matt’s response was regarding the need for upgrading the double which is inevitable and adding the midstation would defray these costs and extend the life of the lift as well as accessing the new snowmaking terrain.

From the point of ski instructors, this would improve access to beginner terrain as well.

Will Kriewald proposed that we approve the 22/23 Capital Improvement Plan for the $185k as presented. Matthew Milan2nd, unanimously approved.

Strategic Planning Committee Report (Brad Noble): Brad presented the final draft of the Strategic Plan for approval. The committee held a meeting open to the board and shareholders. At this meeting the plan was presented for approval and was unanimously approved. If approved this evening, the plan will be presented to the shareholders at the annual meeting. Many board members expressed their thanks for the work involved with this project.

2022 Strategic Plan Review & Approval (Brad Noble): Carol moved to approve the strategic plan as presented. Barclay 2nd. Unanimous approval.

Board Development Committee – Election Discussion (Barclay Rappeport): Claire Ewald and Paige Gaylord will once again serve as our ballot counters for the election. They will report the results to Will Kriewald/Matthew Milan, who will communicate these to Matt Lillard for announcement of the results.

Action Item: Share redemption requests. The office received a hardship redemption request from an estate of a deceased shareholder. Matt L recommends that we redeem the share. Will Kriewald moved to approve the hardship redemption request. Carol 2nd the motion. Unanimous approval.

 

Open Items & New Business

Meeting was adjourned at 6:22 by motion from Matthew Milan and 2nd by Brad Noble.

Next meeting will be the third Saturday of May at 8am.

The annual meeting will be on April 2nd at 5pm. Shareholders ski for free that day!

Manager’s Report 3.19.22

Finance Committee Report – March 2022

MRG Strategic Plan Revision 2022