MAD RIVER GLEN COOPERATIVE BOARD OF TRUSTEES MINUTES OF MEETING – Final March 4, 2006
After due notice, a meeting of the board of trustees of the Mad River Glen Cooperative was convened at 5:05 PM on March 4, 2006 on the 3 rd floor of the Basebox at Mad River Glen Ski Area in Fayston , Vermont .
Trustees Jay Appleton, Paul Finnerty, Deb Steines, Rick Moulton, Jed Kalkstein, and Bill Reynolds were present; Mary Schramke was present on the phone. Steve Mackenzie and Geordie Hall were absent. Also present was President Jamey Wimble as well as several shareholders.
CALL TO ORDER:
Jay Appleton called the meeting to order at 5:05 PM .
APPROVAL OF MINUTES
Upon motion duly made by Bill Reynolds and seconded by Jed Kalkstein , it was unanimously
VOTED: To approve the minutes of February 11, 2006
Shareholder Comments – Shareholder complemented staff on the soirée that was held in January, it was fantastic.
Management Report – Jamey Wimble reported insurance premiums are based on revenue; we are expecting a rebate of approximately $15,000 because of low numbers.
Financial Report – February should actually break even rather than profit due to delayed expense payments.
Single Chair Rebuild Update – Jamey Wimble is still working out contract details and the costs are coming in around $1.5 million, he is still trying to drop the price by using some in-house labor and prepayment of some of the costs. C-Tec is looking at CPI plus 1%, Jamey is not satisfied with those terms, and is looking for additional payback to make it favorable for us to prepay certain components. Some of the reduction of costs has been due to better numbers and elimination of some errors in the last round of estimates.
Single Chair Campaign Committee Update – Jamey Wimble gave the update, as Geordie Hall was not present. The work with the partnership with SMF and PTV are being worked on. The SMF agreement is in place, the covenant that PTV would like to see is currently being worked on. Gil Livingston, who is an expert on covenants for the VLT, has agreed to work on the agreement prior to involving the attorneys for both parties. Solicitation of individuals for funds will be delayed until all legal documents are in place and policy and procedures are established. Bill Reynolds raised the question of the PTV wanting to see a public access weekend; Jamey is hoping to leave this item out of the covenant. We are allowed 4 days, off season access to the single chair, this would not fit with our plan as it would cost the co-op approximately $7,000 to add an additional weekend. The suggestion would be, if we have to add this covenant, to run the weekend before Green and Gold as the public access weekend. Save America Treasures set the precedent in other grants to allow public access to locations they have helped to fund. Save America Treasures is federal funding, PTV is private.
A shareholder raised the consideration that should we offer the free weekend through PTV, we could potentially raise awareness for the mountain and sell more shares or tickets or passes, thus the outcome could be profitable.
Annual Capital Plan – The Board will not be taking action on the capital plan until April because of the condition of our finances. The action item will occur in April and it will only be for Tier 1, $101,817. The IT work of $11,317, is the annual work that needs to be done to maintain current technology, this is equipment only. The Starks Nest roof and deck are rotting and need replacement for approximately $5,500. The electrical upgrade of $85,000 is long overdue and will place all electrical service underground; this has been discussed for the last several years. The pole in front of lift 2 would be underground; electrical to Birdland would be above ground, everything in the basebox area would be buried. Outgoing Board member Ms Steines commented that she would be in favor of implementing Tier 1 through use of the reserve funds; we need to maintain customer service as well as getting a head start on the electrical work for the Single Chair.The cost of the electric upgrade of $85,000 includes primarily components, it would be hopeful that using in-house labor could save us $10,000.
Jay made note that we need a chair of the SLFC, Deb Steines had chaired this committee since it’s inception.
Executive – no action.
Finance – no action.
Facilities – no action.
Board Development – The election committee is preparing for the Annual Meeting ballot counting. The transcript of the forum will be posted to the web site this weekend.
Personnel – The President and General Manager’s Performance Assessment will be reviewed in executive session this evening.
20th – no action.
Shareholder Relations – no action.
Shareholder Comments – Saralyn Betley, liaison for the Montclair Ski Club commented that shareholder members of the club felt they were not receiving adequate discount programs for shareholders based on past ski clubs discounts.
Paul Finnerty acknowledged the timely reporting of the suggestion box.
Bill Heinzerling questioned why Robin and Wren were switched on the trail maps and trail signage. Jamey will check on this. Bill suggested Eddie be recognized for her 20th anniversary. Bill asked when would MR recognize that the ski area opened in 1948.
The board adjourned to executive session at 5:55 PM .
The board came out of executive session at 7:05 PM .
There being no further business to come before the board, the meeting adjourned at 7: 05 PM .