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Board of Trustees Meeting Minutes: May 21, 2022

MEETING MINUTES HISTORIC ARCHIVE

Type

Year

 

Board of Trustees Meeting Preliminary Minutes

Mad River Glen Cooperative

Date: Saturday, May 21, 2022 5:00 pm

Location: Hybrid (Online & In-Person)

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Present: Matt Lillard, Matthew Milan, Meg Schultz, Carol Pierce, Brad Noble, Barclay Rappeport

Shareholders: Dorene Nobilo, Jim Elkind, John Skelly

Shareholder Comments

8:05am Call to order, shareholder comments (Matthew Milan): Jim Elkind offered that he has comments regarding the amendments to the strategic plan. We will take those comments during the action item regarding the SP.

Consent Agenda Items

Approve minutes for March 2022 Board Meeting (Matthew MIlan): Minutes were approved by consent.

Reports and Discussion

Management Report (Matt Lillard): Spring pass sales were very strong, surpassing all past history with continued strong demand. There was relatively little pushback from Stark cards and reduced ski time. Budget work is beginning to take shape. Credit card processing is being updated.

Basebox has been cleaned and is ready for summer operations.

NSAA recognized our snow reporting, which was great from a marketing perspective. Marketing team is preparing materials for next season and working on website updates.

A live-cam and weather station will be added to the mid-station.

Mt Ops is a little ahead of schedule on lift maintenance. Successful grip testing has taken place already. The septic system has also been inspected and is in great shape. The bridge building is being sided and painted. After that snowmaking pipe replacement and lift 4 updates will happen. Compressors for the stick guns have also arrived.

General Store is doing on-line only at the moment but will have holiday pop up next weekend and throughout the summer. We anticipate arrival of new stock in August.

Ski School will return in September to assist with sign ups and Q&A regarding programs.

Freeski went to the NorAm champs at Big Sky. Unfortunately the weather didn’t cooperate out there so competition was limited to one day per age group.

Race will return in September and will host dryland training in the fall.

 

Finance Committee Report (Matthew Milan)

In summary, for the period of the month of April 2022 was year end clean up:

  • Regular operations had ceased for the season and the operations team was busy closing down the operations and cleaning up financial loose ends.
  • Monthly revenue was slightly ahead of budget due to greater than expected Stark Mountain Card breakage – $77k gain.
  • Both Basebox operations and all services ran budget deficits for the month as there were no operations.
  • Overall expenses were kept to a minimum with the exception of paying out end of season bonuses, increased credit card fees reflecting the strong pre-season pass sales, and an increase in workers comp fees due to increased staff overtime.
  • The Co-op posted a net ordinary loss of $170,722 vs budget loss of $133,348.
  • When accounting for non-operating costs, the Net Loss was 222,464 vs a budgeted loss of $169,254. This loss also reflects the $20,000 donation that the Co-Op gave to Three Peaks Medical Clinic

YTD P & L: From a financial perspective the year to date results ending April 2022 was a success:

  • Strong Pass sales continue to offset shortfalls in Basebox and Day Ticket revenue
  • Operating expenses continue to trend lower than budget due to lower payroll costs and the shortened operating season.
  • Net Income results include $98k of unbudgeted campaign and grant funds and $245,000 of unbudgeted depreciation.

Of note were strong share sales.

 

Finance Committee Updated Charter Review & Approval (Matthew Milan) See attached.

Purpose/Mission Statement:

The mission of the Finance Committee is to support Co-Op management and the Board in their fiduciary role of ensuring the financial integrity and the long-term economic viability of the Co-Op.

Brad Noble commented that one of the purposes of this type of document is to set expectations for incoming board members. This will establish consistency through all committees.

Carol Pierce commented regarding the required attendance for committee meetings  and all meetings.

Matthew added the phrase “Members may not have more than three unexcused absences in one calendar year in order to maintain their membership of the committee.”

Meg moved to accept the charter as amended.  Carol 2nd. Unanimous approval.

2022 Strategic Plan Language Updates Review & Approval (Brad Noble)

Jim Elkind requested language updates to the strategy about clarifying and supporting philanthropic giving at the Cooperative. As written, the language in that strategy limits the role of giving to “minimizing debt,” but giving provides funds for other important features of the community, too. For example the SMF supports the Skiing For Scholars program which helps elementary school kids access skiing. It funds the Backcountry Education Program as well as the mow crew (grant pending), the Kent Thomas Nature Center and other shared resources.

The concern was that the existing language would limit the scope of philanthropic giving. The proposed language would more accurately represent the scope of the usage of funds received through giving.

The board requests that the committee review the proposed language changes, engage with SMF to ensure that it fits with the spirit of their mission statement, then return to the board for a vote in June.

Shareholder Communications Discussion (Brad Noble): One of the major themes of the SPC research and element of the strategies in the strategic plan was around communication. The shareholder community needs to have greater access to the work that needs to be done regarding the Co-Op and opportunities available to shareholders. Brad proposed a committee to handle shareholder communications. Matthew proposed standing a committee and recommended we propose a committee for the June meeting. Carol, Meg, Brad & Barclay will continue the discussion and propose a recommendation in June. Brad will be the point person for this.

Cooperative Web Content Reorganization Discussion (Brad Noble): the intent is to assist in shareholder communications and access to information in a more succinct manner. We need to address prospective, new and existing shareholders’ needs. Matthew Milan suggested bringing these concerns and questions to Jeff Whittingham.  Matthew suggested that there were issues that he and Jeff could resolve in the near-term, while longer term ideas like the communications committee take shape.

GM Yearly Review Process and Timing Discussion (Barclay Rappeport): The review form has been sent out to employees with a request for return by May 27th. We will need to meet the first week of June to assess anonymized feedback.

Action Item – past board vote

May 4th Hardship Share Tender Vote (Barclay Rappeport) The board met on May 4th for an emergency request for share tender, which was approved.

Open Items & New Business

9:37 Adjourned by Matthew, 2nd by Carol.

Manager’s Report 5.21.22

Spring Pre-Season Pass Sale Summary as of 4.15.22

Finance Committee Report – May 2022

Finance Committee Report – April 2022

May 4th, 2022 Share Tender Meeting Minutes

MRG Strategic Plan Revision 2022