Board of Trustees Meeting Minutes November 11, 2006

Mad River Glen Cooperative
Board of Trustee’s Meeting
Saturday November 11, 2006

After due notice, a meeting of the board of trustees of the Mad River Glen Cooperative was convened at 8:01 a.m. on November 11, 2006 on the 3^rd floor of the Base box at Mad River Glen Ski Area in Fayston, Vermont.

Trustees, Paul Finnerty, Jed Kaulkstein, Mary Schramke, Steve Mackenzie, Geordie Hall, Bill Reynolds, and Rick Moulton were present. Trustees Jay Appleton and Eric Schoenholz were absent. Also present was President Jamey Wimble, Sharon Crawford, Eric Friedman and several shareholders.

CALL TO ORDER

Vice Chairman Paul Finnerty called the meeting to order at 8:01 a.m.

APPROVAL OF MINUTES

Upon motion duly made by Mary Schramke and seconded by Rick Moulton it was unanimously

Voted: To approve the minutes of the September 9, 2006 board of trustees’ meeting.

SHAREHOLDER COMMENTS

Bill Reynolds commended MRG management for providing free passes for veterans who have recently returned from active duty in Iraq and Afghanistan.

Bill Heinzerling questioned whether tower 2 on the single chair, which is currently a tube tower, will be replaced with a lattice tower. Jamey Wimble responded that he believed that tower 2 would be replaced.

Bill Heinzerling also advised that he had received an estimate for a bronzed single chair replica for use as an incentive gift. Mary Schramke supported this idea. Penny Parsons advised that she would be looking for gifts for the Stark Mountain Foundation fundraiser that is scheduled for February and requested that anyone with ideas contact her.

MANAGEMENT REPORT & SINGLE CHAIR REBUILD UPDATE

Jamey Wimble reported that Cooperative has hired Mike Witsel to head up the Food and Beverage Department and that Mike Jengo will be in charge of Rental and Repair.

Jamey recently met with Jan Leonard, President of Dopplemeyer CTEC and several of their engineers who inspected the lift in preparation for the rebuild project. The meeting was productive and everything appears to be on line for construction to begin in spring of 2007.

The Coop is exploring the use of “green” power in an effort to and carbon free skiing.

The management report is attached for reference.

FINANCIAL REPORT & PRE-SEASON SALES REPORT

The financial and pre-season sales reports are attached for reference.

SHARE PRICE DISCUSSION

The Board discussed whether it was advisable to increase the price of the Coop’s shares and, if so, how much of an increase was warranted. A straw poll on whether the share price should be increased was taken. Trustee’s Jed Kaulkstein, Mary Schramke, Steve Mackenzie, Rick Moulton and Bill Reynolds voted in favor of an increase. Trustee’s Geordie Hall, and Paul Finnerty voted against raising the share price.

Vice-Chair Finnerty requested that the finance committee study this issue and come back to the Board with a recommendation on the share price increase.

COMMITTEE REPORTS

The Facility Committee – Rick Moulton reported that he had received a letter from Bill Heinzerling, which contained a number of proposals for improvements to the base box. It was agreed that management should review these proposals.

The Single Chair Campaign Committee – Bill Reynolds reported that the Single Chair Campaign Committee had reviewed a number of proposals regarding incentive gifts for donors who have given significant amounts short of the $25K level. The committee recommended that 5 and 10 K donors should be permitted to name chairs as long at the plaques were small and unobtrusive and that any other gifts should be left to the discretion of management. Geordie Hall urged the participation of the Board and advised that a solicitation training would be held on December 8, 2005 at 4:00 p.m. at the Base box.

Upon motion duly made by Bill Reynolds and seconded by Geordie Hall it was unanimously

Voted: To Authorize the campaign to allow chair naming as an incentive for donors who contribute $5,000.00 or more.

STRATEGIC PLAN

The Board discussed the strategic plan. Geordie Hall stated that the Board needed more information regarding the status of the various strategic initiatives before changes can be made to the plan. Rick Moulton recommended that the Board focus on the Single Chair Campaign, as this was the most important issue facing the Cooperative right now. The Board concurred with Moulton’s recommendation. Geordie Hall commented that the Coop needs to have a financial plan in order to be able to assess the strength of the cooperative’s financial situation. Paul Finnerty advised that the APR may need to be adjusted to keep pace with the coop’s increased expenses.

Upon motion duly made by Jed Kaulkstein and seconded by Rick Moulton it was unanimously

Voted: The Board believes the strategic plan is reasonably up to date and that the Board will review the strategic plan and strategic initiatives in the fall of 2007, including financial planning.

ADJOURNMENT

The meeting was adjourned at 11:40 a.m.