Mad River Glen Cooperative Board of Trustees Meeting Minutes – Saturday, September 12th 2015
After due notice, a meeting of the Board of Trustees of the Mad River Glen Cooperative was convened at 8:00 am on Saturday, September 12 th , 2015 on the third floor of the Basebox at Mad River Glen Ski Area (“MRG”) in Fayston, Vermont.
Trustee Attendance Trustee Attendance Present: Stetson (Chair), Eberlein Present, Meg Hourihan (ViceChair), Annika Holtan, Jon Anderson (Secretary), Eric Palola, John Tobin (Treasurer), Ron Shems
Absent: Russ Bowen, Also present were President Wimble and 3 shareholders.
8:00 AM Call to order
8:00 AM Welcome & shareholder comments. Chair Stetson welcomed the assembled and greeted shareholder Betsy Pratt. The board proceeded to introduce themselves. There were no shareholder comments.
8:02 AM Review & approve minutes of June 13th, 2015 (Action) Trustee Holtan Trustee Hourihan 8-Aye, 0-Nay
8:03 AM Review Board and committee calendars for 2015 / 2016 The board reviewed the schedule and agreed to temporarily remove the December Town Hall from the calendar.
8:06 AM Review summer Board and/or Executive Committee actions Waive the Cooperative’s right of first refusal on Jondro property Waive the Cooperative’s right of first refusal on Depper/Goldstein property Approve $11,000 for POS system in pub
President Wimble and Chair Stetson reported the executive committee had approved the Coop waiving the right of first refusal on two properties this summer. The executive committee, acting upon recommendation from the finance committee, had authorized $11,000 for a new POS (point of sale) system for the pub. Jamey stated it should improve customer service and inventory control. He is optimistic that it will pay for itself very quickly.
8:07 AM Management report (Jamey) Operations: The Basebox had a failed water sample in July and we were on a boil water notice for 2 weeks. Fortunately we have a chlorination system and were able to turn that on and run normally. We have to run this way and retest in 2 months to see if we are clear. We are in the process of checking our 2 wells individually to see if problem has cleared. Be a couple of weeks before we know.
Woods cleanup is complete and Ry and George did a great job. I am sure people will notice the opening up of the Marten trail from Lower Antelope to Bunny, skier’s right of tower 10, and work on skier’s left of Slalom hill.
Basebox summer was strong. A little slow in August but that seems to be a trend we have seen. A new POS system has been installed in the pub. This will help in tracking things and inventory control and hopefully customer service.
Mowing is complete for the season. Was a little challenging for the guys with the machines because the mountain was so wet from the early summer rains.
Lifts will be getting inspected in the next month. Do not anticipate any issues. We went to make a repair on the Basebox roof and ran into a much larger problem. We put back together what we had done and will go through the winter and have a roofer do the project next summer. We could not find a wellqualified roofer to do it this time of year. The structure is fine there were just multiple layers of old roof. Should be fine to get through the winter.
Share Sales: We sold 3 shares against a budget of 0 for the month of August. We have sold 36 shares YTD for this fiscal year. There are 26 shares on the list to be tendered in December.
Financials: August financials were good. We finished ahead of budget in revenue mostly due to Basebox performance.
8:18 AM Finance Committee report (John T) Treasurer Tobin reported the Fin/Com had met three times via teleconference over the summer. Overall a quiet summer for the committee and the fiscal year ends September 30th.
8:21 AM Fundraising Committee report (Annika)
Chair Stetson thanked Annika for her continuing work this summer. She in turn thanked Meg H., John T, Eric Palola and the rest of the campaign cabinet stating they are a good team. Trustee Holtan reported on two Fundraising awareness events this summer. There was positive feedback from the attendees and many stated they were pleased that the primary focus is to put the money back into the mountain. Advance gift pledges from multiple families have been made and she anticipates more soon. The average pledge has been 11 times greater than the amount donated toward the Single Chair campaign. They are planning on two more events later this year in Boston and Rhode Island. The timeline for how and when funds will be spent should be reviewed and updated at Green & Gold weekend. The committee has been working well with SMF (Stark Mountain Foundation) and the MOU has been a good framework to follow. She gave special thanks to Jamey and his staff for their help.
8:33 AM Board Development (Ron) Chair Stetson thanked Trustee Shems for volunteering to run the Board Development this year. Trustees Palola and Hourihan have stated their intent to run again and Chair Stetson is finishing his second term. Trustee Shems will start the recruitment process at G & G weekend and hopes to report on progress at the November meeting. He encouraged all present to contemplate potential candidates.
8:40 AM Planning for Green & Gold Shareholder Town Meeting The board discussed the presentation plan for G & G weekend. Topics to be covered are Financials, summer work projects, the POS system in the pub, the Fundraising campaign and timeline, and Board Development.
9:25 AM Procedure for Handling Share Proceeds (Action – John E) Trustee Eberlein distributed his extensive work on the updated Share Proceeds policy. After a lengthy discussion he agreed to revise it and it will be reviewed as an action item at the November meeting. Jamey will also review it with Sharon in the office.
9:30 AM Action item review (Jon A.) Review whether MRG should sign the Ceres Climate Declaration. Eric and Ron Ongoing
Review the Procedure for Handling Share Proceeds. John E New Chair Stetson thanked all for coming and asked for Shareholder comments. Deri Meier questioned the financial report showing that while revenue is up 30% expenses are up 85%. He suggested separating the various profit centers to help identify how this is occurring. Jamey will review this option.
9:35 AM Break
9:45 AM Executive session The board adjourned to executive session to discuss personnel issues.
11:45 AM Adjourn Motion Made To adjourn. 8-Aye, 0-Nay