MRG Board of Trustees Meeting Minutes Saturday January 9, 2016
5:00 PMCall to order
In attendance: Board – John Stetson, Eric Palola, Meg Hourihan, Ron Shems, John Tobin, and John Eberlein
Absent: Jon Anderson, Russ Bowen, Annika Holtan
Also present were President Jamey Wimble and approximately 20 shareholders.
Welcome & shareholder comments
No shareholder comments
Review & approve minutes of December 12th, 2015 (Action).
Motion by Meg; seconded by John E.
Management report (Jamey)*
Report on 1st day of skiing – snowmaking progress report
Party for employees rescheduled (potentially weekend of 16th)
Ski school report from last weekend
Ski team has been training on other mountains
Good vibe during Christmas week
Sold 1 share in December sold 8 shares ytd and 1 hardship request approved
Poor Dec financials net operating income down $100k for Dec.
*complete management report included at the end of minutes.
Finance Committee report (John T)
Finance committee update and report
Jim Elkind, Bruce Button, and Deb Steines working on Campaign policies and procedures
Fund Raising Committee report (Annika away)
Bob Demont updated meeting on progress of Campaign in Annika’s absence
Summary numbers for audience
Tracking higher than $6.5 MM based on advanced gifts
Income from endowment will be unrestricted
Slower in getting pledges than expected (6 months behind); but cash flow ahead of schedule
Working with SMF relationship to manage workflow
Campaign based on priorities established by the Board
â–ª Most of money unrestricted
â–ª Birdcage exception (cost est. at $125K) — estimated will raise $200K above that will be available unrestricted
Discussion of quiet vs. public campaign (change in fall with kickoff)
Aiming for $4 MM in advance of kickoff
Challenge match is in limbo/policy prohibits combining gifts for naming opportunity/complications
Penny Parsons (SMF) report on endowment with VCF; funded campaign projects (e.g., new double warming hut); new snow gun; pending grant applications that will be funded in the next two months
John Stetson thanks Campaign Cabinet and all the volunteers
Board Development (Ron)
3 openings (2 in state, Meg and Eric will run in-state; 1 candidate committed for out-of-state position)
Website has info on candidacy
5:28 PMFacilities – Birdcage (Jamey/John)
Report on list of Birdcage projects
Hope to have action plan in place this spring/summer, but project unlikely to move forward this summer.
Comment: keep safety issues a high priority and focus on the entrance
We will be reactivating the Facilities Committee
Lars comment: in quiet phase, talked to 25 people so far, original statement of need had something for everybody, but this may not line up with the 25 people’s key concerns; Birdcage identified as a new priority for lead donors ($1MM from 12 people).
Consider increase to D&O insurance coverage (Jamey)
Presentation by Jamey
Comments by John Eberlein
Motion by John Eberlein to approve increase in D&O coverage to $5MM for 3-A and $2 MM for 3-C to take effect immediately. Second by Eric Palola. Jamey to contact Jon Jamieson as soon as possible to bind coverage.
Question from John Ayers re: coverage for Ski Patrol; Jamey responded that patrollers are covered under General Liability policy.
Comments from Meg and John Stetson on relative size of coverage to overall insurance bill.
Motion carried unanimously.
Meg to provide the Board with information and instructions on a new application to be used by the Board to improve document management and team communications. The application is called Slack. www.slack.com
Action item review
SMF grants – being handled by sub-committee of Finance Committee
Coverage of insurance completed by Jamey
Financial trends – Jamey will look into the trends between departments
By John Eberlein seconded by Ron Shems carried unanimously.
Mad River Glen
January 9, 2016
Will have the Practice Slope open for kids programs Saturday the 9th.
Snowmaking has been moved to main mountain heading to Birdcage. Water has become an issue already so it will slow us down some.
Until we get the main mountain open we will run practice slope weekends only and shut down everything midweek to conserve cash.
For a little moral boost we are looking at a small party for employees Sunday the 10th after skiing. We had a generous donation given from an anonymous home owner to do something for the employees.
Ski School did a great job keeping the kids programs going with no lifts running. Jim Komarmi has done a great job finding space at other mountains for the race team to train.
All the staff did a good job over the Christmas week making lemonade where they could and keeping a positive attitude. Saturday January second was a nice scene in the bar.
One share was sold against a budget of 4. We have sold 8 shares YTD. Executive Committee granted one hardship request.
December financials were very poor due to no snow at all.