Finance Committee Meeting: January 9, 2014

Mad River Glen Cooperative

Finance Committee Conference Call

January 9, 2014

Telephone Conference began at 8:01 am

Attending: Jim Elkind, Pete Ludlow, Geordie Hall, John Stetson, Jamey Wimble, Roy Liu, Bruce Button, Jim Elkind, Annika Holtan, Gary Lange, Deb Steines.

Schedule and Agenda Review:

1. Jamey reviewed December 2013 and FY to date financial results:

·         Results were negatively impacted by lack of day-ticket sales due to adverse weather conditions

Operations have been scaled back, mid-week operations are currently suspended.

Jamey indicated that on weekends, he believes that the variable costs incurred are covered by revenue generated through ski school participants.

Jamey also indicated that cash levels are around $750k, and that according to his records, the co-op has been below that cash level 6 times previously (in comparable seasonal time period).

It was requested, and Jamey will be circulating for review the following for the February 2014 FC call:

–       Internal document outlining operational practices for reduced operations (original draft 2008)

–       Re-forecast of P&L and cash flow for this fiscal year

–       Analysis regarding variable costs versus revenues for operating (question was asked as to whether variable costs are actually covered at reduced skier traffic levels).

Meeting was adjourned at 8:43am.

Respectfully submitted,

Roy Liu

Treasurer