Finance Committee Meeting Minutes; April 13, 2017





Mad River Glen Cooperative

Finance Committee Minutes – April 13, 2017

Attendance: Sharon Crawford, Richard Gervase, Meg Hourihan, Jed Kalkstein, Matt Lillard, Pete Ludlow, Eric Palola, Andrew Snow, John Stetson, John Tobin                                    

The meeting was brought to order at 8:00 AM. 

The minutes from March were reviewed. Pete Ludlow moved to approve, John Stetson seconded. Jed Kalkstein and Meg Hourihan abstained as they were not in attendance, all others were in favor.

Andrew Snow reviewed the Cash Projection. Cash flow for the month was better than the previous projection due to the large March 14-15 storm. The line of credit balance has been paid down fully. We may have to start dipping into the line of credit by the end of April. Matt said that we would not be doing any campaign-related work until the funds were in hand. John Stetson asked about the $67K in campaign income and capital spending projected for June. Matt replied that was restricted Birdcage funds that would be used for a new deck and an arctic entry, and that the work could possibly occur later in the summer. Jed Kalkstein asked if any volunteer labor would be used for the project and Matt replied that we would be using paid labor.

Sharon Crawford and Matt Lillard reviewed the March financials. Although the storm helped, we were still only open 22 of 31 days. Coop expenses were over budget due to the executive search expenses which are almost complete. Health insurance costs are up due to an additional family plan, and we also paid the April dental insurance in March. We will be getting a credit on the workman’s compensation insurance. Retail store expenses were up due to restocking for the end of the season. Mad Card breakage is currently $96K, which is slightly above average but a big improvement from last year. Matt said that the year to date expenses reflected some growing pains but that everyone was on board and going in the right direction. John Tobin asked about selling passes earlier, and Matt replied that it was already too late to implement for this year but that he’d be working on this for next year.

John Stetson moved to adjourn, seconded by Meg Hourihan. The meeting adjourned at 8:24 AM.

The Finance Committee will meet again at 8:00 AM on Thursday, May 18.

Respectfully submitted,

John Tobin, Treasurer