Finance Committee Meeting Minutes: April 20, 2022

Attendance:  Andrew Carey, Andrew Snow, Brad Noble, Brian Williams, John Skelly, John Stetson, Sharon Crawford, Will Kriewald.  Not a quorum.

The meeting was brought to order at 9:40 AM by Andrew Carey, MRG Treasurer and Finance Committee Chair.

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Approved March 16, 2022 minutes

• Suggested corrections to the minutes: None noted
• Action will be taken at the next meeting due to lack of quorum.

Review of Financial Reports – Andrew Snow

• Documents can be found here in Google Drive.
• March P&L
  • Due to weather, the mountain operated for 22 days versus a budgeted number of 31. Based on the weather daily tracking this proved to be the second worst year in CoOp history.  Despite the weather and shortened season, day ticket sales and skier visits exceeded last year.
  • Gross Profit was $401K, which was $165K less than budget, but $111K more than last year.
  • Expenses were in line with the reduction of operating days and continue to see higher expenditures on a per skier basis.
  • A negative NOI of $49K is $100K less than budget, but $80K greater than last year.
• YTD P&L
  • NOI of $931K is $172K better than budget, and $448K ahead of last year.
  • Flood-related expenses from February are carried “below the line” and total about $2,500 to date.
• Balance Sheet
  • Adjusted CoOp Cash (cash, less POP account and Construction Loan) is $1.25M, or $39K less than last year.
• Cash Flow
  • The ending cash balance is forecasted to dip to $956K during July, but will exceed $1 Million, otherwise.
  • Share sales continue to be very strong.
  • There is no anticipation of using the LOC or Rainy Day account.

Pre-season Sales – Andrew Snow

• Andrew presented the results of the Spring 2022 Pre-season sale (Apr 1 to Apr 14).
• Overall pre-season sales exceeded last year, with quantity up by 17% and revenues up by 20%.
• A shift from weekday or value pass products to full-time was noted.
• Management will consider adding a liability to the balance sheet to reflect the refundable pass option. 271 options were sold versus 297 last year.
• The committee suggested that more information be solicited when selling passes regarding the reason for the purchase, why buying early, etc. Whether the reasons are due to internal or external factors could be helpful.

Review of Draft Finance Committee Charter

• Minor changes to the draft were discussed, including clarification of quorum, and better definition of expectations and deliverables.
• Will will update and reshare with a request for additional comments.
• The goal is to complete the review during the May meeting for presentation to the Board for approval in June.

Other Discussion

• None

10:55 AM  –  Meeting adjourned by consensus.

Next Finance Committee Meeting – May 18th, 9:30 AM.

Submitted by:  John Stetson