Finance Committee Meeting Minutes; December 10, 2015





Mad River Glen Cooperative
Finance Committee Minutes

December 10, 2015

Attendance: Bruce Button, John Eberlein, Geordie Hall, Pete Ludlow, Tyler Kimberly, Ernie Murphy, Bill Reynolds, Deb
Steines, Jim Elkind, John Stetson, John Tobin, Jamey Wimble.

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

The minutes from November were reviewed and members commented that the section about the discussion of
campaign financials should be worded more strongly. John Tobin will revise the minutes.

Jamey then went over the draft audit. There were three general journal entries made, re the rebooking of marketing
income, recoding a retail store transaction, and regarding stock redemption. Overall the audit was clean and no major
problems were identified.

There was some discussion of the revised policy on share redemptions and the impact this will have on the audit. John
Eberlein pointed out that next year’s audit will need another book value level for preservation certificates. A request
was made to pass along to the committee the revised share proceeds policy that was passed by the board of trustees in
November. It was also requested recently approved policies be posted to the website.
Deb Steines moved to recommend approval of the audit, Bruce Button seconded. The motion passed unanimously.

A discussion followed regarding policies and procedures for the campaign finances and capital expenditures. A policy
was approved in May and a spreadsheet for tracking capital expenditures has been created. General sentiment of the
committee was that they wanted to fully understand the process, and be sure that we have robust policies and
procedures in place for the approval process and tracking/controlling campaign capital expenditures. Jim Elkind
volunteered to work on this project.

Jamey presented the November financials. The current cash projection assumes that lifts would start running on Dec. 19
but that was clearly not going to happen. If the lifts do not open by January then we will be going backwards quickly.

Geordie Hall moved to adjourn, seconded by Deb Steines, all voted in favor.

The meeting adjourned at 8:52 AM.

The Finance Committee will meet again at 8:00 AM on Thursday, January 7.

Respectfully submitted,
John Tobin, Treasurer