Finance Committee Meeting Minutes; December 11, 2014

Mad River Glen Cooperative
Finance Committee Minutes
December 11, 2014

Attendees: Annika Holtan, Bruce Button, Deb Steines, Geordie Hall, Jamey Wimble, John Stetson and
Pete Ludlow (joined the call in session). Tyler Kimberley, with Mudgett, Jennett & Krogh-Wisner, P.C.,
joined the call to respond to any questions regarding the audit.

The meeting was brought to order at 8:02 AM.

The minutes of the 11/6/14 meeting were approved by the committee (Motion – Bruce, 2nd – Annika, all
in favor). The minutes will be posted to the Forum.

Jamey presented the Draft Financial Statements and the Independent Auditor’s Report for the year
ending September 30, 2014. Both were approved by the committee (Motion – Bruce, 2nd – Deb, all in
favor, 1 abstention).

Jamey presented the November financial reports, with comments and discussion as follows:

1. November P&L is tracking as projected, with differences due to timing of payments.

2. As requested at the November meeting, Jamey presented a Cash Projection. Cash continues to
be a concern. The committee requested that the cash projection be presented at subsequent FC
meetings until the concern lessens.

3. There are 34 shares to be tendered. The committee decided not to take action on the tendered
shares and recommends that payout be postponed until the January meeting.
Annika presented the Statement of Minimum and Optimal Needs and the Base-Case Scenario Proforma.

The committee reviewed and endorsed both documents (Motion – Bruce, 2nd – Geordie, all in favor).

The meeting adjourned at 8:49 AM.
Respectfully submitted,
John Stetson
Treasurer