Finance Committee Meeting Minutes: December 14, 2022

Attendance:  Andrew Carey, Andrew Snow, Brad Noble, Brian Williams, Eric Palola, Geordie Hall, John Skelly, John Stetson, Leigh Michl, Matt Lillard, Richard Gervase, Tyler Kimberley, Will Kriewald

The meeting was brought to order at 9:32 AM by Andrew Carey, MRG Treasurer and Finance Committee Chair.

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Approved November 14, 2022 minutes

• Suggested corrections to the minutes: None noted
• Motion to approve by Will Kriewald, seconded by Eric Palola. Minutes were approved.

Review of FY 2022 Draft Audit

• Tyler Kimberley presented the draft audit for FY 2022. He noted that the audit process went smoothly and they found the MRG Management team to be well prepared.  No significant issues were noted.  The draft audit can be found here.
• Motion to recommend approval by the BoT was made by Andrew Carey, seconded by Will Kriewald. Motion passed.

Review of Financial Reports – Andrew Snow

• All referenced documents can be found here in Google Drive. Refer to reports for detailed comments.
• November P&L
  • No significant income or expenses to report as November is typically time to prepare the mountain for the upcoming season.
  • The Double Major pass is lower than expectations by 30%.
  • Gross Profit is $61K, or $10K under budget and $16K under last year.
  • NOI is ($129K), or $17K over budget and $18K under last year.
• Balance Sheet
  • Adjusted CoOp Cash (cash, less POP account and Construction Loan) is $1.8M, or $191K over last year.
• Cash Flow Projection
  • Although not reviewed in detail, it was noted that the projected low point for cash is in March. The amount is about $1.6M.

Investment Policy Approach – Andrew Carey

• The Investment Management Working Group (Andrew Carey, John Skelly, Will Kriewald and Andrew Snow) has prepared initial thoughts on the proposed investment direction.
• Brian Williams offered to be added to the group.
• The initial direction defines two funds to be considered:
  • Operations – Easily accessible funds to be used as needed during the season.
  • Non-operations – Less accessible funds to be used to support future investments in fixed assets.
• The plan is to present the initial thoughts to the BoT and then follow up with a detailed investment plan. The detailed plan would be reviewed by the FC prior to submission to the Bot.
• Motion to present the initial thoughts to the BoT was made by Geordie Hall, seconded by Richard Gervase. Motion passed.

10:30 AM  –  Motion to adjourn by Geordie Hall, seconded by Will Kriewald.  Meeting adjourned.

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

Submitted by:  John Stetson