Finance Committee Meeting Minutes: December 16, 2020

Attendance:  Lars Bruns, Geordie Hall, Richard Gervase, Matt Lillard, Brad Noble, Eric Palola, Meg Schultz, John Skelly, Andrew Snow, John Stetson, Brian Williams.

The meeting was brought to order at 8:00 AM by Brad Noble, MRG Treasurer and Finance Committee Chair.

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Deb Steines to Join SMF Board

• A loss to FC; a gain to SMF. She will no longer be eligible to sit on a COOP board.
• Deb has done much for the COOP over many years, and will be missed.

Approved November 2020 minutes

• Motion to approve – John Stetson; seconded by Eric Palola
• Approved by consent.

Review of Financial Reports – Andrew Snow

• Documents can be found in the Google Drive: https://drive.google.com/drive/folders/1fn2AWWQmEe0SaftdgkFDykQvRxYWFdh6?usp=sharing
• Balance Sheet
  • No significant changes.
  • Continued strong position.
  • Cash is $478,000 ahead of last year.
  • PPP loan is still on our books as a liability. We expect full forgiveness.
• P&L
  • No income from skiing, but little was anticipated.
  • Marketing is down due to timing.
  • APR’s continued to come in.
  • Retail store was not open but made up for the in-person sales with more on-line purchases.
  • Season pass income is primarily from joint college pass with Sugarbush.
  • Refunds are at about $45,000 to date. The deadline is the 20^th to receive a full refund.  After that refunds will be made on a sliding basis over a 10-day period.  Refunds are about 50% cash and 50% credits applied to next year.
  • We will be going back to the waiting list to try to sell additional passes.
  • We are projecting total refunds in the $100,000 range.
  • COVID-related expenses are envisioned as a one-time expense so are being tracked separately. Those expenses are to be covered by a State grant.
• POP
  • $537,000 received FY 21, with $37,000 in Nov.
  • Grants are outstanding for the construction project.
• Cash Flow
  • Cash flow has been reworked to reflect COVID, projecting a loss in the range of $400,000, vs. a gain of $80,000 per budget.
  • Maintain a balance of no less than $100,000 in Rainy Day Reserve. Funds are currently earning money market rate.
  • Construction loan of $350,000 in Dec.
  • Anticipate grant for PPP loan ($192,000) in Jan.
  • Do not anticipate using the line of credit.
  • Summer 2021 projects to be added to the forecast in the next few months.

Other Discussion

• The information gathered through the scanning process (for contact tracing) will be of use in other areas. Once we begin to gather, Brian Williams would like to be involved with deciphering the data.
• Consider showing the refund status on a more frequent basis.

Next Finance Committee Meeting – January 13th

8:45 am – Meeting adjourned

Submitted:  John Stetson