Finance Committee Meeting Minutes: February 17, 2021

Attendance:  Andrew Snow, Brad Noble, Brian Williams, Eric Palola, Geordie Hall, John Skelly, John Stetson, John Tobin, Leigh Michl, Matt Lillard, Meg Hourihan, Meg Shultz, Lars Bruns, Richard Gervase, Tyler Kimberley (Auditor)

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

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Approved December 2020 minutes

• Motion to approve by Brad Noble; seconded by John Tobin.
• No changes to draft minutes.
• Approved by consent.

2019-2020 Audit

• Reviewed draft dated 2/9/2021.
• No significant concerns or red flags.
• Cash balances have increased beyond standard insured levels.
• Recommend that grants be booked as liabilities. Does this affect share value?
• Thanks to Andrew, Sharon, and Matt for a clean audit.

Review of Financial Reports – Andrew Snow

• Documents can be found in the Google Drive: https://drive.google.com/drive/folders/1i1DMnpr2ba2NPbi61NctuHxsOuBLeUVV?usp=sharing
• Balance Sheet
  • Nice turnaround from January, with results better than anticipated.
  • Received second PPP loan of $560,000. Expect to be forgiven.  Forgiveness process for the first round of $191,000 is expected to start in April.  We will not be able to apply for forgiveness for the second round ($560K) until the money has been spent.  We will then have 10 months after the end of our covered period before any loan payments are due.  How soon we apply will depend on the evolving guidance from the SBA and Treasury.
• P&L
  • Better than anticipated.
  • Day tickets continue to be down.
  • Retail continues to do well.
  • Some season passes are being sold.
  • Expenses continue to be higher due to COVID requirements.
  • Credit card expenses higher.
  • Still a challenge balancing ticket sale to preserve capacity for pass holders and shareholders.
• Cash Flow
  • Rainy Day account projected to remain intact and not planning to use LOC.
  • Planning for replacement of Basebox roof.

Other Discussion

• Prepare list of outstanding project costs for future grants as they become available. Tabled discussion to March.
• Should more season passes be sold?
• Forgiven PPP will now be non-taxable.
• Reconsider MadCards for next year. No MadCards resulted in more season passes this year.
• Ticket yield is higher than in the past.

Next Finance Committee Meeting – March 17th

8:56 am – Meeting adjourned

Submitted:  John Stetson