Finance Committee Meeting Minutes; February 5, 2015





Mad River Glen Cooperative
Finance Committee Minutes
February 5, 2015

Attendance: Andy Dulik, Annika Holtan, Deb Steines, Gary Lange, Geordie Hall, Jamey Wimble, Jed
Kalkstein, Jim Elkind, John Tobin, Jon Anderson, Pete Ludlow, Tom Cagnina and John Stetson
The meeting was brought to order at 8:02 AM.

The minutes of the 1/8/15 meeting were approved by the committee. Geordie Hall noted that he had
made a request that the cash flow projections include the cash from the capital campaign. It was agreed
that the cash projection would include that information. The minutes will be posted to the Forum.

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

1. January NOI is much better than last year, but missed budget by $176,000. Day tickets are off
by $178,000.

2. Workers compensation insurance is over budget and marketing expenses are under budget due

to timing.

3. The YTD P&L shows a loss of $280,000. If the remainder of the fiscal year goes according to
budget, we project a loss of $70,000.

4. The balance sheet reflects a $61,000 grant from SMF to cover campaign expenses.

5. The cash projection shows a negative cash balance in August of about $98,000.
Share Redemptions – Following considerable discussion, the committee again deferred decision to
redeem shares to April.

The meeting adjourned at 8:54 AM.
Respectfully submitted,
John Stetson