Finance Committee Meeting Minutes: January 12, 2022

Attendance:  Andrew Carey, Andrew Snow, Brian Williams, Eric Palola, Geordie Hall, John Skelly, John Stetson, John Tobin, Leigh Michl, Matt Lillard, Meg Shultz, Richard Gervase, Sharon Crawford, Tyler Kimberley, Will Kriewald.

The meeting was brought to order at 9:34 AM by Andrew Carey, MRG Treasurer and Finance Committee Chair.

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Approved December 2021 minutes

• Suggested corrections to the minutes: None
• Motion to approve by Eric Palola, seconded by Geordie Hall. Minutes were approved.

Review of Audit

• Tyler Kimberley presented the audit and responded to questions. The audit can be found here in Google Drive.
• Tyler noted that their firm assigned a new auditor to the project to have a new set of eyes.
• There were no red flags or areas for improvement noted.
• An insignificant difference of $7,000 was noted. Andrew Snow will work with the auditors to resolve.
• Miscellaneous expenses on Schedule 2 of the draft audit show an increase of about $121,000 over 2020. As this line is entirely due to Covid-related PPE and Supplies, it will be renamed accordingly.
• Motion to recommend approval by the Board of Trustees by Eric Palola, seconded by Meg Shultz. Motion approved.
• All acknowledged the great work done by the MRG accounting team.

Review of Financial Reports – Andrew Snow

• Documents can be found here in Google Drive.
• December P&L
  • A poor start to the season resulted in NOI trailing the budget by $47K but was an improvement over last year by $205K.
  • Expenses are difficult to scale back due to the increased number of outlets to maximize social distancing.
• YTD P&L
  • NOI is $372K better than budget, and $305K ahead of last year.
  • Season passes are $308K better than budget and income from services is exceeding last year by $183K.
• Balance Sheet
  • Cash position continues to be COOP cash, less POP account is $599K ahead of last year.
• Cash Flow
  • Even with a poor December, cash flow is strong.
  • Assuming budget for the remainder of the year, the ending cash balance remains above $1 Million.
  • There is no anticipation of using the LOC or Rainy Day account.

Other Discussion

• Management is beginning to evaluate the costs to add a mid-station on the Sunnyside Double. This would greatly increase the available skiable terrain in the early season, as is being experienced this season.
• Staffing continues to be an issue, particularly as we scale up or down.
• Geordie requested that the FC discuss the involvement of the FC as it relates to the Strategic Plan.
• Geordie noted that the present document management system could be improved. Will Kriewald is spearheading the effort for the Board.

10:34 AM  – Motion to adjourn by Geordie Hall, seconded by Will Kriewald.  Meeting adjourned.

Next Finance Committee Meeting – February 16th, 9:30 AM.

Submitted by:  John Stetson