Finance Committee Meeting Minutes: January 13, 2021

Attendance:  Lars Bruns, Geordie Hall, Richard Gervase, Matt Lillard, Leigh Michl, Brad Noble, Meg Schultz, John Skelly, Andrew Snow, John Stetson, John Tobin, Brian Williams,

The meeting was brought to order at 8:02 AM by Brad Noble, MRG Treasurer and Finance Committee Chair.

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Approved December 2020 minutes

• Motion to approve – Geordie Hall; seconded by John Skelly.
• Approved by consent.

Season Pass Update

• The deadline for full refund was 12/20/2020.
• Refunds totaled $137,000 for passes and $29,000 for programs.
• Any additional refunds will need to pass the “COVID-related” test.

Grants and Loans

• Received a $117,000 grant for COVID-related capital (non-labor) expenses incurred in 2020. Expenses included items such as the snack-shack, PPE, etc.
• New applications for the next round of grants are being accepted. COOP will apply for $560,000 with hope that it is forgiven.  If not, the terms are 1% with first payment not due for 24 months.
• Took out $350,000 loan for the balance of the construction costs, with first payment made in December.

Review of Financial Reports – Andrew Snow

• Documents can be found in the Google Drive: https://drive.google.com/drive/folders/1PJdufK62gB6yqha2x1XgGUd_z1bHSLHm?usp=sharing
• Balance Sheet
  • Cash continues ahead of last year but is quickly eroding due to the COVID-related restrictions and lack of snow.
  • PPP loan is still on our books as a liability. We expect full forgiveness.
• P&L
  • NOI for December is less than budget due to refunds and lack of income resulting from poor snow conditions.
  • Retail store continues to show strong on-line sales, but also below budget.
• POP
  • No grants were received in December.
  • Grants are outstanding for the construction project.
• Cash Flow
  • Cash flow has been revised to reflect grants and loans received to date.
  • Without 2021 grant or tapping into the LOC, the rainy-day fund is depleted.

Other Discussion

• The grants will prove to be essential to maintain a healthy bottom-line.
• Operational adjustments will continue to be considered, particularly following the February holiday period.

Next Finance Committee Meeting – February 17th

8:52 am – Meeting adjourned

Submitted:  John Stetson