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Finance Committee Meeting Minutes: January 15, 2020

MEETING MINUTES HISTORIC ARCHIVE

Type

Year

 

MINUTES

Finance Committee

Mad River Glen Cooperative

Wednesday, January 15, 2020

 

Attendance: Matthew Milan, Matt Lillard, Meg Schultz, John Stetson, Andrew Snow, and John Tobin.

 

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

————

  1. Approved December 2019 minutes

 

  1. December Financial Reports and Cash Flow Review:

 

December 2019: 

  • Balance Sheet – a good financial position, $300k better cash position than last season
  • P&L – now breaking services out which was well received by FC
    • Fell short of budget in December but season pass sales were close to budget. Scaled down expenses due to limited skiing.
    • NOI $11k over budget, great results for a challenging month, great job managing the down time.
  • YTD P&L – Overall in good shape due to huge increase in season pass sales.
    • NOI $150k ahead of budget
  • Share tendering – 18 for $23,500 was redeemed, there was $10k in sold shares in December
  • Cash Flow: still in good position, summer capital projects are not included, will add when timing is known

 

  1. Review of 2019 Modeling work outputs –
    • Some FC folks met over the holidays to discuss the focus of the modeling to support the Board and staff.
    • Decided to start with a good question – “Understanding trends and relationships in pass sales and lift ticket sales” an opportunity to look at modeling for this. Can this help us understand our finances going forward
    • Brian Williams has done some modeling and will present to the group in the future.
    • Plenty of info on weather already done. The focus of this committee will be MRG

 

Next Finance Committee Meeting – Wednesday February 12th at 8 AM

8:30 am – Meeting adjourned

 

Submitted:

Deb Steines