Finance Committee Meeting Minutes: January 18, 2023

Attendance:  Andrew Carey, Andrew Snow, Brian Williams, Eric Palola, Geordie Hall, John Skelly, John Tobin, Leigh Michl, Matt Lillard, Meg Schultz, Will Kriewald

The meeting was brought to order at 9:36 AM by Andrew Carey, MRG Treasurer and Finance Committee Chair.

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Approved December 14, 2022 minutes

• Suggested corrections to the minutes: None noted
• Motion to approve by Geordie Hall, seconded by Meg Schultz. Minutes were approved.

Review of Financial Reports – Andrew Snow

• All referenced documents can be found here in Google Drive. Refer to reports for detailed comments.
• December P&L
  • Have to go back 10 years to see a month with similar revenue. Having the main mountain open over the Christmas holiday and a full week before Christmas drove being over budget.
  • Gross Profit is $423K, or $170K over budget and $248K over last year.
  • NOI is ($25K), or $148K over budget and $139K over last year.
• YTD P&L
  • December results driving over full year budget- strong day tickets and basebox results.
  • Gross Profit is $2,159K, or $142K over budget and $290K over last year.
  • NOI is $1,225K, or $157K over budget and $157K over last year.
• Balance Sheet
  • Adjusted CoOp Cash (cash, less POP account and Construction Loan) is $1.9M, or $403K over last year.
• Cash Flow Projection
  • No major changes since last month- moved $642k to rainy day account in advance of Investment decisions and inline with cash forecast needs
  • Weekly Budgets grow from MLK weekend to Presidents day- snow conditions can impact performance

Investment Policy Approach – Andrew Carey

• Three Documents were reviewed
  • Governance
    • Discussion: Review materials and members found the grid very helpful. Question on Decision with who makes call on allocation between funds. We added a section for allocation between two funds and time horizon for investments.
      • This document takes precedence over the two funds document.
    • Operating Fund – Easily accessible funds to be used as needed during the season.
      • Discussion: Capital preservation is a critical driver of overall policy and investments. Short term access is key for this fund.
    • Non-Operating Fund- Less accessible funds to be used to support future investments in fixed assets.
      • Discussion: Capital preservation is a critical driver of overall policy and investments. Time horizon for investments in this fund is to be inline with the capital investment plan for the Cooperative.
    • Could the two Fund documents be combined?
      • Discussion- separate funds, should be managed as such
      • Decision- Keep as two documents
    • Committee recommends that these documents are discussed with the Board for their feedback at this month’s Board of Trustees meeting.

10:39 AM  –  Motion to adjourn by Will, seconded by Geordie .  Meeting adjourned.

Next Finance Committee Meeting – February 15, 9:30 AM.

Submitted by:  John Skelly