Finance Committee Meeting Minutes; January 8, 2015

Mad River Glen Cooperative
Finance Committee Minutes
January 8, 2015

Committee Members in Attendance: Andy Dulik, Bill Reynolds, Gary Lange, Geordie Hall, George
Lesure, Jamey Wimble, Jim Elkind, Lars Bruns, Pete Ludlow, and John Stetson
Other Attendees: Trustees – Annika Holtan, John Tobin; Shareholders – John Eberlein
The meeting was brought to order at 8:02 AM.

The minutes of the 12/11/14 meeting were approved by the committee, with a minor comment by
Geordie Hall. The revised minutes will be posted to the Forum.

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

1. December NOI is better than last year, but missed budget by $131,000. The primary difference
is sales of day tickets. Future reports will include budgets for campaign consulting (fundraising)
and depreciation.

2. $112,000 has been spent year to date on campaign consulting, or a total of $154,000 including
monies spent in FY2014.

3. Mad Card sales were down by about $15,000 compared to last year.

4. The face value of shares that have not been paid in full is $127,000.

5. Cash continues to be a concern.

In light of the cash position, Pete Ludlow moved that the decision to redeem shares be deferred to the
end of the ski season. George Lesure seconded the motion. The motion passed with all in favor, except
for Jim Elkind, who opposed.
It is likely that the line of credit will be needed to cover expenses in the summer months.

The meeting adjourned at 8:38 AM.
Respectfully submitted,
John Stetson
Treasurer