Finance Committee Meeting Minutes; July 13, 2017





Finance Committee Meeting Minutes; July 13, 2017

Attendance: Lars Bruns, Bruce Button, Sharon Crawford, Andy Dulik, Jim Elkind, Geordie Hall, Jed Kalkstein,
Pete Ludlow, Meg Hourihan, Matt Lillard, Andrew Snow, Deb Steines, John Stetson, John Tobin
The meeting was brought to order at 8:00 AM by Deb Steines, Finance Committee Chair.
The committee thanked John Tobin for all his efforts and leadership during his term as Treasurer and Chair of
the Finance Committee.

The minutes from June were reviewed. Geordie Hall moved to approve, Meg Hourihan seconded. All were in favor.
Comment on the June Financial statements were made, nothing of note was discussed.
Discussion of Capex Expenditure Summary (attached) of changes as follows:

• because of maintenance needed to Lift 4 (Practice Slope) the replacement of Lift 3 (Birdland), which was in
the plan for ‘22 has been accelerated to ’19 as a long term cost savings. Parts from 3 can be used to prolong
life of 4
• Committee asked Matt to consider the possibility of extending Birdland to an area in the Base to facilitate
loading for novice skiers, and increasing capacity of the chair to take some of the load off other chairs during
peak periods.
• some changes to vehicle acquisition, the mountain mower will result in efficiency in mowing, can be used
throughout the summer, at less cost.
• snowmaking slight expansion to cut down on the time it will take to cover snowmaking areas with the least
cost, looking for sponsorship in the Capital Campaign
• Discussed water needs at the Birdcage and how to address based on current estimate of $75+k cost of drilling
a well, Matt will be working on options other than a well in the future
• discussion on changes/reduction in scope to Patrol Building, possible use of volunteer labor, Matt will be working
with staff on plans for this building. Matt stated he’s received a lot of input from shareholders to put
mountain needs and operations above buildings, and that the ROI on additional lockers and ski shop expansion
was too long. John Stetson and Jim Elkind requested a comparison of the current plans to the prior plans especially
on how this will impact strains the Basebox is currently experiencing and locker revenue impact. The
original plan took those needs into account, how will we do that now. Matt to review.
• Parking lot watershed will need to be addressed sometime in the future but not soon. The issues with water
flow drainage and silt going into the Mill Brook will need to be mediated but the State has not determined
drainage requirements and until they do we will be on hold. Matt noted that our problems are created by RT
17 drainage but the State didn’t see it that way.
• John Tobin thanked Matt for re-assessing mountain needs especially for snowmaking and the Patrol building.
John Tobin remarked that the Campaign needs to assess it’s goals versus mountain needs and whether we need
to reassess the campaign goals.

For future meetings Deb stated we need to review the mission statement as well as assist Matt with an assessment
of the APR, current and past and where we need to go in the future. Jim Elkind commented that the APR
was created to avoid bridge financing, but the last few years we’ve needed to utilize short term financing,
could this be avoided by changes to the APR and timing of ticket sales.

The meeting adjourned at 9:00 AM.

The Finance Committee will meet again at 8:00 AM on Thursday, September 14.

Respectfully submitted,
Deb Steines, Treasurer
Mad River Glen Cooperative
Finance Committee Minutes
July 13, 2017