Finance Committee Meeting Minutes; June 11, 2015

Mad River Glen Cooperative

Finance Committee Minutes

June 11, 2015

Attendance:   Andrew Snow, Andy Dulik, Annika Holtan, Bill Reynolds, Bruce Button, Geordie Hall, Jamey Wimble, Jim Elkind, John Eberlein, John Tobin, Pete Ludlow, Richard Gervase, Russ Bowen, Ron Shems, Eric Friedman, Sharon Crawford and John Stetson

The meeting was brought to order at 8:03 AM.

Bill moved to approve the minutes of the 6/4/15 meeting; seconded by Jim. All voted to approve the motion. The approved minutes will be posted.

Jamey presented the May financials with comments as follows:

1. Basebox income is due to an event; ticket income is from tickets sold through the VSAA.
2. Facilities expense is down due to timing.
3. FYE NOI is still projected to be in the range of $62K.
4. Excluding cash from the LoC taken in May 2014, cash is greater than this time last year by $55k.

Jamey presented the Tiered list of proposed summer spend with comments as follows:

1. Work budgeted to be done with grants from SMF includes woods cutting and rebuilding the patrol shack at Lift 2
2. Jim suggested deferring the work on sled caches in light of the capital campaign naming opportunities.
3. Jamey confirmed that expenses related to seasonal mowing will be carried in the budgets for future fiscal years.

Geordie moved to recommend to the Board that the tiered list of summer spend be approved, without work on the sled caches; Bruce seconded. All voted to approve the motion.

Jamey presented the cash forecast with comments as follows:

1. Cash forecast is down by about $31K from last month due to sales and use taxes and the campaign “movie” expense.
2. Current forecast is about $12K in August, without the cash from the LoC.
3. Jamey recommends taking $100K from the LoC in June.

Geordie moved to recommend to the Board that $100K be taken from the LoC in June; Bruce seconded. All voted to approve the motion.

Jim noted that the Board will be taking an action to approve Phase 2 of the Demont services at the June 13th meeting. The commitment of $317,500 is consistent with the budgets and forecasts, and is anticipated to be repaid through proceeds from the capital campaign.

The FC will meet again on Wednesday, July 8th and Thursday, August 13th. The meeting adjourned at 8:40 AM.

Respectfully submitted,

John Stetson, Treasurer