Finance Committee Meeting Minutes: June 12, 2019

Attendance: Matthew Milan, Matt Lillard, Eric Palola, Andrew Snow, Geordie Hall, Deb Steines, Leigh Michl, John Tobin, Brian Williams, Sharon Crawford

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

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Approved May 2019 minutes

Agenda Comments:  will change the ‘shareholder comments’ section of the meeting to ‘comments’ for future meetings.  This will include agenda comments.

April Reports and Cash Flow Review:

Balance Sheet:  Cash remains strong compared to 2018 due to pre season pass sales and a strong ski season.

April  P&L:  $20k better than budget due to the timing of some payments.

Year to Date P&L: nothing significant since prior month

Cash Flow:

• Hit budget, no surprises, began pulling funds from the rainy day a/c
• LOC draw still projected at $40K for one month, with a zero balance by fiscal year end
• No major capital projects this summer

Mission Statement:

• The circulated version of the Mission Statement will become our Goals and Objectives
• A suggestion for a mission statement was put forth by Geordie and edited by the group:

Monitor and support the board and management regarding the financial integrity and sustainability of the cooperative.

• An edited mission statement was circulated immediately after the meeting by Leigh:

To support management and the board in their fiduciary role of ensuring the financial integrity and the long-term economic viability of the Coop.

• The group noted the need for the key word: “sustainability”,
• Want a statement that stands the test of time and will not be changed often.
• Mathew to circulate for editing and approval on Thursday June 13th.

Review of Proposed 2019-2020 Finance Committee Membership for approval to BOT:

• Goal have BOT approve membership on an annual basis, with the Chair having the ability to make changes as needed throughout the year
• Skill set for membership needs to be defined, a strong financial background being one requirement, and a willingness to take on an action
• Determine requirements to be on the committee, background, attendance,
• Size of committee recommended 8-12, with a 20-30% turnover each year.
• Use this committee to groom future trustees and Co-op Treasurers

Statistical analysis

• Geordie and Andrew reported progress on their analysis of weather trends, ticket and pass revenue, looking at them in various ways. Showing downward trends
• Looking at a group discussion towards the end of summer
• Brian Williams to get involved, his background as a data scientist will be beneficial.

Future discussion:

• Capital Budget expected end of May beginning of June
• 2019/20 Cash flow after budget is approved
• Past NOI expectations to accommodate all expenses and capital (Deb to review her old files for appropriate exhibits in July)

9:02 am – Meeting adjourned

Submitted:

Matthew Milan, Treasurer