MENU

x

Finance Committee Meeting Minutes: June 15, 2022

MEETING MINUTES HISTORIC ARCHIVE

Type

Year

 

MINUTES

Finance Committee

Mad River Glen Cooperative

Wednesday, June 15, 2022

Attendance:  Andrew Carey, Andrew Snow, Brad Noble, Brian Williams,  John Skelly, John Stetson, John Tobin, Leigh Michl, Matt Lillard, Meg Schultz,

 

The meeting was brought to order at 9:34 AM by Andrew Carey, MRG Treasurer and Finance Committee Chair.

———–

Andrew Snow is promoted to Finance Director!

  • Matt announced the promotion in recognition of his outstanding financial reporting and management.
  • Congratulations, Andrew!

 

Approved May 18, 2022 minutes

  • Suggested corrections to the minutes: None noted
  • Motion to approve by Meg Shultz, seconded by Brian Williams. Minutes were approved.

 

Review of Financial Reports – Andrew Snow

  • All referenced documents can be found here in Google Drive.
  • May P&L
    • The Pub is open for business, but otherwise a quiet, predictable month.
    • Gross Profit was $24K, which was $7K over budget, and $5K more than last year.
    • Staffing and food costs associated with reopening the Pub were up.
    • A negative NOI of $113K is $20K better than budget, and $9K greater than last year.
    • Other Income/Expenses included flood-related expenses of $4K.
  • YTD P&L
    • NOI of $642K is $150K better than budget, and $485K ahead of last year.
    • The balance of bonuses for year-round staff will be distributed in June.
    • The FC, once again, acknowledged the great work done by management and staff for the 2021/22 ski season.

 

  • Balance Sheet
    • There are no surprises or significant changes to report.
    • Adjusted CoOp Cash (cash, less POP account and Construction Loan) is $1.54M, or $129K greater than last year.
    • $250K will be moved from Cash to the Rainy Day account in June.

 

  • Cash Flow
    • The ending cash balance, after the transfer to the Rainy day Account, is forecasted to remain above $750K for the year.
    • The paperwork for the LOC has been renewed, but there is no anticipation of using the LOC or Rainy Day account.
    • The communications line on the double will be replaced due to a lightning strike. The projected cost is in the range of $80,000.  A portion of the cost may be covered by insurance.  This cost is not reflected in the Cash Flow Projection.

 

Budget

  • Management presented a Budget Overview and Summary for review and comment. Discussion included:
    • NOI is forecast to be $59K, before outside funding and capital projects.
    • Revenue will continue to reflect the limited capacity model with a high reliance on strong season pass sales. Day ticket revenue is reduced to reflect the season pass sales.
    • Pricing includes an increase of $100 on the full season pass and less discounting of the day ticket pricing during peak ski times. The seasonal programs will see a very slight increase in prices with the goal to keep the programs as affordable as possible for the families.
    • Expenses are higher primarily due to necessary wage increases. Wages must exceed “living wages” to compete for the available labor.  Management evaluated all positions and adjusted rates as needed.  The response from managers is positive.  Bonuses are not included in the budget.
    • Other Income includes a budgeted grant from SMF of $100K to support wages in Ski Patrol and Ski School. This grant is consistent with SMF’s mission and reflects a successful annual fund drive last year.  The grant is not included in the NOI projection.
  • Motion to recommend approval of the Budget as proposed by John Tobin, seconded by Meg Shultz. The motion passed, unanimously.

 

10:32 AM  –  Meeting adjourned by consensus.

 

Next Finance Committee Meeting – September 14th, 9:30 AM.

 

Submitted by:  John Stetson