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Finance Committee Meeting Minutes: June 17, 2020

MEETING MINUTES HISTORIC ARCHIVE

Type

Year

 

MINUTES – DRAFT

Finance Committee

Mad River Glen Cooperative

Wednesday, June 17, 2020

 

Attendance:  Geordie Hall, Annika Holton, Meg Hourihan, Leigh Michl, Matthew Milan, Matt Lillard, Brad Noble, Meg Schultz, John Skelly, Andrew Snow, Deb Steines, John Stetson, John Tobin, Brian Williams.

 

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

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  1. Approved May 2020 minutes

 

  1. May 2020 Financial Reports and Cash Flow Review:
    • Balance Sheet – Continued strong cash position helped by doubling pre-season pass sales from prior year.
    • P&L – retail higher than expected due to the single chair distancing tee shirt sales. Expenses lower because of closures and construction.  Used PPP funds to pay employees and get some projects done
    • YTD P&L – ahead of budget for income and slightly lower in expenses. NOI ahead of budget
    • Cash Flow: very strong cash position reflected, expect to use less than $200k of rainy day account. PPP rules have changed, should have more than anticipated forgiven and have included $132k in this cash flow. Can now choose any 12 week period going back to December which improves the expected amount to be forgiven to approximately 75%.  Have $375 in the cash flow for the construction loan actual will be determined over the summer, the approved loan is for $500k.

 

  1. 20/21 Baseline Budget
  • Assumptions – as a normal year due to all the unknowns due to Covid
  • NOI $65k
  • Held back on seasons passes. Did not include last years pass sales growth, last year’s actual was $879, this year we budgeted $764.
  • Kept other revenue similar to this year, and expenses follow revenue
  • Discussion about the potential to require a cashless environment, this wouldn’t affect lift tickets or pass sales as most of that is already credit card transactions. Most cash is exchanged in the bar, cafeteria and for small items in retail.
  • Motion made and approved to “recommend the board approve the 20/21 budget as presented”

 

Future Meeting agenda item

  • Geordie will provide the FC with an outline of a process for SMF grant requests for funding that may not have current funds available. The grant request would be held for potential funding in the future if funds were to become available.

Next Finance Committee Meeting – Sept 16

8:39 am – Meeting adjourned

Submitted:  Deb Steines