Finance Committee Meeting Minutes; June 4, 2015

Mad River Glen Cooperative
Finance Committee Minutes
June 4, 2015

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

The meeting was brought to order at 8:02 AM.
Pete moved to approve the minutes of the 5/7/15 meeting; seconded by Bruce. Deb and Geordie

abstained; all other voted to approve the motion. The approved minutes will be posted.

Jamey presented the proposed budget, with comments and discussion as follows:

1. The assumptions for the proposed budget have been reviewed and accepted by the Board.
2. Management has evaluated both 5-year and 20-year data, with and without zero days. (A zero
day is a day that the revenue forecasting model predicts the mountain will be open but, is not.
A zero day reduces the revenue forecast.)
3. The proposed budget uses the 20-year data, with zero days and includes only 2/3 of the ticket
revenue forecasted for December. The projected NOI is $96,000.
4. Moderate price increases are reflected in all passes and tickets.
5. Expenses are increased to reflect increases in labor costs and goods sold.
6. Workman’s comp will continue to be high due to the few, but expensive accidents. The
premium will begin to decrease in March of 2016.
7. In general, the proposed budget has reduced revenue by including zero days while including the
operating expenses that would be incurred, thus producing a more conservative budget.
8. Each year the model is tested by inputting that year’s data. This retroactive analysis has
continued to prove the validity of the model.
9. Suggestions for future budgeting include using the 10-year data and evaluating the trend in the
daily snow quality rating to help anticipate climate change. These will be considered.
10. Management is continuing to explore other ticket options as a means to increase revenues.
Bill moved to recommend to the Board that the budget be approved as submitted; Deb seconded. All
voted to approve the motion.

Geordie moved to thank Andrew Snow and Jamey for the tremendous
effort on the budget and options; Jim seconded. All voted to approve the motion. Great job!

The next FC meeting will be on Thursday, June 11th to review the June financials and the summer spend.
The meeting adjourned at 8:44 AM.

Respectfully submitted,
John Stetson
Treasurer