Finance Committee Meeting Minutes; March 10, 2016

Mad River Glen Cooperative
Finance Committee Minutes March 10, 2016

Attendance: Lars Bruns, Russ Bowen, Bruce Button, Andy Dulick, John Eberlein, Jim Elkind, Richard
Gervase, Annika Holtan, Meg Hourihan, Andrew Snow, Deb Steines, John Stetson, John Tobin, Jamey
Wimble.

The meeting was brought to order at 8:00 AM.

The minutes from February were reviewed. Jim Elkind moved to approve the minutes, Bruce Button
seconded. All were in favor.

Jamey Wimble reviewed the February financials. Given the terrible ski season, he is currently
forecasting a N.O.I. loss of $(184K), although that could increase to the $(250K) range. A great many Mad Cards went unused this
year. All year‐ round staff will have a one‐month furlough to take place in a staggered manner over
the summer months. Other ski areas also implementing furloughs include Smuggler’s Notch and Bolton.
All items on the summer spend list have been deferred with the exception of a roof repair on the
Base Box which can’t wait.

We expect to go very deep into our line of credit with the draw starting within the next month.
Jamey was able to successfully get our line of credit increased from $500K to $850K. John Eberlein
asked if the bank has a legal right to terminate the line of credit. Richard Gervase said he would
review the loan document, and Jamey will send Richard a copy.

A discussion followed about the implications of the bad winter for our passholders, shareholders,
and employees, and what could be done for them. The implications for the fundraising campaign were
also discussed. Management is currently drafting a communication to be sent out at the conclusion
of the season, which could happen after the coming weekend.

Bruce Button moved to adjourn, seconded by Deb Steines.

The meeting adjourned at 8:36 AM.

The Finance Committee will meet again at 8:00 AM on Thursday, April 14.

Respectfully submitted,
John Tobin, Treasurer