Finance Committee Meeting Minutes; March 13, 2014

Mad River Glen Cooperative

Finance Committee Conference Call

March 13, 2014

Telephone Conference began at 8:15 am

Attending:  Lars Bruns, Jim Elkind, Pete Ludlow, John Stetson, Jamey Wimble, Roy Liu, Bruce Button, Annika Holtan.

Schedule and Agenda Review:

1. Jamey reviewed February 2014 and FY to date financial results:

• Basebox revenue was higher than budget due to additional volume driven in part by the Anniversary Gala party
• YTD P&L is running approximately $300k behind last year YTD at net income; primary variance was due to bigger Xmas holiday week in previous season.

2. Jamey reviewed the current cash flow projections:

• Capital spending forecast for the summer is currently set at zero, pre-season pass sales are forecasted at historical average of roughly $300k. Forecast for cash at fiscal year end under the current forecasting scenario is $194k, negative $106k prior to pre-season sales.

3. John Stetson gave a brief overview of the snow-making exploratory committee activities; impacts on capex planning, expenses and revenues would be reviewed by FC.

Respectfully submitted,

Roy Liu

Treasurer