Finance Committee Meeting Minutes: March 15, 2023

Attendance:  Andrew Carey, Andrew Snow, Brian Williams, Eric Palola, Geordie Hall, John Skelly,  John Tobin, Leigh Michl, Matt Lillard

The meeting was brought to order at 9:33 AM by Andrew Carey, MRG Treasurer and Finance Committee Chair.

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Approved February 15, 2023 minutes

• Suggested corrections to the edited minutes: None noted
• Motion to approve by Geordie Hall, seconded by Andrew Carey.  Minutes were approved.

Review of Financial Reports – Andrew Snow

• All referenced documents can be found here in Google Drive. Refer to reports for detailed comments.
• February P&L
  • Very Strong Month with all departments contributing
  • Basebox (+12.3%), Day Tickets (+17.3%) and Retail (+13.7%) all over budget
  • Gross Profit is $678K, or $77K over budget and $18K over last year.
  • NOI is $53K, or 63K over budget [budget was ($9K)] and $4K over last year.
• YTD P&L
  • Strong February leads YTD revenue higher
  • Gross Revenue is $3,221K or $155K over budget and $378K ahead of last year
  • NOI is $1,084K, or $184K over budget and $104K over last year.
• Balance Sheet
  • Adjusted CoOp Cash (cash, less POP account and Construction Loan) is $1.9M, or $469K over last year.
  • Monthly increase included insurance proceeds from Flood claim ($57k)
• Cash Flow Projection
  • Cash, excluding the Rainy Day Fund, is projected to remain above $684K with the lowest month being July. This assumes hitting or exceeding budget for the remainder of the season.

Investment Approach – Andrew Snow

• Andrew gave an overview of the Coop’s cash accounts and current approaches
• Andrew reviewed the investment levels and types for the Operating ($400K in a Vanguard Government Moment Market) and Non-Operating accounts ($1M in laddered Treasury bills with a mix of durations, depending on cash flow forecasting.)
• Andrew reviewed the process to select Northfield investments to help invest for the Coop, their custodian Pershing and levels of protection in SIPIC and FDIC provide for the accounts. This included financial and regulatory compliance reviews.
• Andrew Carey made the motion that the Finance Committee recommend the use of Northfield Investments and investment amounts in the two funds as proposed by management to the Board. Geordie Hall seconded. The recommendation passed unanimously

Season Pass Pricing- Matt Lillard/ Andrew Snow

• Timeline- Sales from April 1 through April 14
• Pricing-Seeking Spring pricing recommendation only- increase from 3-4%
• Messaging-Limiting sales to preserve experience, spring pricing will be the lowest for the year.
• Other Notable Items- We will keep the $99 Junior 12 & Under pass that we introduced in 19-20. The Stark Mountain Cards will be included in the sale at the same cost with the same rules. We will guarantee SMC availability to shareholders through September 30^th.  The Value Pass will remain valid every Sunday, without any holiday blackouts.
• Geordie Hall made the motion that the Finance Committee recommend the 23-24 Season Pass Pricing and approach to the Board. Andrew Carey seconded. The recommendation passed unanimously

2023-24 Capital Plan- Matt Lillard/ Andrew Snow

• Management presented the plan for 23-24 Capital spending projected at $173K, slightly more than 22-23’s actual of $169K. This plan includes the $50K the board had already approved for the conceptual design work on the pub. Additional items of note include work on IT infrastructure ($15K), Work on Lift 1 mid and Summit shacks ($20K), Uniforms ($12K) and Cricket Club Roof work $10K)
• John Skelly made the motion that the Finance Committee recommend the 23-24 Capital Plan to the Board. Geordie Hall seconded. The recommendation passed unanimously

10:30 AM  – Meeting adjourned by consensus.

Next Finance Committee Meeting – April 12th, 9:30 AM.

Submitted by:  John Skelly