Finance Committee Meeting Minutes: March 17, 2021






Finance Committee

Mad River Glen Cooperative

Wednesday, March 17, 2021


Attendance:  Andrew Snow, Brad Noble, Brian Williams, Eric Palola, Geordie Hall, John Skelly, John Stetson, John Tobin, Leigh Michl, Matt Lillard, Meg Hourihan, Meg Shultz, Richard Gervase


The meeting was brought to order at 8:03 AM by Brad Noble, MRG Treasurer and Finance Committee Chair.


Approved February 2021 minutes

  • Motion to approve by Eric Palola; seconded by John Tobin.
  • No changes to draft minutes.
  • Minutes were approved.


Review of Financial Reports – Andrew Snow

  • Documents can be found in the Google Drive:
  • Balance Sheet
    • Balance sheet continues to be stronger than anticipated.
    • Both PPP loans are still outstanding for a total of about $750,000.
    • Application for forgiveness of the first PPP loan has been submitted. The spend on the second loan is still in process.  We have 10 months to submit for forgiveness, and anticipate that both loans will be fully forgiven.
  • P&L
    • NOI is slightly ahead of budget. Finishing the month nearly at a breakeven was far better than the projected loss.
    • Midweek traffic continues to be up, and the snow has been good.
    • Day tickets are still down but better than anticipated. Yield is up about $20/ticket.
    • Retail continues to do well.
    • Some season passes continue to be sold.
    • Daily lessons are down, but group and multi-week programs are holding their own.
    • Expenses continue to be higher due to COVID requirements.
    • Credit card expenses higher due to limitations on using cash.
    • Full operations and ticket scanners are contributing to higher facilities expenses.
  • Cash Flow
    • Rainy Day account projected to remain intact and not planning to use LOC.
    • Planning for replacement of Basebox roof and continuing exterior renovations of Bridge Building.
    • Work may proceed on Birdland lift drive (corrected).
    • A groomer is in the budget.

Other Discussion

  • Planning to stay open through April 11th, weather depending.
  • Planning to open the Pub four days a week this summer. Not extending hours at this time to minimize the COVID exposure for our employees.
  • Season Pass Proposal
    • Matt and Andrew presented the proposed pricing adjustments for season passes.
    • Not planning to offer before the close of the season, i.e. – no free skiing for new pass holders due to capacity constraints.
    • The proposal on the table is only for the early sales, April 12th through the end of April.
    • The ticket scanning data is just now becoming meaningful.
    • Motion to approve – Brian Williams, second – John Stetson, Approved.
  • Project Grant Requests – Geordie
    • Geordie prepared and presented a proposal for submitting grant applications to SMF on an on-going basis, regardless of the availability of funds held by SMF.
    • The objectives are to improve short-term cash flow and to ensure that all available dollars are recovered presently and in the future.
    • After much discussion the proposal was withdrawn. The primary reasons to withdraw are:
      • Opportunities will always be present to apply for funding when funds are available.
      • The process of applying for grants and booking the expenses when funds are not available would be an accounting challenge.
    • This may be considered again in the future.
  • Mad Cards
    • Mad Cards were not sold this year due to ticket selling constraints for COVID. As a result, more season tickets were sold, and the ticket yield increased.
    • Ticket pricing is more dynamic due using the website.
    • May keep Mad Cards but eliminate the transferability.
    • Consideration is being given to continue without Mad Cards.
    • A full proposal for Mad Cards is forthcoming.


Next Finance Committee Meeting – May 12, 2021 (corrected)

9:00 am – Meeting adjourned


Submitted:  John Stetson