Finance Committee Meeting Minutes: May 12, 2021






Finance Committee

Mad River Glen Cooperative

Wednesday, May 12, 2021


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


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


Approved March 2021 minutes

  • Suggested corrections to the minutes:
    • Anticipated work on the Birdland lift is limited to the drive.
    • The next meeting is on May 12th.
  • Motion to approve as amended by Geordie Hall; seconded by Brad Noble.
  • Minutes were approved.


Review of Financial Reports – Andrew Snow

  • Documents can be found in the Google Drive:
  • Balance Sheet
    • Cash position remains strong primarily due to the PPP loans and surprising preseason pass sales.
    • The first PPP loan ($192K) has been forgiven and the application for the second ($560K) will be submitted next week. We expect full forgiveness based on the guidelines.
    • Coop cash, less current borrowing of the construction loan ($290K) and the second PPP loan, is approximately $1M, or $260K ahead of last year.
    • Preseason pass sales were nearly 3X last year, or $640K as of May 6th.
  • P&L
    • NOI, before grants, POP and COVID, continues to be better than expected, with March closing down $129K vs. budget of $86K and April down $198K vs. a loss of $54K.
    • YTD NOI before grants, POP and COVID is at $286K, or down $338K from budget. After other income and expenses NOI is $1,139K vs. a budget of $615K.
    • No Mad Card breakage this year, but there were season passes that were not used. Additional data is forthcoming for analysis.
    • A bonus was paid out to the staff based on average weekly pay.
    • In summary, if the second PPP loan is forgiven, we net out at about the same NOI as last year.
    • Nothing new to report on the POP funding. Net of expenses is approaching $4M.
  • Cash Flow
    • Share sales continue to outpace expectations.
    • Assuming full forgiveness of the second PPP loan, we do not expect to touch the Rainy-Day Account or the LOC.
    • Once the PPP loan is settled and the final construction costs are known consideration will be given to paying down the construction loan of $290K or retiring it completely. Currently paying about $1,000/month interest.  The rate is 3.84% for 20 years.
    • Geordie suggested that friendly debt might be used in lieu of the construction loan.
    • The balance of the Rainy-Day Account is over $500K. The proper level to maintain in the RDA is under consideration.
    • Expect about $140K from POP this summer for the completion of the construction, groomer, and Birdland drive.
    • Non-POP summer plans include replacement of Basebox roof and continuing exterior renovations of Bridge Building.

Other Discussion

  • Season passes:
    • Considering limiting pass sales to 10% less than last year.
    • Looking at options including no limits on mid-week passes, etc.
    • The decision on Mad Cards will affect pass sales.
    • Shareholders will always be able to buy passes.
  • Mad Cards:
    • Considering eliminating transferability, limiting quantity per person, doing away with entirely, etc.
    • Decision to be made in June.
  • Ticket and pass scanning will continue in future years. The cost is about $25K/year.
  • Will revisit mission statement in coming meetings. Proactive vs. reactive.  Differing statements on the website.  Brad will distribute the correct one.


Next Finance Committee Meeting – June 16, 2021

9:19 am – Motion to adjourn – Geordie, Second by Brian.  Meeting adjourned.


Submitted:  John Stetson