Finance Committee Meeting Minutes: May 15, 2019






Finance Committee

Mad River Glen Cooperative

Wednesday, May 15, 2019


Attendance: Matt Lillard, Eric Palola, Andrew Snow, Meg Hourihan, Meg Schultz,Geordie Hall, Matthew Milan, Eric Palola, Deb Steines, Leigh Michl, John Tobin


The meeting was brought to order at 8:00 AM by Matthew Milan, MRG Treasurer and Finance Committee Chair.




Approved April 2019 minutes


April Reports and Cash Flow Review:


Balance Sheet:


  • Cash remains strong.
  • A/P trending flat, on top of payments.
  • A/R all current.


April  P&L:


  • Missed budget primarily due to the ‘# open days’ goal.


Year to Date P&L:


  • Day tickets beat budget without breakage factored in.
  • $72K over budget, $304K over last year.
  • Online advanced ticket system working great, ticket yields up
  • All service departments did well


Cash Flow:


  • Because of preseason sales, and current strong cash flow LOC draw projected at $40K for one month
  • Some salary and insurance savings are not factored in.
  • Design costs for the Basebox and Patrol building have not been added but will be offset by SMF grants and will not affect cash flow longterm




  • See Budget Overview document below.
  • NOI $50K is realistic & attainable
  • Pass sales increased, 100 new pass holders purchased passes in April,
  • 2-2.5% increase in passes, moving to three tier pricing, Spring, Fall and Winter
  • Day tickets increasing 3-4%


Thank you to Matt and Andrew for an excellent and complete budget presentation.


Future discussion:

  • Mission Statement, discussion on line prior to next meeting
  • Capital Budget expected end of May beginning of June
  • 2019/20 Cash flow after budget is approved
  • Past NOI expectations to accommodate all expenses and capital (Deb to review her old files for appropriate exhibits in July)


9:10 am – Meeting adjourned




Matthew Milan, Treasurer