Finance Committee Meeting Minutes: May 17, 2023

Attendance:  Andrew Carey, Brad Noble, Brian Williams, Geordie Hall, John Stetson, John Tobin, Leigh Michl, Matt Lillard, Meg Schultz

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

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Approved March 16, 2023 minutes

• Suggested corrections to the minutes: None noted
• Motion to approve by Geordie Hall; seconded by John Tobin. Minutes were approved.

Review of Financial Reports – Matt Lillard / Andrew Carey

• All referenced documents can be found here in Google Drive. Refer to reports for detailed comments.
• April P&L
  • April was unexpectedly strong due to the longer season. Matt Lillard noted that early and late seasons are generally breakeven with April slightly better than most.
  • Breakage is down.
  • Bonus expenses of about $100,000 will hit in May. Bonuses are appreciated by staff and strongly supported by the committee.
  • Expenses are in line with revenues.
  • Credit card expenses are down due to recent changes in processors.
  • Gross Profit is $212K, or $97K over budget and $94K over last year.
  • NOI is ($151K), or $5K over budget and $29K over last year.
• YTD P&L
  • Strong day ticket numbers reflect better weather despite the increase in season pass sales.
  • Preseason sales are about $910K vs. $771K in 2022.
  • Marketing expenses are down due to attending fewer industry events as anticipated.
  • Gross Profit is $4,151K or $437K over budget and $789K ahead of last year
  • NOI is $991K, or $274K over budget and $244K over last year.
• Balance Sheet
  • Share sales were high in April, about 40 shares in 15 days.
  • Adjusted CoOp Cash (cash, less POP account and Construction Loan) is $2.6M, or $790K over last year.
• Cash Flow Projection
  • The projection reflects moving $345K to the Operating Investment Account in May.
  • Cash, excluding the Operating and Non-operating Investment accounts, is projected to remain above $368K in July.

Investment Update – Andrew Carey

• Andrew Carey presented a brief update of the Operating and Non-Operating Investment Accounts.
• Management has proposed moving an additional $345K to the Operating Investment Account.
• Geordie Hall made a motion to recommend to the Board to approve moving $345K to the Operating Investment Account; seconded by Brian Williams. Motion approved.
• Geordie Hall suggested that management consider moving additional funds to the Operating Investment Account.

Other Business

• Meg Schultz noted that she would be terming off the Board in July. In the interest of maintaining some diversity on the committee, she has offered to remain a member.  Andrew Carey suggested that the committee members endeavor to identify diverse new members.

10:22 AM  – Meg Schultz moved to adjourn the meeting; seconded by Geordie Hall.  Meeting adjourned.

Next Finance Committee Meeting – June 14th, 9:30 AM.

Submitted by:  John Stetson