Finance Committee Meeting Minutes; May 7, 2015

Mad River Glen Cooperative
Finance Committee Minutes
May 7, 2015

Attendance: Andrew Snow, Andy Dulik, Bill Reynolds, Bruce Button, Gary Lange, Jamey Wimble, Jim
Elkind, John Eberlein, John Tobin, Pete Ludlow, Richard Gervase, and John Stetson
The meeting was brought to order at 8:02 AM.

The minutes of the 4/2/15 meeting were approved by the committee (motion – John T, 2nd – Jim E, all in
favor). The minutes will be posted.

Jamey presented the April financial reports, with comments and discussion as follows:
1. The season finished strongly, with 127 days of operation. The budget was based on 110 days.
2. March and April were strong months, but also incurred higher expenses.
3. April NOI exceeded budget by $76,000.
4. YTD NOI is short of budget by $151,000, largely due to a poor Christmas holiday period and a
colder than normal January and February.
5. The model has correctly predicted the revenues given the snow history for the year. Jamey and
Andrew are relooking at the model to use a 5-year history rather than 20-year in with the hope
of more accurately projecting the weather and revenues.
6. Ticket sales through Liftopia result in a lower average yield but are increasing the revenues to
other departments.
7. The cash balance is $106,000 higher than at the same point in 2014.
8. The deferred project costs for BAMP are reduced to correct campaign expenses that should
have been expensed. The adjustment is about $20,000.
9. The cash projection is positive. It is not anticipated that the line of credit will be required.
10. Jamey provided a reporting of cumulative campaign income and expenses. To date $93,000 of
grants have been received against expenses of $260,000, excluding BAMP.
11. Summer spend is expected to be in the range of $30,000. More detail will be available in June.
12. 31 shares have been sold and 21 have been tendered. The large number of tenders is due to
efforts to clean up the shares with APR’s in arrears.

The next FC meetings will be on Thursdays, June 4th and again on the 11th to address the annual budget.
The meeting adjourned at 8:46 AM.

Respectfully submitted,
John Stetson
Treasurer