Finance Committee Meeting Minutes; November 14, 2018






Finance Committee

Mad River Glen Cooperative

Wednesday, November 14, 2014


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


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


Approved September minutes.


Mountain Review – Matt Lillard:

  • Staff is ramping up for winter with standard fall activities. Everything is working as it should, snowmaking has begun with 5 guns working simultaneously.



  • LOC was paid off in October, earlier than last year
  • The campaign numbers for October reflects payment for the snow guns, Birdcage, and snowmaking piping


Financials, YE 2018

  • Cash position was 80K better than in ’17
  • LOC $275k, vs $360 in ’17
  • P&L – APR/Mad Money breakage was not budgeted, this will be included in 2020/21budget presentation
  • The summer P/L reflects a profit in the Basebox, continue to work on tightening up margins
  • The full year operating loss would be wiped out with a good holiday week, which could have the ability to add $200k to revenue
  • Full year revenue reflects the pricing changes were effective in improving the yield as hoped
  • Need to continue to find a way to break even with a bad winter being the norm
  • Campaign expenditures $634 in ’18


Cash Flow

  • Includes a place holder for 1st stage of the Ski Patrol building
  • Includes Birdland Lift rebuild/reno
  • LOC anticipated $300k 2018/19, would be reduced with a decent holiday week either Christmas or Presidents


2017/18 Audit Status – will be received the week of November 19, after staff reviews Matt will post to Slack for the Committee



  • Need to add the details of campaign expenditures as notes to the campaign tabs on the financial exhibits
  • Matt will send the retail details to the Finance Committee on Slack
  • Cap X updated version to be circulated to the Finance Committee on Slack
  • A Capital Budget needs to be prepared with the annual budget


Future Meetings:

  • Discuss John Tobin’s modeling, Matt & Andrew will begin the process looking at MRGs stats, decide which ones would be useful for the board to receive annually
  • Year End audit report to Committee, discussion at December meeting



The meeting adjourned at 8:53 AM.

Next meeting, Wednesday, December 14th at 8:00


Respectfully submitted,

Deb Steines, member Finance Committee


Meg Hourihan, Chair Finance Committee and Treasurer