Finance Committee Meeting Minutes: November 13, 2019






Finance Committee

Mad River Glen Cooperative

Wednesday, November 13, 2019


Attendance: Matthew Milan, Matt Lillard, Geordie Hall, Leigh Michl, Brian Williams, Meg Schultz, John Stetson, Andrew Snow, Deb Steines.


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




  1. Approved September 2019 minutes


  1. September-October Financial Reports and Cash Flow Review:


September 2019:

  • Includes adjustments for year end, breakage of $41K for Mad money added which was not budgeted, will budget in future years.
  • Basebox $20K higher revenue than in 2018, but lower between Labor Day and foliage.
  • Retail had a good summer and was open during busy weekends only
  • Increase in expenses were equal to revenue increases
  • $189K final NOI, better than anticipated. Several projects were capitalized vs expensed


Annual Audit – End of October, auditors were on site for 3 days. They were very happy with the organization of documents.  Looks like another successful and clean audit


October 2019 financials:

  • Cash position is $862K vs $439K (2018), +$422k.
  • Balance Sheet in great position going into next years projects
  • P&L great foliage weekends, 2 in October. Retail and Basebox were very busy
  • Lower insurance numbers should be increasing in January, significant increases in VT healthcare expenses


Cash Flow:

  • Great cash position due to pass sales
  • $250K in the rainy day account
  • Capital proposal to the board, $100K in December to buy a grinder for rental shop, $19K; groomer tracks $31K; third floor exit staircase $50K
  • Basebox, patrol/ski school construction are not factored into the cash flow yet. May need to use LOC due to the timing of SMF funds.  Currently working on capital payment schedule to incorporate into the cash flow.  Aprox $250K in project expenses will be MR responsibility, not SMF funded


Pass and Program Sales to Oct 15:


  • Spring pre-season pass sales brought in $130K, 1/2 was from new pass holders
  • A lot of good news in pass sales, people like what they see taking place on the mountain, the investments are paying off
  • 397 (37%) increase in total pass sales, pass sales have exceeded the full year budget already
  • Added marketing off the back side of the mountain in Bristol


Finance Committee mission Statement – is ready to go the board on Saturday


Modeling working group – met on Oct 12th to discuss next steps.  Will reconvene after year-end, and Andrew is back.  Season ticket sales triggered the thought too understand where the increases come from.


Next Finance Committee Meeting – Wednesday December 18th


8:55 am – Meeting adjourned



Deb Steines