Finance Committee Meeting Minutes: November 15, 2023

Attendance: Will Kriewald, Matt Lillard, Andrew Snow, Meg Schultz, Brad Noble, Geordie Hall, John Skelly, Brian Williams, John Tobin, Richard Gervase, Leigh Michl, Andrew Carey

The meeting was brought to order at 9:32 AM by Will Kriewald, MRG Treasurer and Finance Committee Chair.

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Cash Investment/Withdrawal Charter Updates and Thresholds – Will Kriewald

The changes to the governance documents to allow management increased flexibility for investing excess cash and allowing board oversight beyond certain thresholds was discussed. The initial proposed thresholds (minimums) are as follows:

Investment Funds – proposed minimum thresholds:

$750k Non-Operating (Capital) Fund

$400k Operating (Rainy Day) Fund

The above thresholds would allow for the following:

$250k+ Excess cash held in Operating (Rainy Day) Fund

$300k minimum cash in-season, $200k off-season

The committee was in agreement with the proposed thresholds.

Andrew Carey made a motion to recommend to the board the thresholds for their approval, Geordie Hall Seconded

Approved by a unanimous vote

Approved October 13, 2023 draft minutes with a minor correction

• Motion to approve by Geordie Hall; seconded by Adrew Carey. Minutes were approved.

Request for Secretary – Will Kriewald

• John Skelly offered to help

Review October and YTD financials – Andrew Snow

• All referenced documents can be found here in Google Drive. Refer to reports for detailed comments.
• October/ YTD P&L
  • Income
    • Recognition Of Season Pass Sales drove October income to $1,807K- 5% over budget and 8% over 2022.
    • Lower Basebox Revenue due to less foliage weekends in 2023 v 2022 and 3.5% lower than budget

• Overall Expenses were just shy of 10% below budget with timing of expenses contributing to the positive variances including:
  • Credit Card expenses $3K lower driven by Lower rates than last year, fewer last-minute transactions on 9/30, which would have been billed in Oct
  • Insurance/ Property Tax expenses – $6K- driven by timing of Health Care expenses

• Balance Sheet
  • Co-op Cash is $2.7M up $385K from 2022
  • Adjusted Co-op Cash (cash, less POP account and Construction Loan and new plow loan) is $2.3M, or $266K over last year.

Review cash flow forecast – Andrew Snow

• Cash Flow Projection for 2023-24
  • Operating Cash is $1.1M to start the fiscal year
  • Plan for the year includes Share sales of $100K, Capital spending of $192K. Low month end operating cash is $283K for August 2024
  • Excess Cash will be moved to investment accounts to maximize interest earned- especially around Fall and spring pass sales.
  • Lift 2 Drive replacement added to capital plan in November $50K
• The Committee discussed messaging to the shareholder community regarding the needs for the cash invested in the operating and non-operating funds. The discussion included the needs for bad snow years and contributions to capital expenses for deferred maintenance and the potential impacts of climate change..

10:26 AM  – The meeting adjourned with motion by John Skelly seconded by Meg Schultz.

Next Finance Committee Meeting – December 13th, 9:30 AM.

Submitted by:  John Skelly