Finance Committee Meeting Minutes: November 17, 2021

Attendance:  Andrew Carey, Andrew Snow, Brian Williams, Eric Palola, John Skelly, John Tobin, John Stetson, Matt Lillard, Richard Gervase, Will Kriewald.

The meeting was brought to order at 9:39 AM by Andrew Carey, MRG Treasurer and Finance Committee Chair.

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Approved October 2021 minutes

• Suggested corrections to the minutes: None
• Motion to approve by John Tobin, seconded by Will Kriewald. Minutes were approved.

Review of Financial Reports – Andrew Snow

• Documents can be found here in Google Drive.
• Balance Sheet
  • Cash position continues to be COOP cash, less POP account is $447K ahead of last year.
  • Consideration will be given to paying down the construction loan later in the season.
  • The “right amount” to be held in the Rainy Day Account will be evaluated.
• P&L
  • Total income is $400K ahead of last year. Good news in all departments.  Expenses largely track with increased revenues.
  • Past-due APR is down.
  • Preseason sales are now recognized as revenue and are $285K over budget. The goal of capping sales to 10% less than last year was not achieved due to shareholder sales.  There is also a significant shift from Mad Cards to passes and less reliance on Stark Mountain Cards due to lack of transferability.
  • Kids programs are up significantly and exceeded budget.
  • Management will evaluate viable alternatives to reduce credit card service fees. There are trade offs to be considered also as use of cash increases labor.
• Cash Flow
  • Ending cash balance remains very strong.
  • No anticipation of using the LOC or Rainy Day account at present.
  • More discussion forthcoming on paying down the construction loan.

Other Discussion

• There was some informal discussion regarding the makeup of the FC prior to the meeting. The BoT will discuss and advise.

Next Finance Committee Meeting – December 15th, 9:30 AM.

10:28 AM  – Meeting adjourned.

Submitted by:  John Stetson