Finance Committee Meeting Minutes: November 17, 2021






Finance Committee

Mad River Glen Cooperative

Wednesday, 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.


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