Finance Committee Meeting Minutes; November 2, 2017

Attendance: Alan Bates, Lars Bruns, Bruce Button, Sharon Crawford, Richard Gervase, Geordie Hall,
Annika Holtan, Jed Kalkstein, Pete Ludlow, Meg Hourihan, Matt Lillard, Andrew Snow, Deb Steines, John
Stetson, John Tobin

The meeting was brought to order at 8:00 AM by Deb Steines, Finance Committee Chair.
Andrew Snow made the announcement that he will be joining the MRG organization as the Accounting
Manager. Andrew will start working remotely immediately on a limited basis and come on full time in Mid
December through the end of the season. He will then transition to a part time basis remotely for the
summer straight through next years Audit. Andrew will be tasked with performing the Accounting Manager
functions while working to update our processes with an eye toward using current technological resources.
Andrew and his wife Katrina are looking forward to the winter at MRG.

The minutes from July were unanimously approved.

The year-end financial statements were reviewed, currently we are at ($80k) without final minor adjustments
that were recommended in the audit. One items of note was other income reflects $39k in Mad Money breakage.

Discussed pass sales which are $22k/4% better than last year to date. Full season passes are $41k
ahead, with value passes lower by $22k, this is as expected with the change in days that the value pass
will be honored this winter. Ski school and shareholder mad cards are also ahead of prior years sales.
Campaign funds will be coming in to pay for snowmaking, birdcage expenses, and the mountain mower.

There are $70k in outstanding BAMP expenses in Current Assets that will be moved when renovations
are done on the Basebox and the Patrol Building. Bruce suggested they need to move out of current assets
and into another category Asset category. Matt was going to discuss with auditors.

Cash Flow discussion:
• Matt is hoping to establish a rainy day account for future use rather than dipping into the LOC
• There are $150k in campaign funds for 2017/18 projects, this could be higher based on campaign
results.
• LOC- currently $160k balance, will be paid in November. Must have the LOC paid in full for 30
days during the agreement, by paying this early in the agreement, we have an 18 month window
before we need to meet that obligation again.
•We have an improved cash flow because campaign expenses are significantly reduced and the
Co-op is no longer forward funding projects that need to wait for reimbursement, as was the case
early in the campaign.
• Snow making – there are two new guns on their way under a rent to purchase agreement, we
have the funding for the future purchase
Mad River Glen Cooperative
Finance Committee Minutes
November 2, 2017

Audit Report – minor changes otherwise a clean report.
• Annika requested a change to a term on the Cash Flow statement, from Capital Campaign Grants
to just Grants, as the funding of these grants from SMF for trail work comes from non-campaign
sources.
• It was also noted that the deferred project cost under current assets should be moved elsewhere
on the Balance sheet as it’s term is over one year.
• The final report will go to the Finance Committee for the December meeting for review prior to the
December 16 board meeting.

Matt will be working on an annual capital report outlining planned projects for a one-year time frame.
The meeting adjourned at 8:45 AM.

The Finance Committee will meet December 14 at 8 AM.
Respectfully submitted, Deb Steines, Treasurer