Finance Committee Meeting Minutes: October 13, 2021

Attendance:  Andrew Carey, Andrew Snow, Eric Palola, Geordie Hall, Leigh Michl, Matt Lillard, Meg Hourihan, Meg Shultz, Richard Gervase, Will Kriewald.

The meeting was brought to order at 9:34 AM by Andrew Carey, MRG Treasurer and Finance Committee Chair.  These minutes are prepared from a recording.

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Use of Recorded Discussion for Minutes

• Some discussion regarding use of recordings for minutes. Resolved that recordings would be deleted following transcription.

Approved September 2021 minutes

• Suggested corrections to the minutes: None
• Minutes were approved.

Review of Financial Reports – Andrew Snow

• Documents can be found here in Google Drive.
• Balance Sheet
  • Cash position continues to be
  • Revenues have been accelerated due to changing the pass deadline to September 30th to align with the APR.
  • Consideration will be given to paying down the construction loan once the audit is complete.
• P&L
  • Basebox and retail revenues exceeded budgets.
  • Breakage from Mad Money contributed $68,000, or about 50% of the Mad Money that had been issued. Mad Money is now on electronic cards which seems to be resulting in greater on-line retail sales, but too much is being lost in breakage. More effort will be made in the future to encourage use of the Mad Money, primarily from APR, to be spent.
  • Basebox and retail expenses are up but in line with higher revenues.
  • Credit card service charges are high due to pass sales. Fees are running just shy of 3%.  Cash was discouraged during the pandemic.
  • Labor costs were generally down due to reduction in services due to pandemic.
  • NOI, before Other Income/Expenses, is a loss of $271,000.
• Cash Flow
  • Cash flow from preseason sales is very strong.
  • Share sales continue to be outstanding as a result of the guarantee for tickets and passes to shareholders.
  • No anticipation of using the LOC or Rainy Day account next year.
  • More discussion forthcoming on paying down the construction loan.

Other Discussion

• Develop creative ways to involve new shareholders in the Mad River community.
• Consider moving cash to accounts yielding greater returns.

Next Finance Committee Meeting – November 17th, 9:30 AM.

About 10:10 am – Meeting adjourned.

Submitted by:  John Stetson