Finance Committee Meeting Minutes: October 14, 2020

Attendance:  Lars Bruns, Richard Gervase, Leigh Michl, Matt Lillard, Brad Noble, Meg Schultz, Andrew Snow, Deb Steines, John Stetson, Brian Williams.

The meeting was brought to order at 8:00 AM by Brad Noble, MRG Treasurer and Finance Committee Chair.

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1. Approved September 2020 minutes

2. September and YTD 2020 Financial Reports and Cash Flow Review:
   • Balance Sheet – one of the best cash positions ever, current cash at $927k vs $175k prior year. Co-op cash includes $192k PPP loan which has not been formally forgiven yet.

• P&L – September.
• The best fall foliage weekend every with $10.7k in ticket revenue for the weekend
• Mad money breakage added $52k vs $42k prior year
• Retail remains strong with social distancing tee shirts and masks leading the way
• $11k in Covid related expenses will be moved below NOI next month as they are not normal expenses

• YTD P&L –
• $225k NOI, $38k better than prior year. Every department was doing well prior to closing.
• Other expenses include $21k book value disposal of the old patrol building and $14k in Covid expenses.
• After the call, the auditor approved a reporting change to move those last two items to the “other Income/Expense” section of the P&L report, recognizing that they are non-ordinary, non-operating expenses. As a result, the new NOI is $260k.  Revised reports were shared with the Finance Committee and Board.

      – POP – $3.1 mil to Co-op YTD

• Cash Flow:.
• $120k will be put back into rainy day account in October, bringing the balance back to $500k. Expect to draw $75k from this account next summer based on existing budget.
• Day ticket revenue is in at budget which we do not expect.
• Anticipate using $325k in construction loan draw.

• Overview of Covid scenarios

• Building 5 levels of operation based on state guidance, this is fluid and changing. Expecting state input soon on expectations for this winter
• Expect limits on lodges and number of people (except for those from the same household) on lift/chairs, no limit on who is on the mountain
• Portable heaters on order, have $90k for Covid expenditures that the state may help cover with Ski Area Recreation Safety Grant funding.
• Vermont Economic Recovery Grant for 2020 – watching closely to make sure we are in compliance based on pass sales increasing this calendar year’s revenues: risk of needing to pay back some portion of grant funding if revenues are higher than anticipated.

• Project Update-
• Anticipate coming in about $40-70k under plan,
• CO on Patrol building next week, Basebox CO in November

Future Meeting agenda item

• Geordie will provide the FC with an outline of a process for SMF grant requests for funding that may not have current funds available. The grant request would be held for potential funding in the future if funds were to become available.

Next Finance Committee Meeting – November 18

8:40 am – Meeting adjourned

Submitted:  Deb Steines