Finance Committee Meeting Minutes: September 13, 2023

Attendance:  Andrew Carey, Andrew Snow, Brad Noble, John Skelly, John Tobin, Will Kriewald, Richard Gervase, Bryan Hall

The meeting was brought to order at 9:34 AM by Will Kriewald, MRG Treasurer and Finance Committee Chair.

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Approved June 14, 2023 draft minutes

• Suggested corrections to the minutes: None noted
• Motion to approve by John Skelly; seconded by Richard Gervase. Minutes were approved.

Review of Financial Reports – Andrew Snow

• All referenced documents can be found here in Google Drive. Refer to reports for detailed comments.
• August P&L
  • Strong summer business continued, 22 days open compared to 21 last year
  • Preseason sales did not commence until after Labor Day instead of Aug 15
  • Budget was based on actuals from two years ago
  • Break-even month; inventory wasn’t done until 9/4 due to staff illness, so COGS probably overstated by $3.5-4.0k, wages continue to trend high vs. budget and last year
  • Variance in Other Income vs. budget and last year is attributable to interest income ($2.8k)
• YTD P&L
  • Gross Profit is $4.4M or $514K over budget and $834K ahead of last year
  • NOI is $276K, or $114K over budget and $38K over last year.
• Balance Sheet
  • Adjusted CoOp Cash (cash, less POP account and Construction Loan) is $1.7M, or $223K over last year.
• Cash Flow Projection
  • Operating cash has increased ahead of the previous projection, but we expect headwinds moving forward.

Cash Investment/Withdrawal Charter Updates; Motion to Invest Excess Cash

• Will Kriewald discussed the drafts of the Operating Fund Investment Policy, the Non-Operating Fund investment Policy, and the Investment Funds Governance Policy that were made available to the Finance Committee prior to the meeting (the “Investment Documents”). Questions were solicited and a discussion ensued.  Several Finance Committee members expressed that during the period during which the Finance Committee works to finalize the Investment Documents, Management should be given the flexibility to invest excess cash (as determined by Management) into the investment vehicles that have been approved in the governance documents.
• Motion: Andrew Carey made a motion that the Finance Committee recommend to the Board that the Board authorize Management to invest excess cash (as determined by Management) into the investment vehicles that have been approved in the governance documents. Will Kriewald seconded the motion.  Motion approved by unanimous vote.

10:39 AM  – The meeting adjourned by consensus.

Next Finance Committee Meeting – October 18th, 9:30 AM.

Submitted by:  Richard Gervase