Finance Committee Meeting Minutes: September 14, 2022

Attendance:  Andrew Carey, Andrew Snow, Brad Noble, Brian Williams, Eric Palola, John Stetson, Leigh Michl, 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.

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Approved June 15, 2022 minutes

• Suggested corrections to the minutes: None noted
• Motion to approve by Geordie Hall, seconded by Leigh Michl. 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.
• Summer P&L
  • Basebox was very successful. Wednesday was consistently strong.  Demand for restaurants in the Valley is good.  Expenses are up with the volume.  Basebox expenses include some facility costs as well.
  • Gross Profit was $219K, which was $64K over budget, and $39K more than last year.
  • Upgrading point of sales and credit card processing system.
  • A negative NOI of $515K is $3K better than budget, and $26K less than last year.
• YTD P&L
  • NOI of $239K is $132K better than budget, and $449K ahead of last year.
• Balance Sheet
  • Cash position remains strong.
  • Adjusted CoOp Cash (cash, less POP account and Construction Loan) is $1.487M, or $8K less than last year.
• Cash Flow
  • $252K was moved to the Rainy Day account in June.
  • August preseason sales are slower than last year. Spring sales were stronger than the previous year.  Preseason sales will be discussed in more detail next month.
  • The communications line on the double will be replaced due to a lightning strike and the cost is covered by insurance, less $1,000 deductible.
  • A preliminary look at the 2022-23 cash flow was provided. There is no expectation to hit the LOC or Rainy Day account.

• Other Discussion
  • The committee charter was approved in June, including a list of the members. There are 12 members, excluding staff, thus 7 represents a quorum.  The board will decide if Andrew, who is also a shareholder, is a voting member.
  • Geordie raised a question about reporting by department. More information will be provided on a high-level, departmental basis in the future.
  • SMF is still considering funding certain labor costs.

10:30 AM  –  Motion to adjourn by Geordie Hall, seconded by Will Kriewald.  Meeting adjourned.

Next Finance Committee Meeting – October 12th, 9:30 AM.

Submitted by:  John Stetson