Finance Committee Meeting Minutes: September 15, 2021






Finance Committee

Mad River Glen Cooperative

Wednesday, September 15, 2021

Attendance:  Andrew Carey, Andrew Snow, John Skelly, Leigh Michl, Matt Lillard, Meg Shultz, Sharon Crawford,


The meeting was brought to order at 10:30 AM by Andrew Carey, MRG Treasurer and Finance Committee Chair.  These minutes are prepared from a recording.


Approved June 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.
  • Overview
    • Back to summer as usual, good summer business and strong share sales continue.
    • Launched season pass sales, with phenomenal results for the end of August.
  • Balance Sheet
    • Cash position is very
    • Mad Money is now electronic and includes all Mad Money outstanding as of the end of August.
    • No plan to touch the Rainy Day account or use the LOC.
    • Much of the cash is just received earlier in the year and will be needed for operations.
  • P&L – August & YTD
    • Little to report for August.
    • Credit card service charges significantly exceed budget due to the spring season pass sale.
    • The Pub did much better than in the past years and beat their budget.
    • Retail shop is primarily from on-line sales. The electronic Mad Money is benefitting sales.
    • Basebox expenses are up – food and labor. Continue to keep staff employed year-round where possible.  No attrition noted.  Will try to break out the Pub costs from other costs.
    • Credit card service fees are notable. There may be options to be considered.
    • Office admin expenses include IT and bonuses.
    • Insurance increased due to general liability rate and a higher base with the new buildings.
    • Still anticipating a $250,000 loss NOI.
  • Cash Flow
    • Strong pre-season sales and share sales.
    • Essentially budgeting a breakeven budget of $15,000 NOI.
    • No plan to use rainy-day or LOC.
    • Grant money for COVID projects will provide other benefits to ticket scanning, upgrades to e-commerce system, etc.


Other Discussion

  • Should the budget include bonuses for the management team?
  • Can we improve the forecasting of deferred maintenance costs, etc.?
  • How much concern about new deadline and limited pass sales? Maybe an employee email would help with the communication, and is in the plans.  Shareholders can always buy a pass.
  • December 11 is the target opening.
  • Future meetings – will try to arrive at a time that works for many.


Next Finance Committee Meeting – TBD

About 11: 20 am – Meeting adjourned.


Submitted by:  John Stetson