Finance Committee Meeting Minutes: September 16, 2020

Attendance:  Richard Gervase, Geordie Hall, Leigh Michl, Matthew Milan, Matt Lillard, Brad Noble, Eric Palola, Xander Paterson, Meg Schultz, John Skelly, Andrew Snow, Deb Steines, John Stetson, John Tobin, 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 June 2020 minutes

2. August and YTD 2020 Financial Reports and Cash Flow Review:
   • Balance Sheet – Strongest cash position we’ve had in years. Cash is $363k vs ($20k) last year.  First year in the past several that we didn’t touch the LOC, and have money in the rainy day account.  The sale of 50 shares since August 1 has also contributed to our good financial position.

• P&L –
• May – August. No Basebox operations due to the construction, actuals we’re at a loss of ($464,000), compared to a budgeted loss of ($467,000).  Retail has had a great summer selling the distancing tee shirts and now the masks, exceeded budget by $16k
• Covid related expenditures are in other expenses, there will be more as we move into fall

• YTD P&L –
• despite the early closure. We are trending very close to budget
• NOI trending ahead of budget by about $151,000.
• On the POP YTD update received $1.2 mil YTD for the summer renovations, with over $3 mil total received.
• Cash Flow:.
• Received $50k from the State Economic Stimulus Grant, enabled us to take $125k from the rainy day account which is less than anticipated. The state money is intended to cover business losses that we have incurred due to Covid.  There is another $100k pending which is not included in this cash flow.
• A suggestion was made to discuss the BAMP consulting costs that are on the balance sheet with the auditors and potentially write off those that cannot be applied to the project this year.
• We finished the month of August, with $175,000 cash available in our daily accounts. That doesn’t account for the rainy day account balance, this fall we plan to use about $100,000 of that towards the Co-ops portion of the capital project. We anticipate needing about $75,000 from the rainy day account next summer, assuming we hit our budgeted numbers for the winter. That leaves over $200,000 in the rainy day account if no additional funds are added next year.
• Pass sales are in as budgeted. And have sold 50 shares since August 1st

• Overview of Covid scenarios

• Building 5 levels of operation based on state guidance, this is fluid and changing and not ready for release yet
• Have already made changes to allow us to operate remotely and behind plexiglass

• Project Update-
• Anticipate coming in about $100k under plan, but we aren’t done yet so not sure that will remain

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 – October 14

8:50 am – Meeting adjourned

Submitted:  Deb Steines