Finance Committee Meeting: November 12, 2002

Mad River Glen Coop

Finance Committee Meeting

November 12, 2002

Committee meeting called to order by committee chair Deb Steines at 3:00 PM via conference call.

Committee members in attendance: Leigh Michl, Jed Kalkstein, and Deb Steines, Chair. Absent – Roy Liu, Eric Schoenholz, and Mark Renson.

Shareholders in attendance: none

MRG Staff: Jamey Wimble.

DISCUSSION:

Annual 2001/02 Audited Financial Statements– were reviewed and discussed. We discussed the Balance Sheet and had no significant observations. It was noted that the increased liability for Payroll and related was primarily due to a carryover of vacation time and the increase in advanced purchases was the quick payment of APR this September. There was nothing significant noted on the Income Statement or the Cash Flow. Leigh, as President and Deb, as Secretary, will meet with the auditors either Thursday or Friday to finalize the process for this year. We will then report to the board on Saturday.

Capital Funding – a brief discussion was had concerning the possible funding sources that MR would have access to should a need arise. The board has asked this committee to develop a ‘white paper’ which outlines our sources and types of funding that would be possible in the event we should need financing. Leigh suggested we review the projections, which were prepared with the 2002-03 budget process to understand potential needs. Deb will circulate them for the next committee meeting.

Other questions/topics: none

Next Meeting – December 10, 1 PM, via conference call

The meeting adjourned at 3:30 PM.

Agenda items for the next meeting:

·         Approve minutes from June 25 and November 11.

·         Capital funding sources

·         Debit Cards instead of Mad Money