Finance Committee Meeting: November 23, 2005

Mad River Glen Coop

Finance Committee Meeting

November 23, 2005

Committee meeting called to order by committee chair Jed Kalkstein at 8:35 AM via conference call.

Committee members in attendance: Eric Schoenholz, Jeff Paduch, Andy Dulik, Mary Schramke, Leigh Michl, Jed Kalkstein (Chair).

MRG Staff: Jamey Wimble

DISCUSSION:

2005 Draft Audit

The committee reviewed and discussed the draft of the Fiscal 2005 audit and management letter.The management letter contained three minor issues that require simple actions to correct but was otherwise acceptable.

The committee discussed certain line items in the audit:

• Ski facilities increase was due to higher than expected overtime wages ($26k) and an unanticipated rise in fuel costs ($22k).

• Property tax and insurance increase was due to higher than expected health care costs.However, it was noted that the current high deductible plan still saved MRG money versus more traditional plans.Leigh Michl suggested that Jamey explore the possibility of tax-advantaged spending accounts for employees.

The committee voted in favor of accepting the audit as presented.

October Financials

The committee reviewed the P&L results for October.MRG is tracking budget.Of note on the cost side, Jamey will explore further the increase in credit card services fees.

Commitment Letter

Jamey and Jed briefed the committee on the existence of a commitment letter with Northfield Savings Bank in anticipation of a future discussion on how to properly finance the single chair.The committee found the terms and conditions of the commitment acceptable.

Action Items

• Send information on pre-tax spending accounts (Leigh to Jamey).

• Think snow (All).

The committee chair will call the next meeting as needed.

The meeting adjourned at approximately 9:00AM.