Finance Committee Meeting: November 28, 2001

Mad River Glen Coop
Finance Committee Meeting
November 28, 2001

Committee meeting called to order by committee chair Deb Steines at 2:00 PM via conference call.

Committee members in attendance: Leigh Michl, board member, Roy Liu, and Deb Steines, Chair.

Shareholders in attendance: Andy Dulik and Deri Meier.

MRG Staff: Jamey Wimble and Sharon Crawford were in attendance.

DISCUSSION:

Minutes of October 24th

committee meeting were corrected and approved.

November 10^th Board Meeting update –

informed committee that the board was expecting our recommendation on the patronage rebate, I informed the Board that there would be no change to the current penalties for late payments on APR, and the limited ticket sales will remain at 1200 for this season.

October Financials

– there was a discussion on the cash flow statement, Jamey was requested to add a foot note concerning the CD and what year it was issued for. There was further discussion on October variances which where mostly timing issues due to October’s statements being the first of the year.

Limit Ticket Sales –

further discussion delayed until next year. Leigh still favors having the percentages based on averages not individual annual results.

Depreciation Schedule –

• Discussed the new schedule and placing low end limits on items to be capitalized. We also need to discuss what should or should not be capitalized. The items in question were chairs, paint sprayer, and building painting. Also questioned the length of time for some items such as computers
• Leigh and Deb will discuss with the auditors.

Patronage Rebate –

• Deb and Deri distributed the final document. Deri reported the final number for the patronage rebate was $23,237. The recommendation to the board is attached and will be submitted at the December meeting.

Other questions/topics:

Continuation of conference call for meeting. It was decided to continue this format through the winter.

Next Meeting –

January 16^th, 3 PM, via conference call.

The meeting adjourned early at 2:35 PM.