Finance Committee Meeting: November 3, 2003

Mad River Glen Coop

Finance Committee Meeting

November 3, 2003

Committee meeting called to order by committee chair Deb Steines at 4:00 PM via conference call.

Committee members in attendance: – Eric Schoenholz, Jed Kalkstein, Andy Dulik and Deb Steines, Chair.

Absent: – Leigh Michl and Roy Liu

Shareholders in attendance: none

MRG Staff: Jamey Wimble and Andrew Snow

DISCUSSION:

Approved – May 7, 2003 meeting minutes.

Funding Recommendations

• Revised 8 year average operating income to $135,000, removed the seven year average.
• Agreed to submit the document at 11/8/03 board meeting.

Patronage Rebate – based on balance sheet positions and required capital outlays over the next several years the finance committee does not recommend a patronage rebate for 2002-2003.

Reserve Funds – After the 2002/03 statements are finalized the finance committee will recommend an additional reserve fund be set up by the board.

Debit Cards-

• The current process is cumbersome but a debit card system would be a large capital expenditure (estimate of $40,000). Some individuals don’t even have credit cards or checking accounts so this will be culture shock for some shareholders.
• The question of having regular credit cards with the MadRiver logo on them for shareholders or other MadRiver patrons to use might generate some revenue. Jamey to investigate further.
• Could also investigate a gift card type of card with cash balances. all.

Next meeting on will be in December to review 2002/03 year end numbers and reserve recommendations based on prior years operating income. We will also try to get together over the holidays for social purposes.

The meeting adjourned at 4:50PM.

Agenda items for the next meeting:

·        Reserve Recommendations.