Finance Committee Meeting: October 29, 2008

Finance Committee Meeting October 29, 2008

Finance Committee Conference Call

October 29, 2008

Telephone Conference began at 8 am

Attending: Betsy Jondro; Deb Steines; Jamey Wimble; Jed Kalkstein; Pete Ludlow; Roy Liu; Tom Cagnina, Lars Bruns

Absent: Andrew Snow; Andy Dulik; Jeff Paduch; Leigh Michl

At the request of the Board – Discussion of funding options for capital investments to the support Strategic Plan discussions (modifications)

–          Discussed our overall capital needs and our limited resources

–          Consensus was reached that we do not have the financial resources to use operations funds for major capital projects

o       Some loan / bond program will be required and / or

o       Partner with Stark Mountain Foundation and other similar organizations to maximize our limited resources

–          Discussed economic value of opportunities

–          Will continue to monitor the situation.

Discussed recent financial audit – preliminary

–          Clean audit with no findings.

–          Will be calling meeting shortly to review draft (when received) for approval prior to Board approval at the December Board mtg (12/13).

Discussed preseason financials

–          Pass unit volume & revenues slightly ahead of prior year.

–          Service related preseason strong (ski school/race programs).

–          New MadCard product and pricing about equal to prior year. We received some complaints about the new “Family MadCard”.

–          Our market may be going local/northeast instead of distant travel this winter.

–          Loss carry-forward (tax-loss) is nearly gone after this year.

–          Need to plan for single chair campaign revenue continuing through 2011 that will increase our taxable income.

–          Some concern that due to the economy pledges may not be paid on time.

Meeting was closed at 8:40 am

Eric Schoenholz

Treasurer and Chairperson of the Finance Committee