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