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
Treasurer and Chairperson of the Finance Committee