Finance Committee Minutes: February 6, 2014





Mad River Glen Cooperative


Finance Committee Conference Call

February 6, 2014

Telephone Conference began at 8:15 am

Attending: Andy Dulik, Jim Elkind, Pete Ludlow, Geordie Hall, John Stetson, Jamey Wimble, Roy Liu, Bruce Button, Annika Holtan, Deb Steines, Richard Gervase.

Schedule and Agenda Review:

1. Jamey reviewed January 2014 and FY to date financial results:

·         Only 10% of ticket sales versus forecast in January and YTD

·         $475k behind budget on top-line YTD, projecting potentially $225k variance at bottom-line. Summer spend is factored into the budget forecast. In reality, will likely be scaled back.

Operations are essentially back up and running full-week, except for Birdland (due to snow conditions).

2. Jamey reviewed Demont’s proposal. Key points include:


·         Confident that co-op could raise $6.5m

·         Demont’s “success” rate for achieving fund-raising goals for clients is 96%

·         The co-op would incur cash expenses of approximately $173k before any funds would start coming in from any fund-raising


Questions from Geordie:

       Is it clear what resources are being committed to the fund-raising process by the co-op, volunteers, equipment, room, coordination with SMF, etc.?

       Is it clear what the actual BAMP roll-out would look like at this point, do we have clear shareholder buy-in, are any projects (snowmaking, basebox, etc.) tied to any individual fundraising commitments?

       Who ultimately owns the fundraising process?


Bob Demont participated on call for approximately 25 minutes answering various questions.


3. Jamey reviewed the current cash flow projections



Motion From Geordie Hall: Motion to recommend to the board to proceed with Demont with a firm checkpoint at end of October: Demont to produce a “use of proceeds statement” for all appropriate stakeholders.



Richard Gervase voted against. All other participants voted affirmative.



Respectfully submitted,



Roy Liu