Shareholder Loan Finance Committee: December 26, 2003





Mad River Glen Coop

Shareholder Loan Finance Committee (SLFC) Meeting

December 26, 2003



Committee meeting called to order by committee member Deb Steines at 4:05 PM in the MR Office.


Committee members in attendance: Deri Meier, Bob Rogers, and Deb Steines, MR Treasurer.

Absent – Eric Schoenholz and Jito Coleman, Chair.

Shareholders in attendance: none

MRG Staff: Sharon Crawford.




Computations – Sharon distributed the Bond Exhibit that details the financials and interest earned.


Interest – bondholders who have not used their bond credits (interest) will have until March 31 to redeem, anyone not redeeming by then they will forfeit their interest for the year.


Status – There are currently $114,500 in outstanding bonds, $10,000 (4 bonds) were redeemed in 2002/2003.


Bond Redemption Account –Sharon will open a reserve account for the anticipated redemption of the bonds. She will deposit $20,000, less bonds redeemed annually. For 2003 $10,000 will be deposited ($20,000 less the $10,000 redeemed). The committee continues to feel that while the dollars annually are small, in 2008 when all the bonds come due it is important that we have the funds put aside in case 2008 is a poor year financially. We also discussed calling all bonds prior to 2008 and feel it might be something to consider.


Certification – The committee has verified and certified the financial statements as of 9/30/03.


Next Meeting – December 26, 2004, 3:30 PM in the MR office.


The meeting adjourned at 4:25 PM.