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Annual Shareholders Meeting Minutes December 26, 2009

MEETING MINUTES HISTORIC ARCHIVE

Type

Year

 





 

Minutes of December 26, 2009 Town Hall Meeting

 

After due notice, The Shareholder Town Meeting of the Mad River Glen Cooperative was convened at 5:07 PM on December 26, 2009 on the 3rd floor of the Basebox at Mad River Glen Ski Area in Fayston, Vermont.

 

Attendance was as follows:

 

Trustee

Attendance

 

Trustee

Attendance

Bill Reynolds (Chair)

Present

 

Lars Bruns

Present

Jim Elkind

Present

 

Liz Godwin

Absent

George Hall

Absent

 

Jed Kalkstein

Absent

Betsy Jondro

Present

 

Gary Lange

Absent

George Lesure

Present

 

 

 

 

 

Also present were President Jamey Wimble and two shareholders.

 

CALL TO ORDER:

Board Chair Bill Reynolds called the meeting to order at 5:07 PM.

 

Report on Financial Audit 2007-08 – Trustee Bruns

Trustee Bruns presented the Finance Committee’s report on the audit of the fiscal year that ended September 30, 2009. The review highlighted significant financial events, the audited financial results, cash flows, historical financial trends, and pending significant expenditures. A copy of the presentation can be found on the Minutes page of the Cooperative’s web site.

 

SHAREHOLDER COMMENTS and questions

In response to a question about repayment of the remaining $67k of the mortgage loan on the single chair, President Wimble indicated that Preservation Trust of Vermont will probably send us $45k from Single pledges in 2009. He expects PTV to provide enough funding for us to pay off the Single loan in early 2010. He further reported that there are about $34k in pledges that are in arrears from prior years. The Cooperative is working to collect the pledges that are in arrears.

 

Chairman Reynolds thanked the Finance Committee for its work in preparing the budget and monitoring the Cooperatives finances.

 

In response to a question regarding how the default rate on the Single Campaign pledges compares to default rates for typical non-profit fund raising campaigns, President Wimble reported that typically capital fund raising efforts usually experience about a 3% default rate on pledges. We currently have less than 3% of the pledges in default.

 

In response to a question about the availability of wireless Internet service in the Base Box, President Wimble indicated that wireless Internet is available in the Base Box.

 

In response to a question about cellular telephone service at Mad River Glen, President Wimble indicated that AT&T operates a cell at the base of the Birdland lift. However, the cell has not been operational since the Cooperative replaced a failed transformer at the Birdcage on December 24. President Wimble also indicated that technicians from AT&T were working to restore service.

 

A shareholder asked why the Cooperative removed the computers that had been available for public use in the Base Box. President Wimble responded that parents had complained that children were using the computers instead of skiing. Furthermore, it was noted that the computers were being used for purposes not consistent with the Cooperative’s mission.

 

Adjournment

Chairman Reynolds adjourned the meeting at 5:26 PM.