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Mad River Glen Cooperative

Board of Trustees Meeting

Minutes – Saturday, December 13th, 2014

 

After due notice, a meeting of the Board of Trustees of the Mad River Glen Cooperative was convened at 5:00 pm on Saturday, December 13th, 2014 on the third floor of the Basebox at Mad River Glen Ski Area (“MRG”) in Fayston, Vermont.

 

 

Trustee

Attendance

Trustee

Attendance

Elkind (Chair)

Present

Holtan

Present

Tobin (Vice-Chair)

Present

Lesure

Present

Anderson (Secretary)

Present

Hourihan

Present

Stetson  (Treasurer)

Present

Palola

Present

Bowen

Absent

 

 

 

Also present were President Wimble and one shareholder.

 

5:01 PM   Call to Order

 

Chair Elkind welcomed the assembled and asked for shareholder comments.  There were none.

 

5:03 PM      Review & Approve Minutes of November 8, 2014 – Action

 

Motion

Made by

2nd by

Aye

Nay

Abstain

To approve the minutes of   November 13th, 2014

Trustee Stetson

Trustee Holtan

8

0

0

 

 

*** Calendar reminders:

                        Board Meetings on Jan 10, Feb 7, Mar 14

 

5:08 PM      Management Report (Jamey)

 

Operations:

 

All lifts are inspected and ready for season

 

Had a good early start to snowmaking before Thanksgiving then saw a big warm up but the snow held up well. Practice slope is finished and we will work our way up the main mountain when temperatures allow.

 

Terry Barbour won the Einar Aas award for excellence in snow sports management. This is a very prestigious award in the ski school world and Terry is very proud of it. Please mention it if you see him.

 

Big kicker party at American Flatbread was a big hit. Many people came out for the event.

.

 Share Sales:

 

We sold 1 share against a budget of 0 for the month of November. We have sold 8 shares YTD for this fiscal year. We granted one hardship request the first week in December.

 

 

Financials:

Income was down slightly for the month but expenses were way down. Our cash position remains lean for this time of year. We are still trailing last year.

 

Chair Elkind thanked Jamey and his staff for making the decision to open Friday.

 

5:18 PM      Finance Committee (John Stetson)

Review FY2014 Audit – Action

Review FY2014 Shareholder Redemption Requests – Action

 

Trustee Stetson stated he was pleased that the audit was “clean” with no comments or adjustments from the auditors.  The Finance Committee had met on December 11th to review the financial statements and independent auditor’s report and approved both. There is a question about paragraph 11 of the Financial Statement regarding costs involved with the Capital Campaign. After review and discussion there was a motion.

 

Motion

Made by

2nd by

Aye

Nay

Abstain

That the board approve the finance committee’s recommendation to approve the auditor’s report subject to advice about paragraph 11.

Trustee Stetson

Trustee Palola

8

0

0

 

Trustee Stetson also stated that the cash balance is a concern to the finance committee. There was discussion about renewing the line of credit and that will be added to the January F/C agenda. He also reported there are 34 shares to be tendered. The finance committee recommends that payout be postponed until the January meeting. There was considerable discussion regarding delaying the payout  which ultimately led to a motion.

 

 

Motion

Made by

2nd by

Aye

Nay

Abstain

That the board defers deciding on share redemptions until the January 2015 meeting, giving the finance committee time to review the December financial statement.

Trustee Stetson

Trustee Tobin

8

0

0

 

 

 

5:40 PM      Fund Raising Committee Report (Annika)

Status of MOU

Update on endowment management

 

 

Trustee Holtan reported the Campaign Committee is happy with the progress so far. The Memorandum of Understanding (MOU) with SMF is down to the “nitty gritty” with the attorneys and is close to completion. There has also been talk of Stark Mountain Foundation (SMF) setting up a traditional endowment account with Vermont Community Foundation (VCF).

 

The Board discussed looking at the long term (2019) regarding fundraising and projects the need to show progress to encourage continued giving. The consensus was the On Mountain and Ski Patrol building would take priority.

 

Trustee Holtan thanked all the Trustees who had donated and hoped all would do so by the end of December.

 

 

6:06 PM      Board Development and Election Preparedness (Eric)

 

Trustee Palola reported Jim and George will be finishing their 2nd term and Annika plans on running for a 2nd.  There will be two seats open and he welcomes input and from all shareholders. The nominations are due at the end of January so as to be approved at the February meeting.

 

6:12 PM      Will we have a Holiday Town Hall

 

After discussion the board decided to have an informal Holiday Town Hall with intent of hearing shareholder concerns and recruiting potential board members.

 

6:27 PM      Action Item Review (Jon)

 

Create a campaign structure with sub-committees.

Board

ongoing

Explore options with pub staff on correcting the Rotary’s concerns regarding catered meetings.

Jamey Wimble

Ongoing, Jamey will follow up with Gordon.

Explore options on communicating with shareholders and potential shareholders.

Meg Hourihan

Ongoing

Review the list of shareholders to identify potential board candidates

All trustees

Before January 10 meeting

Approach shareholders to determine interest in serving as a trustee

All Trustees

Before February board meeting

 

 

6:30 PM      Adjourn

 

Motion

Made by

2nd by

Aye

Nay

Abstain

To adjourn

Trustee Anderson

Trustee Lesure

8

0

0

 

 

Respectfully submitted,

 

Jon Anderson

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