• Trails Open: 23
  • Lifts Open: 1
  • New Snow: 0-0"
More Lifts / Trails
  • Surface: Packed Powde...
  • Temp: 8°F
  • Windchill: -4°F
More Weather

 

Mad River Glen Cooperative

Board of Trustees Meeting

Minutes Saturday, May 14, 2011

 

After due notice, a meeting of the Board of Trustees of the Mad River Glen Cooperative was convened at 8:00 a.m. on Saturday, May 14, 2011 on the third floor of the Basebox at Mad River Glen Ski Area (MRG) in Fayston, Vermont.

 

Trustee

Attendance

Trustee

Attendance

Bruns (Chair)

Present

Lange

Present

Elkind (Vice-Chair)

Present

Liu (Treasurer)

Phone-in

Godwin (Secretary)

Present

Lesure

Present

Anderson

Present

Stetson

Present

Jondro

Absent

 

 

 

Also present were three SHs.

 

8:03 Call to Order

 

Trustee Bruns (Chair) called the meeting to order at 8:03 a.m.

 

8:03 Shareholder Comments (SHCs)

 

SH Penny Parson thinks bar will be great without the booths.

SH Kay Eaton is interested in the Single Chair finance issue.

 

8:04 Approval of Minutes

 

Motion

Made by

2nd by

Aye

Nay

Absent

To adopt the minutes of April 3, 2011

Trustee Stetson

Trustee Lange

8

0

1

 

8:04 Review of Executive Committee (EC) Action

 

One hardship request was approved by the EC.

 

8:05 Review & discuss Finance Committee (FC) recommendation for Single Chair finance accounting (Action)

 

We will probably not get as much money from our business interuption insurance (from the Double breakdown) as anticipated, but that had not been factored into the budget so it doesnt affect decision-making at this juncture and any settlement would increase our NOI over current forecast. There are still some numbers that need to be finalized, but the FC does not anticipate any significant changes. The sum of all donations, plus chair sales and raffle tickets, less expenses directly related to the Single Chair Capital Campaign (SCCC) is roughly $50K, plus an additional $30K in terms of pledges as yet unfulfilled. Ergo, the net balance would be in theory $80K. FC recommends to the Board that those funds be designated in a Single Chair account that would be used specifically for SC maintenance.

 

Clarification was requested regarding the difference between charitable donations for the SCCC vs. other monies coming into the coffers.

 

 

We are not required to create a separate account by our covenant with PTV because the fundraising threshold was not met. However, some donors believed that all funds used to build the single would be used exclusively for the Single Chair. The FC recommended establishing the separate account to make sure that the donors intent was honored.

 

Annual maintenance costs are approx. $5-7K but those will likely increase as the lift ages.

 

SHC: SH Parson appreciated the time the Board was spending to consider this issue. On behalf of SMF, she expressed that its easier for them to raise money because they can be sure that the Co-op will honor the intentions of donors. SMF is still receiving donations.

 

Motion

Made by

2nd by

Aye

Nay

Absent

To accept the recommendation of the FC to segregate the monies specifically designated for the Single Chair.

Trustee Lange

Trustee Elkind

7

Trustee Bruns

1

 

Trustee Bruns believed that those who received material items (e.g. chairs) benefited from their money being spent and are different from those who donated for no return.

 

SHC: SH Hall suggested that in future campaigns communication needs to be very clear about difference between donations and transactions.

 

8:30 AM Discuss Shareholder Diederichs letter regarding MRG and military policy

 

Trustee Stetson asked for clarification of the policy. The policy was clarified as follows:

        All active Military and National Guard members, who are also Vermont residents, and their immediate family members receive free lift tickets throughout the ski season.

        All active Military and National Guard members, who are not Vermont residents, and their immediate family members are eligible for a 50% discount on any lift tickets purchased throughout the season.

 

We seem to offer a great discount compared to other VT areas.

Trustee Godwin is concerned with consistent in-state vs. out-of-state treatment, not dollar amount of discount. She maintains that if someone is serving our country, regardless of their state of origin, they should get the same discount, even if we have to reduce the value of that discount so that the net expenditure is the same.

Trustee Elkind recommends taking no action; its on par with industry standards.

Trustee Lange also thinks our policy is quite generous and suggests that Mr. Diederich and other SHs be made aware of the comparable deals at other VT ski areas.

Trustee Stetson reiterated that Mr. Diederichs concerns are about the in-state vs. out-of-state distinction.

The Board did not take any action.

SHC: SH Hall thought that other military entities should be considered besides Guard.

 

8:35 AM Committee Reports

 

Board Development (Trustee Lange)

 

The election for Board Members held at the annual meeting on April 2, 2011 went smoothly. Trustee Lange extended thanks to all who helped along the way, including Sharon Crawford, Eric Friedman, and the troops on the ground during the meeting, including the ballot counters, Paul Finnerty, Dot Helling and Betsy LaFlame. Special thanks were extended to the members of the election committee consisting of Deb Steines and Betsy Jondro (until she had to withdraw due to her candidacy). Finally, he gave thanks to all those who ran for a seat on the Board.

 

Congratulations to Betsy Jondro, and Liz Godwin who retained their seats on the Board, and congratulations and welcome to our new in-state Board member, Jon Anderson.

 

Looking forward, terms expire next year for Jim Elkind, George Lesure, and Gary Lange.

 

The election procedures we adopted last September call for the appointment of a chair for the election committee by May 15, 2011. Trustee Lange decided to step down as his term expires next season. Jon Anderson volunteered and was appointed to take on the task; many thanks to him for doing so.

 

Finance Committee (Roy)

 

The FC recommends that the Board approve President Wimbles proposal to increase the summer spending to $120K, to incorporate approximately $15k of spending on IT needs.

 

Discussion ensued to clarify how money is allocated into various areas of the budget.

Trustee Stetson thinks that the list of summer spending projects seems random and that it should be covered by yearly budget. It was suggested that uniforms, ice machines, etc. should be in operating budget. The board will rely on the Finance Committee to recommend changes to the budget process. Trustee Bruns pointed out that the current motion is not about the list. We have already approved spending for those projects; we can discuss budgeting process at next meeting.

 

Motion

Made by

2nd by

Aye

Nay

Absent

To accept the recommendation of the FC to increase the previously-approved summer spending by $15K (to total approximately $118,700K)

Trustee Godwin

Trustee Elkind

8

0

1

 

 

Facilities Committee (FaCom) - Trustee Stetson

 

Master Plan (MP) interviews are in progress. It is hoped that next month there will be more to report after those are finished up.

 

There was some discussion about what types of projects are strictly under Operations purview and which should/must have Board input/approval. There seems to be some inconsistency about what is considered major enough to itemize on the summer spending list vs. what is minor enough to be just a part of the operational budget. Trustee Elkind pointed out that the list is more of a courtesy to the Board to illustrate what the requested monies would most likely be used for; line items are not individually approved. Trustee Bruns sees an opportunity for an operating mechanism (OpMech) whereby the Finance Committee Chair, Facilities Committee Chair, and President Wimble get together and discuss summer spending and the list.

 

Strategic Planning - Trustees Elkind and Godwin

 

Were still on track to get it finished this fall. Its been quiet since March but things will be going on in early June. Trustee Bruns asked what we need from staff; Trustee Elkind replied that its ski area numbers, trends, etc. to provide context for some of the topics well be examining with SHs. There was an on-mountain SH input session in late March.

 

Volunteerism (Trustee Lesure)

 

June 11th, 18th, 25th are weekends set for volunteer work this summer. Trustee Lesure noted that all volunteer work days are scheduled for June this year to avoid the typical vacation planning later in the summer. He encouraged all to get their time in early.

 

NHR Update (Lars)

 

Trustee Bruns met with Josh Schwartz of the MRV Planning Board and Ellen Strauss, who will be the application administrator. We have an official grant agreement that goes from the federal government to the state to the planning district to the co-op. Money is available on a 60/40 basis associated with a consultant who will take the draft application and shepherd it through the VT Historic Preservation department so that the application is ready to go when it gets to the state level and is easily approved and sent to federal level. Federal share of matching monies will be up to $7920, which is more than what we had heard was potentially available. Of the $5280 we have to match, volunteer time can count toward that at a particular rate depending on the area of expertise. Ellen is soliciting bids from up to three consultants, one of whom may be the one who wrote our HEBS/HAER application.

 

Trustee Bruns said there have not been a lot of comments on the draft application and asked remaining Board members to provide feedback.

 

Trustee Elkind asked if the timeline is still on track; Trustee Bruns said that its always been a soft timeline and the process is new to many people so its tough to say. However, the grant money is available only through February, so it needs to be finished by then. Goal is to get a second draft to Board by September meeting.

 

9:15 AM Action Item Review (Trustee Godwin)

 

(see action item list below minutes)

 

9:38-9:45 AM Break

 

The Board entered Executive Session at 9:48.

The Board exited Executive Session at 12:30.

 

 

Motion

Made by

2nd by

Aye

Nay

Absent

To approve the expenditure of $20K for employee bonuses as per managements recommendation.

 

Trustee Elkind

Trustee Lesure

8

0

1

 

 

12:35 PM Adjourn

 

Motion

Made by

2nd by

Aye

Nay

Absent

To adjourn.

 

Trustee Elkind

Trustee Lesure

8

0

1

 

 

Action Item (Responsible Party)

STATUS

Develop calendar for SP review and topics for discussion.

In progress; meeting is set and topics too. Conference calls will be set later.

Form a Board Committee to address non-operational sustainability ideas (President Wimble).

New item. President Wimble is doing a similar exercise with staff in the spring after closing. Defer until after that time. That meeting has taken place but info still pending.

All Board Members will sign up for SH forum.

Liz will check permissions. Trustee Liu and Trustee Godwin follow up.

Trustees review NHR application.

NOT DONE! Must happen by end of March! Next meeting is firm deadline due to consultant timeline.

Provide MRG NHR application summary / overview for the Homeowners association

In progress. Scheduled to be completed after feedback and a final draft has been discussed with the VT DHP. Will happen in the fall at October HOA meeting.

Produce quick summary of retreat (Trustee Elkind, Trustee Lesure).

New item. In progress. Pending.

Cull policies and procedures from minutes on Co-op webpage docs. (Trustee Jondro)

Still in progress.

Trustee Liu will discuss budgeting process with President Wimble.

New item (Mar). Trustee Liu needs to coordinate with President Wimble, who is expecting numbers between now and next meeting.

Post notice of committee meetings to SH section of forum (committee chairs) ongoing.

New item (Mar).

Send notes from March SH input meeting on SP to Board (Liz)

New item (May).

Send PTV covenant to Board (Jamey).

New item (May).

Review summer spending budgeting process

New Item (May)

 

 

SIGNUP FOR SNOW REPORTS & NEWS