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MAD RIVER GLEN COOPERATIVE

Minutes of Board of Trustees Meetings

Held on August 15, 2001, and September 8, 2001

 

After due notice, a meeting of the Board of Trustees of Mad River Glen Cooperative was convened at 8:05 a.m. on Saturday, September 8, 2001, at the Basebox, at Mad River Glen Ski Area in Fayston, Vermont. Trustees Bleier, Eaton, Coleman, Kirkpatrick, Michl, Putnam, Russell, Schultz, and Steines were present. The Cooperative’s president, Mr. Russell, presided. The secretary, Mr. Bleier, kept the minutes with assistance from corporate counsel, Peter Monte.

 

Minutes of Past Meetings:

 

After discussion and upon motion duly made and seconded, it was unanimously

 

VOTED:         To approve as corrected the minutes of the June 29, 2001, meeting of the board of trustees.

 

VOTED:         To approve the minutes of the August 10, 2001, meeting of the board of trustees.

 

VOTED:         To approve as corrected the minutes of the April 7, 2001, Annual Meeting of Owners. (Mr. Bleier abstaining).

 

August 15, 2001, Executive Session:

 

The President asked that the record reflect that on August 15, 2001, at 8:00 p.m. a telephone conference meeting of the board of trustees was held. All trustees participated in the meeting. The meeting was devoted to discussion in executive session and no votes were taken.

 

Change of General Manager:

 

After discussion and upon motion duly made and seconded it was

 

VOTED:         To ratify, confirm and adopt the actions of the officers of the Cooperative to accept the resignation of Robert Ackland as general manager and to appoint Jamey Wimble as general manager of the Cooperative.

 

Voting: In favor:          Eaton, Coleman, Kirkpatrick, Michl, Putnam, Russell, Schultz, and Steines.

                        Abstaining:      Bleier  


 

General Manager’s Report:

 

The general manager, Jamey Wimble, circulated his written report before the meeting. A copy is attached to these minutes.

 

Mad River Glen Coop

Management Report

September 8, 2001

 

 

 

Mountain Operations:

 

Mowing is complete. We had a small crew but they were very efficient. Lift work is on schedule, and they should be ready for state inspection in October.

 

Ice Storm / Floyd clean up has gone very well. I will be meeting with the state in a couple of weeks to review the work that has been done so that we can receive our grant money.

 

Summer weddings have gone well. Glen has received many compliments on his performance at the functions.

 

Capital projects are on schedule and going well. The big project for the summer is the maintenance building. The building should be in full operation by October 1.

 

Eric and Jamey will be attending the NSAA New England Trade Show September 5,6. The show features new trends and issues in the industry.

 

Signed easement with GMC for a ten foot right of access on the Long Trail that crosses MRG’s land.

 

Summer Camp:

 

Camp numbers are down from budget and last years performance. Management and the camp director will be meeting to critique the summer and determine the future of the camp.

 

Personnel:

 

Search is underway for a Ski Patrol Director. Hope to have the position filled by the end of the month.

 

Housing for International workers is in place.

 

Financials:

 

We were over budget for the month by about $25,000. (See attached Aug. P&L for comments)

 

Pre Season sales are on track with last year and ahead of budget.

 

Projected Net Ordinary Income for the 2001 season is $336,281.

 

MRG Community:

 

Two members of the MRG Community have passed away recently. Peggy Thompson, wife of Tex Thompson, and George Mudry, long time lift op on lift 2. MRG made donations to the ambulance service in each of their names.

 

Share Sales:

 

Sold 2 shares for the month against a budget of 2. The president invited questions about the report.

 

Ms. Steines encouraged the general manager not to judge the summer camp’s performance on its first two years experience. She believes that the camp has merit and will take more than a couple of years to become well known and established.

 

Ms. Putnam inquired about progress in appointing a new director for the ski patrol. The general manager responded that several well qualified candidates have applied and interviews are scheduled for next week.

 

Financial Results:

 

The general manager circulated a profit and loss statement for August, 2001, comparing the budget to actual experience. A copy is attached to these minutes.

SIGNUP FOR SNOW REPORTS & NEWS

 

 

 

 

 

 

 

 

 

 

 

 

 

Aug 1 - 30, '01

Budget

 

Ordinary Income/Expense

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

Basebox

3,863.13

 

0.00

 

 

 

 

Day Tickets

0.00

 

0.00

 

 

 

 

Gear Page

0.00

 

799.35

 

 

 

 

Interest

0.00

 

687.10

 

 

 

 

Marketing

0.00

 

0.00

 

 

 

 

Other Income

0.00

 

1,209.68

 

 

 

 

Rental Income

0.00

 

0.00

 

 

 

 

Season Passes

0.00

 

0.00

 

 

 

 

Services Income

1,793.00

 

3,625.16

 

 

 

Total Income

5,656.13

 

6,321.29

 

 

 

Cost of Goods Sold

 

 

 

 

 

 

 

Co-op Discount

0.00

 

0.00

 

 

 

Total COGS

0.00

 

0.00

 

 

Gross Profit

5,656.13

 

6,321.29

 

 

 

Expense

 

 

 

 

 

 

 

Basebox Expense

3,140.22

 

343.55

 

 

 

 

Credit Card Service Charges

0.00

 

98.71

 

 

 

 

Facilities Expense

27,577.56

 

26,885.79

 

 

 

 

Gear Page Expense

0.00

 

 

 

 

 

 

General Expense

22,836.04

 

17,358.38

 

 

 

 

Marketing Expense

6,876.30

 

4,741.93

 

 

 

 

Office/Admin. Expense

25,261.83

 

13,955.81

 

 

 

 

Other Expense

5,695.82

 

194.52

 

 

 

 

Payroll Tax Expenses

5,719.05

 

5,331.28

 

 

 

 

Services Expense

9,672.97

 

7,557.10

 

 

 

 

Share Marketing Expense

1,355.76

 

3,254.51

 

 

 

 

545 · Housing Expense

0.00