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Mad River Glen Cooperative
Finance Committee Minutes
April 14, 2016


Attendance: Bruce Button, Jim Elkind, Richard Gervase, Annika Holtan, Pete Ludlow, John Stetson, John Tobin, Jamey
Wimble.


The meeting was brought to order at 8:01 AM.


The minutes from March were reviewed. Jim Elkind moved to approve the minutes, Bruce Button seconded. All were in
favor.


Jamey Wimble reviewed the March financials. On the P&L, the day ticket line item included a large amount of Mad Card
breakage, as many of these went unused due to the poor season. Jamey is currently projecting a loss of approximately
($300K). The April cash projection included a $300K draw on the line of credit and $100K in payment for the new
groomer. The projection included $25K in cash from the campaign but Jamey said the amount may be higher. The only
summer spend currently expected is $15K for necessary repair of the Base Box roof.


Richard Gervase has reviewed the line of credit document. Although the line of credit can be withdrawn if the bank feels
the Coop is in danger of being insolvent, Richard felt that the good relationship enjoyed with the bank gave him
confidence that the line was not in jeopardy.


John Tobin and Jamey brought the committee up to date on discussions about the budget that have taken place among
the Trustees. As a result of analysis done by John Eberlein, the Trustees have recommended that Jamey consider a day
ticket target of $1M, a reduction from the $1.207M in the FY 2015‐2016 budget. Jamey is working on four scenarios
which will be presented to the Finance Committee in May. Annika expressed concern that the budget be built with
regard to the strategic plan and expressed caution about cutting expenses too far. Other ideas discussed including
reassessing our ticket window prices to encourage Mad Card sales, and starting season pass sales earlier in the year.
Pete Ludlow moved to adjourn, seconded by Bruce Button.

 

The meeting adjourned at 8:31 AM.


The Finance Committee will meet again at 8:00 AM on Tuesday May 10.


Respectfully submitted,
John Tobin, Treasurer

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