Finance Committe Meeting Minutes: December 8, 2016
Attendance: Bruce Button, Sharon Crawford, Jim Elkind, Richard Gervase, Geordie Hall, Annika Holtan, Eric Palola, John Tobin
The meeting was brought to order at 8:00 AM.
The minutes from November were reviewed. Geordie Hall moved to approve, Jim Elkind seconded. All were in favor.
John Tobin reviewed the November 2016 financials. For the month, Services Income was down $8K due to both ski school & race program income. Coop Expense was up $6.6K due to executive search costs and timing of the audit. For the year to date, Other Expense was up due to the Line of Credit interest and a donation to MRVCF. A $32K grant was received by SMF to cover the snow cat purchase.
Note: After the meeting Deb Steines requested via email that the financials show the previous year column in addition to the actuals and budget columns.
John Tobin then reviewed the cash flow projection. We finished November with $64K less cash than projected due to a larger snowmaking electrical payment, paying down A/P, and tax payments from the prior month.
The committee then reviewed the FY 2016 audit report. Jim Elkind moved to accept, Geordie seconded. During the discussion of the motion Bruce Button pointed out that in Note Six there were placeholders instead of numbers. Jim Elkind withdrew the motion and consideration was deferred to the January meeting.
Annika Holtan provided an update on the capital campaign. Richard Gervase and Geordie Hall requested information as to whether any additional expenses might be incurred by Demont Associates after the completion of Phase Two in spring 2017.
John Tobin reviewed the financial and statistical charts that had been previously distributed.
Jim Elkind moved to adjourn, seconded by Bruce Button. The meeting adjourned at 8:41 AM.
The Finance Committee will meet again at 8:00 AM on Thursday, January 12.
John Tobin, Treasurer