Mad River Glen Cooperative
Finance Committee Minutes
February 4, 2016
Attendance: Lars Bruns, Bruce Button, John Eberlein, Jim Elkind, Richard Gervase, Ken Frey, Geordie Hall, Annika Holtan,
Meg Hourihan, Lee Michael, Penny Parson, Deb Steines, John Stetson, John Tobin, Jamey Wimble.
The meeting was brought to order at 8:00 AM.
The minutes from January were reviewed. Jim Elkind moved to approve the minutes, Bruce Button seconded. All were in
Jamey Wimble reviewed the January financials. As expected, given the conditions for the year to date, we are falling far
below budget and cash is relatively low for this time of year. Day ticket sales are way off but Base Box and the
departments did better than expected considering the conditions. The mountain is currently operating the practice
slope on weekends and shut during the week, which reduces the amount of money we are bleeding.
Jamey is currently working with the bank to get our line of credit increased. Some members of the committee were in favor of drawing the
line early, while Ken Frey felt this could raise a red flag with the bank.
Jamey was asked about the $50K in projected
summer spend and said this is definitely something that could be cut if the season does not improve.
Jim Elkind presented a flow chart of financial procedures for the campaign which was developed by himself, Bruce
Button, Deb Steines, and Jamey Wimble. Having looked at the existing policies and procedures for handling grants, the
subcommittee determined that existing procedures were satisfactory and they created the flow chart to explain these
procedures to the Board and prospective campaign donors. The committee was in agreement and thanked the group for
Deb Steines moved to adjourn, seconded by Geordie Hall, all voted in favor.
The meeting adjourned at 8:30 AM.
The Finance Committee will meet again at 8:00 AM on Thursday, March10.
John Tobin, Treasurer