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Mad River Glen Cooperative Finance Committee Meeting Minutes - February 9, 2017

Attendance: Bruce Button, Sharon Crawford, Andy Dulik, Geordie Hall, Meg Hourihan, Tyler Kimberley Andrew Snow, John Stetson, John Tobin                                           

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

The minutes from January were reviewed. Bruce Button asked if the fuel costs have been included in accounts payable and Sharon Crawford replied affirmatively. Geordie Hall moved to approve, John Stetson seconded. All were in favor.

The annual Audit draft was reviewed. Bruce Button asked if the line of credit should be considered a current rather than a long term liability. Meg will to call the bank to discuss the terms of the agreement and the accountants will make a determination accordingly. The note about the current balance on the line will be updated. Bruce Button asked if the Net Operating Loss could be itemized year, state, and Federal. Tyler Kimberley will add a table with this information. Bruce asked if the carryover for the BAMP costs should have been expensed. Tyler responded that he felt the costs have been capitalized properly. Geordie Hall moved to approve the audit with the requested changes. Meg Hourihan seconded. All were in favor.

Sharon Crawford reviewed the January financials. January was not a strong month with only the practice slope open for MLK weekend and a four-day midweek shutdown. Conditions improved at the end of the month. Marketing expense was over budget due to chamber dues and website work. Services expense was over budget due to ski school, nursery, and race. The line of credit has been paid down by $75K leaving a balance of $75K.

John Tobin gave an update on the CapEx review. The review by all department heads is now complete and significant new potential CapEx expenditures have been identified. The next step will be review of the CapEx spreadsheet by Matt Lillard.

John Tobin gave an update on the Financial Strategy Subcommittee. A meeting was held on January 24 and scenarios were presented for endowment, effect of small department improvements in NOI, and historical snowfall data.

John Tobin presented a proposal to move the Finance Committee meetings one week later in the month in order to generate more accurate financial reports. Bruce Button moved to recommend to the board that the meeting schedule be changed. Geordie Hall seconded. All were in favor.

Bruce Button moved to adjourn, seconded by Meg Hourihan. The meeting adjourned at 8:47 AM.

The Finance Committee will meet again at 8:00 AM on Thursday, March 9. After March, future meetings will be held one week later in the month.

Respectfully submitted,
John Tobin, Treasurer

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