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Mad River Glen Cooperative

Finance Committee Minutes

July 9, 2015

 

 

Attendance: Lars Bruns, John Eberlein, Jim Elkind, Geordie Hall, Pete Ludlow, Bill Reynolds, John Tobin, Deb Steines, John Stetson, and Jamey Wimble.

 

The meeting was brought to order at 8:02 AM. 

 

Bill moved to approve the minutes of the 6/11/15 meeting; seconded by Jim. All voted to approve the motion. The approved minutes will be posted.

 

Jamey presented the June financials with comments and questions as follows:

June P&L:

  1. Marketing income includes a $5,000 annual donation from Coca Cola. Geordie asked if this should be credited to Basebox instead. Jamey replied that the money was a sponsorship and was used for general marketing purposes.
  2. The Office Admin expense account is higher than budgeted due a change in timing of the billing for the quarterly IT expense.

Balance Sheet:

  1. The current Checking/Savings includes $100K from the Line of Credit.

Campaign:

  1. Jamey was asked about the $2,500 in unspent admin expenses listed on the June campaign tab. He replied that some had been spent and the amount was based on an estimate provided by Demont Associates that was spread evenly across the year.
  2. On the Campaign to Date tab, $12K will be pulled out of Stark Mountain Grants for trailwork not funded by the campaign.
  3. The Board of Trustees will be discussing whether to request a ruling from the IRS regarding the tax implications of grant income from the campaign.

Cash:

  1. The cash balance is about $16K ahead of projections but doesn’t include summer spend, and is overall tracking well with projections. As previously mentioned, it includes $100K from the Line of Credit.
  2. The estimated campaign income is 35% of the total that was estimated for the FY.

 

Jamey was asked about share sales. He said that sales were close to being on budget but about one share behind. So far there are 17 share tenders queued up for the fall.

 

The FC will meet again at 8:00 AM on Thursday, August 13th. The meeting adjourned at 8:21 AM.

 

Respectfully submitted,

John Tobin, Treasurer

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