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 Finance Committee Meeting Minutes: October 20, 2016

 

Attendance: Bruce Button, Sharon Crawford, Jim Elkind, Eric Friedman, Geordie Hall, Meg Hourihan,  Annika Holtan, Pete Ludlow, Andrew Snow, Deb Steines, John Stetson, John Tobin

                   

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

 

John Tobin made the committee aware that we are continuing to defer consideration of the campaign pro-forma spreadsheet until Nate Martin finishes his review of the cap-ex priorities.

 

The minutes from September were reviewed. Geordie Hall asked that the minutes be amended to reflect a request for data on purchasing shares as well as tendering shares. Meg Hourihan moved to approve the minutes, Deb Steines seconded. All were in favor.

 

Sharon Crawford reviewed the FY 2016 financials. For the month of September, Basebox income was higher due to weddings, Siptemberfest, and the extended hours. “Other” income was up due to Mad Money breakage and a SMF grant that was not capitalized. Facilities expense was higher due to labor to repair the Creamery slide, and Office/Admin was higher for a number of reasons. For the year to date, “Other” income was higher due to Mad Card & Money breakage due to the poor season, as well as SMF grants that were not capitalized. NOI is ($332K), which is slightly worse to the previously projected number. We are still carrying $600K on the line of credit but expect to pay half of that down in October. Preseason sales are down 10.4% which is less than expected considering last season.

 

A new format for the cash flow projection spreadsheet was presented, which was developed by Andrew Snow with the assistance of Sharon Crawford. All agreed the format was a significant improvement. We are now projecting that we will need to maintain a $110 K draw on the line of credit. John Tobin thanked Andrew for his efforts.

 

Annika Holtan gave a brief update on the campaign. The number of closings this fall are expected to increase considerably. There are currently 21 active solicitations ongoing with 9 more to be opened by the end of this month. There have been 17 pledges and gifts so far this year. John Tobin thanked Annika for her hard work for the campaign.

                           

John Tobin proposed to follow up on a recent proposal by Geordie Hall, and create a committee to consider our future financial strategy.  Deb Steines, Bruce Button, Geordie Hall, Jim Elkind, and Pete Ludlow expressed interest in joining the committee. John Tobin will follow up with the volunteers.

                                                                                                                                                   

Geordie Hall moved to adjourn, seconded by Deb Steines. The meeting adjourned at 8:54 AM.

                           

The Finance Committee will meet again at 8:00 AM on Thursday, November 10.

 

Respectfully submitted,

John Tobin, Treasurer

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