FINANCE COMMITTEE MINUTES; MARCH 9, 2017
Attendance: Bruce Button, Sharon Crawford, Richard Gervase, Geordie Hall, Matt Kenney, Matt Lillard, Andrew Snow, Deb Steines, John Stetson, John Tobin
The meeting was brought to order at 8:00 AM.
John Tobin welcomed new GM Matt Lillard to his first Finance Committee meeting.
The minutes from February were reviewed. John Stetson moved to approve, Matt Kenney seconded. All were in favor.
Sharon Crawford presented the February financials. Income for the month was 15% over budget, reflecting how much of our income is still snow-driven. Other Income was higher than budgeted as we have sent out letters to shareholders that are delinquent on their APR and they are paying. Cooperative Expenses are higher than budgeted due to GM search expenses and the election materials were over budget. Insurance/Property tax was over budget due to an increase in property tax and use of the mountain portion of their deductible by employees.
On the balance sheet, inventory is high due to the major thaw in the second half of February. We currently have a $205K balance in Mad Cards. The Line of Credit has been fully paid down. We are required to pay it down for at least one month each year.
Andrew Snow reviewed the cash flow forecast. The forecast has been revised based on minimal operations in March and we expect to go back into the Line of Credit in the spring.
Deb Steines moved to adjourn, seconded by John Stetson. The meeting adjourned at 8:23 AM.
The Finance Committee will meet again at 8:00 AM on Thursday, April 13.
John Tobin, Treasurer