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Mad River Glen Coop
Finance Committee Meeting
May 2, 2002

 

Committee meeting called to order by committee chair Deb Steines at 3:00 PM via conference call.

 

Committee members in attendance: Roy Liu, Jed Kalkstein, and Deb Steines, Chair. Absent – Leigh Michl, Mark Renson, and Eric Schoenholz
Shareholders in attendance: none
MRG Staff: Jamey Wimble and Andrew Snow.

 

DISCUSSION:

Minutes of April 4th meeting were approved.

 

Capital –

Deb gave the committee an update on the Board’s approval of Tier I for this coming summer.

 

April Financial Statements

– reviewed, nothing substantial noted. Discussion surrounded the change in insurance carriers and the favorable impact on the cash flow statements. We also requested that Eric put an article in the Echo concerning how much MR pays in credit card service fees, $23,113 last winter.

 

Draft Mission Statement:

Will be presented to the board for approval on May 18th. It was approved as follows:

The Finance Committee of the Mad River Co-op will regularly review interim financial statements, operating budgets, and forecasts. It will also act as an initial sounding board for management on financial issues, as they arise.

 

The Committee will review financials for compliance with previously established guidelines and conformity to the co-op’s long term financial plans; make recommendations to the Board for development of, and revisions to, long range financial plans; and meet with Auditors to review or resolve any issues that they identify, and report back to the Board.

 

The Committee will be available to the Board to review any and all financial issues that come before the Board, as requested.

 

Finance Committee for the coming year that will be recommended to the board on May 18, 2002, will be board members – Deb Steines, Treasurer and Chair of the Finance Committee, and Leigh Michl, President. Shareholder members will be Roy Liu, Eric Schoenholz, Jed Kalkstein, and Mark Renson.

 

Pricing recommendation – as presented by Jamey.

  • It was agreed that this was controversial but valid and had legitimate business reasons for implementation
  • This would make us consistent with the rest of the industry. And its time had come.
  • Section 6 Proposal 1, a 10% overall shareholder discount– a 10% discount on all products and services would increase revenue by $40,000 but would be a logistical nightmare to implement because we don’t have the necessary systems in place. There is a question as to whether we are actually in violation of any IRS co-op laws that might dictate allowable discounts, Sharon to question our lawyers and/or auditors. We recommended Jamey look at a proposal 3 that would compromise between the two if we have some latitude to compromise based on the law. (It was determined after the meeting that this was not accurate, we do not have any liability here and can continue with existing discounts)
  • The committee was in agreement with the pricing recommendation as presented. (Eric and Mark were also in favor and relayed their feelings to Deb under separate cover.)

Other questions/topics: none

The board will be briefed on the following topic at the next board meeting where committees’ report (could be May)

  • Shareholder Bonds – as discussed at January 30th meeting
  • Limiting ticket sales to remain at 1200
  • Budget Forecasting tool – Deb will ask the board via e-mail how many want to hear an explanation. If fewer than 5 will have a separate casual session.

Next Meeting – Tuesday, June 4th, 3 PM, via conference call to discuss annual budget for 2002/03

The meeting adjourned at 3:50 PM.

 

Agenda items for the next meeting:

  • 2002/2003 operating budget
  • Debit Cards instead of Mad Money?
  • Patronage Rebate administrative concerns – Deb has Peter’s response.

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