• Trails Open: 28
  • Lifts Open: 4
  • New Snow: 0-0"
More Lifts / Trails
  • Surface: Variable...
  • Temp: 34°F
  • Windchill: 34°F
More Weather

Finance Committee Meeting October 29, 2008

Finance Committee Conference Call

October 29, 2008

Telephone Conference began at 8 am


Attending: Betsy Jondro; Deb Steines; Jamey Wimble; Jed Kalkstein; Pete Ludlow; Roy Liu; Tom Cagnina, Lars Bruns


Absent: Andrew Snow; Andy Dulik; Jeff Paduch; Leigh Michl


At the request of the Board - Discussion of funding options for capital investments to the support Strategic Plan discussions (modifications)

-          Discussed our overall capital needs and our limited resources

-          Consensus was reached that we do not have the financial resources to use operations funds for major capital projects

o       Some loan / bond program will be required and / or

o       Partner with Stark Mountain Foundation and other similar organizations to maximize our limited resources

-          Discussed economic value of opportunities

-          Will continue to monitor the situation.


Discussed recent financial audit - preliminary

-          Clean audit with no findings.

-          Will be calling meeting shortly to review draft (when received) for approval prior to Board approval at the December Board mtg (12/13).


Discussed preseason financials

-          Pass unit volume & revenues slightly ahead of prior year.

-          Service related preseason strong (ski school/race programs).

-          New MadCard product and pricing about equal to prior year. We received some complaints about the new “Family MadCard”.

-          Our market may be going local/northeast instead of distant travel this winter.

-          Loss carry-forward (tax-loss) is nearly gone after this year.

-          Need to plan for single chair campaign revenue continuing through 2011 that will increase our taxable income.

-          Some concern that due to the economy pledges may not be paid on time.


Meeting was closed at 8:40 am


Eric Schoenholz

Treasurer and Chairperson of the Finance Committee