Mad River Glen Coop
Finance Committee Meeting
October 24, 2001
Committee meeting called to order by committee chair Deb Steines at 4:00 PM via conference call.
Committee members in attendance: Eric Schoenholz (who left early due to emergency), and Deb Steines, Chair.
Shareholders in attendance: Jed Kalkstein, and Deri Meier.
MRG Staff: Jamey Wimble, Eric Friedman, and Sharon Crawford were in attendance.
Minutes of September 26th meeting were approved.
Deb Steines reported to the committee that Jamey had announced pass sales of $428,784 as of 10/23/01, compared to $370,342 for ALL of last season. That is a 16% increase and we should pick up another 6-8% in this fiscal year. Factors’ discussed contributing to this was last years phenomenal season, 9/11, and the economic situation of the country. People want to stay closer to home this year.
October 6th Board Meeting update –
only financial item of note was that MR could enter 2002 in a tight cash position if snow is late. Considering advanced ticket sales mentioned above that has been somewhat relieved.
– it was noted that the audited financial would be at the end of November. There were no surprises in the September numbers and discussion was limited.
Limit Ticket Sales –
- Leigh (via an e-mail to Deb) raised the question whether we should be looking at lost revenue on a year-by-year, as we are now in the exhibits. He suggested presenting the information as total, range, median, and average revenues lost for the co-ops history. Deri and Eric (phone call after the meeting) disagree and do believe the lost revenue should be calculated annually.
- Further discussion tabled until the next meeting when the full committee could discuss.
Late Payments on APR
- In 2000/01 there were 83 delinquent APR payments, and 26 of these were on defaulted shares.
- 2001/02 currently has 464 delinquent APR payments, Sharon will add $25 to the amount due on December 1.
- It was agreed we would need to create a policy probably next year. As the years progress we will need to determine how many years delinquent APR would constitute forfeiture of the share as well as increased penalties.
- Sharon will report on delinquent APR payments in future meetings. No changes to policy recommended at this time.
Depreciation Schedule –
- Sharon will distribute the new schedule she just received.
- Will continue discussion at the next Finance Comm Meeting.
Patronage Rebate –
- The board would like us to estimate the actual rebate and project the amount that would be taken in cash. We will work with the auditors to estimate the patronage rebate and present the attached patronage rebate summary to the board in December. It is expected the board will vote on this recommendation in January.
- Discussion centered on the draft rebate summary attached.
- Clarification of the estimated shareholder spending centered around the %. In 1998 it was 31% in 2000/01 it was 22%. The current rebate is estimated between $18,000 and $23,000. In 1997/98 it was $31,208.
- It was agreed that Deri and Deb would work on the details, finalize, and review with this committee at the next meeting.
Other questions/topics: none.
Next Meeting –
November 28th, 2 PM, via conference call.
The meeting adjourned early at 4:45 PM.