Mad River Glen Cooperative
Finance Committee Conference Call
February 12, 2010 - Final
Telephone Conference began at 12:02 pm
Attending: Jed Kalkstein, Ken Frey, Jamey Wimble, George Lesure, Pete Ludlow, Andy Dulik, Bruce Button, Geordie Hall, & Lars Bruns.
Absent: Leigh Michl, Jeff Paduch, Andrew Snow, Deb Steines, Eric Schoenholz, Tom Cagnina, Gary Lange, and Jim Elkind.
Schedule and Agenda Review -
Lars discussed the purpose of the call to review the January and YTD financials.
1) Market and Industry Holiday Trends
Jamey discussed the overall status of our lean snow year so far. Other mountains are seeing similar struggles, some areas have seen additional snow due to the variable storm tracks to the far south and east. We have also seen some limited advance bookings. Our conditions are skiing pretty well all things considered, better than those mountains with heavy snowmaking.
2) January and YTD Financials
Jamey reviewed with the group that the departments are performing very well given the low day ticket volume. The economic slide has meant last-minute vacation bookings seeking the best snow and conditions.
Jamey and Lars reviewed and discussed the January P&L as well as the YTD P&L. Questions were asked regarding some expense categories including cooperative, credit card, and payroll. We continue to have money set aside in the budget for cat repair contingencies.
Lars noted that Jamey has been scaling expenses appropriately for income/revenue which will need to continue through the end of the season given the weather and conditions.
Regarding the Single chair mortgage, we have only $25k left on the note which will be completely paid off when the next set of contributions are received from PTV. The maintenance fund will soon receive funding through the excess contributions received following the payment of the mortgage. Geordie mentioned that he and a few others will continue to encourage late pledge payments to be paid, which have recently been coming in nicely. Only about $9k remains from 2008, down from $34k, and the 2009 year-end outstanding numbers weren’t bad. A series of other comments and questions were raised regarding balance sheet and cashflow which were answered before the meeting concluded.
Lars closed the call by thanking the FC members for their time and reminded them of the Board mtg on Saturday @ 5pm in the basebox. The meeting was closed at 12:41pm.
Treasurer and Chairperson of the MRG Finance Committee