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Mad River Glen Coop

Finance Committee Meeting

February 26, 2004

 

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

Committee members in attendance: – Eric Schoenholz, Jed Kalkstein, Andy Dulik, and Deb Steines, Chair.

Absent: - Leigh Michl and Roy Liu

Shareholders in attendance: none

MRG Staff: Jamey Wimble and Andrew Snow

 

DISCUSSION:

2004 Capital Plan

  • Tier 1 expenses of $101,500
  • Formula allows for $119,000
  • Projected cash flow would allow for Tiers 1, 2, and 3
  • Tier 1 detail projects: Point of Sale (POS) computer system $25k, miscellaneous BB items, and general maintenance = $101,500
  • Tier 2 detail projects include Lift 3 grips and trail work, and misc = $101,000
  • Tier 3 includes changing lift 2 to a triple chair at a net cost of $62,000. this would increase the number of skiers up the hill by 200. Jamey will introduce this scenario at the annual meeting
  • Discussed the single chair and whether to pull the towers in 2005 or discuss changing the chair. Jamey will begin this discussion with the shareholders at the annual meeting.
  • The finance committee will recommended the board approve Tier 1 at $101,500 with the understanding this will be reviewed at the May meeting for possible increase after the ski year ends and we have a better understanding of our year end P&L and cash flow.

 

January Statement

·        Expecting $18k insurance check on the single repair, expenses are in the P&L

·        Payment structure for BB managers has changed, should have accrued the payment, will do next year to eliminate the expense bump at the begining of the year.

·        February’s P&L will be much improved from January

 

Miscellaneous-

  • Nothing to report

 

Next Meetings:

 

March 25, at 3 PM to review Financials and other TBD.

April 15, at 3 PM to review 2004/05 budgets

April 22, at 3 PM to review 2004/05 budgets

 

The meeting adjourned at 4:55PM.

 

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