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Mad River Glen Coop

Finance Committee Meeting

February 27, 2003

 

 

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

 

Committee members in attendance: – Roy Liu, Eric Schoenholz, Mark Renson, Jed Kalkstein and Deb Steines, Chair.

Absent:- Leigh Michl

Shareholders in attendance: none

MRG Staff: Jamey Wimble.

 

DISCUSSION:

 

Approved minutes from February 6, 2003

 

Discussed exhibit detailing 20 P&L – The purpose of this exhibit is to give the board a quick view of the 20 year outlook at four income scenarios as follows. These are opening income projections for 2002/03 and increase 3% annually.

 

·         $141,000 – this is the average of the last 7 years. We would have significant shortfalls over the next 20 years with this continued average.

·         $167,000 – this is the current budgeted income for 2002/03

·         $200,000 – this is the projected opening income where we would be in the black for all years

·         $225,000 – has been Jamey’s target for operating income

 

We have not included a reserve for a new patrol building because of the uncertainty of the final product, cost and location.

 

Marketing Budget Discussion –

·         Using the existing sales regression model we track increased skier days based on the model. This has shown a significant increase in skier days.

·         Management reviews expenditures every year to focus spending on what has been working. They shoot for the best exposure.

·         One thing to note is the web site would cost us $35-$40,000 if we had to pay for what we get

·         Ads are placed in VT publications, we do not target all of New England. We leave that to the organizations that we belong to.

·         The committee discussed the use of electronic mailings to reduce postage. Jamey stated they are looking at this for the future and need to determine how to split the lists and keep track of who is getting what, when an how. The committee encouraged this process as a method of saving money.

 

January detailed P&L – was distributed to the committee to use as a reference to understand what is in the numbers as we review monthly statements.

 

Funding Sources – The question was raised as to whether there would be additional funding sources for the Single Chair if it was placed on the National Historic Register. Jamey has investigated this and determined the funds that are available are for buildings not structures such as the single. There would be nothing for the single as far as we know.

 

Review of last year's pass analysis –

·         Volume of 6 day passes and full passes has increased this year substantially

·         The committee asked to see demographics on pass sales when we review 2003-04 proposal

·         Questioned the second pass discount for the non-shareholder, which gives a non-shareholder a pass for the same cost as a shareholder.

 

Next meeting on Wednesday, March 26th at 1 PM. Call in the same.

 

The meeting adjourned at 3:45 PM.

 

Agenda items for the next meeting:

·         Approve minutes from February 27.

·         Capital funding sources – discuss boards reaction

·         Debit Cards instead of Mad Money (future discussion)

·         Generating more top line income – how can we and is it realistic

 

 

 

 

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