Mad River Glen Cooperative
Finance Committee Conference Call
March 18, 2010 - Final
Telephone Conference began at 8:02 am
Attending: Ken Frey, Deb Steines, George Lesure, Pete Ludlow, Roy Liu, Andy Dulik, Bruce Button, Geordie Hall, Tom Cagnina, Gary Lange, Jim Elkind, Jamey Wimble, & Lars Bruns.
Absent: Leigh Michl, Jeff Paduch, Andrew Snow, Eric Schoenholz, Jed Kalkstein.
Schedule and Agenda Review : Lars discussed the purpose of the call to review the February financials and recommend summer project funding to the Board.
1) February Financials
Jamey reviewed with the group that the departments continue to perform very well given the low day ticket volume. The lack of snowfall impeded day tickets until the big storm late in the month. The group discussed the balanced cost expenditures at level with the revenue, and discussed a number of questions and topics on the February P&L, YTD P&L, Departmental breakout, and cashflow financials. The group commended Jamey on continuing to scale expenses appropriately. No significant expenses are known to be deferred at this time and there appears no significant or additional known risks to projected NOI at this time. Roy asked a question about breaking out labor and COGS items in the future to help better understand departmental costs and margin/profitability. Some questions were also asked regarding depreciation and projected end of fiscal year cashflow regarding potential summer work project funding, rainy day funding, and other expenses. The single chair mortgage has been paid off and the maintenance fund continues to grow thanks to payments received from PTV and SMF.
2) Summer work project funding
Lars introduced the structure of the spreadsheet and highlighted the tiered requests for funding as well as projected NOI, year end cashflow, rainy day fund, and historical capital expenditure funding guideline. Jamey walked the group through the Tier 1 projects he hoped to fund. Each Tier 1 item was reviewed, highlighting “green” projects with potential environmental improvement opportunities, areas where we might request/receive SMF funding, as well as potential volunteer projects. Individual items were discussed such as the ecommerce package, base area maintenance projects, mountain erosion control and trail work projects, etc. Projected cashflow was noted to remain positive through the FY prior to and not inclusive of advance pre-season sales for the 2010-2011 season.
Scheduling and background information regarding work needed to improve the office infrastructure work was also discussed. Jamey recommended we reserve $100k for that infrastructure project and defer the work until next year, citing the work is not urgently needed at this time compared to other priorities.
After review and discussion, Deb Steines motioned that the FC recommend to the Board summer 2010 work project funding expenditure of up to $110,000 with an additional $100,000 put aside in reserve for the office infrastructure work. Deb’s motion was seconded by George Lesure and the group voted unanimously to recommend that the Board allocate the $210,000 for summer project work and reserve funding as noted.
Closing: 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 8:58am.
Treasurer and Chairperson of the MRG Finance Committee