Mad River Glen Cooperative
Finance Committee Conference Call
May 30, 2012
Telephone Conference began at 8:00 am
Attending: Jamey Wimble, Andrew Snow, Pete Ludlow, Geordie Hall, Jim Elkind, Gary Lange, Annika Holtan, John Stetson, Bruce Button, Deb Steines, Eric Friedman, George Lesure, Tom Cagnina.
Schedule and Agenda Review:
1. Motion for FC to recommend to Board to retain current auditing firm, put forward by RLiu, 2nded by Gary Lange. Motion passed unanimously.
2. Jamey reviewed assumptions underlying forecasted budget. Key items:
· Assumptions include a 2% price increase to passes; Jamey commented that over the last 5 (?) years, pass prices have only been increased by 2% overall versus inflation over the same period of 8% in aggregate.
· Budget assumes employee bonus program of $31k. However, the trigger point is $200k INCLUDING THE $31k BONUS, i.e., for the bonus payment to be paid, operating income prior to the bonus payment would be $231k.
· Unavoidable increase in workman’s comp insurance of $40k for this next season.
· Includes eliminating $10k expense for “cyber-theft” insurance. Jamey indicated that the co-op does NOT store credit card or SSN information on its computer systems (this is part of PCI compliance), so in his estimation, this is an unnecessary expense.
Based on discussion today, Jamey is submitting a revised budget for review at the next FC call scheduled for Thursday, June 6th, 2013.
Call concluded at 8:57am
ADDENDUM: Jamey noted later to Treasurer that after checking post-call, the co-op does in fact store a limited number of SSN’s related to employees and some co-op shareholders (related to tax withholding), but that the systems are all in complete PCI compliance.
Treasurer and Chairperson of the MRG Finance Committee