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Mad River Glen Cooperative

Finance Committee Conference Call

June 6, 2012

Telephone Conference began at 8:00 am

 

Attending: Jamey Wimble, Sharon Crawford, Pete Ludlow, Jim Elkind, Geordie Hall, John Stetson, Deb Steines, Eric Friedman, George Lesure, Bruce Button, Andrew Snow, Lars Bruns, Tom Cagnina.

 

Schedule and Agenda Review:

 

1.Jamey presented revised forecast which assumes no pass pricing increase.

 

2.Motion was proposed for FC to approve Jamey’s revised budget as submitted this morning, and recommend that the Board adopt this budget for the upcoming fiscal year:passed unanimously.

 

3.Jamey reviewed current period financials, May was essentially on budget. Cash projection is currently on budget:$502k cash at end of May - $44k approved summer spend - $90k/month operational cash burn x 4 = ~$100k ending cash at end of fiscal year 9/30 prior to pre-season sales, essentially on budget as reviewed in March and April FC calls.

 

Inventory in the store is running light, and retail ops has approval to purchase $10k of new inventory. Jamey indicated that terms often allow payment to be deferred until December, so little impact on cash/working capital requirements.

 

Call concluded at 8:29am

 

Respectfully submitted,

 

 

Roy Liu

Treasurer and Chairperson of the MRG Finance Committee

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