Mad River Glen Coop
Finance Committee Meeting
August 15, 2001
Committee meeting called to order by committee chair Deb Steines at 2:00 PM via conference call.
Committee members in attendance: Leigh Michl, MR Treasurer, Eric Schoenholz, Roy Liu, and Deb Steines, Chair.
Shareholders in attendance:, Andy Dulik, and Lu Putnam, trustee.
MRG Staff: Jamey Wimble and Sharon Crawford were also in attendance.
Minutes to July 11th meeting were reviewed, corrected, and approved.
Bank line of credit
– discussion concerning the bank line of credit. We reviewed possibly giving the GM approval to renew the debt each year rather than annually. Decision was made to review every year and leave the motion as written in July. This will be presented at the September 8th Board meeting.
MOTION: to authorize GM to execute a one-year or longer promissory note for $200,000 for emergency needs. If the fee associated with a longer-term note is what he considers acceptable he has the approval to execute.
Shareholder Loan Finance Committee (SLFC) -
Peter Monte brought the need for this committee to exist to our attention. We discussed the purpose of the committee, which is to review and agree to the finances associated with the Shareholder Loan Program on an annual basis. Our question back to Peter is whether this committee can be a subset of the MR Finance Committee or does it need to be a different committee with different individuals. The current outstanding debt in bonds is $120,000. Deb will discuss with Peter and report at the September Finance Committee meeting.
Limit Ticket Sales –
Depreciation Schedule –
a brief discussion concerning the need to understand future years’ depreciation and how it effects taxes, so we do not get in a situation of having to pay taxes. Jamey and Sharon will look into creating a schedule taking the depreciation out as many years as we have depreciation. This committee will review the exhibit.
Other questions: none
Next Meeting –
September 26th, 3 PM, via conference call.
The meeting adjourned on schedule at 3:00 PM.