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Mad River Glen Cooperative

 

Finance Committee Conference Call

February 6, 2014

Telephone Conference began at 8:15 am

Attending: Andy Dulik, Jim Elkind, Pete Ludlow, Geordie Hall, John Stetson, Jamey Wimble, Roy Liu, Bruce Button, Annika Holtan, Deb Steines, Richard Gervase.

Schedule and Agenda Review:

1. Jamey reviewed January 2014 and FY to date financial results:

·         Only 10% of ticket sales versus forecast in January and YTD

·         $475k behind budget on top-line YTD, projecting potentially $225k variance at bottom-line. Summer spend is factored into the budget forecast. In reality, will likely be scaled back.

Operations are essentially back up and running full-week, except for Birdland (due to snow conditions).

2. Jamey reviewed Demont’s proposal. Key points include:

 

·         Confident that co-op could raise $6.5m

·         Demont’s “success” rate for achieving fund-raising goals for clients is 96%

·         The co-op would incur cash expenses of approximately $173k before any funds would start coming in from any fund-raising

 

Questions from Geordie:

-       Is it clear what resources are being committed to the fund-raising process by the co-op, volunteers, equipment, room, coordination with SMF, etc.?

-       Is it clear what the actual BAMP roll-out would look like at this point, do we have clear shareholder buy-in, are any projects (snowmaking, basebox, etc.) tied to any individual fundraising commitments?

-       Who ultimately owns the fundraising process?

 

Bob Demont participated on call for approximately 25 minutes answering various questions.

 

3. Jamey reviewed the current cash flow projections

 

 

Motion From Geordie Hall: Motion to recommend to the board to proceed with Demont with a firm checkpoint at end of October: Demont to produce a “use of proceeds statement” for all appropriate stakeholders.

 

 

Richard Gervase voted against. All other participants voted affirmative.

 

 

Respectfully submitted,

 

 

Roy Liu

Treasurer

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