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.