Transcript BEFC-STL Timeline

BEFC-STL
General Membership Meeting
18MAY05
BEFC-STL
General Membership Meeting
18MAY05
Clubs #1 Goal
To Fly
th
by the 4 of July
(2005)
BEFC-STL
General Membership Meeting
18MAY05
Board of Directors
President - Alex Baldwin
Vice President - Allen Sebaugh
Secretary - Mike Landgraf
Treasurer - Teresa Camp
Operations - Zachary Williams
Safety - Jose Narvez
BEFC-STL
General Membership Meeting
18MAY05
BEFC-STL Timeline
General Membership Meetings
 06APR05
Initial Meeting
 20APR05
Membership Launch
 18MAY05 Club Status Report
Board




of Directors Meetings
26APR05
Initial Board Meeting
03MAY05 Review Cost Data
10MAY05 Review Search Committee Data
17MAY05 General Membership Update
BEFC-STL
General Membership Meeting
18MAY05
Club Membership
 24 people applied for membership
 41 total people have shown interest
 Information exchange will improve
 Review master E-Mail list after the meeting
BEFC-STL
General Membership Meeting
18MAY05
Information Distribution
 Establish home E-Mail list
 Distribute BOD minutes
 Distribute General Membership minutes
 Post to web
BEFC-STL
General Membership Meeting
18MAY05
Search Committee
 Formed 26APR05
 Aircraft Checklist in Work
 Procedure Checklist in Work
 Established aircraft checkout requirements
 Review Initial list of 11 aircraft
 Narrowed down to three aircraft
 General Membership to review
BEFC-STL
General Membership Meeting
1977 /733TF
TT – 4260
18MAY05
Shepherdsville, KY
SMOH – 546
$52,900
BEFC-STL
General Membership Meeting
1971 / 7766G
TT – 3100
18MAY05
West Helena, AK
SMOH – 560
$52,900
BEFC-STL
General Membership Meeting
1973 / 20152
TT – 6500
18MAY05
KENNET, MO
SMOH – 0
$58,000
BEFC-STL
General Membership Meeting
18MAY05
Finance Committee
 Formed 26APR05
 Selected Bank of America (BoA)
 Compiled multiple “What If” cost analysis
 Review of insurance companies
 Review Finance Options
 BoA Loan
 Promissory Notes
 Member Finance
BEFC-STL
General Membership Meeting
18MAY05
Treasurer’s Report
 Setup Accounts with Bank of America
–
–
–
–
Free Checking & Interest Earning Savings
Free E-Bill Pay
Free EFT between BofA Accounts
Requested Credit Card for short term credit
Members are
encouraged
to setup their
own BofA to
save money
 Setup PayPal Account
– Each transaction costs 2.2% + $0.30 per transaction
– Costs will be billed back to users
– https://www.paypal.com/us/
“[email protected]”
 Setup Accounts for Management in Quicken
BEFC-STL
General Membership Meeting
Balance Sheet
18MAY05
BEFC-STL
General Membership Meeting
18MAY05
Financing Issues
 Plan A: Bank Loan 10% down, 15 yrs
Volunteers?
– Need Person to Co-sign for Loan
– Does not affect your credit rating until and unless the club
defaults: Bank expects you to assume ownership of the Aircraft
and continue paying
 Plan B: Member(s) Loan to BEFC-STL
– Need Person(s) to put up ~$50K
– BoD will pay market interest rate over 15 yrs
Volunteers?
 Plan C: BEFC-STL member(s) pay full share
– Divide aircraft procurement costs between all members
 Increases Share cost to ~$2,500 depending on
Default
total amount needed and # of members
BEFC-STL
General Membership Meeting
18MAY05
Fees Approved by BoD - May 10, 2005
–
–
–
–
$25 application fee (non refundable)
$700 share price (refundable, charter members)*
$750 share price (refundable, on or after 7/1/05)*
$60 monthly dues (depends on financing approach & can be
prorated with start date)
– $46 hourly plane rate (depends on aircraft – may change)
 * Charter members are those who purchase a share prior to
7/1/05. These members will own a share at a discount of $50.
Any member may request to redeem only their shares paid in,
plus assessments as approved by the BoD. No member may
sell their share on the open market. The BoD may opt to hold
onto share dollars until a replacement member can be
established. Ownership Shares are all equal, even if the
amount paid over time may change. Regardless, each owner is
only entitled to what shares they paid in.