BEFC-STL General Membership Meeting 18MAY05

BEFC-STLBEFC-STL

General Membership General Membership MeetingMeeting

18MAY0518MAY05

BEFC-STLBEFC-STLGeneral Membership MeetingGeneral Membership Meeting18MAY0518MAY05

Clubs #1 GoalClubs #1 GoalTo FlyTo Fly

by the 4by the 4thth of July of July (2005)(2005)


Board of DirectorsBoard of Directors

President - Alex BaldwinPresident - Alex Baldwin

Vice President - Allen SebaughVice President - Allen Sebaugh

Secretary - Mike LandgrafSecretary - Mike Landgraf

Treasurer - Teresa CampTreasurer - Teresa Camp

Operations - Zachary WilliamsOperations - Zachary Williams

Safety - Jose NarvezSafety - Jose Narvez

BEFC-STL TimelineBEFC-STL Timeline

General Membership MeetingsGeneral Membership Meetings 06APR0506APR05 Initial MeetingInitial Meeting 20APR0520APR05 Membership Membership LaunchLaunch 18MAY0518MAY05 Club Status Club Status ReportReportBoard of Directors MeetingsBoard of Directors Meetings 26APR0526APR05 Initial Board MeetingInitial Board Meeting 03MAY0503MAY05 Review Cost DataReview Cost Data 10MAY0510MAY05 Review Search Review Search Committee DataCommittee Data 17MAY0517MAY05 General Membership General Membership UpdateUpdate



Club MembershipClub Membership 24 people applied for membership24 people applied for membership 41 total people have shown interest 41 total people have shown interest Information exchange will improveInformation exchange will improve Review master E-Mail list after the Review master E-Mail list after the meetingmeeting


Information DistributionInformation Distribution Establish home E-Mail listEstablish home E-Mail list Distribute BOD minutesDistribute BOD minutes Distribute General Membership Distribute General Membership minutesminutes Post to webPost to web


Search CommitteeSearch Committee Formed 26APR05Formed 26APR05 Aircraft Checklist in WorkAircraft Checklist in Work Procedure Checklist in WorkProcedure Checklist in Work Established aircraft checkout Established aircraft checkout requirementsrequirements Review Initial list of 11 aircraftReview Initial list of 11 aircraft Narrowed down to three aircraftNarrowed down to three aircraft General Membership to reviewGeneral Membership to review


TT – 4260TT – 4260 SMOH – 546SMOH – 546 $52,900$52,900

1977 /733TF Shepherdsville, KY


1971 / 7766G West Helena, AK

TT – 3100TT – 3100 SMOH – 560SMOH – 560 $52,900$52,900


1973 / 20152KENNET, MO

TT – 6500TT – 6500 SMOH – 0SMOH – 0 $58,000$58,000


Finance CommitteeFinance Committee Formed 26APR05Formed 26APR05 Selected Bank of America (BoA)Selected Bank of America (BoA) Compiled multiple “What If” cost Compiled multiple “What If” cost analysisanalysis Review of insurance companiesReview of insurance companies Review Finance OptionsReview Finance Options

BoA LoanBoA Loan Promissory NotesPromissory Notes Member FinanceMember Finance


Treasurer’s ReportTreasurer’s Report

Setup Accounts with Bank of AmericaSetup Accounts with Bank of America– Free Checking & Interest Earning SavingsFree Checking & Interest Earning Savings– Free E-Bill PayFree E-Bill Pay– Free EFT between BofA AccountsFree EFT between BofA Accounts– Requested Credit Card for short term creditRequested Credit Card for short term credit

Setup PayPal AccountSetup PayPal Account– Each transaction costs 2.2% + $0.30 per transactionEach transaction costs 2.2% + $0.30 per transaction– Costs will be billed back to usersCosts will be billed back to users– https://www.paypal.com/us/https://www.paypal.com/us/

“[email protected]”“[email protected]” Setup Accounts for Management in QuickenSetup Accounts for Management in Quicken

Members are encouraged to setup their own BofA to save money

Members are encouraged to setup their own BofA to save money

https://www.paypal.com/us/


Balance Sheet Balance Sheet

BEFC-STLBEFC-STLGeneral Membership MeetingGeneral Membership Meeting18MAY0518MAY05Financing IssuesFinancing Issues

Plan A: Bank Loan 10% down, 15 yrsPlan A: Bank Loan 10% down, 15 yrs– Need Person to Co-sign for LoanNeed Person to Co-sign for Loan– Does not affect your credit rating until and unless the club defaults: Does not affect your credit rating until and unless the club defaults:

Bank expects you to assume ownership of the Aircraft and continue Bank expects you to assume ownership of the Aircraft and continue payingpaying

Plan B: Member(s) Loan to BEFC-STLPlan B: Member(s) Loan to BEFC-STL– Need Person(s) to put up ~$50KNeed Person(s) to put up ~$50K– BoD will pay market interest rate over 15 yrsBoD will pay market interest rate over 15 yrs

Plan C: BEFC-STL member(s) pay full sharePlan C: BEFC-STL member(s) pay full share– Divide aircraft procurement costs between all membersDivide aircraft procurement costs between all members

Increases Share cost to ~$2,500 depending on Increases Share cost to ~$2,500 depending on total amount needed and # of memberstotal amount needed and # of members

Volunteers?

Volunteers?

Default

BEFC-STLBEFC-STLGeneral Membership MeetingGeneral Membership Meeting18MAY0518MAY05Fees Approved by BoD - May 10, 2005Fees Approved by BoD - May 10, 2005

– $25 application fee (non refundable)$25 application fee (non refundable)– $700 share price (refundable, charter members)*$700 share price (refundable, charter members)*– $750 share price (refundable, on or after 7/1/05)*$750 share price (refundable, on or after 7/1/05)*– $60 monthly dues (depends on financing approach & can be $60 monthly dues (depends on financing approach & can be

prorated with start date)prorated with start date)– $46 hourly plane rate (depends on aircraft – may change)$46 hourly plane rate (depends on aircraft – may change)

* Charter members are those who purchase a share prior to * Charter members are those who purchase a share prior to 7/1/05. These members will own a share at a discount of $50. 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, Any member may request to redeem only their shares paid in, plus assessments as approved by the BoD. No member may plus assessments as approved by the BoD. No member may sell their share on the open market. The BoD may opt to hold sell their share on the open market. The BoD may opt to hold onto share dollars until a replacement member can be onto share dollars until a replacement member can be established. Ownership Shares are all equal, even if the established. Ownership Shares are all equal, even if the amount paid over time may change. Regardless, each owner is amount paid over time may change. Regardless, each owner is only entitled to what shares they paid in.only entitled to what shares they paid in.

BEFC-STL General Membership Meeting 18MAY05

Documents

Transcript of BEFC-STL General Membership Meeting 18MAY05