request for vote: new numbers and plan

[Bob Irving]

Getting owner info should not be a problem

 

From: eefc-core-bounces at workingcode.com [mailto:eefc-core-bounces at workingcode.com] On Behalf Of williammccann at comcast.net
Sent: Monday, May 25, 2009 11:52 AM
To: Eagle East Flying Club Core Team
Subject: Re: request for vote: new numbers and plan

 

You can count my vote as a yes !!! It would be nice to know who the previous owner/owners were !!

 


----- Original Message -----
From: "James Carlson" <carlsonj at workingcode.com>
To: "Eagle East Flying Club Core Team" <eefc-core at workingcode.com>
Sent: Thursday, May 21, 2009 9:16:00 AM GMT -05:00 US/Canada Eastern
Subject: request for vote: new numbers and plan

Todd and I have been discussing financing issues off-list. Attached is a spreadsheet based on Steve's, but with a number of modifications based on that discussion. We would like to request opinions from each of the core team members (even those who are presently planning to go another direction). The proposal looks like this: No buy-in cost $175/month with 12 members $70/hour wet Cessna Cardinal 177B, brand new engine and interior Please provide a "yes" or "no" answer, indicating whether this is the sort of club you'd be willing to join. If you'd like, you might also offer commentary on the plan itself or on any of the details, but the important part is the reality check, and a straight up/down vote will provide that. The plane is the same one that Bob previously mentioned. A current link (as it has expired off of controller.com): http://www.primoairplanes.com/media/specs/N991MP.htm Here are some details on the numbers and what we'd expect for the club: - The long pole in the tent is the fixed annual cost. Even if we could get a free airplane to run (and thus have zero note payment), it'd still be $125/month with 12 members and $215/month with 7. To get anywhere, we need to address that cost, and not fixate on the plane or the bank. - The other really serious issue is the number of club members. Ten members per plane seems to be the breakpoint for several things; below that level, the monthly dues are too much, and above that level, insurance suddenly becomes too high. - As the club pays down the debts, it'll accumulate capital. We need a fair way to apportion equity so that if someone wants to leave, we can pay that back to the departing member and still have a functioning club. The mechanics of how that would operate are to be determined later. (And in theory you could have non-note- paying / non-equity members in the future; I'd leave that out of the charter for now.) - The numbers are intentionally high. We may well be able to lower costs later. But that's a good position to be in. - The spreadsheet updates include putting everything on one page, gathering together all the input variables, adding membership sensitivity details, adding next-$5 round-up on dues and rates, computing break-even versus rental, derating for tach versus Hobbs hours, parameterizing oil and other costs, allowing for both SMOH-to-TBO overhaul capture as well as an initial reserve fund (to offset for a plane with high SMOH), and allowing private plus bank financing. If anything's confusing, let me know, and I'll explain. -- James Carlson 42.703N 71.076W 
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