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St. Louis Flying Club Newsletter - 30 July 2021

From The President - By Steve

Dear Members,

EAA Airventure 2021 is in the books and I am happy to report that all of the club planes made the trip to Oshkosh. Tim Volk flew the RV, TJ Smyka in the Arrow and I took the Cessna. I know other members also made the trip, including John Heilmann, Larry Wehrman, Kip McCullen, and Mike Piccirilli. I think everyone had a great time, even with a severe thunderstorm that blew through late Wednesday night. Fortunately no hail and no damage from the reported 50 mph winds that I could see. A lot of wet sleeping bags and soggy taxiways the next day. I highly recommend good tie downs and a good tent. I had the tie downs but my next trip will have to include a new tent!

A recent change in the FAA's stance on training in experimental airplanes effectively eliminated a CFI providing instruction in our RV. I applied for and received a Letter of Deviation Authority (LODA) issued in the club's name for the RV. This LODA is valid for 4 years and allows any CFI to provide instruction in our airplane. A copy is in the flight log binder in the plane and available on the website in the Club Documents/insurance Link.

Our updated insurance coverage is in effect and you should see the change in monthly dues on this billing cycle. The members seem to be almost evenly split on how to determine hull value coverage so give it some thought and we will discuss further in the Fall.

Safe flying!

Steve

Treasurer's Report - by T.J

General Comments:

• With another 49 hours this month, it is great to see our planes getting so much use!
• Please note that these are our July 15, 2021 financial statements. With Oshkosh and the general busy times of summer, it has taken me longer than normal to get everything completed. This any recent flights will be included in the August 15 financials.
• THANK YOU everyone for being so diligent with your receipts, it is very helpful!
• As summarized by Steve’s e-mail, the club has elected to increase the insured values of the aircraft and as such our insurance premiums have increased. Dues are now $160 per month with a breakout included at the bottom of the statement.
• TacAir full service fuel experienced a significant increase from $5.83 in June to $6.45 in July. Remember that this does not impact aircraft rates in the near-term, but may have an impact in the future.
• Don’t hesitate to let me know if there are any questions.

Blue Skies

TJ

BILLING STATEMENT



BALANCE SHEET

Significant Discussions:

• Maintenance Funds - All the maintenance funds are maintaining adequately.
• Overall Cash - Cash is sufficient to operate into the foreseeable future and will continue to grow through the fall into the end of the year.
• Aircraft Valuations - Our standard operating procedure is to revalue the aircraft on 3/15 & 9/15 of each year. However, given extraordinary market conditions, paired with the discussion held at the member meeting, the membership has elected to recognize the increase in valuations now AND increase the insured value from fair value to fair value + 10%. Thus, we have made the market correction on this financial statement and also started to insure the planes at FV + 10%, effective in mid-July.
• Share Value - The adjusted aircraft valuations resulted in an approximate $1,500 increase in club share value as of 7/15. Other cash factors also influence the price, but the aircraft valuations are the largest driver.



DUES

Our current dues allocation is as follows:

   Maintenance - by John

N202CR RV-7A

• Nose Tire and Tube - On June 29th, we replaced the nose tire and tube with a new Leakguard 11x400-5 Inner tube and an Aero Classic 11-400-5 8 ply tire and greased the nose wheel bearings.