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St. Louis Flying Club Newsletter - 30 September 2018 |
From The President - By Charley
Dear Members:
Please be sure to mark your calendar for our 1:00 p.m. meeting on November 4th at the club hangar. Officers will be meeting on October 15th to finalize an agenda, please let any of us know of topics you would like added. As usual, we plan to have an agenda out for review / proxy votes for anyone who cannot attend the week prior.
Hopefully you saw the new member vote for our 24th spot we agreed to add at our last meeting. Please let me know of your vote as soon as you are able.
Dom Bausano has indicated his intent to sell his share in the club. I would personally like to thank Dom for all of his work over the past few years on keeping the Member Handbook up to date with our ongoing list of changes. We wish Dom well and are actively seeking new members, please encourage anyone you know who would be a good fit to apply.
One thing that I know will be on the fall meeting agenda is the election of club officers and changes to our club responsibilities list. We operate as a club on volunteer work and it is critical to our clubs health that we have enough volunteers to share the workload. If you are interested in volunteering for a role or just want to know more about a particular position, please drop me a note or give a call and I would be happy to provide details.
John is off on a beautiful cruise out of Inverness Scotland. T.J. and I are sending updates separately via email to get information out to everyone, we will publish a full newsletter when John returns.
Thanks to T.J. for the detailed financial update below! We enjoyed a large increase in the value of club aircraft during our fall valuation, our newly published share price is $12,640! We are also reducing hourly aircraft rates for the Cessna and the Arrow to more accurately represent our maintenance spending trends. Details are below in the monthly billing statement, please let either T.J. or I know if you have questions and we will be covering the changes again during our November meeting.
Safe skies,
Charley
Treasurer's Report - by T.J
Fellow Members,
The item of note this month is the fact that we added the $500 assessment for the payment of the new aircraft. All other items are routine with the exception of the high usage of the aircraft! Great job!!
Blue Skies
TJ
BALANCE SHEET
Attached is our balance sheet as of 9/15/18.
The share value increased significantly due to that fact that:
- We added a $500 assessment, so everyone’s value went up $500 until we spend that cash; and
- We revalued the planes and the market has increased materially. There appears to be significant demand for 172’s.
When the assessment is paid (see “Receivable From Membership”), cash will increase rather significantly and will be sufficient to pay our annual insurance in January and also pay sales tax on the new airplane in the spring. When we obtain our new member, that will provide another $12,000+ in cash. The work in process will be added to the Cessna value when the airplane is returned to service after the upgrade. Also note that there is a $7,500 “other” liability that represents the estimate of what we will pay for taxes and ADS-B related to the new aircraft.
Don’t hesitate to call with questions.
RATE PER HOUR
We monitor rate per hour on a regular basis and endeavor to change rates when required or possible. As seen on the balance sheet, we have sufficient maintenance/annual funds and our overall cash position is good. As such, see the chart below that will demonstrate the rate per hour as of 9/16/18. Note that fuel burn is actual from the past 12 calendar months and the engine funds are what vRef would estimate today.
DUES
Because each section has a little more explanation in the past, I have included dues. Please note that when the new member is added, we intend to keep the dues at $135 per month, per member until the 3/15/19 statement. At that time, we will revisit the appropriate level for dues.
Maintenance - by John 
N202CR RV-7A
- No maintenance actions this month
N20843 Cessna 172M
- Turn Coordinator - The turn coordinator failed in flight and was replaced with an overhauled turn coordinator.
N2242N Piper Arrow IV
- Nose Strut - The nose strut was serviced with Nitrogen on September 3rd.
Copyright © 2018, St. Louis Flying Club, All rights reserved. Last updated Sep 2018
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