This was an email that was sent out to all the members of the BCFC on 2/9/10 outlining the status of an airplane purchase. I thought I would pass this along to anyone who would like to read it or may be interested in becoming a flying member.
February 9, 2010
Members of the Butler County Flying Club:
The BCFC has taken another big step toward our goal of purchasing an airplane. At our meeting on February 6, four members committed $1,000 each toward that goal. We are now looking for 6 to 10 additional members willing to do the same —- commit to $1,000 per member. Out plans and timetable are as follows:
All money will be held by our treasurer until such time as we have a minimum of $10,000. No one’s check will be cashed until we have the minimum of $10,000 on hand. We have set a deadline of March 12 to collect this total. If we don’t make it, we will take a serious look at what the short-term future of the club should be. If we cannot collect a minimum of $10,000 by that date, all checks will be returned to the owner.
If we collect the $10,000 or more, those members who have made the individual commitment of $1,000 each will form the decision-makers regarding the details of purchasing an airplane, i.e., what to buy; when to buy; how to finance; insurance; budgeting (fixed and operating costs as well as revenue generation); costs and terms of usage; scheduling, etc., all with one overriding principle in mind: the aircraft will be purchased in the name of the club and all members who are financially committed and obligated will have an equal opportunity yo use the airplane. It is very unlikely and unrealistic to think that we will be able to purchase an airplane without financing some portion of the purchase price, which means that a lender will probably require personal guarantees of any amount we finance. The cost of insurance may be less if we have fewer than 15 flying members, so while we need a show of support and financial commitment of $1,000 from a minimum of 10 members, we can probably accommodate up to 14 members for little additional cost. Obviously, within reason, the more members we have, the lower the cost per person to own and operate the airplane.
No plane will be purchased until and unless all 10 – 14 members agree on details.
Airplane inventory is very plentiful now. Prices are as good as they have been in years. Terms for borrowing money are as good as they have been in a long time. It won’t be too far in the future that we may be kicking ourselves if we don’t take advantage of all of these opportunities now. If you are willing to add your $1,000 to our seed money and willing and able to participate in the long-term financing, send or give your check for $1,000, apayable to the Butler County Flying Club to our treasurer, Dick Warn, 312 Horseshoe Lane, Harviell, MO 63945; Bill Gresham, P.O. Box 1510, 619 Vine St., Poplar Bluff, MO 63902; or, you may leave your check with airport manager, Mike Smith, at the airport.
We have placed out plans on hold for the pancake breakfast that was originally scheduled for March 20. Our next regular meeting will be held at 7:00 p.m., Thursday, February 18. See you then.
For more info please go to http://www.butlercountyflyingclub.org