BEFC-STL General Membership Meeting 18MAY05

1. BEFC-STLGeneral Membership Meeting18MAY05

2. BEFC-STL General Membership Meeting 18MAY05 Clubs #1 Goal To Fly by the 4th of July (2005)

3. BEFC-STL General Membership Meeting 18MAY05 • Board of Directors • President - Alex Baldwin • Vice President - Allen Sebaugh • Secretary - Mike Landgraf • Treasurer - Teresa Camp • Operations - Zachary Williams • Safety - Jose Narvez

4. BEFC-STL General Membership Meeting 18MAY05 BEFC-STL Timeline General Membership Meetings 06APR05 Initial Meeting 20APR05 Membership Launch 18MAY05 Club Status Report • Board of Directors Meetings • 26APR05 Initial Board Meeting • 03MAY05 Review Cost Data • 10MAY05 Review Search Committee Data • 17MAY05 General Membership Update

5. BEFC-STL General Membership Meeting 18MAY05 • Club Membership • 24 people applied for membership • 41 total people have shown interest • Information exchange will improve • Review master E-Mail list after the meeting

6. BEFC-STL General Membership Meeting 18MAY05 • Information Distribution • Establish home E-Mail list • Distribute BOD minutes • Distribute General Membership minutes • Post to web

7. BEFC-STL General Membership Meeting 18MAY05 • Search Committee • Formed 26APR05 • Aircraft Checklist in Work • Procedure Checklist in Work • Established aircraft checkout requirements • Review Initial list of 11 aircraft • Narrowed down to three aircraft • General Membership to review

8. BEFC-STL General Membership Meeting 18MAY05 1977 /733TF Shepherdsville, KY TT – 4260 SMOH – 546 $52,900

9. BEFC-STL General Membership Meeting 18MAY05 1971 / 7766G West Helena, AK TT – 3100 SMOH – 560 $52,900

10. BEFC-STL General Membership Meeting 18MAY05 1973 / 20152 KENNET, MO TT – 6500 SMOH – 0 $58,000

11. BEFC-STL General Membership Meeting 18MAY05 • Finance Committee • Formed 26APR05 • Selected Bank of America (BoA) • Compiled multiple “What If” cost analysis • Review of insurance companies • Review Finance Options • BoA Loan • Promissory Notes • Member Finance

12. BEFC-STL General Membership Meeting 18MAY05 Treasurer’s Report Members are encouraged to setup their own BofA to save money • Setup Accounts with Bank of America • Free Checking & Interest Earning Savings • Free E-Bill Pay • Free EFT between BofA Accounts • Requested Credit Card for short term credit • Setup PayPal Account • Each transaction costs 2.2% + $0.30 per transaction • Costs will be billed back to users • https://www.paypal.com/us/ “teresa.a.camp@boeing.com” • Setup Accounts for Management in Quicken

13. Balance Sheet BEFC-STL General Membership Meeting 18MAY05

14. Financing Issues BEFC-STL General Membership Meeting 18MAY05 • Plan A: Bank Loan 10% down, 15 yrs • Need Person to Co-sign for Loan • Does not affect your credit rating until and unless the club defaults: Bank expects you to assume ownership of the Aircraft and continue paying • Plan B: Member(s) Loan to BEFC-STL • Need Person(s) to put up ~$50K • BoD will pay market interest rate over 15 yrs • Plan C: BEFC-STL member(s) pay full share • Divide aircraft procurement costs between all members • Increases Share cost to ~$2,500 depending on total amount needed and # of members Volunteers? Volunteers? Default

15. Fees Approved by BoD - May 10, 2005 BEFC-STL General Membership Meeting 18MAY05 • $25 application fee (non refundable) • $700 share price (refundable, charter members)* • $750 share price (refundable, on or after 7/1/05)* • $60 monthly dues (depends on financing approach & can be prorated with start date) • $46 hourly plane rate (depends on aircraft – may change) • * Charter members are those who purchase a share prior to 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, plus assessments as approved by the BoD. No member may sell their share on the open market. The BoD may opt to hold onto share dollars until a replacement member can be established. Ownership Shares are all equal, even if the amount paid over time may change. Regardless, each owner is only entitled to what shares they paid in.