BEFC-STL General Membership Meeting 18MAY05

BEFC-STL General Membership Meeting18MAY05 Clubs #1 Goal To Fly by the 4 th of July (2005)

BEFC-STL General Membership Meeting18MAY05 Board of Directors President - Alex Baldwin Vice President - Allen Sebaugh Secretary - Mike Landgraf Treasurer - Teresa Camp Operations - Zachary Williams Safety - Jose Narvez

BEFC-STL Timeline General Membership Meetings 06APR05Initial Meeting 06APR05Initial Meeting 20APR05Membership Launch 20APR05Membership Launch 18MAY05Club Status Report 18MAY05Club Status Report Board of Directors Meetings 26APR05Initial Board Meeting 26APR05Initial Board Meeting 03MAY05Review Cost Data 03MAY05Review Cost Data 10MAY05Review Search Committee Data 10MAY05Review Search Committee Data 17MAY05General Membership Update 17MAY05General Membership Update BEFC-STL General Membership Meeting18MAY05

BEFC-STL Club Membership 24 people applied for membership 24 people applied for membership 41 total people have shown interest 41 total people have shown interest Information exchange will improve Information exchange will improve Review master list after the meeting Review master list after the meeting

BEFC-STL General Membership Meeting18MAY05 Information Distribution Establish home list Establish home list Distribute BOD minutes Distribute BOD minutes Distribute General Membership minutes Distribute General Membership minutes Post to web Post to web

BEFC-STL General Membership Meeting18MAY05 Search Committee Formed 26APR05 Formed 26APR05 Aircraft Checklist in Work Aircraft Checklist in Work Procedure Checklist in Work Procedure Checklist in Work Established aircraft checkout requirements Established aircraft checkout requirements Review Initial list of 11 aircraft Review Initial list of 11 aircraft Narrowed down to three aircraft Narrowed down to three aircraft General Membership to review General Membership to review

BEFC-STL General Membership Meeting18MAY05 TT – 4260SMOH – 546$52, /733TFShepherdsville, KY

BEFC-STL General Membership Meeting18MAY / 7766GWest Helena, AK TT – 3100SMOH – 560$52,900

BEFC-STL General Membership Meeting18MAY / 20152KENNET, MO TT – 6500SMOH – 0$58,000

BEFC-STL General Membership Meeting18MAY05 Finance Committee Formed 26APR05 Formed 26APR05 Selected Bank of America (BoA) Selected Bank of America (BoA) Compiled multiple “What If” cost analysis Compiled multiple “What If” cost analysis Review of insurance companies Review of insurance companies Review Finance Options Review Finance Options BoA Loan BoA Loan Promissory Notes Promissory Notes Member Finance Member Finance

BEFC-STL General Membership Meeting18MAY05 Treasurer’s Report  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 –  Setup Accounts for Management in Quicken Members are encouraged to setup their own BofA to save money

BEFC-STL General Membership Meeting18MAY05 Balance Sheet

BEFC-STL General Membership Meeting18MAY05 Financing Issues  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? Default

BEFC-STL General Membership Meeting18MAY05 Fees Approved by BoD - May 10, 2005 –$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.