There were two finance-related questions that were posed recently on the AOPA Facebook Flying Club page and we thought we’d share them both here to help generate a discussion and remind clubs that there are many resources at AOPA, from flying club webinars that are archived online to staff at the Pilot Information Center with expertise on insurance, financing, and many other topics that your clubs can reach out to by going online, calling 800/USA-AOPA (872-2672), or emailing [email protected].
Jim Myers is looking at starting a club at the Sullivan County airport in Indiana and has looked at lots of samples of the constitution and bylaws but is not really sure about the financial side of things. What is the best solution for financing the aircraft?
Emily Meczkowski [who works at AOPA] Hi Jim, since the flying club would be a start-up the options are more limited, however there are a couple of options available. The right one depends on your specific situation. To find out more, you can reach out to AOPA Finance. Our analysts can help guide you down the right path.
Kelby Ferwerda Since your club is a startup, it probably wont be eligible for a loan without a personal guarantee. One great option would be to personally purchase the aircraft and lease it back to they flying club for the first few years. Once the club has built up some financial history, you could then sell the aircraft to the club. AOPA offers financing for both club leasebacks and for club ownership.
Meanwhile, Scott Peters has a small club with 10 members that paid an initial buy-in and have monthly dues and wants to know what is the best software is for keeping track of finances?
Bob Buchner provided the link for the Flying Club Accounting Webinar in which Ray Speciale, a CPA and aviation attorney, discussed flying club accounting practices. Ray provided an overview of the best accounting practices for flying clubs, and answered some of the top questions AOPA receives on the topic.
Frank Beresnyak Quickbooks
Dan Coyne QuickBook Pro