The Businessmen's Flying Club held its monthly meeting on Tuesday, March 7, 2001 at the Naper Aero clubhouse. The meeting was brought to order at 7:30 PM by C182 Mother and board member Matt Kenner. The following members attended:
 

Jim	Barna
Bryan	Barus
Ken	Best
Tom	Braid
Hubert	Elsen
Lonnie	Horn
Andrea	Hoyt
Matt	Kenner
Ray	Kvietkus
Mike	Leavy
Jack  Munesh	Lindquist Makhija
Diane Don	Milmont Patterson
Carl	Price
Saeed	Razfar
Marty	Scheckel
Bert	Toppel
Ed Joe	Vogler Watson
Reza	Zarafshar
Guests
Rick	Patelski
Bryan Pat	Totten Wager

Ray pointed out that it wasn’t he who recently passed a written for CFI. – actually, it was Matt Kenner. Bert made a motion to accept the newsletter with the correction. Bryan Barus seconded the motion.

	388ES	739TU	415RC
FLYING	32.5	13.1	12.8
SMOH	544.6	481.7	592.8
TBO	2000	2000	2000
TMOH	1455.4	1518.3	1407.2
CLUB	2.0	0.8	0.9
GAL/HR.	10.4	8.2	11.5

SMOH -- engine time since major overhaul

TBO -- engine time between overhauls

TMOH -- engine time to major overhaul

N739TU: The airplane is still at Luman waiting to complete its annual. Several major items were discovered during the annual: the magnetos had to be pulled and inspected; we also had a leak in the left fuel tank, which was welded to correct the problem. The carpeting was replaced as well.

N388ES: The oil was changed. No further squawks.

415 RC: The oil was changed. No further squawks.

We discussed our by-laws at length. Ken had made a comparison to the original by-laws from September 23, 1977 and highlighted all the changes over the years. Matt didn’t deem it necessary to vote on the matter as there were only minor changes done.

Ken disagreed and pointed out a couple of items, which somehow disappeared in the re-writing of the by-laws. For example Sections 9/10 (Insurance) was stricken and should be in there. The sections with inactive members need to be reviewed as we did a lot of re-writing. We also added some language to the proxy voting. That part needs to be voted on according to Ken as it is State law. Ken did not have a chance to speak to Nick or Mike about the by-laws but will do so before the next meeting.

Apparently the hangar doors for 415RC have been fixed. (sort of …judging by several member’s comments.)

Bert commented that the luggage door on 388ES was still very difficult to close. Unfortunately there is not much that can be done about it.

Matt reported that plans are being drawn to build a cell phone tower on the south side of the intersection of 83^rd and Book. Mark apparently has had meetings on the topic urging that the tower be built 2 miles further south of the intersection so it doesn’t interfere with the traffic patterns around LL10. The hearing at Naperville City Hall on March 21^st was postponed. Naper Aero has hired a consultant to speak on our behalf. Mark will send everyone reminders. If at all possible please try to attend this important meeting when it is rescheduled.

Ray presented figures on a replacement for 739 TU, which sparked a lively discussion. Again, it was pointed out to the membership that the board is not looking to buy a replacement in the near future, but rather wanted the membership to start thinking about our options. According to our business plan, we agreed to start looking for replacement aircraft by the time we reach 4000 hrs. 9TU has 4800 hours on the tach.

Reza objected to the proposed resale value of $50,000 in Ray’s matrix. Mike Leavy commented that, based on Trade-A-Plane, we probably could get around $ 55,000, so $50,000 sounded pretty realistic. Reza suggested that we use a lower value for our spreadsheet to create a safety margin. Ken recommended taking the plane to a broker and getting an estimate. Add 50% of the difference between their offer and Trade-A- Plane’s to their price, and we would have a more realistic selling price. We all remember our overly optimistic expectations when selling 44 WW.

We then went into a discussion whether we needed another 172R along the lines of 388ES as a trainer. After several other suggestions, including looking at a 6-seater, the discussion started to focus on the financial side.

Matt raised the issue of the hourly rates. The board decided to keep the rates at the current level, although we are loosing roughly $ 2.00/hr on 8ES and 5 RC. Ken wanted to know if the reserves included the maintenance, which they do not. They only cover the annual and the engine.

Ray explained that both of our newer planes cover a share of 9TU’s fixed cost, and that’s where the problem is. By having the newer planes help pay for part of 9TU’s fixed cost, we were able to keep the rates low for our student pilots.

Hubert pointed out that we had not raised our rates all of last year, despite the fact that fuel prices increased drastically. While we are hoping that they will come down in the near future, we have to consider the possibility that this may not happen.

Lonnie questioned why we would raise the rates on the 2 newer planes when in fact the real problem is our "trainer".

Mike Leavy suggested that we should have a P/L for each airplane. Our current financial report only shows cash flow and doesn’t tell us which airplanes are truly making or loosing money.

Tom Braid reported that over the years we always had planes loosing money one year, making it up the next year.

Ken made a motion to raise the rates by $ 2.00, which was seconded by Hubert. After some more discussion we all agreed to table this point until the next meeting.

After the meeting, Matt and Ray went over Ray’s spreadsheet to verify the figures and they realized that Ray actually made an error in interpretation of the figures. 739TU is not subsidized and is correctly priced at $ 40.00/hour. Ray also reviewed the fuel burn on both 8ES and 5RC. The latter burned 12 gal/hour, and when adjusting the spreadsheet accordingly, 5RC is priced correctly as well. The only plane loosing $ 2.00/hour is 8ES.

Matt reminded everyone that our next meeting would be a work night – Daylight Savings Time will be back!.
 
 

Bryan Barus passed his check ride with flying colors and is now our newest "Private Pilot"

The weather hasn’t allowed him to take his wife up yet, but he is ready to find out what else is out there beyond the practice area.

Rumor had it that Ed Vogler passed his oral exam for the Private, SEL. However, as it turned out, Ed passed his CFI oral after an intense 3.5 hours of "grilling." The check ride had to be postponed on account of the weather.

Matt Kenner passed the Written, Flight Instructor.

Congratulations to all of you!!

Our deepest sympathies to Jim Williams and his family on the loss of his father March 12^th in Atlanta.

The BFC refreshment list was created as another way of recognizing special achievements. Criteria for membership vary with the length of the list. The person scheduled for refreshments should bring beverages and desert to the club meeting. If unable to attend, he or she should arrange to trade meeting dates with someone else on the list.

Mike Pastore April 2001
Nick Davis May 2001
Ed Vogler June 2001
Ray Kvietkus August 2001
Ed Vogler September 2001
Ray Kvietkus October 2001
Hubert Elsen November 2001
Tom Lechner January 2002
Bryan Barus February 2002
Matt Kenner March 2002
Ed Vogler April 2002
Bryan Barus May 2002

There were no membership changes during the month. We still have a record number of potential new members on the waiting list. Keep coming to the meetings! You never know when a spot might open up!

Hubert asked everyone to pay attention to the proper mixture procedure for 388ES. The engine is running on the rich side, and "Mixture Rich" means a finger width out. 14 gal/hrs on takeoff roll, at 500’ AGL lean mixture to 10 gal/hr (top of the green arc). EGT not to exceed 50% of the scale during climb. (Adjust fuel flow as required.)

The Businessmen's Flying Club will hold its next business meeting on Tuesday, April 8 2001 at the Naper Aero clubhouse. This will be our first work night so please plan on coming as early as possible. The meeting will begin at 7:30 PM.

FEBRUARY TREASURER’S REPORT
 

RECEIPTS
Equity	$611.00
Dues & Flying	$4813.03
INT MBNA	$124.53
TOTAL Receipts	$5548.56
CREDITS TO MEMBERS
Fuel Away	94.36
Treasurer	50.00
Copy Costs	0.00
Postage	0.00
739TU Pre-heat	10.00
Total	$154.36
PAYMENTS
Answer System	Ameritech	$15.10
Equity Refund	Lyons	$350.00
Parts Shipping	Luman	$10.20
8ES Oil Chg & Taxi Lt	Luman	$263.31
Fuel	Naper	$1239.10
Hangar & Tie-down	Naper	$438.50
5RC Oil Change	Luman	$166.72
SubTotal		$2482.93
Aircraft Loan	Harris	$1651.66
Total Payments		$4134.59
	AIRCRAFT LOAN BALANCE
	Interest Paid	$851.66
	Principal Paid	$800.00
	Aircraft Loan	$115,700
CASH
	MBNA	$30,185.60
	Security Bank	$4,329.31
	Total Cash	$34,514.91
RESERVES
	388ES Engine	($5,446.00)
	739TU Engine	($4,335.30)
	415RC Engine	($7,113.60)
	Insurance	($1500.00)
	Annuals	($4,500.00)
	LL10 Dues	($875.00)
	Inactive	($4,627.00)
	Loan Reserve	($5,000.00)
TOTAL RESERVES		($31,396.90)
RESERVE SURPLUS	$1,118.01