About

Background

The concept of establishing a partnership for an SR22 took root in March 2022. After extensive research into the acquisition and operating costs of a Cirrus, the founders discovered the surprising affordability of the venture. The public offering in April garnered interest from seven initial participants, leading to the formation of a not-for-profit Corporation. Seeking the advantages of being classified as a club, the decision was made to incorporate, resulting in the attainment of IRS 501(c)7 tax exemption status. The Flying Club, comprising seven members, acquired its airplane in May 2022.

The Airplane

The club's aircraft, N528SR, is a 2007 Cirrus SR22 G2 GTS with around 2200 airframe hours and 1200 hours remaining until a recommended engine overhaul. Featuring a CAPS parachute, the avionics include Avidyne Entegra glass PFD/MFD, dual Garmin 430's, S-Tec 55X Autopilot (with altitude capture), ADS-B Out, COLD AIR CONDITIONING, and TKS De-icing (Not FIKI). With a useful load of 975 lbs and an 81-gallon fuel capacity burning 12gph leaned out, the 310HP Continental IO-550 engine exhibits no issues, supported by consistently favorable oil reports. The aircraft is housed in our well maintained hangar at KSMD (B row).

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Financial Status

Remarkably, the club operates debt-free, having purchased the airplane in cash. Immediate funding of engine and parachute reserves was undertaken, establishing a strong financial position. The financial model comprises three components: a fully owned 1/7th membership, monthly dues set at $400 covering hangar rent, insurance, parachute repacks, database updates, etc., and a dry rate of $80 per flight hour. The hourly cost includes provisions for engine/prop reserves, oil changes, and general maintenance, making the setup remarkably affordable. The club currently holds a healthy cash reserve, with funded accounts for engine overhaul and parachute repacks. While rates may be subject to change, the club's goal is to maintain a robust financial position, eliminating the need for assessments to cover necessary expenses.