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EAA Hangar Purchase



 
 
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  #1  
Old March 30th 04, 02:59 AM
Kyle Boatright
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Default EAA Hangar Purchase

Anyone got stories to share (good or bad) about EAA chapters purchasing
hangars? Our chapter has been offered the right of first refusal on a
hangar at the local field and I'm trying to figure out if there is any way
to make it work. Long story short, the chapter would have to lease the
hangar to someone at the airport's going rate, AND would want to use the
hangar for chapter activities as well. This would mean banishing the
renter's aircraft to the ramp during meetings and events...

Personally, I wouldn't want an EAA chapter to have full access to MY hangar,
so I'm wondering if anyone else would. BTW, this hangar would have a fairly
high monthly rent. Probably in-line with what someone with a high end single
or nice twin *might* pay. Our EAA chapter members don't own any high end
singles or nice twins, so the hangar would probably be rented by somone
outside the chapter.

Thanks in advance,

KB



  #2  
Old March 30th 04, 04:49 AM
TaxSrv
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Default

"Kyle Boatright" wrote:
Anyone got stories to share (good or bad) about EAA chapters

purchasing
hangars? Our chapter has been offered the right of first refusal on

a
hangar at the local field and I'm trying to figure out if there is

any way
to make it work. Long story short, the chapter would have to lease

the
hangar to someone at the airport's going rate, AND would want to use

the
hangar for chapter activities as well. This would mean banishing

the
renter's aircraft to the ramp during meetings and events...

Personally, I wouldn't want an EAA chapter to have full access to MY

hangar,
so I'm wondering if anyone else would. BTW, this hangar would have

a fairly
high monthly rent. Probably in-line with what someone with a high

end single
or nice twin *might* pay. Our EAA chapter members don't own any

high end
singles or nice twins, so the hangar would probably be rented by

someone
outside the chapter.


I am a Chapter officer, and I agree with your concern that
nonmember/lessees may neither want to move their plane out on demand
for your meetings, etc., nor want any of you all to do it either.

Check with EAA as to how much Chapter insurance may increase if you
lease the hangar to nonmembers. Also, if the rents will be
substantial in relation to all other chapter income, there could be a
tax exemption problem if the net profit from rents is substantial too.
May need to consult a tax pro knowledgeable in tax exempts.

Fred F.

 




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