Your aircraft represents a substantial investment in capital equipment requiring careful administration to help maintain its viability. Baker Aviation's administrative staff is responsible for maintaining thorough aircraft operating records including monthly activity reports and expense summaries plus annual budget reports.
An activity report is compiled monthly listing each flight taken in your aircraft. The date of flight, type of flight, and total flight time is recorded from the flight reports. If you place your aircraft in Baker Aviation's charter program, the activity report would also list the revenues generated from all charter operations of your aircraft by flight, total for the month, and year to date.
As manager of your aircraft, Baker Aviation makes payment for all aircraft expenses to the individual vendors and suppliers. These expenses are then compiled in a monthly expense summary, and a single detailed statement is sent to the aircraft owner for payment. The expense summary statement of fixed and variable expenses provides an accurate accounting of the cost of operating your aircraft on a monthly and year-to-date basis.
Activity Reports and Expense Summaries are the tools used to monitor the productivity and operating costs of your aircraft. These documents are essential to good management and allow for an ongoing comparison of actual revenues and expenses with budgeted amounts.
At the end of each fiscal year, a budget report will be prepared to compare the financial performance of your aircraft with established budgets and projections. At a convenient time, Baker Aviation's Director of Operations will meet with you to review the year-end compilation of revenues and expenses and provide a report on the status of your aircraft. The goal of this record keeping is to provide you with true and accurate information with which to evaluate the productivity of your aircraft and the effectiveness of Baker Aviation's management program.