Central Arkansas Flying Club Inc

“The Club is organized under the State of Arkansas as an Arkansas Non-Profit Corporation. The obligations of the members to the Club are governed by the bylaws of the Club which provide for the procedures by which members shall be admitted to, and may be expelled from, the Club. Each member in good standing of the Club, as defined by the bylaws, shall be entitled to one vote on all matters that may properly come before the membership of the Club. The affairs of the Club shall be governed by the Board of Directors.”

“The Board of Directors may, in its discretion, limit the number of members of the Club at any given time based upon the number and type of acircraft available to the Club so as to ensure that there are sufficient aircraft available for use by the members of the Club without undue restriction.”

“The affairs of the Club shall be governed by the Board of Directors. The members may vote to increase or decrease the number of directors fo the Club, but there shall always be an odd number with a minimum of three directors. The Board of Directors are elected on an annual basis by the members of the Club. Only members of the Club in good standing shall be eligible to serve as a director of the Club. A director may be removed by the members in a special meeting for that purpose.”

“The Treasurer prepares the Form 990 and President reviews the return before filing.”

“All governing documents, tax returns, etc. are available upon request by contacting current Board Member and scheduling an appointment time to review these documents at Saline County Airport conference room.”

“Cessna 172 (N5736T) threw engine rod and destroyed engine. Purchased used engine to have installed, but used engine would not work with this serial number. Had to sell aircraft airframe for $20,000 and newly purchased used engine for $17,500. Total related assests, less accumulated depreciation, totaled $21,856 more than cash received; accordingly, reducing net assets for loss on the sale.”