EAA Hangar Purchase

[Kyle Boatright]

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

[TaxSrv]

"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.