Learning Objectives: After reading this chapter you should be able to:

• Recite the four phases in the annual financial planning process

• Formulate a corporate flight department budget

• Construct a corporate flight department capital budget

• Discuss variable costs and fixed costs

• Explain how projected flight hours may be used to plan a budget

• Spread an expense budget

• Distinguish the difference between timesharing, interchange, and joint

ownership

• Discuss how personal use of the company aircraft is viewed by the IRS

When you first begin the journey focused on becoming a professional

maintenance technician, pilot, flight attendant, or operations specialist,

financial forecasting is not one of the skills that you expect to acquire along

the way. Surprisingly, for many who first move into a management position

within business aviation, it is very important to possess a basic understanding

of how capital is allocated and how costs are measured. Management of

the day-to-day issues, department personnel, the company aircraft, support

equipment, regulatory requirements, and the daily flight schedule take up

a lot of an aviation manager’s time. A close second in the overall consumption

of the manager’s time is financial matters.

It is important to understand one very critical truth concerning the

business of business aviation, it costs a lot of money to purchase, outfit,

house, crew, maintain, and operate a corporation’s aircraft. As the aviation

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