Virtual United Airlines Stock Purchase Program 2018 - details

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UAL001 Gary Price
CEO
Posts: 1122
Joined: January 7th, 2012, 6:12 pm
Location: Irvine, CA

Virtual United Airlines Stock Purchase Program 2018 - details

Post by UAL001 Gary Price » August 19th, 2018, 5:28 pm

The ongoing operation of Virtual United Airlines (VUAL) requires a significant financial commitment. Web hosting, e-mail, DNS services, Teamspeak, cPanel services, data backup, etc. are all provided by various suppliers, who invoice us monthly to ensure ongoing service.
Historically, the CEO and other volunteers at VUAL have “stepped up” to pay for the ongoing operating costs. The staff and pilots greatly appreciate the contributions these members have made over the years to ensure a strong foundation for VUAL to grow and thrive, and allow us to enjoy our hobby.

Starting in 2015, the VUAL Executive Management implemented the Stock Purchase Program. Thanks to the tremendous generosity from the staff, we raised enough donations to maintain all services and even enhance some areas without having to ask for a single donation from any of our pilots.
Once again this year, in order to reduce the financial burden on a few and to provide an opportunity for staff and pilots who would like to donate money to support the ongoing operations at VUAL, the management is offering a “stock purchase option” to all staff and pilots. With that being said, VUAL management recognizes that we are a group of hobbyists, from various backgrounds, and at various stages of our lives. It cannot be emphasized enough, a staff member or pilot’s decision to donate to VUAL is 100% voluntary, and will have no impact on that person’s standing within VUAL.

I have discussed with Garfield and Jared our required budget figures for 2018. The estimated cost to keep all our services “up and running” at VUAL for 2018 (August 2018, to July, 2019) is approximately $450. This year we have eliminated approximately $200 cost by eliminating duplicate backup and mass e-mail services. With this amount we should have some "reserves" in case any extra money is needed.

How it works:
1. The VP-IT will provide a yearly “budget request” to VUAL upper management – currently COO and CEO.
a. The IT budget will include all the monthly recurring costs, any improvement/project costs, and a reasonable “emergency reserve” for items such as additional bandwidth, hosting space, backup, etc.
b. Any proposed spending of VUAL's funds must be approved by all members of VUAL upper management. This “checks and balances” will ensure the funds are being used exclusively for the operations of VUAL and no other purpose.
c. The budget and expenditures will be reviewed at each VUAL staff meeting. The transaction information will be completely transparent to the staff.
2. Once the budget is approved by CEO, COO, VP-IT, a “stock offering” will be made to the staff members at VUAL. Each “stock” will be offered in the amount of $10.
a. Donations will be collected via a dedicated PayPal account.
b. The account information is "VUAL-stock@virtualunitedairlines.org".
c. We will be creating a “donate” button on the VUAL home page linking to the account.
d. VUAL upper management will be responsible to monitor and track all donations. CEO, COO and VP-IT have access to the PayPal account.
3. If there are still remaining “stocks” available after the staff has had the option to buy, the remaining stocks will be offered to the pilots of VUAL
a. For example: IT budget = $600 per year. 60 total “stocks” (@ $10 per stock) will be available for purchase by staff and pilots. If staff purchases 40 stocks, then remaining 20 stocks will be offered to pilots
b. Stocks will be sold on a “first come, first serve” basis. Each stock is valid for one year: Current term: August 1, 2018 to July 31, 2019.
c. The number of stocks offered each year will depend on the amount of the approved IT budget.
d. Donations will be collected via a “donate” button on the VUAL home page
4. If there are remaining stocks available after offered to the pilots, the CEO will purchase the balance to maintain stable options.
5. The option to donate will remain open year-round, or until we have met our yearly target.
6. If funds are unused during the course of a year, the amount of stock sold for the future year may be adjusted to accommodate the surplus. VUAL has no intention to carry a surplus balance year-to-year above and beyond any emergency or project funds (that have been already approved my upper management)
7. Terms and conditions
a. VUAL is a non-profit group of Flight Simulator hobbyists.
b. The purchase of stocks is 100% optional. Staff and pilots are not required to purchase stocks to be a member of VUAL.
c. VUAL upper management (CEO, COO, VP-IT) will maintain the list of active “stock holders” in VUAL. The list will not be made public.
i. Each stockholder will receive a confirmation that their funds were received
d. Current stock holders will have the “first right of refusal” for purchase of stocks in subsequent years.
e. Any pilot or staff who purchases stock will not receive and “special treatment” or “consideration” for staff positions or any other matter. Conversely no donations by staff and/or pilots will have no bearing on their status.

The management team at VUAL hopes that this stock purchase option eliminates financial burden on a few, and spreads the operating costs among many of our dedicated staff and pilots. Not only will this program provide a more stable financial foundation our IT team’s activities, it will allow them to more effectively plan for future enhancements. Finally we also hope that this program provides the many staff and pilots who have asked for an opportunity to donate to VUAL in order to help us offset the costs, a feeling of “ownership” in VUAL.
On behalf of the staff and all the pilots at Virtual United Airlines, I would like to thank everyone for their consideration of this program. Regardless of any staff or pilots decision to participate, thank you for your continued dedication and support of Virtual United Airlines.
Gary Price
UAL001
Chief Executive Officer
Virtual United Airlines

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