Virtual United Airlines Stock Purchase Program 2019-2020

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UAL001 Gary Price
CEO
Posts: 1290
Joined: January 7th, 2012, 6:12 pm
Location: Plano, TX

Virtual United Airlines Stock Purchase Program 2019-2020

Post by UAL001 Gary Price » December 8th, 2019, 12:01 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 Victor our required budget figures for 2019-2020. The estimated cost to keep all our current services “up and running” at VUAL for 2019 – 2020 (Dec. 2019, to Nov. 2020) is approximately $500. For 2020 we are planning major enhancements to the website. While the exact amount is not yet known, any additional funds received will be applied to that effort.

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 have added 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. Stocks are offered to pilots and staff alike.

a. Stocks will be sold on a “first come, first serve” basis. Each stock is valid for one year: Current term: Dec. 1, 2019 to Nov 30, 2020.

b. This year there is no limit on the # of stocks offered.

4. The current stock purchase option will remain open until Jan 31, 2020.

5. 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). Note: this year any extra funding will be used for the website enhancement project.

6. 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. 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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