+Reference
The shared-aircraft glossary.
The terms partnerships, clubs, and schools actually argue about - defined in plain language, with the calculators and features that put each one to work.
Money
Wet rateAn hourly aircraft rate with fuel included. The operator absorbs fuel price swings; the renter gets one predictable number.Dry rateAn hourly aircraft rate without fuel. The pilot buys fuel separately and is typically reimbursed or credited against a house fuel price.House fuel priceA fixed per-gallon price a group agrees to use for fuel reimbursements and billing, reviewed periodically, regardless of where members actually fuel.Engine reserveMoney set aside per flying hour to fund the engine's eventual overhaul, so the cost lands on the hours that caused it.Cost sharingSplitting an aircraft's fixed and variable costs among the people who share it, under rules agreed in advance.Reserves (aviation)Per-hour set-asides that pre-fund predictable future costs: engine and prop overhauls, avionics refresh, paint and interior.Member ledgerThe running account of everything a member owes and has paid: flight charges, dues, reserves, credits, and payments, in order.
Maintenance
TBO (Time Between Overhauls)The manufacturer's recommended engine operating time between major overhauls, commonly 1,800-2,200 hours for piston engines.Annual inspectionThe comprehensive inspection required every 12 calendar months for most US-registered aircraft, signed off by an IA (Inspection Authorization) mechanic.100-hour inspectionAn inspection required every 100 flight hours when an aircraft is operated for hire - including flight instruction in a club or school airplane.Airworthiness Directive (AD)A legally mandatory FAA notice requiring inspection, repair, or modification of an aircraft, engine, or component to correct an unsafe condition.SquawkA reported aircraft discrepancy or defect - anything from a burned-out bulb to a rough-running engine - logged for maintenance attention.
Operations
Hobbs timeTime recorded by the Hobbs meter, which runs whenever the engine runs (typically oil-pressure activated). The usual basis for rental and instruction billing.Tach timeTime recorded by the tachometer, proportional to engine RPM - it runs slower than clock time at low power. The usual basis for maintenance intervals.GroundingMarking an aircraft as not available to fly - for maintenance, an expired inspection, or an open airworthiness-critical squawk.DispatchThe controlled handoff of an aircraft to a pilot for a flight - confirming airworthiness, currency, and booking before the keys move.UtilizationHow many billable hours an aircraft flies per period - the single strongest driver of shared-aircraft economics.
Ownership
Aircraft partnershipTwo or more people co-owning one aircraft, sharing its costs and access - the most common structure for making ownership affordable.Flying clubA member organization that owns or leases aircraft for shared use, typically funded by monthly dues plus hourly rates.LeasebackAn arrangement where an aircraft owner leases their airplane to a school or club, which rents it out and pays the owner per hour flown.
Training
Part 61 vs Part 141The two US regulatory frameworks for flight training: Part 61 (flexible, instructor-driven) and Part 141 (FAA-approved structured curriculum).Flight review (BFR)The recurring review - minimum one hour of ground and one hour of flight with an instructor - required every 24 calendar months to act as pilot in command.CurrencyThe recent-experience requirements a pilot must meet to exercise privileges - for example, three takeoffs and landings in 90 days to carry passengers.CheckoutThe instructor evaluation a pilot completes before being approved to fly a specific aircraft type or a club's airplane independently.
Get started
See it with your own aircraft.
Add your aircraft and your rates, then see the schedule, the squawks, and the ledger all work off one record. No card required.