A Guidebook for Airport-Airline Consortiums (2014) / Chapter Skim
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Pages 30-34
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30 Implementation The consortium implementation process may include the following activities: • Legal formation • Agreement execution • Capitalization • Procurement • Capital project funding • Start-up Legal Formation The legal formation begins with the filing of the articles of incorporation, or their equivalent depending on the business entity structure selected, with the state where the consortium will be incorporated. In some states, this filing may be accomplished over the Internet with an on-line submittal and an instantaneous response.
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From page 31... ...
Implementation 31 Capitalization Capitalization is also usually addressed during the formation meeting. Typically a consortium requires an operating reserve, equivalent to 2 months of operating expenses, to provide the proper cash flow support for the operation.
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32 A Guidebook for Airport-Airline Consortiums badges, train their employees, and procure sufficient supplies and equipment to fulfill their contract requirements. The consortium's accounting system, cost allocation and invoicing model, data collection and recording systems, bank accounts, and capitalization must also be in place for a successful start-up.
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From page 33... ...
Implementation 33 member agreement, approved a number of administrative items such as the opening of a new checking account for the company, and approved a deicing fluid acquisition contract. DENCO was capitalized with membership fees.
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From page 34... ...
34 A Guidebook for Airport-Airline Consortiums stakeholders and the consortium documents. However, the circumstances of each consortium affect all aspects of that consortium including the documents, the capitalization, and the establishment of performance metrics.
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