Recently, the Wall Street Journal ran "Corporate Jet Set: Leisure vs. Business", identifying flaws in SEC filings of major companies regarding their corporate jets. They also released WSJ Jet Tracker, displaying the flight history for all corporate aircraft (even blocked tails).
Common Failure Scenario: Corporate tax and accounting staff are often unaware of specialized reporting required by corporate aircraft, while the flight department may presume these responsibilities are addressed at the corporate level. Such oversights create significant exposure for the company, as learned by the companies above.
Download the Aviation Compliance Primer at left to learn the impact of your aviation department on corporate reporting. Updated IRS and SEC regulations require improved disclosures:
Operating business jets within a corporate environment creates significant compliance requirements. Major corporations still overlook aviation compliance regulations on a regular basis. See "Common Reporting Failures in the Fortune 1000".
In addition, management vital compliance information with paper flight logs, spreadsheets and unofficial databases creates unacceptable risks for your company.
For an SEC Registrant, the following compliance items will typically be required:
If you utilize an outside management company instead of an in-house flight department, you still need to maintain these corporate reporting capabilities in-house; your management company doesn't hold all of the data to support the required reporting needed by an SEC registrant.
AircraftLogs is offered as SaaS (Software as a Service) or as an Outsourced Aviation Reporting service. Either way, your compliance processes and data quality improve.
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