FAR 91.1027 — Fractional Ownership Recordkeeping
FAR 91.1027 explains recordkeeping rules for fractional ownership program managers: pilot records, load manifests, retention periods, and required documents.
FAR 91.1027 sets the recordkeeping rules a program manager must follow when running a Subpart K fractional ownership operation. The records must be kept at the principal base (or another FAA-approved location) and made available for inspection.
Required records include:
- Management specifications and a current list of aircraft (including equipment like RVSM or RNP).
- An individual pilot record showing certificates, ratings, experience, duties, medical, competency/proficiency checks, flight time, check pilot authority, disqualifications, and training completion.
- An individual flight attendant record with name and training results under § 91.1063.
- A current list of fractional owners and their aircraft.
Retention: aircraft list 6 months; pilot and flight attendant records 12 months (including after separation).
Before every takeoff, the program manager must prepare a load manifest in duplicate (passengers, weights, CG, registration, route, crew). The PIC carries a copy to destination, and the manager retains it 30 days. A document naming the entity with operational control and operating part must also be carried and kept 30 days. Records may be paper or electronic.
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