owner takes title of the portion of their investment, they are not assigned to a dedicated aircraft for usage. Instead, they are given access to a pool of similar aircraft, and therefore, theoretically, an owner may never actually fly on their titled jet. Co-owners (referred to as 'owners') of a fractional program's aircraft are required to pay a percentage of the aircraft's purchase price that is proportionate to the number of hours they wish to fly per year, for the duration of their contract—typically 5 years. In addition to the price, there are fees charged for all occupied flight hours (that fluctuate with changes in fuel prices), as well as monthly fixed-management fees that cover maintenance and administration of the program. In return, the customer receives a predetermined number of hours in the aircraft of their choice, based on the owner's needs and the amount they are willing to pay. Fractional owners are guaranteed that this aircraft, or another aircraft of the same model or comparable aircraft type, will be available 24 hours a day, 365 days per year, with as little as four hours' notice. In addition, the management company provides all scheduling, flight planning, staffing, catering, maintenance, communications, and insurance services. A fractional owner simply picks up the phone, calls a dispatcher, requests a flight, and drives to the airport. History The term fractional ownership originally became popular for business jets. Richard Santulli of NetJets pioneered the concept of allowing businesses to purchase shares in a jet to reduce costs. With a fractional jet plan, members will typically fly in any jet available, not necessarily the one in which they own shares. The management company will reposition jets as necessary and provide flight crews. Companies with greater needs purchase larger shares to get access to more time. The fractional ownership concept has since been extended to smaller aircraft and now has become common for single-engine piston aircraft like the Cirrus SR22, which are beyond the financial means of many private pilots. The same concepts apply, except that the management company may not provide flight crews nor reposition the aircraft. Many pilots get together to buy light aircraft in a privately bought and managed fractional ownership, this is often known as group flying. Fractional ownership has played a significant role in revitalizing the general aviation manufacturing industry since the late 1990s, and most manufacturers actively support fractional ownership programs.