H O N O R
F L I G H T
T
AB
LE
OF CO
NTENT
S
3
Letter from the Executive Director and Chairman of the Board
4
Our Mission, Purpose, Vision, History
5
2014 Statistics
6
Honor Flight Regional Hubs
7
Key Data
8
National Programs – Lone Eagle, TLC, Flags of our Heroes
9
Honor Flight Network Board of Directors
10 Audited Financial Statement Contents
11-15 Financials
16 Final Thoughts
Letter from the Executive Director and Chairman of the Board
The Veterans we serve live in communities across our great nation. These are the courageous men and women who paved the way
for the independence and freedoms we have today in America. Those Veterans of WWII, Korean, Vietnam and those whom are
terminally-ill, are the Veterans that the Honor Flight Network proudly serves. We are pleased to report that in the fiscal years 2014,
the Honor Flight Network has served these deserving men and women more effectively than ever. Consider these accomplishments:
9
New Honor Flight Hubs opened to expand our reach to Veterans.
Serving in
1
new state to serve more Veterans.
Large percentages of our Honor Flight Network Regional Hubs have begun to fly Korean Veterans, with some special
Vietnam flights.
Increased Hub Assistance Grants from Honor Flight Network to our local Honor Flight Regional Hubs to carry out our
mission.
Decreased our overhead cost to
4.5%
in 2014.
Financially, Honor Flight Network is making sound decisions to not only fulfill our mission through this Flying Season, but into the
future and for years to come. We are invested in the lives of our deserving Veterans and seeing that they are honored before it is
too late.
The work that lies ahead is just as important as our history. We, our Honor Flight Hub Leaders, Hubs, and faithful volunteers, realize
that time is of the essence. Thousands of lives have been touched, but over 20,000 deserving Veterans are waiting their opportunity
to be honored by experiencing an Honor Flight trip. Unfortunately, countless deserving, but aging Veterans will not make it to our
next Flying Season.
To those who support our mission, we offer our profound gratitude. And, to those who will benefit from our work for many years to
come, we offer our unwavering devotion.
OUR…
Mission Purpose Vision History
Transport
America’s
Veterans to
Washington, D.C.
to visit those
memorials
dedicated to
honor their
services and
sacrifices.
To raise
awareness and
enlist public aid to
honor our
deserving
Veterans to visit
their memorials in
Washington, D.C.
To show
appreciation to
every deserving
Veteran to
experience a
memorable trip of
a lifetime.
Honor Flight
began as a way
to say “Thank
You” to WWII
Veterans who
had patiently
waited to see
their WWII
Memorial
erected.
2014 Annual Report4
2015 &
Into the
Future…
Honor Flight Network Results
As of the End of 2014 Flying Season:
Veterans Flown:
21,261
Guardians Flown: 18,284
Combined Total:
39,545
Since the inception of Honor Flight
May, 2005:
Veterans Flown: 138,817
Guardians Flown: 88,434
Combined Total: 227,251
REGIONAL HONOR FLIGHT HUBS
Honor Flight, Inc. has established the Honor Flight Network to spread the mission and values
associated with our founding to community based, independent regional Honor Flight groups
called Hubs throughout the United States.
Regional Hubs are established with the assistance of and at the direction of Honor Flight, Inc.
They are tasked to fundraise with and recruit local donors and volunteers to coordinate with
Honor Flight, Inc. to conduct as many trips and transport as many Veterans as possible.
Honor Flight, Inc. assists local hubs with trip coordination, coordinate busing needs, insurance,
fundraising support, and Southwest Airlines Green Pass distribution or Hub Assistance Grants,
as needed.
To ensure as many Veterans are transported to see their Memorials as possible, it is vital that
we establish Regional Hubs in the areas of the country that are not yet served or underserved.
This is a key strategic focus of Honor Flight, Inc.
KEY DATA…
131 Regional
Honor Flight
Hubs
Operating in
43 Different
States
Hub
Assistance
Granted in
2014 to
Regional
Honor Flight
Hubs
$383,000
Southwest
Green Passes
distributed to
Regional
Honor Flight
Hubs in 2014
$365,200
“We can’t all be heroes. Some of us
have to stand on the curb and clap as
Lone Eagle
Reaching Veterans whose applications have
been in our National Headquarters office for
one year or more, yet they do not live close to
one of our existing Honor Flight
Regional Hubs.
TLC “Their Last Chance”
Reaching Veterans that have been diagnosed
with a terminal illness that, according to the
veteran’s private physician, is likely to limit the
Veteran’s life to 12 months or less.
Flags of Our Heroes
Honoring Veterans of any conflict that passed
away before visiting their memorial. This is a
noble way to celebrate that Veterans life and
service to our country by provided keepsakes
to the Veterans family.
P
R
O
G
R
A
M
S
2014 Annual Report8
HONOR FLIGHT NETWORK
BOARD OF DIRECTORS
Jim
McLaughlin
Chairman,
President
Jeff Miller
Vice-Chairman,
Co-Founder
Honor Flight
Network
Diane Gresse
Secretary,
Executive
Director
Dave
Henderson
Treasurer
Earl Morse
Board
Member
Co-Founder
Honor Flight
Network
Dave Bauer
Board
Member
Scott Frasure
Board
Member
Dave Nichols
Board
Member
Jim Houfek
Board
Member
Randy Ark
Board
Member
Dave Smith
Board
Member
HONOR FLIGHT, INC.
( A Not-For-Profit Organization )
FINANCIAL REPORT
Fiscal Year Ending December 31, 2014
*FINANCIAL STATEMENTS
11
Statement of Financial Position
12
Statement of Activities
13-14 Statement of Functional Expenses
15
Statement of Cash Flows
*Contents included in Pages 11-15 were obtained from Audited Financial Statements
2014 2013 ASSETS CURRENT ASSETS Cash $ 1,769,958 $ 1,461,892 Accounts receivable 211 - Inventory 58,999 49,688
Prepaid airfare expense 57,600 22,169
Prepaid expenses 6,541 -
1,893,309 1,533,749
EQUIPMENT, NET 24,854 32,897
OTHER ASSETS 518,730 445,315
$ 2,436,893 $ 2,011,961
LIABILITIES AND NET ASSETS
CURRENT LIABILITIES
Accounts payable $ 3,524 $ 3,899
Accrued compensation and taxes 4,583 4,233
8,107 8,132
NET ASSETS
Unrestricted 1,837,236 1,555,064
Temporarily restricted 591,550 448,765
2,428,786 2,003,829
Statements of Financial Position
December 31, 2014 and 2013
Statements of Activities
December 31, 2014 and 2013
2014 2013
UNRESTRICTED SUPPORT AND REVENUE
Public Support
Contributions $ 1,278,280 $ 1,316,414
Gifts in-kind 399,831 517,553
Net assets released from restrictions 75,495 240,294
1,753,606 2,074,261 Revenue and Gains (Losses)
Program income 592,737 524,668
Annual conference revenue 14,905 4,870
Merchandise sales 47,701 46,525
Miscellaneous revenue 4,680 3,954
Interest income 152 159
Loss on disposal of equipment (2,353) (715)
657,822 579,461 Total unrestricted support and revenue 2,411,428 2,653,722
UNRESTRICTED EXPENSES
Program expenses 1,989,522 1,938,240
Management and general expenses 79,916 71,302
Fundraising expenses 59,819 52,605
Total unrestricted expenses 2,129,257 2,062,147
INCREASE IN UNRESTRICTED NET ASSETS 282,171 591,575
TEMPORARILY RESTRICTED NET ASSETS
Contributions 203,073 203,062
Change in value of beneficial interest in trusts 15,208 (23,936) Net assets released from restrictions (75,495) (240,294)
INCREASE (DECREASE) IN TEMPORARILY RESTRICTED NET
ASSETS 142,786 (61,168)
CHANGE IN NET ASSETS 424,957 530,407
NET ASSETS
Beginning of year 2,003,829 1,473,422
End of year $ 2,428,786 $ 2,003,829
Statements of Functional Expenses
December 31, 2014
Program Services Managementand General Fundraising Total Program Expenses
Airfare expense $ 373,662 $ - $ - $ 373,662
Hub assistance grants 548,362 - - 548,362
Bus transportation costs 490,750 - - 490,750
Donations forwarded to hubs 191,683 - - 191,683
Lodging costs 71,838 - - 71,838
Meals 11,350 - - 11,350
Supplies and equipment 1,912 - - 1,912
Merchandise 45,026 - - 45,026
Miscellaneous 3,465 - - 3,465
Total program expenses 1,738,048 - - 1,738,048 Other Expenses
Salaries and wages 128,852 25,770 17,180 171,802
Travel 51,638 9,035 6,023 66,696
Business fees and expenses 116 8,363 25,091 33,570
Professional services - 19,160 - 19,160
Occupancy 12,015 2,403 1,602 16,020
Website 10,371 - 3,458 13,829
Payroll tax expense 9,974 1,994 1,330 13,298
Office supplies and expenses 6,563 1,313 875 8,751
Depreciation 8,507 1,701 1,134 11,342
Postage and shipping 8,527 1,705 1,137 11,369
Telephone 7,747 1,549 1,033 10,329
Miscellaneous - 5,491 - 5,491
Printing and publications 5,725 1,144 764 7,633
Statements of Functional Expenses Cont’d
December 31, 2013
Program Services
Management
and General Fundraising Total Program Expenses
Airfare expense $ 565,440 $ - $ - $ 565,440
Hub assistance grants 468,574 - - 468,574
Bus transportation costs 397,995 - - 397,995
Donations forwarded to hubs 141,351 - - 141,351
Lodging costs 79,515 - - 79,515
Meals 14,095 - - 14,095
Supplies and equipment 2,134 - - 2,134
Merchandise 47,581 - - 47,581
Miscellaneous 1,042 - - 1,042
Strategic planning conferences 110 - - 110
RV program costs 17 - - 17
Total program expenses 1,717,854 - - 1,717,854 Other Expenses
Salaries and wages 112,422 22,484 14,990 149,896
Travel 36,195 6,333 4,222 46,750
Business fees and expenses 100 7,211 21,635 28,946
Professional services - 16,635 - 16,635
Occupancy 11,835 2,367 1,578 15,780
Website 11,008 - 3,670 14,678
Payroll tax expense 9,701 1,940 1,294 12,935
Office supplies and expenses 9,241 1,848 1,232 12,321
Depreciation 9,061 1,812 1,208 12,081
Postage and shipping 8,778 1,755 1,170 11,703
Telephone 8,162 1,632 1,088 10,882
Miscellaneous - 6,508 - 6,508
Printing and publications 2,301 460 307 3,068
Business insurance 1,582 317 211 2,110
Total other expenses 220,386 71,302 52,605 344,293
Total Expenses $ 1,938,240 $ 71,302 $ 52,605 $ 2,062,147
Statements of Cash Flows
December 31, 2014 and 2013
2014 2013
OPERATING ACTIVITIES
Change in net assets $ 424,957 $ 530,407
Adjustments to reconcile change in net assets to net cash provided by operating activities:
Depreciation 11,342 12,081
Loss on disposals of equipment 2,353 715
Change in value of beneficial interest in trusts (15,208) 23,936
423,444 567,139 Changes in assets and liabilities:
Accounts receivable (211) -
Inventory (9,311) (4,091)
Prepaid airfare expense (35,431) 53,831
Prepaid expenses (6,541) -
Annuity payments from beneficial interests 44,864 -
Accounts payable (375) (46,136)
Accrued expenses 350 -
Net Cash Provided by Operating Activities 416,789 570,743
INVESTING ACTIVITIES
Purchases of equipment (5,652) (21,982)
Contribution - beneficial interest (103,071) -
Net Cash Used by Investing Activities (108,723) (21,982)
NET INCREASE IN CASH 308,066 548,761
Serving our American Heroes.
They were called.
They served.
They fought for our country and freedom.
It is our time to show these great heroes
our most humble appreciation.
Honor Flight Network, 300 East Auburn Avenue, Springfield, OH 45505 Phone: (937) 521-2400 Fax: (937) 521-2512
