Honor Flight Network Annual Report

Transcription

1 Honor Flight Network 2014 Annual Report

2 H O N O R F L I G H T 3 Letter from the Executive Director and Chairman of the Board 4 Our Mission, Purpose, Vision, History 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 Financials 16 Final Thoughts TABLE OF CONTENTS 2014 Annual Report 2

3 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 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. Sincerely, 2014 Annual Report 3 Diane Gresse, Executive Director James McLaughlin, Chairman, Board of Directors

4 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 Annual Report 4

5 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, Annual Report 5

6 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 Annual Report 6 REGIONAL HONOR FLIGHT HUBS

7 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 they walk by. Will Rogers 2014 Annual Report 7

8 P R O G R A M S 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 Annual Report 8

9 HONOR FLIGHT NETWORK BOARD OF DIRECTORS Jim McLaughlin Chairman, President Dave Henderson Treasurer Scott Frasure Board Member Randy Ark Board Member Jeff Miller Vice-Chairman, Co-Founder Honor Flight Network Earl Morse Board Member Co-Founder Honor Flight Network Dave Nichols Board Member Dave Smith Board Member Diane Gresse Secretary, Executive Director Dave Bauer Board Member Jim Houfek Board Member 2014 Annual Report 9

10 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 Statement of Functional Expenses 15 Statement of Cash Flows *Contents included in Pages were obtained from Audited Financial Statements 2014 Annual Report 10

11 Statements of Financial Position December 31, 2014 and ASSETS CURRENT ASSETS Cash $ 1,769,958 $ 1,461,892 Accounts receivable 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, ,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, ,765 2,428,786 2,003,829 $ 2,436,893 $ 2,011, Annual Report 11

12 Statements of Activities December 31, 2014 and UNRESTRICTED SUPPORT AND REVENUE Public Support Contributions $ 1,278,280 $ 1,316,414 Gifts in-kind 399, ,553 Net assets released from restrictions 75, ,294 1,753,606 2,074,261 Revenue and Gains (Losses) Program income 592, ,668 Annual conference revenue 14,905 4,870 Merchandise sales 47,701 46,525 Miscellaneous revenue 4,680 3,954 Interest income Loss on disposal of equipment (2,353) (715) 657, ,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, ,575 TEMPORARILY RESTRICTED NET ASSETS Contributions 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, ,407 NET ASSETS Beginning of year 2,003,829 1,473,422 End of year $ 2,428,786 $ 2,003, Annual Report 12

13 Statements of Functional Expenses December 31, 2014 Program Services Management and General Fundraising Total 2014 Annual Report 13 Program Expenses Airfare expense $ 373,662 $ - $ - $ 373,662 Hub assistance grants 548, ,362 Bus transportation costs 490, ,750 Donations forwarded to hubs 191, ,683 Lodging costs 71, ,838 Meals 11, ,350 Supplies and equipment 1, ,912 Merchandise 45, ,026 Miscellaneous 3, ,465 Total program expenses 1,738, ,738,048 Other Expenses Salaries and wages 128,852 25,770 17, ,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, ,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, ,633 Business insurance 1, ,919 Total other expenses 251,474 79,916 59, ,209 Total Expenses $ 1,989,522 $ 79,916 $ 59,819 $ 2,129,257

14 Statements of Functional Expenses Cont d December 31, 2013 Program Services Management and General Fundraising Total 2014 Annual Report 14 Program Expenses Airfare expense $ 565,440 $ - $ - $ 565,440 Hub assistance grants 468, ,574 Bus transportation costs 397, ,995 Donations forwarded to hubs 141, ,351 Lodging costs 79, ,515 Meals 14, ,095 Supplies and equipment 2, ,134 Merchandise 47, ,581 Miscellaneous 1, ,042 Strategic planning conferences RV program costs Total program expenses 1,717, ,717,854 Other Expenses Salaries and wages 112,422 22,484 14, ,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, ,068 Business insurance 1, ,110 Total other expenses 220,386 71,302 52, ,293 Total Expenses $ 1,938,240 $ 71,302 $ 52,605 $ 2,062,147

15 Statements of Cash Flows December 31, 2014 and 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, Change in value of beneficial interest in trusts (15,208) 23, , ,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 Net Cash Provided by Operating Activities 416, ,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, ,761 CASH Beginning of year 1,461, ,131 End of year $ 1,769,958 $ 1,461, Annual Report 15

16 HONOR FLIGHT NETWORK 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 Annual Report 16 Honor Flight Network, 300 East Auburn Avenue, Springfield, OH Phone: (937) Fax: (937)