The "Friends of 533" Society, a parent organization, is an extension of the Squadron Sponsoring Committee. The primary objective of the Friends is to raise funds in support of the squadron's activities. Each year several members of the Friends are appointed by the sponsoring committee to serve on the Sponsoring Committee Executive, thereby ensuring that any concerns regarding the funds raised by the parents are considered and respected by the Committee.
These funds, raised through Bingos, Casinos, and other special projects, make a significant contribution to financing the local operational requirements of the squadron. These include optional activities and trips, extra equipment, training supplies, administrative supplies, etc., which are in addition to the basic support provided by the Department of National Defense.