The “Rawhides” of VRC-40 fly the C-2A out of NAS Norfolk, VA and were established in July 1960. They were originally known as ‘Codfish Airlines’ and have supported Atlantic Fleet operations the entire time. This patch says $ELRE$. VRC 40 had a reserve (SELRES) component and clearly, by the dollar signs, they were per diem cowboys. Thus, the acronyms on the side are all the various duty statuses under which a SELRES could basically be a “Reserve bum” and make some extra money!!! Thanks to Mike K. for the info!