The terminal served Houston during the years when air travelers dressed in their best and embarked for destinations aboard roaring prop liners like the Douglas DC-3 and the Lockheed Constellation.

In that year, Hobby Airport's manager James Delong proposed demolishing the 1940 terminal to free up ramp space, but enthusiasts blocked the demolition.

In 1998, the Houston Aeronautical Heritage Society (HAHS), a nonprofit organization, was formed primarily to save the threatened terminal building.

The American Institute of Aeronautics & Astronautics (AIAA) designated the 1940 Air Terminal Museum a Historic Aerospace Site.

The 1940 Air Terminal is the AIAA's 35th aerospace site recognized as a rare example of classic Art Deco airport architecture.

[9] In February 2010, the Houston Aeronautical Heritage Society was presented with a Good Brick Award for excellence in preservation for the 1940 Air Terminal Museum.

The society is funded through private and public grants, corporate and personal contributions and net proceeds from revenue generating endeavors such as museum memberships and gift shop sales.