Abstract: A self-storing flag and flag assembly is described for sub-surface mounting to a support surface. The assembly will facilitate extension of a telescoping flag standard from a below surface stowed position to an upright extended operative position, displaying a flag body. The flag assembly is also retractable to a shortened inoperative position within a sleeve below the support surface. The standard is formed of interfitting telescoping sections that are loosely received within an axial tubular connector member releasably mounted at the top end of the standard. The flag includes a lanyard mounted at one end to the flag body and at a remaining end to a spring clip attached to the top section of the telescoping standard sections. The clip pulls the lanyard into the connector member as the standard is retracted, and thereby gathers the bottom edge of the flag to the connector to minimize the vertical flag dimension to be received within the sleeve.