Friends of the Armory Foundation Corporation

Overview

Mission

The friends of the armory foundation corporation supports the armory foundation, furthering its programs, which focus on fostering lifelong health and learning by serving youth, high school students, college students, adults and local seniors through track & field, educational and wellness programs.

What it reported doing in 2024

The friends of the armory foundation corporation supports the armory foundation, furthering its programs, which focus on fostering lifelong health and learning by serving youth, high school students, college students, adults and local seniors through track & field, educational and wellness programs. In fy2025, the organization facilitated a new markets tax credit financing transaction.

Operating model

Revenue model
Donor-supported. 72% of the money available for current operations came from contributions and gifts.
Distribution model
No current program activity. The filing reports no program spending for the current year.

Nonprofit profile at a glance

EIN
932096111
IRS 990 coverage
2023–2024
Forms available
Form 990 2024
Location
New York, NY, USA
Phone
2129231803
Rating
39
Verdict
REVIEW
Rating confidence
Moderate
Sector
Single Organization Support

Reported finances

Revenue
$105,726
Expenses
$71,167
Assets
$14,706,069
Liabilities
$961,460

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

The verdict

REVIEW - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 0
  • Transparency & Controls: 64
  • Accountability: 68
  • Sustainability: 73
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: 0%; rating input score 0
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 60%; rating input score 60; 17th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 32.7%; rating input score 84; 84th percentile among comparable filings
  • Total-asset coverage ratio: 206.64; rating input score 100; 100th percentile among comparable filings
  • Liabilities to assets ratio: 0.07; rating input score 30; 30th percentile among comparable filings
  • Officer compensation ratio: 133.4%; rating input score 1; 1st percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 115% per year; rating input score 100; 99th percentile among comparable filings
  • Asset growth: 1.8% per year; rating input score 100; 32nd percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 3 of 5 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $447K · 5 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 14 of 14 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 2 annual filings from 2023 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 1 filed related-organization link
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Mission deployment rate scored 0/100.
  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Sustainability: Officer compensation ratio scored 1/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 30/100.

Leadership & pay

5 people listed

Highest reported compensation

  • JONATHAN SCHINDEL (SECRETARY & TREASURER): $447,140 total reported compensation
  • RITA FINKEL (PRESIDENT): $445,885 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024.