The Armory Foundation FY2021 filing

Tax-deductible

New York, NY501(c)(3)Since 1992UnclassifiedEIN 13-3680286

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The Armory Foundation, a nyc not-for-profit and home to the premier indoor track and field center in america, is committed to fostering lifelong health and learning by serving youth, high school students, college students, adults and local seniors through track & field, educational and wellness programs. The Armory foundation's primary emphasis is reaching and motivating the youth of all five boroughs of new york city by offering them competitive track and field activities and broadening their horizons with educational classes, college preparation programs and a variety of cultural and school-coordinated educational activities. The Armory Foundation hosts over 105 track events each year, maintains the national track and field hall of fame, operates the largest afterschool activity center in new york and offers a variety of community support programs in its world class facility.

501(c)(3) charity; gifts are tax-deductible.
91¢ of each $1 spent went to programs.
$1.0M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2021 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 5
filings with a surplus
Average surplus $1.1M a year · 13% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
91%
of spending
Looks good: 91% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$1.0M
to officers and key staff · 23% of spending
Worth a look: pay to officers and key staff is 23% of spending; over 20%.
Pt VII · Sec A
Cash reserves
8 mo
of spending, in cash
Looks good: 8.1 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
23
named funders · $1.4M
Looks good: 23 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$2.5M
20% of total assets
Looks good: liabilities are 20% of assets; 50% or less.
Pt X · Ln 26
Independent board members
23
of 23 voting members
Looks good: 23 of 23 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$6.5M
-13% vs prior year
Spent
$4.6M
To programs
91%
Net assets
$9.6M
By yearFY2020–FY2024
Revenue
$6.5M
FY2021▼ -13%
Revenue by fiscal year
FY2020$7.4M
FY2021$6.5M
FY2022$8.2M
FY2023$8.7M
FY2024$12.0M
FY2024$8.3M
Expenses
$4.6M
FY2021▼ -37%
Expenses by fiscal year
FY2020$7.2M
FY2021$4.6M
FY2022$7.9M
FY2023$8.8M
FY2024$8.8M
FY2024$10.2M
Net assets
$9.6M
FY2021▲ +27%
Net assets by fiscal year
FY2020$7.6M
FY2021$9.6M
FY2022$9.9M
FY2023$10.1M
FY2024$12.5M
FY2024−$7.2M

From the FY2021 Form 990 (year ending June 2021) · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Sep 1992.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

91 cents of each dollar spent went to programs.

Program services 91% · $4.1M Management & general 7% · $306K Fundraising 2% · $112K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

30 people listed on the 990; $1.0M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
Co-President/COO
$258,687Pt VII · Sec A
Co-President/CFO
$243,066Pt VII · Sec A
Building Manager
$114,599Pt VII · Sec A
Director of Facilities
$112,518Pt VII · Sec A
Chief Administrative Officer
$111,456Pt VII · Sec A
Director of Writing Institute
$101,854Pt VII · Sec A
Director of Creative Develop.
$101,406Pt VII · Sec A
Director
$0Pt VII · Sec A

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2024FY2023FY2022FY2021FY2020
Rita M Finkel$407,859$363,771————
Jonathan B Schindel$390,255$351,440————
Rita Finkel——$329,547$315,614$258,687$271,475
Jonathan Schindel——$309,607$289,361$243,066$259,641
Glennis a Aquino-Gil$237,473$212,878————
Glennis Aquino-Gil——$149,417$151,167$111,456—
John Carpenter$142,208$141,669$128,304$123,516$112,518$116,290
Kenneth Dwyer$138,697$134,855$127,629$121,678$114,599$114,891

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Promotes youth fitness and education through athletic, educational, and community programs.

Provided by the organization

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3 program services account for $2.4M of program spending, described in the organization's own filed words · FY2020.
01

Track & Field Meets

Typically, over 100 track and field meets are held each year at the armory ranging in size from 100 athletes to over 5,000. The armory track is considered to be the fastest track in the world and attracts athletes and spectators from all over the united states.

$1.6Mprogram expense
02

Armory College Prep High School

This is a focused program targeting high school students who practice at the armory, many of whom will be first-generation college students. Armory college prep supplies rigorous academic instruction, sat prep classes, one-on-one college counseling, including financial aid and ncaa regulation information and multiple trips to visit…

$504Kprogram expense
03

High School Training

In a typical year, up to 2,000 new york city students train at the armory, tuesdays and thursdays from november to april on the fabled armory track. Training includes a supplemental coaching staff paid by the armory to help students develop their skills. Many coaches are fluent in one of the events of track and field.

$293Kprogram expense

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Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2024
See all 23 funders →

By the numbers

The FY2021 990, line by line.

1The main four
Money inPt VIII
$6.5M
Ln 12
Gifts and grantsLn 1h$3.8M
Other incomeLn 4–11$2.4M
Fees for servicesLn 2g$286K
Money outPt IX
$4.6M
Ln 25
Programscol B$4.1M
Managementcol C$306K
Fundraisingcol D$112K
Owns and owesPt X
$9.6M
net assets · Ln 32
Cash and savingsLn 1–2$3.1M
Total assetsLn 16$12.1M
LiabilitiesLn 26$2.5M
PeoplePt VI, VII
30
listed · VII A
PaidVII A7
Voting boardVI 1a23
IndependentVI 1b23
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$3.8M
Government grantsLn 1e$2.4M
Fees for servicesLn 2g$286K
Investment incomeLn 3$18K
Other incomeLn 4–11$2.4M
Gains on assetsLn 7$1K
Total revenueLn 12$6.5M
Assets in detailPt X, end of year
CashLn 1$3.1M
SavingsLn 2$0
Cash and savings togetherLn 1–2$3.1M
InvestmentsLn 11–13$780K
Land, buildings, equipmentLn 10c$6.2M
Other assetsLn 15$0
Total assetsLn 16$12.1M
LiabilitiesLn 26$2.5M
Net assetsLn 32$9.6M
OperationsPt I, VI
EmployeesI 5152
VolunteersI 6520
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY21End FY21
Cash and savingsLn 1–2$828K$3.1M
InvestmentsLn 11–13$965K$780K
Land, buildings, equipmentLn 10c$6.9M$6.2M
Total assetsLn 16$9.6M$12.1M
LiabilitiesLn 26$2.0M$2.5M
Net assetsLn 32$7.6M$9.6M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$0
Grants to domestic individualsLn 2$0
Grants and assistance to foreign recipientsLn 3$0
Benefits paid to or for membersLn 4$0
Pay of current officers, directors and key staffLn 5$600K$563K$21K$16K
Pay of disqualified personsLn 6$0
Other salaries and wagesLn 7$1.5M$1.3M$154K$64K
Pension plan contributionsLn 8$10K$10K$174$295
Other employee benefitsLn 9$138K$128K$4K$6K
Payroll taxesLn 10$246K$235K$5K$7K
Management feesLn 11a$0
Legal feesLn 11b$5K$5K
Accounting feesLn 11c$53K$53K
Lobbying feesLn 11d$0
Professional fundraising feesLn 11e$0
Investment management feesLn 11f$0
Other fees for servicesLn 11g$157K$151K$605$6K
Advertising and promotionLn 12$65K$60K$4K$132
Office expensesLn 13$565K$537K$21K$7K
Information technologyLn 14$63K$33K$30K$1K
RoyaltiesLn 15$0
OccupancyLn 16$0
TravelLn 17$4K$4K$366
Travel and entertainment for public officialsLn 18$0
Conferences, conventions and meetingsLn 19$0
InterestLn 20$4K$2K$1K$117
Payments to affiliatesLn 21$0
Depreciation, depletion and amortizationLn 22$905K$901K$1K$3K
InsuranceLn 23$38K$37K$2K
Other expenses (24a–d)Ln 24$172K$167K$5K$115
Total functional expensesLn 25$4.6M$4.1M$306K$112K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $12.0M$8.8M$3.1M$12.5M 990 PDF
FY2023 $8.7M$8.8M−$55K$10.1M 990 PDF
FY2022 $8.2M$7.9M$325K$9.9M 990 PDF
FY2021 Viewing $6.5M$4.6M$1.9M$9.6M 990 PDF
FY2020 $7.4M$7.2M$219K$7.6M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2021 990 (4 parts)
Part VIII · Statement of revenue $6,508,485 across 11 lines filed
VIII-1e Government grants$2,352,335
VIII-1f All other contributions, gifts and grants$1,475,889
VIII-1h Total contributions, gifts and grants$3,828,224
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $286,485$286,485
VIII-3 Investment incomeExcluded from tax $16,762$16,762
VIII-5 Royalties$0
VIII-6 Net rental income or lossUnrelated business $80,814 · Excluded from tax $2,265,487$2,346,301
VIII-7 Net gain or loss on sales of assetsExcluded from tax $1,166$1,166
VIII-8 Net income from fundraising eventsExcluded from tax $8,765$8,765
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Unrelated business $4,149 · Excluded from tax $16,633$20,782
VIII-12 Total revenueRelated to mission $286,485 · Unrelated business $84,963 · Excluded from tax $2,308,813$6,508,485
Part IX · Statement of functional expenses $4,567,316 across 30 lines filed
IX-1 Grants to domestic organizations$0
IX-2 Grants to domestic individuals$0
IX-3 Grants and assistance to foreign recipients$0
IX-4 Benefits paid to or for members$0
IX-5 Pay of current officers, directors and key staffPrograms $563,103 · Management $21,000 · Fundraising $15,900$600,003
IX-6 Pay of disqualified persons$0
IX-7 Other salaries and wagesPrograms $1,322,782 · Management $153,903 · Fundraising $63,560$1,540,245
IX-8 Pension plan contributionsPrograms $9,972 · Management $174 · Fundraising $295$10,441
IX-9 Other employee benefitsPrograms $127,691 · Management $3,725 · Fundraising $6,434$137,850
IX-10 Payroll taxesPrograms $234,872 · Management $4,710 · Fundraising $6,721$246,303
IX-11a Management fees$0
IX-11b Legal feesManagement $5,440$5,440
IX-11c Accounting feesManagement $53,446$53,446
IX-11d Lobbying fees$0
IX-11e Professional fundraising fees$0
IX-11f Investment management fees$0
IX-11g Other fees for servicesPrograms $150,810 · Management $605 · Fundraising $5,812$157,227
IX-12 Advertising and promotionPrograms $60,392 · Management $4,500 · Fundraising $132$65,024
IX-13 Office expensesPrograms $536,860 · Management $21,194 · Fundraising $7,258$565,312
IX-14 Information technologyPrograms $32,532 · Management $29,571 · Fundraising $1,136$63,239
IX-15 Royalties$0
IX-16 Occupancy$0
IX-17 TravelPrograms $3,710 · Management $366$4,076
IX-18 Travel and entertainment for public officials$0
IX-19 Conferences, conventions and meetings$0
IX-20 InterestPrograms $2,391 · Management $1,040 · Fundraising $117$3,548
IX-21 Payments to affiliates$0
IX-22 Depreciation, depletion and amortizationPrograms $900,794 · Management $1,153 · Fundraising $3,249$905,196
IX-23 InsurancePrograms $36,661 · Fundraising $1,588$38,249
IX-24 Other expenses (24a–d)Programs $166,538 · Management $5,064 · Fundraising $115$171,717
IX-25 Total functional expensesPrograms $4,149,108 · Management $305,891 · Fundraising $112,317$4,567,316
Part X · Balance sheet $12,095,607 assets, 24 lines filed
X-1 Cash, non-interest-bearingStart of year $828,178$3,074,173
X-2 Savings and temporary cash investmentsStart of year $0$0
X-3 Pledges and grants receivableStart of year $512,384$1,274,292
X-4 Accounts receivableStart of year $328,144$785,538
X-8 Inventories for sale or useStart of year $0$0
X-9 Prepaid expenses and deferred chargesStart of year $78,864$25,177
X-10c Land, buildings and equipment, netStart of year $6,859,149$6,156,415
X-11 Publicly traded securitiesStart of year $964,609$780,012
X-12 Other securitiesStart of year $0$0
X-13 Program-related investmentsStart of year $0$0
X-14 Intangible assetsStart of year $0$0
X-15 Other assetsStart of year $0$0
X-16 Total assetsStart of year $9,571,328$12,095,607
X-17 Accounts payable and accrued expensesStart of year $387,835$1,403,468
X-18 Grants payableStart of year $0$0
X-19 Deferred revenueStart of year $426,232$421,516
X-20 Tax-exempt bond liabilitiesStart of year $0$0
X-24 Unsecured notes and loans payableStart of year $897,900$633,300
X-25 Other liabilitiesStart of year $0$0
X-26 Total liabilitiesStart of year $1,961,967$2,458,284
X-27 Net assets without donor restrictionsStart of year $7,249,010$9,342,645
X-28 Net assets with donor restrictionsStart of year $360,351$294,678
X-32 Total net assets or fund balancesStart of year $7,609,361$9,637,323
X-33 Total liabilities and net assetsStart of year $9,571,328$12,095,607
Part XI · Reconciliation of net assets $9,637,323 net assets at year end
XI-1 Total revenue$6,508,485
XI-2 Total expenses$4,567,316
XI-3 Revenue less expenses$1,941,169
XI-4 Net assets at start of year$7,609,361
XI-5 Net unrealized gains (losses) on investments$86,793
XI-10 Net assets at end of year$9,637,323

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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