EIN: 134086800
UEI: YM4RCPFMDGH8
Data as of August 24, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on November 28, 2022. Under 2 CFR 200.521(d), a pass-through entity that provided federal funds to this organization for this audit period must issue a management decision on these findings by May 28, 2023 (1184 days ago).
What is a management decision? →We noted that a pledge, right-to-use property and related contributed nonfinancial asset was not recorded in the financial statements from 2006.Cause: Clarification in accounting guidance provided additional insight into the proper accounting treatment of the lease transaction.Effect: The beginning balances of net assets with donor restrictions as of January 1, 2021 have been restated to properly reflect the contribution of a nonfinancial asset related to the lease agreement entered into in a prior year that has no required lease payments for a building that Armory entered into with the State of New YorkRecommendations: When dealing with highly technical and difficult accounting challenges, Management should document the accounting treatment of significant transactions and how they are recorded in accordance with accounting guidance.Views of Responsible Officials: Management agrees with this finding. Management?s view and corrective action plan is included at the end of this report.
Show full finding ▾Hide full finding ▴Information on Federal Program ? U.S. Small Business Administration, COVID-19 Shuttered Venue Operators Grant, ALN 59,075Criteria: The Armory was required to apply the by Accounting Standards Codification (ASC) 958-605, Not-for-Profit Entities-Revenue Recognition.Condition: We noted that a pledge, right-to-use property and related contributed nonfinancial asset was not recorded in the financial statements from 2006.Cause: Clarification in accounting guidance provided additional insight into the proper accounting treatment of the lease transaction.Effect: The beginning balances of net assets with donor restrictions as of January 1, 2021 have been restated to properly reflect the contribution of a nonfinancial asset related to the lease agreement entered into in a prior year that has no required lease payments for a building that Armory entered into with the State of New YorkRecommendations: When dealing with highly technical and difficult accounting challenges, Management should document the accounting treatment of significant transactions and how they are recorded in accordance with accounting guidance.Views of Responsible Officials: Management agrees with this finding. Management?s view and corrective action plan is included at the end of this report.
Finding #2021-001 ? Net Asset Restatement (Significant Deficiency)1.Management?s View and Corrective Action PlanManagement agrees with this audit finding #2021-001.As a result of two new accounting standard changes which the Organization early adopted, ? ASU 2016-02 ?Accounting for Leases (Topic 842),? and ASU 2020-07?Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets (Topic 958)?, the Organization?s 2006 lease agreement with the State of New York was thoroughly reviewed. As a result of that review, a nonfinancial asset related to the lease was recorded, effective January 1, 2021, and support for the methodology and calculation of this asset is being maintained. Therefore, management has already implemented steps to ensure that technically complex accounting transactions are properly memorialized.Responsible Person: Jim McGlynn, CFO, who joined the Armory as of August 4, 2022, is the responsible person for this corrective action.
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