Salvatore J. Armao, CPA/PFS, CFP, CFE, CGMA
Salvatore J. Armao, Managing Partner and co-founder of Armao, Costa & Ricciardi, CP As, P.C., has been providing accounting, auditing and consulting services to labor unions and Taft-Hartley employee benefit plans for over twenty-five years. He is a Chartered Global Management Accountant (CGMA), a designation achieved by a premier group of CPAs based on stringent eligibility requirements.
Areas of Specialization:
While growing up as the son of a union official, Sal learned the importance of fair labor standards and the benefits labor unions provide for their members, including job security, retirement income and medical benefits. That experience has provided him with a unique perspective which he draws upon as a professional providing service to the labor union industry.
Sal has authored and presented seminars on topics including Department of Labor (DOL) and Internal Revenue Service (IRS) rules and regulations, the Employee Retirement Income Security Act of 1974 (ERISA) and government reporting, as they apply to labor unions and Taft-Hartley employee benefit plans.
Sal is known as a trusted advisor to his clients, to whom he provides guidance on implementing systems and procedures to prevent fraud. His numerous fraud investigations have resulted in detecting several defalcations at clients, most notably in a New York City municipal union that resulted in the detection of a $2.4 million fraud scheme.
He is a member of numerous trade and professional associations, including the International Foundation of Employee Benefit Plans (IFEBP), the American Institute of Certified Public Accountants (AICPA), AICPA’s Employee Benefit Plan Audit Quality Center (EBPAQC), the National Institute of Pension Administrators (NIPA) and the New York State Society of Certified Public Accountants (NYSSCPA).
Sal has conducted training seminars for CPAs as a discussion leader for the Foundation for Accounting Education (FAE) and the Nassau Chapter of the NYSSCPA. He was recognized by the FAE as a “Distinguished Discussion Leader” for his ability to consistently receive high ratings from program participants. Additionally, Sal attends and presents at the annual National Labor Management Conference and is an annual participant in the Public Employees Conference.
A former chairman of Nassau Chapter of the NYSSCPA Accounting and Auditing Committee, Sal has served as a member of the AICPA Employee Benefit Plans Committee. He is a former Adjunct Professor of Accounting at CUNY and a former Adjunct Professor of Auditing at SUNY at Old Westbury. In addition, he has been a frequent contributor to trade and business publications including Newsday and Long Island Business News and has been featured in the latter’s “Who’s Who in Accounting.”
Sal has earned designations as Certified Fraud Examiner (CFE), Certified Financial Planner (CFP), Personal Financial Specialist (PFS), Certified in Financial Forensics (CFF) and Forensic CPA (FCPA).
Sal received his Bachelor of Science in Accounting degree from the City University of New York, Brooklyn College.