Parallel Exit Inc

Analysis

Parallel Exit Inc is a registered charity in United States, based in Brooklyn, NY. It received its IRS tax-exemption ruling in May 2009, 17 years ago. Its declared purposes cover arts, culture and humanities, which this site groups under arts, culture, heritage and science. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Parallel Exit Inc reported income of $123k and spending of $147k, spending 119% of what it took in. Across the 2 years on record, from December 2022 to December 2023, income fell from $271k to $123k (-55%), an average of -55% a year. The sharpest change came in the year to December 2023, when income dropped by 55%. Over the whole period it spent 103% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Parallel Exit Inc sits at the 47th percentile: it is larger than about 47% of them. Against every charity in United States with reported income it ranks in the 42nd percentile, and in the 41st percentile within NY. Charities of a similar size with the same main cause include Living Bible Museum Inc ($123k), Academics for the Future of Science Incorporated ($123k) and Swamp Fox Players Inc ($123k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 66% and program service revenue 34% of the total. Other salaries and wages came to $40k. At year end it held assets of $30k against liabilities of $1,895, net assets of $28k. It reported 18 employees.