Parallel Partners Group Inc

Analysis

Parallel Partners Group Inc is a registered charity in United States, based in Essex Fells, NJ. It received its IRS tax-exemption ruling in June 2017, 9 years ago. Its declared purposes cover employment, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Parallel Partners Group Inc reported income of $113k and spending of $132k, spending 117% of what it took in. Across the 2 years on record, from December 2022 to December 2023, income fell from $155k to $113k (-27%), an average of -27% a year. The sharpest change came in the year to December 2023, when income dropped by 27%. Over the whole period it spent 97% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Parallel Partners Group Inc sits at the 38th percentile: it is larger than about 38% of them. Against every charity in United States with reported income it ranks in the 40th percentile, and in the 48th percentile within NJ. Charities of a similar size with the same main cause include Warren Redevelopment & Planning Corp ($113k), Lorain Revitalization Association ($113k) and Injured Workers Advocacy Program ($113k).

On its Form 990-EZ for the period ending December 2023, revenue came from program service revenue 100% of the total. At year end it held assets of $79k against liabilities of $124, net assets of $79k.