Parallel Studios Inc

Nonprofit profile at a glance

EIN
364663305
IRS 990 coverage
2016–2024
Forms available
Form 990 2024, Form 990-EZ 2015, Form 990-N 2011
Location
Santa Fe, NM, USA
Phone
5056706473
Rating
79
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Arts, Cultural Organizations - Multipurpose

Reported finances

Revenue
$202,799
Expenses
$200,103
Assets
$109,253
Liabilities
$241

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

6 people listed

Executive titles in this filing

  • Anne Farrell (President)
  • Frank Ragano (Executive Director)

People named in this filing

  • Hannah Kramm (Secretary)
  • Anne Farrell (President)
  • Frank Ragano (Executive Director)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Parallel Studios Inc. supports innovative artists working in the field of art and technology. Our annual festival, educational programs, and exhibitions give the public year-round access to immersive and expansive art experiences.

What it reported doing in 2024

The "Currents" Exhibition - Parallel Studios presents its Current New Media Festival for a 10-day period each June in Santa Fe, New Mexico. It offers the community at large the chance to experience the latest in new media arts in an open and non-intimidating environment. We provide docents tours to expand the general public's understanding of the medium. In 2020 the event went virtual due to the pandemic. It included approximately 40 different artists and experiences. 6,500 visitors from 95 countries and every state in the USA attended the on-line festival. Through 2018 exhibits were free and in 2019 a small $5 admission fee was charged to the public so as not to discourage those unfamiliar with thisform from visiting the exhibitions. We are now charging a $10 entry fee for adults and free admission for those 20 and younger. We are committed to a nondiscriminatory approach to community involvement. We create an environment for the participating artists that is conducive to the sharing of information and experience. Selected artists present lectures and hands-on workshops which are open to artists and the public. We strive to engage youth in this art form by inviting youth groups to attend the exhibits and offering guided tours. Knowledgeable docents are available to guide them through the exhibit and answer their questions. We provide tours for over three hundred children from Santa Fe Summer Camp programs, Boys and Girls Clubs and charter school summer programs.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 79
  • Transparency & Controls: 92
  • Accountability: 64
  • Sustainability: 42
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 88.3%; rating input score 88
  • Program expense ratio: 89.5%; rating input score 90
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 1 of 7 controls in place; rating input score 14
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 1.3%; rating input score 43; 43rd percentile among comparable filings
  • Total-asset coverage ratio: 0.55; rating input score 26; 26th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 54; 54th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: 0.5% per year; rating input score 100; 33rd percentile among comparable filings
  • Revenue growth: 4.4% per year; rating input score 100; 49th percentile among comparable filings
  • Asset growth: 12.7% per year; rating input score 100; 73rd percentile among comparable filings

Details

  • Where the money goes: 88.3% of revenue deployed · 89.5% of spending went to programs
  • Governance: 6 of 6 board members independent · 1 of 7 filing controls reported
  • Programs: 2 filed program accomplishments · $179K in reported program spending
  • Leadership: top reported pay $0 · 6 people listed
  • Consistency: 22 of 22 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 8 filing years from 2016 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Accountability: Governance controls: 5 of 6 not reported.
  • Moderate — Sustainability: Operating margin scored 43/100.
  • High — Sustainability: Total-asset coverage ratio scored 26/100.
  • Review — Sustainability: Liabilities to assets ratio scored 54/100.