7 X 24 Exchange Inc
- Assets
- $2.9m
- Revenue
- $372.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Staten Island, NY
- Founding
- 02/2011
- Data as of
- 12/2020
- EIN
- 22-3075802
Organization Overview
7 X 24 Exchange Inc is located in Staten Island, NY. The organization was established in 2011. According to its NTEE Classification (A70) the organization is classified as: Humanities, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is a parent organization of an affiliated group for tax-exemption purposes. 7 X 24 Exchange Inc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2020, 7 X 24 Exchange Inc generated $372.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (32.3%) each year. All expenses for the organization totaled $1.1m during the year ending 12/2020. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2020
Describe the Organization's Mission:
Part 3 - Line 1
TO BE THE LEADING KNOWLEDGE EXCHANGE FOR THOSE WHO DESIGN, BUILD, MAINTAIN & USE MISSION-CRITICAL ENTERPRISE INFORMATION INFRASTRUCTURES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TAX EXEMPT ORGANIZATION ACTIVITIES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert J Cassiliano Chairman Of The Board | OfficerTrustee | 3 | $220,000 |
Cyrus Izzo Pe President | OfficerTrustee | 3 | $0 |
Juli Ierulli Director | Trustee | 3 | $0 |
Michael Siteman Director | Trustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $274,239 |
| Investment income | $39,371 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $5,968 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $372,118 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $6,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $220,000 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $314,000 |
| Fees for services: Legal | $39,950 |
| Fees for services: Accounting | $8,400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $10,315 |
| Fees for services: Other | $0 |
| Advertising and promotion | $5,915 |
| Office expenses | $95,490 |
| Information technology | $68,045 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $256,820 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $5,864 |
| All other expenses | $0 |
| Total functional expenses | $1,107,408 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $679,077 |
| Savings and temporary cash investments | $1,074,323 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,000 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $40,564 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $1,105,541 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,905,505 |
| Accounts payable and accrued expenses | $39,388 |
| Grants payable | $0 |
| Deferred revenue | $546,225 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $585,613 |
| Net assets without donor restrictions | $2,319,892 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $2,905,505 |
Endowment Analysis
| Beg. Balance | $1,099,850 |
| Earnings | $8,517 |
| Net Contributions | $100,000 |
| Ending Balance | $1,208,367 |
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|---|---|---|
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American Philosophical Society Philadelphia, PA | $294,142,753 | $31,170,811 |
Pen American Center Inc New York, NY | $36,781,487 | $29,059,092 |
Commercial Real Estate Finance Council Inc New York, NY | $15,641,619 | $8,091,268 |
Archaeological Institute Of America Boston, MA | $15,760,718 | $9,516,750 |
Academy Of American Poets Incorporated New York, NY | $16,980,319 | $4,039,105 |
Grub Street Inc Boston, MA | $11,789,751 | $6,194,111 |
Center For Inquiry Inc Amherst, NY | $8,104,198 | $5,991,557 |
National Book Foundation Inc New York, NY | $4,696,616 | $3,836,375 |
Hawthornden Literary Retreat Pittsburgh, PA | $228,597,299 | $115,561,060 |
Connecticut Humanities Council Middletown, CT | $1,530,926 | $3,295,528 |
New York Council For The Humanities New York, NY | $2,496,894 | $3,586,085 |