Civic Intelligence

Penquis Development Inc

990 • Fiscal year 2020 • EIN 01-0541817

Oct 01, 2019 to Sep 30, 2020 • Filed on Jul 20, 2021

Organization Profilewww.penquis.org
262 Harlow StreetBangor, ME 04401

(207) 973-3500

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

85th percentile

0.64x

Higher debt load relative to assets than 85% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

93rd percentile

3.35x

Higher debt load relative to revenue than 93% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Net Margin

77th percentile

24%

Higher net margin than 77% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

90th percentile

$202,752

Higher top officer pay than 90% of similar nonprofits.

Top officer pay equals 40.9% of source-year revenue.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2020

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2020

Balance Sheet
Liabilities / Assets85th percentile

Assets

$2,599,660

No earlier filing loaded for comparison.

Net Assets

$940,715

No earlier filing loaded for comparison.

Liabilities

$1,658,945

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue93rd percentileNet Margin77th percentile

Revenue

$495,612

No earlier filing loaded for comparison.

Expenses

$375,164

No earlier filing loaded for comparison.

Net Income

$120,448

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$20M$15M$10M$5.0M$0-$5.0MAssets 2020: $2,599,660Liabilities 2020: $1,658,945Net Assets 2020: $940,7152020Assets 2021: $2,894,592Liabilities 2021: $1,912,948Net Assets 2021: $981,6442021Assets 2022: $4,435,351Liabilities 2022: $3,645,798Net Assets 2022: $789,5532022Assets 2023: $5,367,375Liabilities 2023: $5,496,322Net Assets 2023: -$128,9472023Assets 2024: $17,936,911Liabilities 2024: $14,428,064Net Assets 2024: $3,508,8472024

Highlighted filing

2020

Assets$2,599,660
Liabilities$1,658,945
Net Assets$940,715
Open 2020 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$4.0M$3.0M$2.0M$1.0M$0-$1.0MRevenue 2020: $495,612Expenses 2020: $375,164Net Income 2020: $120,4482020Revenue 2021: $696,546Expenses 2021: $451,576Net Income 2021: $244,9702021Revenue 2022: $956,721Expenses 2022: $971,404Net Income 2022: -$14,6832022Revenue 2023: $1,349,299Expenses 2023: $1,023,730Net Income 2023: $325,5692023Revenue 2024: $3,199,574Expenses 2024: $2,644,251Net Income 2024: $555,3232024

Highlighted filing

2020

Revenue$495,612
Expenses$375,164
Net Income$120,448
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Oct 1, 2019 to Sep 30, 2020
Signed
Jul 20, 2021
Return Version
2019v5.2
Gross Receipts
$495,612
Mission and Program Overview

Mission

To promote and provide affordable housing for low and moderate income residents in the state of Maine.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Program Related$1,214,442$1,131,194▼ $83,248
Savings and Temporary Cash Investments$440,129$668,708▲ $228,579
Land, Buildings, and Equipment, Net$496,470$613,327▲ $116,857
Other Notes and Loans Receivable, Net$175,425$175,425→ $0
Prepaid Expenses and Deferred Charges$19,433$10,179▼ $9,254
Accounts Receivable$10,000$727▼ $9,273
Total Assets$2,357,716$2,599,660▲ $241,944
Other Assets Total$1,817$100▼ $1,717
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,227,656$1,558,392▲ $330,736
Accounts Payable and Accrued Expenses$9,863$100,553▲ $90,690
Other Liabilities$30,868$0▼ $30,868
Total Liabilities$1,268,387$1,658,945▲ $390,558
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,089,329$940,715▼ $148,614
Total Net Assets Fund Balance$1,089,329$940,715▼ $148,614
Total Liabilities and Net Assets / Fund Balance$2,357,716$2,599,660▲ $241,944

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$610,567$56,394$666,961
Land$2,760-$2,760
Investment Program Related Org$369,920--
Compensation and Service Providers
Top Officer Pay90th percentile

Board Members and Trustees

NameTitle
Ed MarshChair
Brian ThibeauDirector
Geneva LibbyDirector
Jack ClukeyDirector
Mark LeonardDirector
Rick HarnumDirector
Tyler CollinsDirector
Kara HayChief Executive Officer
Denice ConaryChief Financial Officer
Darcy Main-BoyingtonSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$494,230
Investment Income
$1,382
Other Revenue
$0
Change in Net Assets
$120,448
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$375,164
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$198,001--$198,001
Fees for Services Management$94,296--$94,296
Insurance$29,462--$29,462
Depreciation Depletion$28,109--$28,109
Fees for Services Accounting$11,350--$11,350
Office Expenses$4,468--$4,468
Other Expenses$4,029--$4,029
Travel$3,909--$3,909
Fees for Services Legal$1,500--$1,500
Advertising$40--$40
Total Functional Expenses$375,164$0$0$375,164
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, line 11B

“The Form 990 is reviewed in detail by the Director of Finance and then reviewed by the CFO. Each year the Board of Directors is provided a copy of the Form 990 for their review prior to the Form 990 being filed. Any concerns or comments are presented at a Board meeting prior to the Form 990 being filed.”

Form 990, Part VI, Section B, line 12C

“Each year the Board of Directors and Officers of the Corporation are asked to sign a "Conflict of Interest" form. The form includes the corporation's Conflict of Interest Policy as well as questions that prompt Board Members and Officers to disclose any conflicts of interest they may have in their role as Board Members and Officers.”

Form 990, Part VI, Section B, line 15

“The organization's CEO and CFO are compensated by the parent organization, Penquis C.A.P., Inc. Their process is to complete an independent compensation survey every three years for non-Executive Leadership Team employees. A fair market analysis is done yearly for Executive Leadership Team employees and adjusted as necessary to reflect current market conditions.”

Form 990, Part VI, Section C, line 19

“The governing documents (Bylaws), conflict of interest policy and financial statements are made available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Penquis Development Inc
EIN
01-0541817
Phone
2079733500
Address
262 Harlow Street, Bangor, ME 04401

Signing Officer

Name
Denice Conary
Title
Chief Financial Officer
Phone
2079733500
Signed
2021-07-20
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kara Hay
Formed
2000
Legal Domicile
Me
Voting Board Members
8
Independent Board Members
8
Employees
0
Volunteers
8

Preparer

Firm
Berry Dunn McNeil & Parker LLC
Address
PO BOX 1100, Portland, ME 04104-1100
Preparer
Joseph R Byrne
Phone
2077752387
Supplemental Narrative

Additional Explanations

Form 990, Part X, Line 10: Land, Buildings, and Equipment

“Section 1.263(a)-3(n) Election: Penquis Development, Inc. 262 Harlow Street Bangor, ME 04401 EIN: 01-0541817 Penquis Development, Inc. is electing to capitalize repair and maintenance costs under Regulation Section 1.263(a)-3(n).”

Form 990, Part XI, line 9:

“Equity Transfer from Penquis CAP 11,131. Net Asset Revaluation for Acquisition of Windward Manor -280,193.”

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleA/InvestmentIncomeCYPct00.00490
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
IRS990ScheduleA/PublicSupportCY509Pct00.95320
IRS990ScheduleA/PublicSupportTotal509Amt0525542
IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/CurrentTaxYearAmt023116
IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/TotalAmt023116
IRS990ScheduleA/SubstantialContributorsAmtGrp/CurrentTaxYearAmt023116
IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt023116
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY509Ind0X
IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt0494230
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt054428
IRS990ScheduleA/Total509Grp/TotalAmt0548658
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt0495612
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt054849
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt0199
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt0507
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt0183
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt0551350
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt0610567
IRS990ScheduleD/BuildingsGrp/DepreciationAmt056394
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt0666961
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt090625
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt1179863
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt276195
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt3414591
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt4369920
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc0Investment in CCSHA
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc1Investment in GSSHA
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc2Investment in PFHA
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc3Investment in PHHA LP
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc4Investment in Windward
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd0C
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd1C
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd2C
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd3C
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd4C
IRS990ScheduleD/LandGrp/BookValueAmt02760
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt02760
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0613327
IRS990ScheduleD/TotalBookValueProgramRltdAmt01131194
IRS990ScheduleJ/AnyNonFixedPaymentsInd00
IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd00
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd00
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990ScheduleJ/InitialContractExceptionInd00
IRS990/ScheduleJRequiredInd01
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt0143887
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt1118045
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt012735
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt110334
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt046130
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt132521
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Kara Hay
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1Denice Conary
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0Chief Executive Officer
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1Chief Financial Officer
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt0202752
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt1160900
IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt0The organization's CEO is compensated by the parent organization, Penquis C.A.P., Inc. This compensation is determined through the use of an independent compensation survey and is approved by the Board of Directors.
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc0Part I, Line 3
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The Form 990 is reviewed in detail by the Director of Finance and then reviewed by the CFO. Each year the Board of Directors is provided a copy of the Form 990 for their review prior to the Form 990 being filed. Any concerns or comments are presented at a Board meeting prior to the Form 990 being filed.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Each year the Board of Directors and Officers of the Corporation are asked to sign a "Conflict of Interest" form. The form includes the corporation's Conflict of Interest Policy as well as questions that prompt Board Members and Officers to disclose any conflicts of interest they may have in their role as Board Members and Officers.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The organization's CEO and CFO are compensated by the parent organization, Penquis C.A.P., Inc. Their process is to complete an independent compensation survey every three years for non-Executive Leadership Team employees. A fair market analysis is done yearly for Executive Leadership Team employees and adjusted as necessary to reflect current market conditions.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The governing documents (Bylaws), conflict of interest policy and financial statements are made available to the public upon request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Section 1.263(a)-3(n) Election: Penquis Development, Inc. 262 Harlow Street Bangor, ME 04401 EIN: 01-0541817 Penquis Development, Inc. is electing to capitalize repair and maintenance costs under Regulation Section 1.263(a)-3(n).
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Equity Transfer from Penquis CAP 11,131. Net Asset Revaluation for Acquisition of Windward Manor -280,193.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, line 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section C, line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part X, Line 10: Land, Buildings, and Equipment
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part XI, line 9:
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd01
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt0Penquis CAP Inc
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN0205888483
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt0C
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd0ME
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt0Housing development, acquire financing
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt0Penquis Housing Inc
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/AddressLine1Txt0262 Harlow Street
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/CityNm0Bangor
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/StateAbbreviationCd0ME
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/ZIPCd004401
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingEntityName/BusinessNameLine1Txt0Penquis Development Inc
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingEntityName/BusinessNameLine1Txt1Penquis Development Inc
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingEntityName/BusinessNameLine1Txt2Penquis Development Inc

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,599,660
Liabilities
$1,658,945
Net assets
$940,715
Revenue
$495,612
Expenses
$375,164
Net income
$120,448
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$17.9$14.4$3.51$3.20$2.64$0.56
2023Detailed filing. Detailed filing data is available for this year.$5.37$5.50$0.13$1.35$1.02$0.33
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.44$3.65$0.79$0.96$0.97$0.01
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.89$1.91$0.98$0.70$0.45$0.24
2020Detailed filing. Detailed filing data is available for this year.$2.60$1.66$0.94$0.50$0.38$0.12