Civic Intelligence

Holderness School

990 • Fiscal year 2022 • EIN 02-0147630

Jul 01, 2021 to Jun 30, 2022 • Filed on Dec 19, 2022

Chapel Lane PO Box 1879Plymouth, NH 03264

(603) 536-1748

Siviq Scores

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

Liabilities / Assets

31st percentile

0.12x

Higher debt load relative to assets than 31% of similar nonprofits.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2022

Liabilities / Revenue

59th percentile

0.60x

Higher debt load relative to revenue than 59% of similar nonprofits.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2022

Net Margin

61st percentile

10%

Higher net margin than 61% of similar nonprofits.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2022

Top Officer Pay

68th percentile

$689,833

Higher top officer pay than 68% of similar nonprofits.

Top officer pay equals 2.4% of source-year revenue.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2022

Asset Growth

51st percentile

-1.6%

Faster asset growth than 51% of similar nonprofits.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2021 to 2022

Revenue Growth

72nd percentile

16%

Faster revenue growth than 72% of similar nonprofits.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2021 to 2022

Assets

Down

$142,642,933

Down $2,361,645 (-1.6%) from 2021

Net Assets

Down

$125,031,334

Down $3,459,906 (-2.7%) from 2021

Liabilities

Up

$17,611,599

Up $1,098,261 (+6.7%) from 2021

Revenue

Up

$29,127,252

Up $4,000,528 (+16%) from 2021

Expenses

Up

$26,183,317

Up $1,729,687 (+7.1%) from 2021

Net Income

Up

$2,943,935

Up $2,270,841 (+337%) from 2021

Historical Trend

Balance Sheet Trend

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

$200M$150M$100M$50M$0Assets 2011: $77,512,008Liabilities 2011: $8,906,233Net Assets 2011: $68,605,7752011Assets 2012: $75,517,345Liabilities 2012: $9,583,325Net Assets 2012: $65,934,0202012Assets 2013: $80,282,845Liabilities 2013: $9,820,774Net Assets 2013: $70,462,0712013Assets 2014: $86,444,945Liabilities 2014: $9,366,507Net Assets 2014: $77,078,4382014Assets 2015: $89,531,088Liabilities 2015: $13,429,749Net Assets 2015: $76,101,3392015Assets 2016: $91,143,612Liabilities 2016: $14,399,766Net Assets 2016: $76,743,8462016Assets 2017: $96,762,610Liabilities 2017: $13,680,412Net Assets 2017: $83,082,1982017Assets 2018: $108,678,613Liabilities 2018: $14,157,212Net Assets 2018: $94,521,4012018Assets 2019: $119,237,443Liabilities 2019: $14,387,134Net Assets 2019: $104,850,3092019Assets 2020: $127,425,386Liabilities 2020: $15,670,605Net Assets 2020: $111,754,7812020Assets 2021: $145,004,578Liabilities 2021: $16,513,338Net Assets 2021: $128,491,2402021Assets 2022: $142,642,933Liabilities 2022: $17,611,599Net Assets 2022: $125,031,3342022Assets 2023: $152,158,386Liabilities 2023: $21,238,840Net Assets 2023: $130,919,5462023Assets 2024: $156,958,028Liabilities 2024: $21,224,646Net Assets 2024: $135,733,3822024Assets 2025: $165,155,561Liabilities 2025: $20,634,252Net Assets 2025: $144,521,3092025

Highlighted filing

2022

Assets$142,642,933
Liabilities$17,611,599
Net Assets$125,031,334

Operations Trend

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

$40M$30M$20M$10M$0-$10MExpenses 2011: $15,630,5922011Expenses 2012: $16,616,1122012Revenue 2013: $18,015,727Expenses 2013: $17,153,921Net Income 2013: $861,8062013Revenue 2014: $20,354,383Expenses 2014: $17,749,411Net Income 2014: $2,604,9722014Revenue 2015: $19,510,050Expenses 2015: $19,188,719Net Income 2015: $321,3312015Revenue 2016: $22,734,396Expenses 2016: $19,962,160Net Income 2016: $2,772,2362016Revenue 2017: $22,044,633Expenses 2017: $20,494,628Net Income 2017: $1,550,0052017Revenue 2018: $29,719,244Expenses 2018: $21,532,010Net Income 2018: $8,187,2342018Revenue 2019: $31,127,098Expenses 2019: $21,923,457Net Income 2019: $9,203,6412019Revenue 2020: $30,172,658Expenses 2020: $23,224,400Net Income 2020: $6,948,2582020Revenue 2021: $25,126,724Expenses 2021: $24,453,630Net Income 2021: $673,0942021Revenue 2022: $29,127,252Expenses 2022: $26,183,317Net Income 2022: $2,943,9352022Revenue 2023: $28,443,221Expenses 2023: $27,943,038Net Income 2023: $500,1832023Revenue 2024: $27,171,409Expenses 2024: $30,112,467Net Income 2024: -$2,941,0582024Revenue 2025: $30,371,655Expenses 2025: $30,649,003Net Income 2025: -$277,3482025

Highlighted filing

2022

Revenue$29,127,252
Expenses$26,183,317
Net Income$2,943,935
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Dec 19, 2022
Return Version
2021v4.2
Gross Receipts
$36,782,264
Mission and Program Overview

Mission

Holderness school fosters equally the resources of the mind, body, and spirit in the creation of a caring community, inspiring all to work for the betterment of humankind and god's creation.

A traditional independent co-ed boarding school serving students in grades 9-12.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$68,754,660$61,212,737▼ $7,541,923
Land, Buildings, and Equipment, Net$51,249,835$58,762,803▲ $7,512,968
Savings and Temporary Cash Investments$13,705,904$13,913,045▲ $207,141
Pledges and Grants Receivable$7,490,366$5,430,180▼ $2,060,186
Investments Other Securities$3,231,533$2,897,686▼ $333,847
Prepaid Expenses and Deferred Charges$138,445$162,561▲ $24,116
Inventories for Sale or Use$125,399$141,083▲ $15,684
Accounts Receivable$307,735$121,838▼ $185,897
Cash and Non-Interest-Bearing Accounts$701$1,000▲ $299
Total Assets$145,004,578$142,642,933▼ $2,361,645
Liabilities
Mortgage Notes Payable Secured by Investment Property$7,506,873$10,346,848▲ $2,839,975
Deferred Revenue$5,132,357$5,476,807▲ $344,450
Unsecured Notes Loans Payable$2,004,700--
Accounts Payable and Accrued Expenses$1,629,408$1,757,944▲ $128,536
Other Liabilities$240,000$30,000▼ $210,000
Total Liabilities$16,513,338$17,611,599▲ $1,098,261
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$60,276,095$69,138,232▲ $8,862,137
Net Assets With Donor Restrictions$68,215,145$55,893,102▼ $12,322,043
Total Net Assets Fund Balance$128,491,240$125,031,334▼ $3,459,906
Total Liabilities and Net Assets / Fund Balance$145,004,578$142,642,933▼ $2,361,645

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$51,681,272$24,512,098$76,193,370
Equipment$1,728,552$4,413,845$6,142,397
Other Land Buildings$3,906,975-$3,906,975
Land$1,446,004-$1,446,004

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2021$69,040,399$428,445▼ $5,495,217$777,895$61,804,719
2020$53,941,796$251,658▲ $16,957,914$757,628$69,040,399
2019$54,922,507$244,613▲ $809,570$902,774$53,941,796
2018$54,684,726$251,810▲ $1,863,341$650,323$54,922,507
2017$52,151,345$382,637▲ $3,941,292$628,262$54,684,726
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Phillip PeckHead of SchoolFT$355,929$333,904$689,833
Walter SchaefflerChief Financial OfficerFT$208,067$41,962$250,029
Mark SturgeonExecutive Director of AdvaFT$187,229$43,442$230,671
Tobi PfenningerAssoc Head of SchoolFT$151,754$52,425$204,179
Margot RileyChief Operating OfficerFT$158,411$26,356$184,767
David FlynnDirector of AdmissionsFT$137,605$38,519$176,124
Anthony LemenagerDirector of FacilitiesFT$123,070$43,065$166,135

Board Members and Trustees

NameTitle
Nell ReynoldsChairman of the Board
A Robert HirschfeldMember of Board
Alex MaccormickMember of Board
Andrew DavisMember of Board
Andrew SawyerMember of Board
Burgwell HowardMember of Board
Cecily CushmanMember of Board
Chance WrightMember of Board
Chris DavenportMember of Board
Christoper MartinMember of Board
Harry SheehyMember of Board
Joe MilesMember of Board
John HayesMember of Board
Karyn CampbellMember of Board
Katie AlfondMember of Board
Katie CrumboMember of Board
Kevin MattinglyMember of Board
Matt StoreyMember of Board
Paul John FerriMember of Board
Philip KistlerMember of Board
Richard VieiraMember of Board
Robert KinsleyMember of Board
Sander Van OtterlooMember of Board
Sung YouMember of Board
Tracy GilletteMember of Board
Chris KeatingSecretary
Bob CunhaTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Knower AcademicsTutoring85 MAIN STREET, Plymouth, NH 03264$356,813
Sasaki AssociatesIt Consulting Services64 PLEASANT STREET, Watertown, MA 02472$350,493
Omada Technologies LLCArchitectural Services36 MAPLEWOOD AVENUE, Portsmouth, NH 03801$113,526
Revenue and Support

Revenue Composition

Contributions and Grants
$7,714,152
Program Service Revenue
$20,500,817
Investment Income
$912,283
Other Revenue
$0
All Other Contributions
$5,709,452
Change in Net Assets
$2,943,935

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded32$286,159Fair Market Value (FMV) on Donation Date
Other Non Cash Contri Table1$3,475Cost
Other Non Cash Contri Table1$58Fair Market Value (FMV) on Donation Date
Total Noncash Contributions34$289,692-

Audited Revenue Reconciliation

Revenue per Audited Statements
$23,968,249
Revenue Not Reported on Financial Statements
$5,159,003
Revenue Not Reported on Form 990
$-6,018,110
Other Revenue Adjustments
$4,676,175
Total Revenue per Audited Statements
$17,950,139
Total Revenue per Form 990
$29,127,252
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$12,527,028
Other Expenses$9,214,944
Grants and Similar Amounts Paid$4,441,345
Total Fundraising Expense$2,290,267
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$5,229,520$1,132,383$947,561$7,309,464
Grants to Domestic Individuals$4,441,345--$4,441,345
Other Employee Benefits$1,643,527$348,784$248,843$2,241,154
Depreciation Depletion$2,014,505$130,812$34,883$2,180,200
Occupancy$2,012,835$130,597$34,826$2,178,258
Current Officers, Directors, Trustees, and Key Employees$1,008,826$466,107$241,237$1,716,170
Pension Plan Contributions$485,243$84,262$68,698$638,203
Payroll Taxes$448,263$101,012$72,762$622,037
Information Technology$476,213$30,898$8,239$515,350
Fees for Service Investment Mgmnt Fees-$482,828-$482,828
All Other Expenses$401,997--$401,997
Office Expenses$98,151$18,720$164,443$281,314
Travel$141,725$42,796$85,476$269,997
Other Expenses$234,830$146,393$292,393$234,830
Interest$211,325$13,722$3,659$228,706
Advertising$13,461$83,364$83,364$180,189
Fees for Services Legal-$128,132-$128,132
Conferences and Meetings$15,533$58,250$3,883$77,666
Fees for Services Accounting-$63,844-$63,844
Total Functional Expenses$20,430,146$3,462,904$2,290,267$26,183,317

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$26,183,317
Expenses per Audited Statements$20,944,314
Total Expenses per Audited Statements$20,944,314
Expenses Not Reported on Financial Statements$5,239,003
Other Expense Adjustments$4,756,175
Expenses Not Reported on Form 990$0
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
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Robin PeckWife of R. Phillip Peck, Head of SchoolEMPLOYMENT FOR THE ORGANIZATION'S TAX YEARNo$28,000
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Deferred Compensation$30,000

Bond Issues

BondIssuerIssuedIssue PricePurpose
ANew Hampshire Health and Education Facilities Authority2012-03-01$4,500,000Renovation and furnishing of campus buildings
BNew Hampshire Health and Education Facilities Authority2014-04-23$4,500,000Capital expenditures for campus biomass system

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$4,500,000---
B$4,500,000---

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
Yes
Business relationship with organization members
Yes
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

The final draft of the school's form 990 is reviewed and approved by the full board (including officers) at their board meeting, prior to the filing of the return.

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

A conflict of interest disclosure is annually distributed to all trustees, officers, and key employees of the school in the fall. These are reviewed by the audit and finance committee at their october meeting and any conflicts which might be considered serious are brought to the board's attention at its next meeting for resolution.

Form 990, Part VI, Section B, Line 15

The board has directed the head of school to hire and compensate the senior management based on industry benchmark & performance evaluation and report back to the compensation committee the compensation levels of officers, key and highly compensated employees.

Form 990, Part VI, Section C, Line 19

These documents are available upon request from the school's business office.

Filing and Contact Details

Filer

Filer Name
Holderness School
EIN
02-0147630
Phone
6035361748
Address
CHAPEL LANE PO BOX 1879, PLYMOUTH, NH 03264

Signing Officer

Name
Walter Schaeffler
Title
CFO
Phone
6035361748
Signed
2022-12-19
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Walter Schaeffler
Formed
1879
Legal Domicile
Nh
Voting Board Members
27
Independent Board Members
27
Employees
164
Volunteers
27

Preparer

Firm
Nathan Wechsler & Company Pa
Address
70 COMMERCIAL ST 4TH FLOOR, CONCORD, NH 03301
Preparer
Oreste J Mosca
Phone
6032245357
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 24E

Faculty related: program service expenses 175,274. Management and general expenses 0. Fundraising expenses 0. Total expenses 175,274. Student related: program service expenses 118,334. Management and general expenses 0. Fundraising expenses 0. Total expenses 118,334. Bad debt: program service expenses 63,083. Management and general expenses 0. Fundraising expenses 0. Total expenses 63,083. Course related: program service expenses 44,372. Management and general expenses 0. Fundraising expenses 0. Total expenses 44,372. Grc: program service expenses 934. Management and general expenses 0. Fundraising expenses 0. Total expenses 934.

FORM 990, PART XI, LINE 9:

Change in value of split-interest agreement -385,731.

Part XII, Line 2C

No changes from the prior year.

Financial Statement Notes

PART V, LINE 4:

Permanently restricted net assets are comprised of the original value of gifts and all subsequent gifts donated to the permanent endowment to be used primarily for scholarships, faculty enrichment, and plant maintenance. Term and board designated endowment funds are to be used for various purposes similar to those of the permanent endowment funds.

PART X, LINE 2:

The school has adopted the provisions of fasb asc 740, accounting for uncertainty in income taxes. Accordingly, management has evaluated the school's tax positions and concluded the school had maintained its tax-exempt status, does not have any significant unrelated business income and had taken no uncertain tax positions that require adjustment or disclosure in the financial statements. With few exceptions, the school is no longer subject to income tax examinations by the u.s. Federal or state tax authorities for tax years before 2019.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Assistance to indiv (shown net against program svc revenue on financial rep) 4,441,345. Pre-construction expenses 234,830.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Assistance to indiv (shown net against program svc revenue on financial rep) 4,441,345. Change in bad debt expense 80,000. Pre construction expense 234,830.

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IRS990/Desc0LOCATED IN PLYMOUTH, NEW HAMPSHIRE, HOLDERNESS SCHOOL IS A TRADITIONAL INDEPENDENT CO-ED BOARDING SCHOOL WITH AN ENROLLMENT OF 297. SERVING GRADES 9-12, HOLDERNESS SCHOOL PROVIDES A CHALLENGING COLLEGE PREPARATORY CURRICULUM AND SPECIAL PROGRAMS IN ACADEMICS, THE ARTS, THE OUTDOORS, STUDENT LEADERSHIP, AND ATHLETICS INCLUDING WINTER SPORTS. HOLDERNESS SCHOOL FOSTERS EQUALLY THE RESOURCES OF THE MIND, BODY, AND SPIRIT IN THE CREATION OF A CARING COMMUNITY, INSPIRING ALL TO WORK FOR THE BETTERMENT OF HUMANKIND AND GOD'S CREATION.
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IRS990/Form990PartVIISectionAGrp/PersonNm9RICHARD VIEIRA
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IRS990/Form990PartVIISectionAGrp/TitleTxt1MEMBER OF BOARD
IRS990/Form990PartVIISectionAGrp/TitleTxt2SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt3MEMBER OF BOARD
IRS990/Form990PartVIISectionAGrp/TitleTxt4MEMBER OF BOARD
IRS990/Form990PartVIISectionAGrp/TitleTxt5CHAIRMAN OF THE BOARD
IRS990/Form990PartVIISectionAGrp/TitleTxt6MEMBER OF BOARD
IRS990/Form990PartVIISectionAGrp/TitleTxt7MEMBER OF BOARD
IRS990/Form990PartVIISectionAGrp/TitleTxt8MEMBER OF BOARD
IRS990/Form990PartVIISectionAGrp/TitleTxt9MEMBER OF BOARD
IRS990/Form990PartVIISectionAGrp/TitleTxt10MEMBER OF BOARD
IRS990/Form990PartVIISectionAGrp/TitleTxt11MEMBER OF BOARD
IRS990/Form990PartVIISectionAGrp/TitleTxt12TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt13MEMBER OF BOARD
IRS990/Form990PartVIISectionAGrp/TitleTxt14MEMBER OF BOARD
IRS990/Form990PartVIISectionAGrp/TitleTxt15MEMBER OF BOARD
IRS990/Form990PartVIISectionAGrp/TitleTxt16MEMBER OF BOARD
IRS990/Form990PartVIISectionAGrp/TitleTxt17MEMBER OF BOARD
IRS990/Form990PartVIISectionAGrp/TitleTxt18MEMBER OF BOARD
IRS990/Form990PartVIISectionAGrp/TitleTxt19MEMBER OF BOARD
IRS990/Form990PartVIISectionAGrp/TitleTxt20MEMBER OF BOARD
IRS990/Form990PartVIISectionAGrp/TitleTxt21MEMBER OF BOARD
IRS990/Form990PartVIISectionAGrp/TitleTxt22MEMBER OF BOARD
IRS990/Form990PartVIISectionAGrp/TitleTxt23MEMBER OF BOARD
IRS990/Form990PartVIISectionAGrp/TitleTxt24MEMBER OF BOARD
IRS990/Form990PartVIISectionAGrp/TitleTxt25MEMBER OF BOARD
IRS990/Form990PartVIISectionAGrp/TitleTxt26MEMBER OF BOARD
IRS990/Form990PartVIISectionAGrp/TitleTxt27CHIEF FINANCIAL OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt28HEAD OF SCHOOL
IRS990/Form990PartVIISectionAGrp/TitleTxt29ASSOC HEAD OF SCHOOL
IRS990/Form990PartVIISectionAGrp/TitleTxt30CHIEF OPERATING OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt31EXECUTIVE DIRECTOR OF ADVA
IRS990/Form990PartVIISectionAGrp/TitleTxt32DIRECTOR OF FACILITIES
IRS990/Form990PartVIISectionAGrp/TitleTxt33DIR. OF ADMISSIONS
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$165$20.6$145$30.4$30.6$0.28
2024Detailed filing. Detailed filing data is available for this year.$157$21.2$136$27.2$30.1$2.94
2023Detailed filing. Detailed filing data is available for this year.$152$21.2$131$28.4$27.9$0.50
2022Detailed filing. Detailed filing data is available for this year.$143$17.6$125$29.1$26.2$2.94
2021Detailed filing. Detailed filing data is available for this year.$145$16.5$128$25.1$24.5$0.67
2020Detailed filing. Detailed filing data is available for this year.$127$15.7$112$30.2$23.2$6.95
2019Detailed filing. Detailed filing data is available for this year.$119$14.4$105$31.1$21.9$9.20
2018Detailed filing. Detailed filing data is available for this year.$109$14.2$94.5$29.7$21.5$8.19
2017Detailed filing. Detailed filing data is available for this year.$96.8$13.7$83.1$22.0$20.5$1.55
2016Detailed filing. Detailed filing data is available for this year.$91.1$14.4$76.7$22.7$20.0$2.77
2015Detailed filing. Detailed filing data is available for this year.$89.5$13.4$76.1$19.5$19.2$0.32
2014Detailed filing. Detailed filing data is available for this year.$86.4$9.37$77.1$20.4$17.7$2.60
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$80.3$9.82$70.5$18.0$17.2$0.86
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$75.5$9.58$65.9$16.6
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$77.5$8.91$68.6$15.6