Civic Intelligence

Lesley University

990 • Fiscal year 2022 • EIN 04-2103589

Jul 01, 2021 to Jun 30, 2022 • Filed on May 15, 2023

29 Everett StreetCambridge, MA 02138-2790

(617) 349-8500

Siviq Scores

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

Liabilities / Assets

57th percentile

0.38x

Higher debt load relative to assets than 57% of similar nonprofits.

2022 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2022

Liabilities / Revenue

81st percentile

1.39x

Higher debt load relative to revenue than 81% of similar nonprofits.

2022 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2022

Net Margin

19th percentile

-5.2%

Higher net margin than 19% of similar nonprofits.

2022 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2022

Top Officer Pay

35th percentile

$563,961

Higher top officer pay than 35% of similar nonprofits.

Top officer pay equals 0.5% of source-year revenue.

2022 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2022

Asset Growth

30th percentile

-8.0%

Faster asset growth than 30% of similar nonprofits.

2022 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2021 to 2022

Revenue Growth

19th percentile

-10%

Faster revenue growth than 19% of similar nonprofits.

2022 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2021 to 2022

Assets

Down

$422,988,983

Down $36,693,192 (-8.0%) from 2021

Net Assets

Down

$263,848,353

Down $39,775,508 (-13%) from 2021

Liabilities

Up

$159,140,630

Up $3,082,316 (+2.0%) from 2021

Revenue

Down

$114,171,327

Down $12,773,024 (-10%) from 2021

Expenses

Up

$120,096,401

Up $11,691,337 (+11%) from 2021

Net Income

Down

-$5,925,074

Down $24,464,361 (-132%) from 2021

Historical Trend

Balance Sheet Trend

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

$600M$400M$200M$0Assets 2010: $317,124,368Liabilities 2010: $116,485,351Net Assets 2010: $200,639,0172010Assets 2011: $343,924,145Liabilities 2011: $121,915,113Net Assets 2011: $222,009,0322011Assets 2012: $338,574,676Liabilities 2012: $120,174,549Net Assets 2012: $218,400,1272012Assets 2013: $356,431,832Liabilities 2013: $117,473,508Net Assets 2013: $238,958,3242013Assets 2014: $397,707,417Liabilities 2014: $134,879,636Net Assets 2014: $262,827,7812014Assets 2015: $395,891,350Liabilities 2015: $128,608,563Net Assets 2015: $267,282,7872015Assets 2016: $383,034,489Liabilities 2016: $122,475,190Net Assets 2016: $260,559,2992016Assets 2017: $400,262,616Liabilities 2017: $129,020,710Net Assets 2017: $271,241,9062017Assets 2018: $399,865,961Liabilities 2018: $126,304,088Net Assets 2018: $273,561,8732018Assets 2019: $422,143,910Liabilities 2019: $148,244,038Net Assets 2019: $273,899,8722019Assets 2020: $417,901,477Liabilities 2020: $158,065,377Net Assets 2020: $259,836,1002020Assets 2021: $459,682,175Liabilities 2021: $156,058,314Net Assets 2021: $303,623,8612021Assets 2022: $422,988,983Liabilities 2022: $159,140,630Net Assets 2022: $263,848,3532022Assets 2023: $422,901,748Liabilities 2023: $147,478,385Net Assets 2023: $275,423,3632023Assets 2024: $435,216,507Liabilities 2024: $133,236,041Net Assets 2024: $301,980,4662024

Highlighted filing

2022

Assets$422,988,983
Liabilities$159,140,630
Net Assets$263,848,353

Operations Trend

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

$200M$150M$100M$50M$0-$50MExpenses 2010: $110,217,0132010Expenses 2011: $116,710,7062011Expenses 2012: $120,838,5052012Revenue 2013: $128,750,897Expenses 2013: $123,483,722Net Income 2013: $5,267,1752013Revenue 2014: $122,147,016Expenses 2014: $119,160,401Net Income 2014: $2,986,6152014Revenue 2015: $115,633,894Expenses 2015: $106,467,020Net Income 2015: $9,166,8742015Revenue 2016: $113,128,556Expenses 2016: $112,500,490Net Income 2016: $628,0662016Revenue 2017: $124,943,990Expenses 2017: $118,057,904Net Income 2017: $6,886,0862017Revenue 2018: $122,031,534Expenses 2018: $122,787,880Net Income 2018: -$756,3462018Revenue 2019: $134,182,327Expenses 2019: $128,203,355Net Income 2019: $5,978,9722019Revenue 2020: $116,825,952Expenses 2020: $125,113,113Net Income 2020: -$8,287,1612020Revenue 2021: $126,944,351Expenses 2021: $108,405,064Net Income 2021: $18,539,2872021Revenue 2022: $114,171,327Expenses 2022: $120,096,401Net Income 2022: -$5,925,0742022Revenue 2023: $117,726,321Expenses 2023: $116,817,987Net Income 2023: $908,3342023Revenue 2024: $150,495,525Expenses 2024: $122,647,449Net Income 2024: $27,848,0762024

Highlighted filing

2022

Revenue$114,171,327
Expenses$120,096,401
Net Income-$5,925,074
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
May 15, 2023
Return Version
2021v4.2
Gross Receipts
$164,133,709
Mission and Program Overview

Mission

Lesley university engages students in transformative education, through active learning, scholarly research, diverse forms of artistic expression, and the integration of rigorous academics with practical, professional experience, leading meaningful careers and continuing lifelong learning. Lesley prepares socially responsible graduates with the knowledge, skills, understanding and ethical judgment to be catalysts shaping a more just, humane, and sustainable world.

Lesley university engages students in transformative education through active learning, scholarly research, diverse forms of artistic expression, and the integration of rigorous academics with practical, professional experience, leading to meaningful careers and continuing lifelong learning. Lesley prepares socially responsible graduates with the knowledge, skills, understanding and ethical judgment to be catalysts shaping a more just, humane, and sustainable world.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$202,972,454$202,628,682▼ $343,772
Investments Other Securities$154,624,620$133,342,806▼ $21,281,814
Investments in Publicly Traded Securities$70,352,549$52,085,934▼ $18,266,615
Accounts Receivable$14,444,758$17,912,649▲ $3,467,891
Cash and Non-Interest-Bearing Accounts$5,133,170$2,959,579▼ $2,173,591
Pledges and Grants Receivable$4,154,560$2,203,784▼ $1,950,776
Prepaid Expenses and Deferred Charges$1,207,053$1,882,573▲ $675,520
Savings and Temporary Cash Investments$1,571,508$1,359,101▼ $212,407
Other Notes and Loans Receivable, Net$1,026,601$887,130▼ $139,471
Total Assets$459,682,175$422,988,983▼ $36,693,192
Other Assets Total$4,194,902$7,726,745▲ $3,531,843
Liabilities
Tax Exempt Bond Liabilities$121,256,332$117,835,902▼ $3,420,430
Accounts Payable and Accrued Expenses$13,801,499$15,142,030▲ $1,340,531
Mortgage Notes Payable Secured by Investment Property$9,950,000$14,645,200▲ $4,695,200
Deferred Revenue$8,505,774$9,536,130▲ $1,030,356
Other Liabilities$1,517,894$1,172,376▼ $345,518
Grants Payable$1,026,815$808,992▼ $217,823
Total Liabilities$156,058,314$159,140,630▲ $3,082,316
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$261,595,747$225,812,644▼ $35,783,103
Net Assets With Donor Restrictions$42,028,114$38,035,709▼ $3,992,405
Total Net Assets Fund Balance$303,623,861$263,848,353▼ $39,775,508
Total Liabilities and Net Assets / Fund Balance$459,682,175$422,988,983▼ $36,693,192

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$104,242,596$40,366,477$144,609,073
Leasehold Improvements$59,293,563$43,951,374$103,244,937
Land$28,742,371-$28,742,371
Equipment$6,278,905$19,536,173$25,815,078
Other Land Buildings$4,071,247-$4,071,247
Other Securities$11,003,370--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2021$225,475,609$2,448,309▼ $27,320,284$15,376,489$185,227,145
2020$186,239,101$1,534,696▲ $49,134,801$11,432,989$225,475,609
2019$187,972,289$646,066▲ $8,841,975$11,221,229$186,239,101
2018$188,811,832$5,640,882▲ $7,052,040$13,041,168$187,972,289
2017$185,685,654$782,375▲ $15,370,188$12,597,806$188,811,832
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Janet SteinmayerPresidentFT$533,692$30,269$563,961
Jonathan K JeffersonProvostFT$276,783$32,239$309,022
Shirin PhilippVP & General CounselFT$227,687$38,028$265,715
Mary Patricia LohseVP Strategy & ImplementationFT$216,600$43,046$259,646
Thomas PistorinoFormer VP of Finance/CFOFT$68,708$187,501$256,209
Mary Jane MaclaughlinChief Hr OfficerFT$219,722$35,349$255,071
Joanne KossuthCOOFT$196,471$33,396$229,867
Amy DeinesDEAN OF LA+DFT$201,146$27,022$228,168
Jonathan PaulExecutive DirectorFT$211,215$15,207$226,422
Tana a BooneAvp of FinanceFT$203,723$22,390$226,113
Christopher JamesProfessorFT$192,199$29,688$221,887
Irene FountasDirector Reading RecoveryFT$183,197$22,034$205,231
Amy E Rutstein-rileyDean of GsoeFT$176,687$27,282$203,969
Nathaniel G MaysDean of StudentsFT$185,698$16,455$202,153
Darryl JelleyChief Marketing OfficerFT$172,011$25,490$197,501
Steven S ShapiroDean of ClasFT$167,393$25,615$193,008
Sandra WalkerDean of GsassFT$168,842$21,290$190,132
Jennifer SerowickAvp of Interconnect Student SupportFT$152,872$32,802$185,674
Marylou BattFormer VP of AdministrationFT$181,501$181,501$181,501
Michele ForinashProfessorFT$154,664$12,301$166,965
Kathy McweyAssistant ClerkFT$70,221$22,967$93,188
Diane KimballVP of Finance/CFOFT$62,037$6,756$68,793

Highest Paid Contractors

ContractorServicesLocationCompensation
Centerbrook Architects And Planners LLPArchitectural ServicesPO BOX 955, Centerbrook, CT 06409-0955$3,317,653
Ug2 LLCFacility ManagementONE INTERNATIONAL PLACE THIRD FLOO, Boston, MA 02110$2,942,857
Avaap USA LLCTechnology Consulting1400 GOOODALE BLVD SUITE 100, Columbus, OH 43212$1,054,235
Ellucian Company LPIt Services4 COUNTRY VIEW RD, Malvern, PA 19355-4308$520,943
Littler Mendelson PCLegal ServicesPO BOX 207137, Dallas, TX 75320-7137$433,306
Revenue and Support

Revenue Composition

Contributions and Grants
$13,123,975
Program Service Revenue
$86,892,400
Investment Income
$11,826,497
Other Revenue
$2,328,455
All Other Contributions
$4,375,721
Change in Net Assets
$-5,925,074

Audited Revenue Reconciliation

Revenue per Audited Statements
$113,139,774
Revenue Not Reported on Financial Statements
$1,031,553
Revenue Not Reported on Form 990
$-32,263,601
Total Revenue per Audited Statements
$80,876,173
Total Revenue per Form 990
$114,171,327
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$58,941,706
Other Expenses$38,224,963
Grants and Similar Amounts Paid$22,929,732
Total Fundraising Expense$957,635
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$37,760,281$5,654,160$602,023$44,016,464
Grants to Domestic Individuals$22,929,732--$22,929,732
Depreciation Depletion$3,435,254$4,137,548-$7,572,802
All Other Expenses$4,078,010$3,348,507$80,447$7,506,964
Other Employee Benefits$4,147,878$892,086$103,077$5,143,041
Interest$2,071,185$2,690,761-$4,761,946
Current Officers, Directors, Trustees, and Key Employees$1,098,513$2,743,536$73,209$3,915,258
Payroll Taxes$2,888,661$432,543$46,055$3,367,259
Information Technology$38,526$3,067,399-$3,105,925
Pension Plan Contributions$2,075,984$380,825$42,875$2,499,684
Occupancy$1,834,971$160,383$1,647$1,997,001
Fees for Service Investment Mgmnt Fees-$1,031,553-$1,031,553
Advertising$822,919$7,661-$830,580
Office Expenses$258,122$451,296$1,542$710,960
Other Expenses$575,413$993,849-$575,413
Travel$254,151$218,926$6,760$479,837
Insurance$867$196,214-$197,081
Fees for Services Accounting-$142,800-$142,800
Fees for Services Legal-$140,861-$140,861
Conferences and Meetings$62,036$10,572-$72,608
Fees for Services Lobbying-$44,925-$44,925
Total Functional Expenses$92,392,361$26,746,405$957,635$120,096,401

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$120,651,681
Total Expenses per Form 990$120,096,401
Expenses per Audited Statements$119,064,848
Expenses Not Reported on Form 990$1,586,833
Expenses Not Reported on Financial Statements$1,031,553
International Activity

International Summary

Offices
0
Employees
0
Spending
$17,623,450

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
Yes
Foreign partnership interest
Yes
Interest in foreign trust
No
Passive foreign investment company interest
Yes
Transfers to foreign corporations
Yes

International Activities

RegionActivityServicesOfficesEmployeesSpending
North AmericaInvesting-00$11,412,821
Central America and the CaribbeanInvesting-00$6,210,629
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
Yes
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Obligation to Employees for Retirement$1,172,376

Bond Issues

BondIssuerIssuedIssue PricePurpose
AMass Health and Educational Facilities Authority2009-03-10$56,221,393Fund new capital projects
DMass Development Finance Agency2016-09-13$45,905,000Refinance existing debt and fund new capital projects
BMass Development Finance Agency2011-03-30$32,013,314Refinance existing debt and fund new capital projects
BMass Development Finance Agency2019-08-02$30,510,625Refinance exisiting debt and fund new capital projects
AMass Development Finance Agency2017-12-27$9,905,000REFINANCE EXISTING DEBT
CMass Development Finance Agency2012-08-20$5,030,300REFINANCE EXISTING DEBT

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$56,221,393$28,687-$611,025
D$55,979,787--$252,142
B$32,013,314$1,672,796-$497,603
B$30,510,625---
A$11,243,556--$304,728
C$5,030,300--$544,696

Bond Financing Compliance

No rebate due
Yes
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
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
No
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

Once management reviews the 990, it is forwarded to the audit committee for review. It is also placed on a secure website for all the trustees to review prior to filing.

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

Each year, each member of the board of trustees, all officers and each key employee is asked to review the university's conflict of interest policy and submit a disclosure statement regarding any conflicts of interest they may have. New trustees and key employees are asked to review the policy and submit a disclosure statement regarding any conflicts of interest they may have upon commencement of their term or their employment. The assistant clerk collects the disclosure statements. The policy describes a process for the review of potential and actual conflicts of interest by the board of trustees or a committee of the board.

Form 990, Part VI, Section B, Line 15A

President steinmayer's employment agreement and compensation were reviewed and approved in advance by the independent members of the university's board of trustees. In making its decision, the board of trustees reviewed comparability data provided by a third- party compensation consultant. The board's decision was contemporaneously documented in the minutes of the board meeting.

Form 990, Part VI, Section C, Line 19

All governing documents and financial statements are available upon request. Our forms 990 (current and prior three years) are also available on the official website of the attorney general of massachusetts at www.charities.ago.state.ma.us and guidestar at www2.guidestar.org. We also make our form 990, irs determination letter, form 990-t, articles of organization, and bylaws available to the public upon request. Our audited financial statements are also available on the official website of the attorney general of massachusetts at www.charities.ago.state.ma.us. Audited financial statements and summary reports are available on the university's website at https://lesley.edu/about/accreditations-licensure-state-approvals

Filing and Contact Details

Filer

Filer Name
Lesley University
EIN
04-2103589
Phone
6173498500
Address
29 EVERETT STREET, CAMBRIDGE, MA 02138-2790

Signing Officer

Name
Janet Steinmayer
Title
President
Phone
6173498500
Signed
2023-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Janet Steinmayer
Formed
1909
Legal Domicile
Ma
Voting Board Members
21
Independent Board Members
20
Employees
1,087
Volunteers
23

Preparer

Firm
Cbiz Mhm LLC
Address
500 BOYLSTON STREET, BOSTON, MA 02116
Preparer
Brenda L Booth
Phone
6177610600
Supplemental Narrative

Additional Explanations

LINE 4A CONTINUATION:

Core values inquiry: lesley university is devoted to academic excellence through active teaching, engaged learning, and individual student development. We design and deliver innovative, interdisciplinary academic programs that value inspired teachers, curious learners, relevant scholarship, and real-life application. Community: learning is an individual and collective endeavor that involves students, educators, families, and communities. We believe in the power of collaboration and its impact on personal and social development. Diversity: our community respects, values, and benefits from the individual, demographic and cultural differences of our students, faculty, and staff. As an academic community, our creativity, critical thinking, and problem-solving approaches are shaped by this diversity. Through their varied learning experiences, lesley students develop the tools to effectively interact with diverse populations and strive for social justice and equity. Citizenship: higher educational institutions have a responsibility to prepare their graduates to participate in the cultural, political and economic life of their community, nation and world. This democratic ideal is reflected in lesley's academic environment that encourages scholarship, freedom of expression, and the open exchange of ideas.

Financial Statement Notes

PART V, LINE 4:

The university's endowment consists of approximately 90 individual funds which are invested and administered in accordance with donor stipulation. The board also invests certain funds as if they are endowment, however those are subject to board oversight rather than state law. The university tracks the value of original gifts to its endowment type funds as well as the appreciation over time, less any spending under its spending policies. Such appreciation follows the original gift instrument that underlies the related funds. The university's investments are managed in accordance with sound practices emphasizing long-term fundamentals to achieve long-term rates of return, to maintain purchasing power of the funds, and to provide for current spending. Investments are diversified to reduce volatility and risk associated with concentrated positions, and returns sought are those comparing favorably to other endowments, foundations and appropriate benchmarks. Portfolio volatility is intended to approximate the weighted composite of market indices correlating with the policy target portfolio, periodically adjusted for market conditions. A diversified target asset allocation places emphasis on equities, fixed income, real estate and managers employing multi-asset and absolute return strategies.

PART X, LINE 2:

The university accounts for the effect of any uncertain tax positions based on a "more likely than not" threshold to the recognition of the tax positions being sustained based on the technical merits of the position under scrutiny by the applicable taxing authority. If a tax position or positions are deemed to result in uncertainties of those positions, the unrecognized tax benefit is estimated based on a "cumulative probability assessment" that aggregates the estimated tax liability for all uncertain tax positions. The university has identified its tax status as a tax-exempt entity and its determinations as to what income is related and unrelated as its only significant tax positions; however, the university has determined that such tax positions do not result in an uncertainty requiring recognition. The university is not currently under examination by any taxing jurisdiction. The university's federal and state tax returns are generally open for examination for three years following the date filed.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Rental expenses 1,586,833.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Rental expenses 1,586,833.

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IRS990/ActivityOrMissionDesc0LESLEY UNIVERSITY ENGAGES STUDENTS IN TRANSFORMATIVE EDUCATION THROUGH ACTIVE LEARNING, SCHOLARLY RESEARCH, DIVERSE FORMS OF ARTISTIC EXPRESSION, AND THE INTEGRATION OF RIGOROUS ACADEMICS WITH PRACTICAL, PROFESSIONAL EXPERIENCE, LEADING TO MEANINGFUL CAREERS AND CONTINUING LIFELONG LEARNING. LESLEY PREPARES SOCIALLY RESPONSIBLE GRADUATES WITH THE KNOWLEDGE, SKILLS, UNDERSTANDING AND ETHICAL JUDGMENT TO BE CATALYSTS SHAPING A MORE JUST, HUMANE, AND SUSTAINABLE WORLD.
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IRS990/Form990PartVIISectionAGrp/TitleTxt0PRESIDENT
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IRS990/Form990PartVIISectionAGrp/TitleTxt2TRUSTEE, VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt3TRUSTEE, VICE CHAIR

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$435$133$302$150$123$27.8
2023Detailed filing. Detailed filing data is available for this year.$423$147$275$118$117$0.91
2022Detailed filing. Detailed filing data is available for this year.$423$159$264$114$120$5.93
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$460$156$304$127$108$18.5
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$418$158$260$117$125$8.29
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$422$148$274$134$128$5.98
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$400$126$274$122$123$0.76
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$400$129$271$125$118$6.89
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$383$122$261$113$113$0.63
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$396$129$267$116$106$9.17
2014Detailed filing. Detailed filing data is available for this year.$398$135$263$122$119$2.99
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$356$117$239$129$123$5.27
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$339$120$218$121
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$344$122$222$117
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$317$116$201$110