Civic Intelligence

Artspace Inc.

990 • Fiscal year 2023 • EIN 04-2986718

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 15, 2024

Organization Profilewwww.artspacemaynard.com
74 Main StreetMaynard, MA 01754

(978) 897-9828

Siviq Scores

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

Liabilities / Assets

88th percentile

0.37x

Higher debt load relative to assets than 88% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Liabilities / Revenue

84th percentile

0.13x

Higher debt load relative to revenue than 84% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Net Margin

84th percentile

35%

Higher net margin than 84% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Top Officer Pay

78th percentile

$0

Higher top officer pay than 78% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Asset Growth

13th percentile

-42%

Faster asset growth than 13% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Annualized from 2022 to 2023

Revenue Growth

24th percentile

-21%

Faster revenue growth than 24% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets88th percentile

Assets

Down

$119,825

Down $86,515 (-42%) from 2022

Net Assets

Up

$74,978

Up $12,861 (+21%) from 2022

Liabilities

Down

$44,847

Down $99,376 (-69%) from 2022

Revenue And Expenses
Liabilities / Revenue84th percentileNet Margin84th percentile

Revenue

Down

$347,306

Down $90,661 (-21%) from 2022

Expenses

Down

$225,840

Down $436,869 (-66%) from 2022

Net Income

Up

$121,466

Up $346,208 (+154%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth13th percentile

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

$600K$400K$200K$0Assets 2010: $317,550Liabilities 2010: $14,918Net Assets 2010: $302,6322010Assets 2011: $358,574Liabilities 2011: $15,101Net Assets 2011: $343,4732011Assets 2012: $405,981Liabilities 2012: $14,435Net Assets 2012: $391,5462012Assets 2013: $405,811Liabilities 2013: $14,367Net Assets 2013: $391,4442013Assets 2014: $451,704Liabilities 2014: $13,899Net Assets 2014: $437,8052014Assets 2015: $442,904Liabilities 2015: $15,251Net Assets 2015: $427,6532015Assets 2016: $417,936Liabilities 2016: $14,263Net Assets 2016: $403,6732016Assets 2017: $392,350Liabilities 2017: $15,199Net Assets 2017: $377,1512017Assets 2018: $408,641Liabilities 2018: $17,869Net Assets 2018: $390,7722018Assets 2019: $465,997Liabilities 2019: $17,869Net Assets 2019: $448,1282019Assets 2020: $449,267Liabilities 2020: $39,389Net Assets 2020: $409,8782020Assets 2021: $304,805Liabilities 2021: $17,946Net Assets 2021: $286,8592021Assets 2022: $206,340Liabilities 2022: $144,223Net Assets 2022: $62,1172022Assets 2023: $119,825Liabilities 2023: $44,847Net Assets 2023: $74,9782023Assets 2024: $28,686Liabilities 2024: $0Net Assets 2024: $28,6862024

Highlighted filing

2023

Assets$119,825
Liabilities$44,847
Net Assets$74,978
Open 2023 Filing

Operations Trend

Revenue Growth24th percentile

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

$1.0M$500K$0-$500KExpenses 2010: $214,3812010Expenses 2011: $205,2392011Expenses 2012: $194,4852012Revenue 2013: $247,447Expenses 2013: $247,549Net Income 2013: -$1022013Revenue 2014: $255,475Expenses 2014: $209,114Net Income 2014: $46,3612014Revenue 2015: $259,060Expenses 2015: $269,212Net Income 2015: -$10,1522015Revenue 2016: $271,995Expenses 2016: $295,975Net Income 2016: -$23,9802016Revenue 2017: $280,404Expenses 2017: $306,926Net Income 2017: -$26,5222017Revenue 2018: $327,743Expenses 2018: $314,122Net Income 2018: $13,6212018Revenue 2019: $331,406Expenses 2019: $282,050Net Income 2019: $49,3562019Revenue 2020: $310,886Expenses 2020: $349,136Net Income 2020: -$38,2502020Revenue 2021: $291,785Expenses 2021: $414,804Net Income 2021: -$123,0192021Revenue 2022: $437,967Expenses 2022: $662,709Net Income 2022: -$224,7422022Revenue 2023: $347,306Expenses 2023: $225,840Net Income 2023: $121,4662023Revenue 2024: $256,628Expenses 2024: $302,920Net Income 2024: -$46,2922024

Highlighted filing

2023

Revenue$347,306
Expenses$225,840
Net Income$121,466
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 15, 2024
Return Version
2023v5.1
Gross Receipts
$347,306
Mission and Program Overview

Mission

Promotion the arts by leasing real estate and sub-leasing it to performing artists for studio and performace space at below market rental levels and to provide arts education classes, workshops, tours and similar activities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$90,400$113,375▲ $22,975
Loans From Officers Directors$40,000$40,000→ $0
Land, Buildings, and Equipment, Net$115,940$1,650▼ $114,290
Total Assets$206,340$119,825▼ $86,515
Other Assets Total-$4,800-
Liabilities
Mortgage Notes Payable Secured by Investment Property$85,000--
Unsecured Notes Loans Payable$6,000--
Other Liabilities$13,223$4,847▼ $8,376
Total Liabilities$144,223$44,847▼ $99,376
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$62,117$74,978▲ $12,861
Total Net Assets Fund Balance$62,117$74,978▲ $12,861
Total Liabilities and Net Assets / Fund Balance$206,340$119,825▼ $86,515

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$1,650$8,359$10,009
Other Assets Org$4,800--
Compensation and Service Providers
Top Officer Pay78th percentile

Board Members and Trustees

NameTitle
Gail ErwinPresident
Andrew a ChildDirector
Armand DiarberkirianDirector
Kristen WeightDirector
Priscilla AlpaughDirector
Steve SmithDirector
Denise SheaClerk
Bill CohnTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$227,432
Program Service Revenue
$119,466
Investment Income
$408
Other Revenue
$0
All Other Contributions
$16,632
Change in Net Assets
$121,466
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$143,346
Salaries, Compensation, and Employee Benefits$82,494
Total Fundraising Expense$13,477
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$51,973$8,905$8,905$69,783
Occupancy$24,000--$24,000
Fees for Services Other$9,703$3,771$2,950$16,424
Payroll Taxes$9,467$1,622$1,622$12,711
Insurance$7,652--$7,652
Information Technology$6,234--$6,234
Interest-$6,040-$6,040
Depreciation Depletion$5,283$402-$5,685
Fees for Services Accounting-$2,800-$2,800
Advertising$2,279--$2,279
Other Expenses$1,874--$1,874
Office Expenses$868$985-$1,853
Fees for Services Legal$1,568--$1,568
Total Functional Expenses$187,838$24,525$13,477$225,840
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$40,000$40,000→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Security Deposits Held$4,847
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
No
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

Committee meeting documentation Part VI line 8B

“No committee has the authority to act on behalf of the governing body.”

Form 990 governing body review Part VI line 11

“Two weeks before filing, a copy of the 990 for is given to each board of directors for review and discussion.”

Conflict of interest policy compliance Part VI line 12C

“Once per year all directors and officers provide a signed statement confirming that they are in compliance with the conflict of interest policy.”

CEO executive director top management comp Part VI line 15A

“The board of directors establishes the compensation of the organizations Office Manager and Administrative Assistant. The board of directors establishes this compensation package within the range or organizations similar in size and scope of ArtSpace Inc.”

Governing documents etc available to public Part VI line 19

“The organization makes its governing documents, conflict of interest policy and financial statements available to the public, upon request, at the organizations office.”

Filing and Contact Details

Filer

Filer Name
Artspace Inc
EIN
04-2986718
Address
74 MAIN STREET, MAYNARD, MA 01754

Signing Officer

Name
Gail Erwin
Title
President
Phone
9788979828
Signed
2024-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Gail Erwin
Formed
1987
Legal Domicile
Ma
Voting Board Members
8
Independent Board Members
8
Employees
3
Volunteers
20

Preparer

Firm
John M Monticone CPA
Address
5 High Street Suite 207, Medford, MA 02155
Preparer
John M Monticone CPA
Phone
7813950024
Supplemental Narrative

Additional Explanations

Explanation of other changes in net assets or fund balances Part XI line 9

“The Organization adjusted its net assets due to the abandonment of leasehold improvements under an old master lease. When the lease could not be renewed, the Organization opted to write off the leasehold improvements, which had an original cost of $237,743 and accumulated depreciation of $129,138, resulting in a write off net book value of $108,605.”

Financial Statement Notes

Footnote for uncertain tax position under FIN 48 (Part X)

“The organizations management has evaluated the tax positions taken on returns for open years and those expected to be taken on returns for the year ended December 31, 2023. It is managements belief that such tax positions are more likely than not to be sustained upon examination by tax authorities. Accordingly, no liability for uncertain tax positions has been reflected in these financial statements. Returns for tax years beginning with those filed for the year ended December 31, 2020 are open to examination.”

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IRS990/ProgSrvcAccomActy2Grp/Desc0The METAL-ITY Exhibition a dynamic, open-air art exhibition encompassing more than 100 works of art from across New England, interplaying art and nature while offering bountiful opportunities for learning and community celebration.
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IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt096979
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IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus4YearsAmt02408
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/TotalAmt0518826
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IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus3YearsAmt0400
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus4YearsAmt01686
IRS990ScheduleA/GrossInvestmentIncome509Grp/TotalAmt02931
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearAmt0105036
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IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt0243596
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt0310486
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt0311615
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt01123492
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearAmt0408
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus1YearAmt0334
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IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus3YearsAmt0400
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus4YearsAmt01686
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt02931
IRS990ScheduleA/InvestmentIncomeCYPct00.00000
IRS990ScheduleA/InvestmentIncomePYPct00.00000
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IRS990ScheduleA/PublicSupportCY509Pct00.98300
IRS990ScheduleA/PublicSupportPY509Pct00.98590
IRS990ScheduleA/PublicSupportTotal509Amt01617318
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IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/TotalAmt025000
IRS990ScheduleA/SubstantialContributorsAmtGrp/CurrentTaxYearAmt05000
IRS990ScheduleA/SubstantialContributorsAmtGrp/CurrentTaxYearMinus1YearAmt020000
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IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt0322329
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt0314023
IRS990ScheduleA/Total509Grp/TotalAmt01642318
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt0268836
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt0446190
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt0291785
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IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt0315709
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt01645249
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IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/EquipmentGrp/BookValueAmt01650
IRS990ScheduleD/EquipmentGrp/DepreciationAmt08359
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt010009
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt04800
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Security Deposits Paid
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt04847
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Security Deposits Held
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The organizations management has evaluated the tax positions taken on returns for open years and those expected to be taken on returns for the year ended December 31, 2023. It is managements belief that such tax positions are more likely than not to be sustained upon examination by tax authorities. Accordingly, no liability for uncertain tax positions has been reflected in these financial statements. Returns for tax years beginning with those filed for the year ended December 31, 2020 are open to examination.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Footnote for uncertain tax position under FIN 48 (Part X)
IRS990ScheduleD/TotalBookValueLandBuildingsAmt01650
IRS990ScheduleD/TotalBookValueOtherAssetsAmt04800
IRS990ScheduleD/TotalLiabilityAmt04847
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BoardOrCommitteeApprovalInd0true
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/DefaultInd0false
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt0Operating Capital
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanToOrganizationInd0X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt040000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm0Douglas Moore
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt0Presidents Spouse
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/WrittenAgreementInd0true
IRS990ScheduleL/TotalBalanceDueAmt040000
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0No committee has the authority to act on behalf of the governing body.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Two weeks before filing, a copy of the 990 for is given to each board of directors for review and discussion.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ONCE PER YEAR ALL DIRECTORS AND OFFICERS PROVIDE A SIGNED STATEMENT CONFIRMING THAT THEY ARE IN COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The board of directors establishes the compensation of the organizations Office Manager and Administrative Assistant. The board of directors establishes this compensation package within the range or organizations similar in size and scope of ArtSpace Inc.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4The organization makes its governing documents, conflict of interest policy and financial statements available to the public, upon request, at the organizations office.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5The Organization adjusted its net assets due to the abandonment of leasehold improvements under an old master lease. When the lease could not be renewed, the Organization opted to write off the leasehold improvements, which had an original cost of $237,743 and accumulated depreciation of $129,138, resulting in a write off net book value of $108,605.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Committee meeting documentation Part VI line 8b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990 governing body review Part VI line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Conflict of interest policy compliance Part VI line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3CEO executive director top management comp Part VI line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Governing documents etc available to public Part VI line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Explanation of other changes in net assets or fund balances Part XI line 9
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IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0MA
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0206340
IRS990/TotalAssetsEOYAmt0119825
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IRS990/TotalAssetsGrp/EOYAmt0119825
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0227432
IRS990/TotalEmployeeCnt03
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt013477
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt024525
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0187838
IRS990/TotalFunctionalExpensesGrp/TotalAmt0225840
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0144223
IRS990/TotalLiabilitiesEOYAmt044847
IRS990/TotalLiabilitiesGrp/BOYAmt0144223
IRS990/TotalLiabilitiesGrp/EOYAmt044847
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt062117
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt074978
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0187838
IRS990/TotalProgramServiceRevenueAmt0119466
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt0408

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$119,825
Liabilities
$44,847
Net assets
$74,978
Revenue
$347,306
Expenses
$225,840
Net income
$121,466
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.29$0.00$0.29$2.57$3.03$0.46
2023Detailed filing. Detailed filing data is available for this year.$1.20$0.45$0.75$3.47$2.26$1.21
2022Detailed filing. Detailed filing data is available for this year.$2.06$1.44$0.62$4.38$6.63$2.25
2021Detailed filing. Detailed filing data is available for this year.$3.05$0.18$2.87$2.92$4.15$1.23
2020Detailed filing. Detailed filing data is available for this year.$4.49$0.39$4.10$3.11$3.49$0.38
2019Detailed filing. Detailed filing data is available for this year.$4.66$0.18$4.48$3.31$2.82$0.49
2018Detailed filing. Detailed filing data is available for this year.$4.09$0.18$3.91$3.28$3.14$0.14
2017Detailed filing. Detailed filing data is available for this year.$3.92$0.15$3.77$2.80$3.07$0.27
2016Detailed filing. Detailed filing data is available for this year.$4.18$0.14$4.04$2.72$2.96$0.24
2015Detailed filing. Detailed filing data is available for this year.$4.43$0.15$4.28$2.59$2.69$0.10
2014Detailed filing. Detailed filing data is available for this year.$4.52$0.14$4.38$2.55$2.09$0.46
2013Detailed filing. Detailed filing data is available for this year.$4.06$0.14$3.91$2.47$2.48$0.00
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.06$0.14$3.92$1.94
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.59$0.15$3.43$2.05
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.18$0.15$3.03$2.14