Civic Intelligence

Virginia Project Inc.

990 • Fiscal year 2022 • EIN 04-3364532

Jan 01, 2022 to Dec 31, 2022 • Filed on Oct 23, 2023

PO Box 231Bath, ME 04530

(207) 443-4242

Siviq Scores

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

Liabilities / Assets

29th percentile

0.01x

Higher debt load relative to assets than 29% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

43rd percentile

0.05x

Higher debt load relative to revenue than 43% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Net Margin

7th percentile

-47%

Higher net margin than 7% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

39th percentile

$0

Higher top officer pay than 39% of similar nonprofits.

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

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Asset Growth

18th percentile

-11%

Faster asset growth than 18% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

16th percentile

-24%

Faster revenue growth than 16% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Assets

Down

$1,146,796

Down $138,272 (-11%) from 2021

Net Assets

Down

$1,138,107

Down $144,728 (-11%) from 2021

Liabilities

Up

$8,689

Up $6,456 (+289%) from 2021

Revenue

Down

$160,473

Down $51,190 (-24%) from 2021

Expenses

Up

$235,939

Up $147,374 (+166%) from 2021

Net Income

Down

-$75,466

Down $198,564 (-161%) from 2021

Historical Trend

Balance Sheet Trend

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

$1.5M$1.0M$500K$0Assets 2011: $79,258Liabilities 2011: $4842011Assets 2012: $108,207Liabilities 2012: $1172012Assets 2013: $199,088Liabilities 2013: $1402013Assets 2014: $233,376Liabilities 2014: $1922014Assets 2015: $267,603Liabilities 2015: $3022015Assets 2016: $327,057Liabilities 2016: $3052016Assets 2017: $493,285Liabilities 2017: $1,401Net Assets 2017: $491,8842017Assets 2018: $629,480Liabilities 2018: $1,623Net Assets 2018: $627,8572018Assets 2019: $977,152Liabilities 2019: $34,151Net Assets 2019: $943,0012019Assets 2020: $1,129,505Liabilities 2020: $373Net Assets 2020: $1,129,1322020Assets 2021: $1,285,068Liabilities 2021: $2,233Net Assets 2021: $1,282,8352021Assets 2022: $1,146,796Liabilities 2022: $8,689Net Assets 2022: $1,138,1072022Assets 2023: $1,234,883Liabilities 2023: $19,289Net Assets 2023: $1,215,5942023Assets 2024: $1,183,554Liabilities 2024: $12,009Net Assets 2024: $1,171,5452024

Highlighted filing

2022

Assets$1,146,796
Liabilities$8,689
Net Assets$1,138,107

Operations Trend

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

$400K$200K$0-$200KRevenue 2011: $68,384Expenses 2011: $75,655Net Income 2011: -$7,2712011Revenue 2012: $65,435Expenses 2012: $36,119Net Income 2012: $29,3162012Revenue 2013: $68,824Expenses 2013: $30,426Net Income 2013: $38,3982013Revenue 2014: $72,826Expenses 2014: $38,592Net Income 2014: $34,2342014Revenue 2015: $79,346Expenses 2015: $45,229Net Income 2015: $34,1172015Revenue 2016: $114,142Expenses 2016: $54,691Net Income 2016: $59,4512016Revenue 2017: $210,448Expenses 2017: $48,593Net Income 2017: $161,8552017Revenue 2018: $207,577Expenses 2018: $64,167Net Income 2018: $143,4102018Revenue 2019: $353,877Expenses 2019: $70,745Net Income 2019: $283,1322019Revenue 2020: $235,662Expenses 2020: $81,435Net Income 2020: $154,2272020Revenue 2021: $211,663Expenses 2021: $88,565Net Income 2021: $123,0982021Revenue 2022: $160,473Expenses 2022: $235,939Net Income 2022: -$75,4662022Revenue 2023: $266,843Expenses 2023: $232,015Net Income 2023: $34,8282023Revenue 2024: $209,507Expenses 2024: $265,205Net Income 2024: -$55,6982024

Highlighted filing

2022

Revenue$160,473
Expenses$235,939
Net Income-$75,466
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Oct 23, 2023
Return Version
2022v5.0
Gross Receipts
$216,622
Mission and Program Overview

Mission

Reconstruction of 1607 pinnace virginia of sagadahoc, maintenance of historic bath, maine freight shed, and promoting the history of maine's first english settlement

Reconstruction of 1607 pinnace virginia of sagadahoc

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$1,282,835$1,138,107▼ $144,728
Investments Program Related$540,144$638,636▲ $98,492
Investments in Publicly Traded Securities$433,432$343,913▼ $89,519
Land, Buildings, and Equipment, Net$128,406$120,672▼ $7,734
Cash and Non-Interest-Bearing Accounts$173,170$39,737▼ $133,433
Inventories for Sale or Use$5,804$3,838▼ $1,966
Pledges and Grants Receivable$3,532$0▼ $3,532
Prepaid Expenses and Deferred Charges$580--
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$1,285,068$1,146,796▼ $138,272
Liabilities
Accounts Payable and Accrued Expenses$2,233$8,689▲ $6,456
Total Liabilities$2,233$8,689▲ $6,456
Net Assets / Fund Balance
Total Net Assets Fund Balance$1,282,835$1,138,107▼ $144,728
Total Liabilities and Net Assets / Fund Balance$1,285,068$1,146,796▼ $138,272

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$103,297$72,191$175,488
Other Land Buildings$17,375$27,876$45,251
Investment Program Related Org$638,636--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$175,000---$175,000
2021$175,000---$175,000
2020$175,000---$175,000
2019$100,000$75,000--$175,000
Compensation and Service Providers

Board Members and Trustees

NameTitle
Jeremy BlaiklockCo-president
Lori BensonCo-president
Daniel SortwellDirector
Dorsey HarrisonDirector
Edward RogersDirector
James ParmentierDirector
Orman HinesDirector
Paul JohnsonDirector
Rowan WagnerDirector
Sharon DrakeDirector
William NielsonDirector
Allison HeplerSecretary
Michael WaltonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$140,399
Program Service Revenue
$4,755
Investment Income
$3,944
Other Revenue
$11,375
All Other Contributions
$140,399
Change in Net Assets
$-75,466
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$145,856
Salaries, Compensation, and Employee Benefits$90,083
Total Fundraising Expense$21,788
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$68,272$6,975$8,534$83,781
Occupancy$19,773$1,658$1,565$22,996
All Other Expenses$11,794$3,300$2,588$17,682
Insurance$10,769$1,915$16$12,700
Fees for Services Other$7,798$1,433$1,293$10,524
Depreciation Depletion$7,648$86-$7,734
Payroll Taxes$5,432$191$679$6,302
Other Expenses$5,777$711$1,235$5,777
Fees for Service Investment Mgmnt Fees-$2,111-$2,111
Travel$1,593--$1,593
Information Technology-$349-$349
Total Functional Expenses$194,786$19,365$21,788$235,939
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
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
No
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 A, Line 6

The organization has various categories of membership based on the level of financial support. All members have the same rights and privileges.

Form 990, Part VI, Section A, Line 7A

Members have the right to vote to elect members of the board of directors.

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

Form 990 is presented in detail by the treasurer to members of the board prior to their approval.

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

Officers of the organization are responsible for monitoring compliance with the conflict of interest policy.

Form 990, Part VI, Section C, Line 19

The organization's policies are available upon written request to the board.

Filing and Contact Details

Filer

Filer Name
Virginia Project Inc
EIN
04-3364532
Phone
2074434242
Address
PO BOX 231, BATH, ME 04530

Signing Officer

Name
Michael Walton
Title
Treasurer
Phone
2074434242
Signed
2023-10-23
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michael Walton
Formed
1997
Legal Domicile
Me
Voting Board Members
13
Independent Board Members
13
Employees
2
Volunteers
75

Preparer

Firm
William T Racine CPA
Address
1 FRONT STREET, BATH, ME 04530
Preparer
William Racine
Phone
2074435716
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IRS990/OtherExpensesGrp/Desc3UTILITIES
IRS990/OtherExpensesGrp/FundraisingAmt04938
IRS990/OtherExpensesGrp/FundraisingAmt1940
IRS990/OtherExpensesGrp/FundraisingAmt21235
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt0636
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt1711
IRS990/OtherExpensesGrp/ProgramServicesAmt036263
IRS990/OtherExpensesGrp/ProgramServicesAmt113325
IRS990/OtherExpensesGrp/ProgramServicesAmt26342
IRS990/OtherExpensesGrp/ProgramServicesAmt35777
IRS990/OtherExpensesGrp/TotalAmt041201
IRS990/OtherExpensesGrp/TotalAmt114901
IRS990/OtherExpensesGrp/TotalAmt28288
IRS990/OtherExpensesGrp/TotalAmt35777
IRS990/OtherSalariesAndWagesGrp/FundraisingAmt08534
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt06975
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt068272
IRS990/OtherSalariesAndWagesGrp/TotalAmt083781
IRS990/PartialLiquidationInd00
IRS990/PayrollTaxesGrp/FundraisingAmt0679
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt0191
IRS990/PayrollTaxesGrp/ProgramServicesAmt05432
IRS990/PayrollTaxesGrp/TotalAmt06302
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt00
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt03532
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0580
IRS990/PrincipalOfficerNm0MICHAEL WALTON
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0611600
IRS990/ProgramServiceRevenueGrp/Desc0PROGRAMS, HISTORICAL
IRS990/ProgramServiceRevenueGrp/ExclusionAmt04755
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt04755
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt0183068
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt016290
IRS990/PYOtherExpensesAmt060215
IRS990/PYOtherRevenueAmt012093
IRS990/PYProgramServiceRevenueAmt0212
IRS990/PYRevenuesLessExpensesAmt0123098
IRS990/PYSalariesCompEmpBnftPaidAmt028350
IRS990/PYTotalExpensesAmt088565
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0211663
IRS990/QuidProQuoContributionsInd00
IRS990/ReconcilationRevenueExpnssAmt0-75466
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/RentalIncomeOrLossGrp/RealAmt011375
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd01
IRS990/RevenueAmt04755
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt01282835
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt01138107
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt0140399
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0183068
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0226265
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0337666
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0190498
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt01077896
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt019625
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt019811
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt012147
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt013663
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt01296
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt066542
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt04914
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus2YearsAmt0600
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus3YearsAmt03597
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus4YearsAmt017598
IRS990ScheduleA/OtherIncome170Grp/TotalAmt021795
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.73760
IRS990ScheduleA/PublicSupportPY170Pct00.75030
IRS990ScheduleA/PublicSupportTotal170Amt0860241
IRS990ScheduleA/SubstantialContributorsTotAmt0217655
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0140399
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0183068
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0226265
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0337666
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0190498
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt01077896
IRS990ScheduleA/TotalSupportAmt01166233
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/BuildingsGrp/BookValueAmt0103297
IRS990ScheduleD/BuildingsGrp/DepreciationAmt072191
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt0175488
IRS990ScheduleD/CYEndwmtFundGrp/BeginningYearBalanceAmt0175000
IRS990ScheduleD/CYEndwmtFundGrp/EndYearBalanceAmt0175000
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/BeginningYearBalanceAmt0175000
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/EndYearBalanceAmt0175000
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/BeginningYearBalanceAmt0175000
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/EndYearBalanceAmt0175000
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/BeginningYearBalanceAmt0100000
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/ContributionsAmt075000
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/EndYearBalanceAmt0175000
IRS990ScheduleD/EndowmentsHeldRelatedOrgInd00
IRS990ScheduleD/EndowmentsHeldUnrelatedOrgInd00
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt0638636
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc0VESSEL & WHARF CONSTRUCTION IN PROGRESS
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd0C
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt017375
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt027876
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt045251
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0120672
IRS990ScheduleD/TotalBookValueProgramRltdAmt0638636
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION HAS VARIOUS CATEGORIES OF MEMBERSHIP BASED ON THE LEVEL OF FINANCIAL SUPPORT. ALL MEMBERS HAVE THE SAME RIGHTS AND PRIVILEGES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1MEMBERS HAVE THE RIGHT TO VOTE TO ELECT MEMBERS OF THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2FORM 990 IS PRESENTED IN DETAIL BY THE TREASURER TO MEMBERS OF THE BOARD PRIOR TO THEIR APPROVAL.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3OFFICERS OF THE ORGANIZATION ARE RESPONSIBLE FOR MONITORING COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION'S POLICIES ARE AVAILABLE UPON WRITTEN REQUEST TO THE BOARD.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt01285068

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.18$0.01$1.17$0.21$0.27$0.06
2023Detailed filing. Detailed filing data is available for this year.$1.23$0.02$1.22$0.27$0.23$0.03
2022Detailed filing. Detailed filing data is available for this year.$1.15$0.01$1.14$0.16$0.24$0.08
2021Detailed filing. Detailed filing data is available for this year.$1.29$0.00$1.28$0.21$0.09$0.12
2020Detailed filing. Detailed filing data is available for this year.$1.13$0.00$1.13$0.24$0.08$0.15
2019Summary only. Only limited summary data is available for this year.$0.98$0.03$0.94$0.35$0.07$0.28
2018Summary only. Only limited summary data is available for this year.$0.63$0.00$0.63$0.21$0.06$0.14
2017Summary only. Only limited summary data is available for this year.$0.49$0.00$0.49$0.21$0.05$0.16
2016Summary only. Only limited summary data is available for this year.$0.33$0.00$0.11$0.05$0.06
2015Summary only. Only limited summary data is available for this year.$0.27$0.00$0.08$0.05$0.03
2014Summary only. Only limited summary data is available for this year.$0.23$0.00$0.07$0.04$0.03
2013Summary only. Only limited summary data is available for this year.$0.20$0.00$0.07$0.03$0.04
2012Summary only. Only limited summary data is available for this year.$0.11$0.00$0.07$0.04$0.03
2011Summary only. Only limited summary data is available for this year.$0.08$0.00$0.07$0.08$0.01