Civic Intelligence

Thoroughbred Retirement Foundation Inc

990 • Fiscal year 2021 • EIN 13-3132741

Jan 01, 2021 to Dec 31, 2021 • Filed on May 03, 2022

Post Office Box 834Saratoga Springs, NY 12866

(518) 226-0028

Siviq Scores

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

Liabilities / Assets

20th percentile

0.02x

Higher debt load relative to assets than 20% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

30th percentile

0.10x

Higher debt load relative to revenue than 30% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Net Margin

42nd percentile

8.5%

Higher net margin than 42% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Top Officer Pay

20th percentile

$86,660

Higher top officer pay than 20% of similar nonprofits.

Top officer pay equals 4.0% of source-year revenue.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Asset Growth

67th percentile

18%

Faster asset growth than 67% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Revenue Growth

32nd percentile

1.6%

Faster revenue growth than 32% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Assets

Up

$11,676,942

Up $1,741,548 (+18%) from 2020

Net Assets

Up

$11,469,553

Up $1,728,097 (+18%) from 2020

Liabilities

Up

$207,389

Up $13,451 (+6.9%) from 2020

Revenue

Up

$2,162,805

Up $34,106 (+1.6%) from 2020

Expenses

Up

$1,979,241

Up $82,173 (+4.3%) from 2020

Net Income

Down

$183,564

Down $48,067 (-21%) from 2020

Historical Trend

Balance Sheet Trend

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

$15M$10M$5.0M$0Assets 2010: $9,050,340Liabilities 2010: $1,250,903Net Assets 2010: $7,799,4372010Assets 2011: $8,763,895Liabilities 2011: $1,736,748Net Assets 2011: $7,027,1472011Assets 2012: $8,416,167Liabilities 2012: $2,023,601Net Assets 2012: $6,392,5662012Assets 2013: $9,820,890Liabilities 2013: $2,520,883Net Assets 2013: $7,300,0072013Assets 2014: $10,067,323Liabilities 2014: $2,748,654Net Assets 2014: $7,318,6692014Assets 2015: $9,342,023Liabilities 2015: $2,828,459Net Assets 2015: $6,513,5642015Assets 2016: $10,030,350Liabilities 2016: $2,490,123Net Assets 2016: $7,540,2272016Assets 2017: $10,749,329Liabilities 2017: $1,640,719Net Assets 2017: $9,108,6102017Assets 2018: $9,557,998Liabilities 2018: $1,447,784Net Assets 2018: $8,110,2142018Assets 2019: $10,077,398Liabilities 2019: $1,169,493Net Assets 2019: $8,907,9052019Assets 2020: $9,935,394Liabilities 2020: $193,938Net Assets 2020: $9,741,4562020Assets 2021: $11,676,942Liabilities 2021: $207,389Net Assets 2021: $11,469,5532021Assets 2022: $10,103,014Liabilities 2022: $238,567Net Assets 2022: $9,864,4472022Assets 2023: $11,563,679Liabilities 2023: $240,793Net Assets 2023: $11,322,8862023Assets 2024: $14,342,693Liabilities 2024: $177,340Net Assets 2024: $14,165,3532024

Highlighted filing

2021

Assets$11,676,942
Liabilities$207,389
Net Assets$11,469,553

Operations Trend

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

$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $2,868,0152010Expenses 2011: $2,892,8882011Expenses 2012: $2,761,9532012Revenue 2013: $2,734,215Expenses 2013: $2,882,756Net Income 2013: -$148,5412013Revenue 2014: $2,629,535Expenses 2014: $3,013,320Net Income 2014: -$383,7852014Revenue 2015: $2,770,191Expenses 2015: $3,088,323Net Income 2015: -$318,1322015Revenue 2016: $3,343,052Expenses 2016: $2,876,296Net Income 2016: $466,7562016Revenue 2017: $2,324,518Expenses 2017: $2,569,693Net Income 2017: -$245,1752017Revenue 2018: $2,468,420Expenses 2018: $2,654,553Net Income 2018: -$186,1332018Revenue 2019: $1,848,890Expenses 2019: $2,364,085Net Income 2019: -$515,1952019Revenue 2020: $2,128,699Expenses 2020: $1,897,068Net Income 2020: $231,6312020Revenue 2021: $2,162,805Expenses 2021: $1,979,241Net Income 2021: $183,5642021Revenue 2022: $1,901,253Expenses 2022: $2,250,863Net Income 2022: -$349,6102022Revenue 2023: $2,962,392Expenses 2023: $2,401,434Net Income 2023: $560,9582023Revenue 2024: $4,867,011Expenses 2024: $2,559,168Net Income 2024: $2,307,8432024

Highlighted filing

2021

Revenue$2,162,805
Expenses$1,979,241
Net Income$183,564
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
May 3, 2022
Return Version
2021v4.0
Gross Receipts
$2,187,258
Mission and Program Overview

Mission

Rescue of unwanted thoroughbred horses and re-entry oriented program for inmates

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$9,150,900$10,560,017▲ $1,409,117
Cash and Non-Interest-Bearing Accounts$516,664$688,302▲ $171,638
Pledges and Grants Receivable$93,026$233,093▲ $140,067
Land, Buildings, and Equipment, Net$171,020$187,663▲ $16,643
Prepaid Expenses and Deferred Charges$3,784$7,867▲ $4,083
Total Assets$9,935,394$11,676,942▲ $1,741,548
Liabilities
Accounts Payable and Accrued Expenses$193,938$172,464▼ $21,474
Mortgage Notes Payable Secured by Investment Property-$34,925-
Total Liabilities$193,938$207,389▲ $13,451
Net Assets / Fund Balance
Net Assets With Donor Restrictions$9,375,858$10,565,653▲ $1,189,795
Net Assets Without Donor Restrictions$365,598$903,900▲ $538,302
Total Net Assets Fund Balance$9,741,456$11,469,553▲ $1,728,097
Total Liabilities and Net Assets / Fund Balance$9,935,394$11,676,942▲ $1,741,548

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$127,496$660,588$788,084
Equipment$60,096$174,256$234,352
Other Land Buildings$71$13,046$13,117

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2021$9,150,881-▲ $1,544,777$457,544$10,238,114
2020$9,436,272-▲ $838,147$1,123,538$9,150,881
2019$8,344,028-▼ $417,312$1,509,556$9,436,272
2018$9,362,704-▼ $408,070$610,606$8,344,028
2017$8,658,441-▲ $1,146,467$442,204$9,362,704
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Pat StickneyExecutive DiFT$86,660$86,660

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Flying Y Land & Cattle CoBoarding3720 EAST SECOND STREET, Edmond, OK 73034$221,947
Revenue and Support

Revenue Composition

Contributions and Grants
$2,023,146
Program Service Revenue
$0
Investment Income
$1,232
Other Revenue
$138,427
All Other Contributions
$1,907,440
Change in Net Assets
$183,564

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,162,805
Revenue Not Reported on Form 990
$1,672,306
Total Revenue per Audited Statements
$3,835,111
Total Revenue per Form 990
$2,162,805
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,209,115
Salaries, Compensation, and Employee Benefits$770,126
Total Fundraising Expense$373,746
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$330,084$100,247$226,370$656,701
All Other Expenses$102,076$59,008$72,467$233,551
Other Employee Benefits$35,803$16,007$10,200$62,010
Depreciation Depletion$58,887--$58,887
Other Expenses$58,120--$58,120
Fees for Services Accounting-$51,778-$51,778
Payroll Taxes$26,769$6,290$18,356$51,415
Insurance$25,137$12,976-$38,113
Advertising$160$3,690$29,267$33,117
Travel$11,928$6,638$3,367$21,933
Occupancy$850$10,236$10,236$21,322
Office Expenses$2,973$8,970$2,406$14,349
Information Technology$20$1,374$942$2,336
Interest$1,014$296$135$1,445
Total Functional Expenses$1,327,985$277,510$373,746$1,979,241

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$2,107,014
Expenses per Audited Statements$1,979,241
Total Expenses per Form 990$1,979,241
Expenses Not Reported on Form 990$127,773
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$153,652
Fundraising Direct Expenses$24,453
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Special Events$153,652$153,652$24,453$129,199
Total Events$153,652$153,652$24,453$129,199
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
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
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, Page 6, Part VI, Line 11B

The chairman, ceo, and treasurer, review the form 990 individually. The three individuals hold a meeting to discuss any questions that they may have. If any corrections or changes are needed, the accounting firm engaged to prepare the form 990 is notified. Also, the executive committee and the board also review the audit report.

Form 990, Page 6, Part VI, Line 12C

The foundation board is a governing board that meets monthly to discuss and decide on issues related to the foundation, its policy, performance and the foundation staff.

Form 990, Page 6, Part VI, Line 15A

All salaries are approved by the board and salaried employees serving as directors are not permitted to vote when it relate to compensation.

Form 990, Page 6, Part VI, Line 15B

All salaries are approved by the board and salaried employees serving as directors are not permitted to vote when it relates to compensation.

Form 990, Page 6, Part VI, Line 17

California, georgia, kansas, michigan, minnesota, missouri, ohio, oklahoma, oregon, pennsylvania, tennessee, vermont, washington, west virginia, wisconsin, utah

Form 990, Page 6, Part VI, Line 19

The organization's governing documents and financial statements are available by submiting a written request to the organization's main office.

Filing and Contact Details

Filer

Filer Name
Thoroughbred Retirement Foundation
EIN
13-3132741
Phone
5182260028
Address
POST OFFICE BOX 834, SARATOGA SPRINGS, NY 12866

Signing Officer

Name
Pat Stickney
Title
Executive Director
Phone
5182260028
Signed
2022-05-03

Organization Details

Principal Officer
Pat Stickney
Formed
1982
Legal Domicile
Ny
Voting Board Members
10
Independent Board Members
10
Employees
18

Preparer

Firm
Sheheen Hancock & Godwin Llp
Address
PO BOX 428, CAMDEN, SC 29021-0428
Preparer
Marc Wood
Phone
8034321424
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 4A

Vocational training program in horse care for inmates. Early in the thoroughbred retirement foundation's history monique s. Koehler, founder and chairman of the board, negotiated a milestone agreement with the state of new york department of correctional services. In exchange for land use and labor at the state's walkill correctional facility, the thoroughbred retirement foundation would design, staff and maintain a vocational training program in equine care and management for inmates. This unique program has been replicated in california, kentucky, florida, south carolina, illinois, virginia, and maryland. This is a vocational training program in equine care and management for inmate-students. The goal of this program is to teach inmate-students marketable skills for employment upon release from prison. This program is unique in that it saves thoroughbred horses no longer able to compete on the racetrack from possible neglect, abuse and slaughter and matches them with inmate-students also seeking a second chance. Equine rescue and rehabilitation. The vast majority of the general public and many racing fans are unaware of the sad fate that awaits thousands of thoroughbreds each year. They assume each animal is assured a safe humane retirement. Unfortunately, it is a perception that does not reflect reality. Reality is the thoroughbred industry, outside the circuit of high profile, high dollar races, is made up largely of owners with only modest resources. Current economics dictate that among all owners, no matter how responsible and well intended, only a few maintain even a single thoroughbred once it is unable to earn its keep on the track. Reality is a world where horsemeat is in demand in many foreign countries and there are several slaughterhouses in canada and mexico happy to create supply. Thoroughbred retirement foundation often has to transport horses in desperate need and then provide extra care to get them back to health. Thoroughbred retraining and adoption program. Many of the horses rescued by the thoroughbred retirement foundation or retired to the thoroughbred retirement foundation are healthy and able to have "second careers" as pleasure or show-horses. These horses are evaluated and retrained by thoroughbred retirement foundation employees so that we know the horse's capabilities and can place the horse in a long term successful adoption.

Form 990, Part IX, Line 24E

Contract labor 8,277 18,087 18,590 repairs and maintenance 34,477 0 0 supplies 27,083 5,122 429 printing and publications 154 866 27,324 postage and freight 1,392 3,730 13,585 appeal and book 0 0 11,040 bank charges 120 9,850 0 equipment rental 4,896 4,557 401 transportation 9,460 0 0 medical supplies 8,586 0 0 taxes and licenses 672 7,835 0 telephone 4,263 3,546 354 utilities 2,286 2,228 0 dues 200 3,187 744 training 210 0 0 total 102,076 59,008 72,467

Financial Statement Notes

Schedule D, Page 2, Part V, Line 4

The organization may expend annually an amount not exceeding five percent of the fair market value of the endowment funds, as determined annually, solely for the care and maintenance of retired thoroughbred race horses.

Schedule D, Page 3, Part X

The accounting standards on accounting for uncertainity in income taxes address the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recognized in the financial statements. Under that guidance, the foundation may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities based on the technical merits of the position. Management evaluated the foundation's tax position and concluded that the foundation had taken no uncertain tax positions that require adjustment to the financial statements to comply with the provisions of the guidance.

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IRS990/Desc0VOCATIONAL TRAINING PROGRAM IN HORSE CARE FOR INMATES. EARLY IN THE THOROUGHBRED RETIREMENT FOUNDATION'S HISTORY MONIQUE S. KOEHLER, FOUNDER AND CHAIRMAN OF THE BOARD, NEGOTIATED A MILESTONE AGREEMENT WITH THE STATE OF NEW YORK DEPARTMENT OF CORRECTIONAL SERVICES. IN EXCHANGE FOR LAND USE AND LABOR AT THE STATE'S WALKILL CORRECTIONAL FACILITY, THE THOROUGHBRED RETIREMENT FOUNDATION WOULD DESIGN, STAFF AND MAINTAIN A VOCATIONAL TRAINING PROGRAM IN EQUINE CARE AND MANAGEMENT FOR INMATES. THIS UNIQUE PROGRAM HAS BEEN REPLICATED IN CALIFORNIA, KENTUCKY, FLORIDA, SOUTH CAROLINA, ILLINOIS, VIRGINIA, AND MARYLAND. THIS IS A VOCATIONAL TRAINING PROGRAM IN EQUINE CARE AND MANAGEMENT FOR INMATE-STUDENTS. THE GOAL OF THIS PROGRAM IS TO TEACH INMATE-STUDENTS MARKETABLE SKILLS FOR EMPLOYMENT UPON RELEASE FROM PRISON. THIS PROGRAM IS UNIQUE IN THAT IT SAVES THOROUGHBRED HORSES NO LONGER ABLE TO COMPETE ON THE RACETRACK FROM POSSIBLE NEGLECT, ABUSE AND SLAUGHTER AND MATCHES THEM WITH INMATE-STUDENTS ALSO SEEKING A SECOND CHANCE. EQUINE RESCUE AND REHABILITATION. THE VAST MAJORITY OF THE GENERAL PUBLIC AND MANY RACING FANS ARE UNAWARE OF THE SAD FATE THAT AWAITS THOUSANDS OF THOROUGHBREDS EACH YEAR. THEY ASSUME EACH ANIMAL IS ASSURED A SAFE HUMANE RETIREMENT. UNFORTUNATELY, IT IS A PERCEPTION THAT DOES NOT REFLECT REALITY. REALITY IS THE THOROUGHBRED INDUSTRY, OUTSIDE THE CIRCUIT OF HIGH PROFILE, HIGH DOLLAR RACES, IS MADE UP LARGELY OF OWNERS WITH ONLY MODEST RESOURCES. CURRENT ECONOMICS DICTATE THAT AMONG ALL OWNERS, NO MATTER HOW RESPONSIBLE AND WELL INTENDED, ONLY A FEW MAINTAIN EVEN A SINGLE THOROUGHBRED ONCE IT IS UNABLE TO EARN ITS KEEP ON THE TRACK. REALITY IS A WORLD WHERE HORSEMEAT IS IN DEMAND IN MANY FOREIGN COUNTRIES AND THERE ARE SEVERAL SLAUGHTERHOUSES IN CANADA AND MEXICO HAPPY TO CREATE SUPPLY. THOROUGHBRED RETIREMENT FOUNDATION OFTEN HAS TO TRANSPORT HORSES IN DESPERATE NEED AND THEN PROVIDE EXTRA CARE TO GET THEM BACK TO HEALTH. THOROUGHBRED RETRAINING AND ADOPTION PROGRAM. MANY OF THE HORSES RESCUED BY THE THOROUGHBRED RETIREMENT FOUNDATION OR RETIRED TO THE THOROUGHBRED RETIREMENT FOUNDATION ARE HEALTHY AND ABLE TO HAVE "SECOND CAREERS" AS PLEASURE OR SHOW-HORSES. THESE HORSES ARE EVALUATED AND RETRAINED BY THOROUGHBRED RETIREMENT FOUNDATION EMPLOYEES SO THAT WE KNOW THE HORSE'S CAPABILITIES AND CAN PLACE THE HORSE IN A LONG TERM SUCCESSFUL ADOPTION.
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IRS990/Form990PartVIISectionAGrp/PersonNm6PATRICK MACKAY
IRS990/Form990PartVIISectionAGrp/PersonNm7MAGGIE WOLFENDALE MORLEY
IRS990/Form990PartVIISectionAGrp/PersonNm8ANITA MOTION
IRS990/Form990PartVIISectionAGrp/PersonNm9PAUL SAYLOR
IRS990/Form990PartVIISectionAGrp/PersonNm10SARAH STEIN
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IRS990/ReportProgramRelatedInvstInd0false
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0GAIN (LOSS) FROM SALE OF ASSETS -263,874 MISCELLANEOUS INCOME 9,228
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART II, LINE 10
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION MAY EXPEND ANNUALLY AN AMOUNT NOT EXCEEDING FIVE PERCENT OF THE FAIR MARKET VALUE OF THE ENDOWMENT FUNDS, AS DETERMINED ANNUALLY, SOLELY FOR THE CARE AND MAINTENANCE OF RETIRED THOROUGHBRED RACE HORSES.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1THE ACCOUNTING STANDARDS ON ACCOUNTING FOR UNCERTAINITY IN INCOME TAXES ADDRESS THE DETERMINATION OF WHETHER TAX BENEFITS CLAIMED OR EXPECTED TO BE CLAIMED ON A TAX RETURN SHOULD BE RECOGNIZED IN THE FINANCIAL STATEMENTS. UNDER THAT GUIDANCE, THE FOUNDATION MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES BASED ON THE TECHNICAL MERITS OF THE POSITION. MANAGEMENT EVALUATED THE FOUNDATION'S TAX POSITION AND CONCLUDED THAT THE FOUNDATION HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THE GUIDANCE.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 2, PART V, LINE 4
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt02107014
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$14.3$0.18$14.2$4.87$2.56$2.31
2023Detailed filing. Detailed filing data is available for this year.$11.6$0.24$11.3$2.96$2.40$0.56
2022Detailed filing. Detailed filing data is available for this year.$10.1$0.24$9.86$1.90$2.25$0.35
2021Detailed filing. Detailed filing data is available for this year.$11.7$0.21$11.5$2.16$1.98$0.18
2020Detailed filing. Detailed filing data is available for this year.$9.94$0.19$9.74$2.13$1.90$0.23
2019Detailed filing. Detailed filing data is available for this year.$10.1$1.17$8.91$1.85$2.36$0.52
2018Detailed filing. Detailed filing data is available for this year.$9.56$1.45$8.11$2.47$2.65$0.19
2017Detailed filing. Detailed filing data is available for this year.$10.7$1.64$9.11$2.32$2.57$0.25
2016Detailed filing. Detailed filing data is available for this year.$10.0$2.49$7.54$3.34$2.88$0.47
2015Detailed filing. Detailed filing data is available for this year.$9.34$2.83$6.51$2.77$3.09$0.32
2014Detailed filing. Detailed filing data is available for this year.$10.1$2.75$7.32$2.63$3.01$0.38
2013Detailed filing. Detailed filing data is available for this year.$9.82$2.52$7.30$2.73$2.88$0.15
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.42$2.02$6.39$2.76
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.76$1.74$7.03$2.89
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.05$1.25$7.80$2.87
Peer Organizations

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