Civic Intelligence

The Olana Partnership

990 • Fiscal year 2014 • EIN 14-1828430

Jan 01, 2014 to Dec 31, 2014 • Filed on Oct 28, 2015

PO Box 199Hudson, NY 12534

(518) 828-0135

Siviq Scores

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

Liabilities / Assets

25th percentile

0.03x

Higher debt load relative to assets than 25% of similar nonprofits.

2014 filings • NTEE S • $1M-$5M nonprofits • Source year 2014

Liabilities / Revenue

27th percentile

0.07x

Higher debt load relative to revenue than 27% of similar nonprofits.

2014 filings • NTEE S • $1M-$5M nonprofits • Source year 2014

Net Margin

77th percentile

18%

Higher net margin than 77% of similar nonprofits.

2014 filings • NTEE S • $1M-$5M nonprofits • Source year 2014

Top Officer Pay

58th percentile

$108,739

Higher top officer pay than 58% of similar nonprofits.

Top officer pay equals 6.0% of source-year revenue.

2014 filings • NTEE S • $1M-$5M nonprofits • Source year 2014

Asset Growth

73rd percentile

10%

Faster asset growth than 73% of similar nonprofits.

2014 filings • NTEE S • $1M-$5M nonprofits • Annualized from 2013 to 2014

Revenue Growth

90th percentile

69%

Faster revenue growth than 90% of similar nonprofits.

2014 filings • NTEE S • $1M-$5M nonprofits • Annualized from 2013 to 2014

Assets

Flat

$4,047,702

Flat from 2014

Net Assets

Flat

$3,922,287

Flat from 2014

Liabilities

Flat

$125,415

Flat from 2014

Revenue

Flat

$1,806,593

Flat from 2014

Expenses

Flat

$1,473,808

Flat from 2014

Net Income

Flat

$332,785

Flat from 2014

Historical Trend

Balance Sheet Trend

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

$20M$15M$10M$5.0M$0Assets 2010: $2,977,665Liabilities 2010: $44,145Net Assets 2010: $2,933,5202010Assets 2011: $2,809,657Liabilities 2011: $90,705Net Assets 2011: $2,718,9522011Assets 2012: $3,488,322Liabilities 2012: $70,705Net Assets 2012: $3,417,6172012Assets 2013: $3,678,709Liabilities 2013: $107,909Net Assets 2013: $3,570,8002013Assets 2014: $4,047,702Liabilities 2014: $125,415Net Assets 2014: $3,922,2872014Assets 2014: $4,047,702Liabilities 2014: $125,415Net Assets 2014: $3,922,2872014Assets 2015: $4,132,604Liabilities 2015: $478,359Net Assets 2015: $3,654,2452015Assets 2016: $3,815,640Liabilities 2016: $71,819Net Assets 2016: $3,743,8212016Assets 2017: $3,809,153Liabilities 2017: $96,209Net Assets 2017: $3,712,9442017Assets 2018: $4,668,308Liabilities 2018: $81,714Net Assets 2018: $4,586,5942018Assets 2019: $7,726,483Liabilities 2019: $130,518Net Assets 2019: $7,595,9652019Assets 2020: $9,171,863Liabilities 2020: $442,528Net Assets 2020: $8,729,3352020Assets 2021: $10,762,808Liabilities 2021: $530,956Net Assets 2021: $10,231,8522021Assets 2022: $10,730,401Liabilities 2022: $233,032Net Assets 2022: $10,497,3692022Assets 2023: $13,891,500Liabilities 2023: $206,419Net Assets 2023: $13,685,0812023Assets 2024: $16,220,685Liabilities 2024: $348,391Net Assets 2024: $15,872,2942024

Highlighted filing

2014

Assets$4,047,702
Liabilities$125,415
Net Assets$3,922,287

Operations Trend

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

$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $1,065,1602010Expenses 2011: $973,0622011Expenses 2012: $1,216,2372012Revenue 2013: $1,066,222Expenses 2013: $976,031Net Income 2013: $90,1912013Revenue 2014: $1,806,593Expenses 2014: $1,473,808Net Income 2014: $332,7852014Revenue 2014: $1,806,593Expenses 2014: $1,473,808Net Income 2014: $332,7852014Revenue 2015: $1,662,215Expenses 2015: $1,828,928Net Income 2015: -$166,7132015Revenue 2016: $1,075,382Expenses 2016: $1,225,819Net Income 2016: -$150,4372016Revenue 2017: $1,297,236Expenses 2017: $1,497,323Net Income 2017: -$200,0872017Revenue 2018: $2,792,936Expenses 2018: $1,624,475Net Income 2018: $1,168,4612018Revenue 2019: $4,886,791Expenses 2019: $2,052,299Net Income 2019: $2,834,4922019Revenue 2020: $2,641,572Expenses 2020: $1,510,080Net Income 2020: $1,131,4922020Revenue 2021: $3,766,819Expenses 2021: $2,391,659Net Income 2021: $1,375,1602021Revenue 2022: $2,737,101Expenses 2022: $2,193,193Net Income 2022: $543,9082022Revenue 2023: $5,405,343Expenses 2023: $2,439,498Net Income 2023: $2,965,8452023Revenue 2024: $5,214,127Expenses 2024: $3,098,638Net Income 2024: $2,115,4892024

Highlighted filing

2014

Revenue$1,806,593
Expenses$1,473,808
Net Income$332,785
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Oct 28, 2015
Return Version
2014v5.0
Gross Receipts
$2,480,379
Mission and Program Overview

Mission

To inspire the public by preserving and interpreting olana, frederic church's artistic masterpiece.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$1,911,789$2,406,234▲ $494,445
Savings and Temporary Cash Investments$1,028,556$827,963▼ $200,593
Pledges and Grants Receivable$493,602$575,874▲ $82,272
Inventories for Sale or Use$103,409$110,676▲ $7,267
Cash and Non-Interest-Bearing Accounts$81,698$67,719▼ $13,979
Land, Buildings, and Equipment, Net$26,937$45,362▲ $18,425
Prepaid Expenses and Deferred Charges$29,244$9,907▼ $19,337
Accounts Receivable$3,474$3,967▲ $493
Other Notes and Loans Receivable, Net$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Intangible Assets$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$3,678,709$4,047,702▲ $368,993
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$107,909$125,415▲ $17,506
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$107,909$125,415▲ $17,506
Net Assets / Fund Balance
Permanently Rstr Net Assets$1,741,069$2,229,073▲ $488,004
Temporarily Rstr Net Assets$1,126,135$1,040,599▼ $85,536
Unrestricted Net Assets$703,596$652,615▼ $50,981
Total Net Assets Fund Balance$3,570,800$3,922,287▲ $351,487
Total Liabilities and Net Assets / Fund Balance$3,678,709$4,047,702▲ $368,993

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$45,362$50,496$95,858

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2014$2,014,728$431,150▲ $45,715-$2,491,593
2013$1,863,231-▲ $151,497-$2,014,728
2012$1,727,782-▲ $135,449-$1,863,231
2011$1,754,946-▼ $27,164-$1,727,782
2010$1,680,359$3,600▲ $71,987$1,000$1,754,946
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Sara GriffenPresidentFT$108,739$108,739

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Howard Landscape Watergardens LLCLandscaping321 CROLL ROAD, Valley Falls, NY 12185$248,270
Revenue and Support

Revenue Composition

Contributions and Grants
$1,889,106
Program Service Revenue
$0
Investment Income
$29,329
Other Revenue
$-111,842
All Other Contributions
$706,005
Change in Net Assets
$332,785

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded6$51,009Fair Market Value (FMV)
Total Noncash Contributions6$51,009-

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,806,593
Revenue Not Reported on Form 990
$114,341
Total Revenue per Audited Statements
$1,920,934
Total Revenue per Form 990
$1,806,593
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$844,348
Salaries, Compensation, and Employee Benefits$577,147
Total Fundraising Expense$271,907
Professional Fundraising Fees$52,313
Grants and Similar Amounts Paid$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$228,986$68,081$95,103$392,170
Current Officers, Directors, Trustees, and Key Employees$48,932$27,185$32,622$108,739
Fees for Services Accounting-$67,831-$67,831
Other Expenses$34,246-$66,800$66,800
Office Expenses$34,922$24,299$4,723$63,944
Fees for Services Professional Fundraising--$52,313$52,313
Payroll Taxes$25,574$7,949$10,332$43,855
Other Employee Benefits$15,889$9,029$7,465$32,383
Insurance$10,742$3,308$1,055$15,105
Depreciation Depletion$4,482$1,386$1,494$7,362
All Other Expenses-$108-$108
Total Functional Expenses$992,725$209,176$271,907$1,473,808

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,569,447
Expenses per Audited Statements$1,473,808
Total Expenses per Form 990$1,473,808
Expenses Not Reported on Form 990$95,639
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$251,623
Professional Fundraising Fees$52,313
Fundraising Gross Income$20,890

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Program$33,640$33,640$26,231$7,409
Gala$656,744$-12,750$218,613$-231,363
Total Events$690,384$20,890$251,623$-230,733
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$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
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 family members
No
Business relationship with organization members
No
Material changes to governing documents
Yes
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

Part VI, Section B - Line 15

The governance committee is in charge of recommending the compensation and benefits of the president. Regarding management compensation, an annual review is made of current salaries for similar positions to determine fair compensation.

Part VI, Section C - Line 19

The organization provides its financial statements and the conflict of interest policy to others upon request. The financial statements are also made available on the organization's website as well as a third party website, guidestar, for public view.

Part VI, Section B Line 11B

The organization provided a copy of the 990 tax return to the board of trustees. The trustees were given time to review and provide comments prior to being submitted.

Part VI, Section B - Line 12C

Each trustee, officer, and member of the professional staff of the partnership is provided with a copy of the conflict of interest policy and an annual disclosure form. The board of trustees shall annually review the conflict of interest policy and procedures contained therein and shall then give a copy, together with any amendments, to each trustee, officer, and member of the professional staff.

Part VI, Section A - Line 2

A family relationship exists between phoebe gubelmann and tantivy gubelmann, both are members of the board of trustees.

Part VI, Section 1 - Question 3 Changes to Bylaws

The organization ameneded the bylaws for the following modifications: the executive committee is now made up of the chair, the vice chair, the chairs of the finance and revenue committees and other trustees as determined by the chairman; the president shall be an ex-officio, non-voting member of the executive committee; the chairman shall be the chair of the executive committee; from time to time, the chair of the executive committee may invite one or more trustee(s) who do not serve on the executive committee to attend meetings of the executive committee as ex-officio, non-voting visitors; the executive committee shall have and may exercise between the meetings of the board of trustees all the authority of the board of trustees of the organization in conducting the affairs and managing the property of the organization, provided, however, that it may not approve any amendment to the constitution of the organization or by-laws of the organization, and provided further that it may not authorize disbursement of the funds of the organization except in accordance with the resolutions of the board of trustees as passed from time to time.

Filing and Contact Details

Filer

Filer Name
The Olana Partnership
EIN
14-1828430
In Care Of
% BETSY HENSON
Phone
5188280135
Address
PO BOX 199, HUDSON, NY 12534

Signing Officer

Name
Sean Sawyer
Title
President
Phone
5188281872
Signed
2015-10-28
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Richard Sharp
Formed
2001
Legal Domicile
Ny
Voting Board Members
26
Independent Board Members
25
Employees
22
Volunteers
24

Preparer

Firm
Pattison Koskey Howe & Bucci CPA Pc
Address
2880 ROUTE 9, VALATIE, NY 12184
Preparer
Matthew H Vanderbeck
Phone
5187586776
Supplemental Narrative

Financial Statement Notes

Endowment Funds

Permanent endowment-the organization's endowment funds are donor-restricted endowment funds for salaried positions. Donors have intended that the earnings on such gifts be accumulated until each position reaches the $1mm goal. Board designated endowment- the purpose was to start building an endowment as part of good practice for non-profit organizations. The board designated endowment funds are viewed as unrestricted and available for general use at the discretion of the board. During the year ended december 31, 2014, the organization reached its goal of $1mm for the president and educator endowment funds.

Part XI, Line 2D & Part XII, Line 2D

The organization paid $52,313 to a professional fundraiser in the year ended december 31, 2014. This amount is removed from the fundraising revenue net of expenses on the statement of revenue on the tax return, but is incorporated into the event revenue on the statement of activities on the financial statements. The $52,313 is shown as a professional fundraising expense on the statement of functional expenses on the tax return.

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IRS990/Desc0A NUMBER OF IMPORTANT MILESTONES WERE ACHIEVED IN 2014. THE OLANA PARTNERSHIP COMPLETED ITS STRATEGIC PLAN. THREE PRIMARY GOALS EMERGED - IMPROVE THE VISTORS' EXPERIENCE, MAKE OLANA FAMOUS, AND IMPROVE INTERNAL OPERATIONS. SEVERAL HIGH LEVEL INITIATIVES ARE UNDER WAY - THE FIRST STEPS TOWARDS A MASTER PLAN TO ADDRESS IMPORTANT NEEDS ON THE PROPERTY, INCLUDING A VISITOR CENTER, AND LAUNCHING OF A MAJOR MARKETING CAMPAIGN FOR THE 2015 EXHIBITION, RIVER CROSSINGS. THE ORGANIZATION SPEARHEADED SEVERAL RESTORATION EFFORTS IN 2014, INCLUDING OPENING UP NEW VIEWS TO THE NORTH AND EAST, THROUGH RESTORING THE NORTH MEADOW, AS WELL AS BEGINNING THE FIRST STEP TOWARDS OPENING THE VIEWS TO THE SOUTH, AND OTHERWISE IMPROVING THE VISITOR'S EXPERIENCE AROUND THE MAIN HOUSE AT OLANA. "ALL THE RAJ", OUR 2014 EXHIBIT CELEBRATING THE WORK OF CHURCH PROTEGE LOCKWOOD DE FOREST, WAS A GREAT SUCCESS, AS WAS OUR EXHIBIT IN THE COACHMAN'S HOUSE "PRESERVING CREATIVE SPACES: PHOTGRAPHS FROM THE HISTORIC ARTISTS' HOMES AND STUDIOS PROGRAM". ALSO THIS YEAR, SIGNIFICANT PLANNING HAS GONE INTO THE 2015 EXHIBITION ENTITLED "RIVER CROSSINGS" - CURATED BY PAINTER STEPHEN HANNOCK AND ART HISTORIAN JASON ROSENFELD AND ABLY MANAGED BY THE PARTNERSHIP'S CURATORS EVELYN TREBILCOCK AND MARK PREZORSKI. THIS EXHIBITION IS BEING PLANNED TOGETHER WITH THE THOMAS COLE HOUSE. BOTH INSTITUTIONS WILL BE INCORPORATING CONTEMPORARY ART INTO THE ARTISTS' HOMES, AND WHILE MARKETING HAS YET TO BEGIN, IT IS ALREADY ATTRACTING BUZZ. AMY HUFNAGEL COMES TO THE PARTNERSHIP AS OUR EDUCATOR WITH OVER 25 YEARS OF EXPERIENCE. SHE HAS ALREADY INTRODUCED A NUMBER OF WELL-ATTENDED NEW PROGRAMS AND IMPROVED OUTREACH TO AREA INSTITUTIONS. ALONG WITH THE STRONG PROGRAMMING AND CAPITAL PROJECTS, THE PARTNERSHIP CONTINUED ITS NOW STRONG TRADITION OF OUR NEW YORK CITY GALA. THIS YEAR, WE WERE THRILLED TO HONOR PETER PENNOYOER, KATIE RIDDER AND ALICE (NONNIE) FRELINGHUYSEN. IN ADDITION, SARA GRIFFEN WAS VERY PLEASED TO BE SALUTED FOR HER 25 YEARS OF SERVICE TO THE OLANA PARTNERSHIP. IN THE END, OVER $1 MILLION WAS RAISED AT THE GALA, GIVING US A TREMENDOUS BOOST TOWARDS BOTH OUR OPERATING AND ENDOWMENT GOALS. GROUNDSWELL - THE OLANA PARTNERSHIP AND WAVE FARM'S WGXC JOINTLY HOSTED GROUNDSWELL ON SATURDAY, 9/13. THIS ONE-DAY EXHIBITION EVENT WAS A REVIVAL OF LAST YEAR'S EFFORT, AND IT SHOWCASED THE SITE-SPECIFIC WORK OF MORE THAN A DOZEN ARTISTS. THE EVENT, WHICH ALSO HIGHLIGHTED ASPECTS OLANA'S HISTORIC LANDSCAPE AND INTEGRAL VIEWSHED, DREW NEARLY 300 PEOPLE. THE PARTNERSHIP ACHIEVED $1 MILLION ENDOWMENT GOALS FOR TWO POSITIONS - THE PRESIDENT (THE SUSAN AND WASHBURN OBERWAGER PRESIDENT) AND EDUCATOR. IT WAS PARTICULARLY GRATIFYING THAT 100% OF THE BOARD PARTICIPATED IN THIS INITIATIVE, THANKS TO A CHALLENGE BY BOARD MEMBER STEVE CLEARMAN. AT THE END OF THE YEAR, WE WILL ALSO CELEBRATE THE COMPLETION OF RICK SHARP'S FOUR-YEAR TERM AS CHAIR OF THE BOARD OF THE OLANA PARTNERSHIP. UNDER HIS INSPIRED LEADERSHIP, GREAT NEW HEIGHTS WERE ACHIEVED, INCLUDING THE EVER-INCREASING PROFESSIONALISM OF OUR GALA, SIGNIFICANT RESTROATION ACHIEVEMENTS AND EVER-INVENTIVE AND MEANINGFUL EXHIBITIONS IN THE SHARP FAMILY GALLERY. OUR STRATEGIC PLAN AND THE FIRST STEP TOWARDS OUR MASTER PLAN PUTS THE OLANA PARTNERSHIP IN A BETTER POSTION THAN IT HAS EVER BEEN, BOTH IN ITS RELATIONSHIP WITH NEW YORK STATE AND IN ITS OWN DEVELOPMENT. THERE IS GREAT EXCITEMENT ABOUT THE FUTURE, AS WE HEAD INTO THE FIFTIETH ANNIVERSARY OF THE SAVING OF OLANA. AT THAT TIME WE HOPE TO LOOK BACK AND FEEL THE PRIDE IN THE MAJOR ACCOMPLISHMENTS WE HAVE ACHIEVED SINCE OLANA WAS SAVED FROM THE WRECKING BALL.
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IRS990/Form990PartVIISectionAGrp/TitleTxt6TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt7TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt8TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt9RECORDING SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt10VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt11TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt12TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt13TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt14VICE CHAIR
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IRS990/Form990PartVIISectionAGrp/TitleTxt17TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt18TRUSTEE
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IRS990/Form990PartVIISectionAGrp/TitleTxt21VICE CHAIR
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IRS990/Form990PartVIISectionAGrp/TitleTxt23TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt24TRUSTEE
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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.$16.2$0.35$15.9$5.21$3.10$2.12
2023Summary only. Only limited summary data is available for this year.$13.9$0.21$13.7$5.41$2.44$2.97
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$10.7$0.23$10.5$2.74$2.19$0.54
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$10.8$0.53$10.2$3.77$2.39$1.38
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.17$0.44$8.73$2.64$1.51$1.13
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.73$0.13$7.60$4.89$2.05$2.83
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.67$0.08$4.59$2.79$1.62$1.17
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.81$0.10$3.71$1.30$1.50$0.20
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.82$0.07$3.74$1.08$1.23$0.15
2015Summary only. Only limited summary data is available for this year.$4.13$0.48$3.65$1.66$1.83$0.17
2014Detailed filing. Detailed filing data is available for this year.$4.05$0.13$3.92$1.81$1.47$0.33
2014Summary only. Only limited summary data is available for this year.$4.05$0.13$3.92$1.81$1.47$0.33
2013Detailed filing. Detailed filing data is available for this year.$3.68$0.11$3.57$1.07$0.98$0.09
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.49$0.07$3.42$1.22
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.81$0.09$2.72$0.97
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.98$0.04$2.93$1.07