Civic Intelligence

Kingston Trust Fund

990 • Fiscal year 2016 • EIN 16-6456453

Jul 01, 2015 to Jun 30, 2016 • Filed on May 10, 2017

Organization ProfileWWW.KINGSTONTRUSTFUND.COM
PO Box 4461Kingston, NY 12402

(845) 338-5422

Siviq Scores

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

Liabilities / Assets

75th percentile

0.25x

Higher debt load relative to assets than 75% of similar nonprofits.

2016 filings • 501(c)9 • $10M-$25M nonprofits • Source year 2016

Liabilities / Revenue

76th percentile

0.18x

Higher debt load relative to revenue than 76% of similar nonprofits.

2016 filings • 501(c)9 • $10M-$25M nonprofits • Source year 2016

Net Margin

27th percentile

-2.6%

Higher net margin than 27% of similar nonprofits.

2016 filings • 501(c)9 • $10M-$25M nonprofits • Source year 2016

Top Officer Pay

95th percentile

$351,275

Higher top officer pay than 95% of similar nonprofits.

Top officer pay equals 1.5% of source-year revenue.

2016 filings • 501(c)9 • $10M-$25M nonprofits • Source year 2016

Asset Growth

45th percentile

2.0%

Faster asset growth than 45% of similar nonprofits.

2016 filings • 501(c)9 • $10M-$25M nonprofits • Annualized from 2015 to 2016

Revenue Growth

43rd percentile

2.3%

Faster revenue growth than 43% of similar nonprofits.

2016 filings • 501(c)9 • $10M-$25M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets75th percentile

Assets

Up

$16,958,124

Up $340,632 (+2.0%) from 2015

Net Assets

Down

$12,703,194

Down $992,671 (-7.2%) from 2015

Liabilities

Up

$4,254,930

Up $1,333,303 (+46%) from 2015

Revenue And Expenses
Liabilities / Revenue76th percentileNet Margin27th percentile

Revenue

Up

$24,199,163

Up $535,970 (+2.3%) from 2015

Expenses

Up

$24,822,236

Up $1,869,167 (+8.1%) from 2015

Net Income

Down

-$623,073

Down $1,333,197 (-188%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth45th percentile

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

$60M$40M$20M$0Assets 2011: $18,185,906Liabilities 2011: $2,254,986Net Assets 2011: $15,930,9202011Assets 2012: $16,884,806Liabilities 2012: $2,294,945Net Assets 2012: $14,589,8612012Assets 2013: $15,608,354Liabilities 2013: $2,780,462Net Assets 2013: $12,827,8922013Assets 2014: $15,640,175Liabilities 2014: $2,362,143Net Assets 2014: $13,278,0322014Assets 2015: $16,617,492Liabilities 2015: $2,921,627Net Assets 2015: $13,695,8652015Assets 2016: $16,958,124Liabilities 2016: $4,254,930Net Assets 2016: $12,703,1942016Assets 2017: $18,515,474Liabilities 2017: $3,643,121Net Assets 2017: $14,872,3532017Assets 2018: $22,005,735Liabilities 2018: $3,096,907Net Assets 2018: $18,908,8282018Assets 2019: $24,615,645Liabilities 2019: $4,954,591Net Assets 2019: $19,661,0542019Assets 2020: $30,204,074Liabilities 2020: $5,042,955Net Assets 2020: $25,161,1192020Assets 2021: $35,204,756Liabilities 2021: $6,353,145Net Assets 2021: $28,851,6112021Assets 2022: $37,971,438Liabilities 2022: $3,808,527Net Assets 2022: $34,162,9112022Assets 2023: $39,261,868Liabilities 2023: $5,209,944Net Assets 2023: $34,051,9242023Assets 2024: $43,859,894Liabilities 2024: $9,697,001Net Assets 2024: $34,162,8932024

Highlighted filing

2016

Assets$16,958,124
Liabilities$4,254,930
Net Assets$12,703,194
Open 2016 Filing

Operations Trend

Revenue Growth43rd percentile

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

$40M$30M$20M$10M$0-$10MExpenses 2011: $21,701,2042011Expenses 2012: $22,981,2582012Revenue 2013: $15,663,630Expenses 2013: $17,483,086Net Income 2013: -$1,819,4562013Revenue 2014: $22,234,413Expenses 2014: $21,793,802Net Income 2014: $440,6112014Revenue 2015: $23,663,193Expenses 2015: $22,953,069Net Income 2015: $710,1242015Revenue 2016: $24,199,163Expenses 2016: $24,822,236Net Income 2016: -$623,0732016Revenue 2017: $25,631,050Expenses 2017: $23,549,293Net Income 2017: $2,081,7572017Revenue 2018: $28,152,399Expenses 2018: $24,129,873Net Income 2018: $4,022,5262018Revenue 2019: $30,731,405Expenses 2019: $29,693,381Net Income 2019: $1,038,0242019Revenue 2020: $31,374,113Expenses 2020: $24,580,220Net Income 2020: $6,793,8932020Revenue 2021: $31,419,249Expenses 2021: $27,728,757Net Income 2021: $3,690,4922021Revenue 2022: $32,714,345Expenses 2022: $27,403,045Net Income 2022: $5,311,3002022Revenue 2023: $34,877,168Expenses 2023: $34,988,155Net Income 2023: -$110,9872023Revenue 2024: $37,383,285Expenses 2024: $37,272,316Net Income 2024: $110,9692024

Highlighted filing

2016

Revenue$24,199,163
Expenses$24,822,236
Net Income-$623,073
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
May 10, 2017
Return Version
2015v3.0
Gross Receipts
$24,236,702
Mission and Program Overview

Mission

Member health insurance plan

Provide excellent health and welfare benefits to eligible members of the kingston teachers' federation.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Program Related$14,101,743$14,524,796▲ $423,053
Rtn Earn Endowment Incm Other Fnds$13,695,865$12,703,194▼ $992,671
Cash and Non-Interest-Bearing Accounts$797,232$1,015,173▲ $217,941
Accounts Receivable$301,859$468,202▲ $166,343
Land, Buildings, and Equipment, Net$452,353$441,849▼ $10,504
Investments in Publicly Traded Securities$537,528$354,712▼ $182,816
Savings and Temporary Cash Investments$412,377$136,744▼ $275,633
Prepaid Expenses and Deferred Charges-$4,648-
Total Assets$16,617,492$16,958,124▲ $340,632
Other Assets Total$14,400$12,000▼ $2,400
Liabilities
Other Liabilities$2,896,627$4,229,930▲ $1,333,303
Accounts Payable and Accrued Expenses$25,000$25,000→ $0
Total Liabilities$2,921,627$4,254,930▲ $1,333,303
Net Assets / Fund Balance
Total Net Assets Fund Balance$13,695,865$12,703,194▼ $992,671
Total Liabilities and Net Assets / Fund Balance$16,617,492$16,958,124▲ $340,632

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$270,502$109,599$380,101
Land$170,000-$170,000
Other Land Buildings$1,347$1,464$2,811
Investment Program Related Org$14,524,796--
Compensation and Service Providers
Top Officer Pay95th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Hugh SpoljaricExecutive DiFT$197,940$153,335$351,275
Hugh SpoljaricExecutive Director-$197,940$153,335$351,275

Board Members and Trustees

NameTitle
Lauri NaccaratoChairperson
Gail DiamondTrustee
Glenn GallagherTrustee
Lindsay OrrTrustee
Patricia ParkerTrustee
Suzanne JordanResigned 5/2
Bruce CobbSecretary
Eric KochTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$23,736,172
Investment Income
$455,328
Other Revenue
$7,663
Change in Net Assets
$-623,073

Audited Revenue Reconciliation

Revenue per Audited Statements
$24,199,163
Revenue Not Reported on Form 990
$-177,211
Total Revenue per Audited Statements
$24,021,952
Total Revenue per Form 990
$24,199,163
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,071,258
Salaries, Compensation, and Employee Benefits$467,206
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$21,283,772
Fees for Services Other---$1,883,844
Current Officers, Directors, Trustees, and Key Employees---$351,275
Other Salaries and Wages---$84,793
Other Expenses---$74,272
Office Expenses---$31,397
Payroll Taxes---$26,338
Fees for Services Legal---$21,600
Fees for Services Accounting---$19,134
Insurance---$11,126
Occupancy---$10,861
Depreciation Depletion---$10,504
Pension Plan Contributions---$4,800
Total Functional Expenses$0$0$0$24,822,236

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$24,822,236
Total Expenses per Audited Statements$24,822,236
Total Expenses per Form 990$24,822,236
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
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Ibnr Payable$2,977,417
Deferred Compensation$723,687
Medical & Dental Benefits Payable$528,826
Governance and Compliance

Governance Checklist

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

Governance Explanations

Form 990, Page 6, Part VI, Line 6

“Kingston teachers' federation”

Form 990, Page 6, Part VI, Line 7A

“There are seven (7) trustees who, according to the declaration of trust, are appointed by the president of the kingston teachers' federation to terms of two (2) years.”

Form 990, Page 6, Part VI, Line 7B

“There are seven (7) trustees who, according to the declaration of trust, are appointed by the president of the kingston teachers' federation to terms of two (2) years.”

Form 990, Page 6, Part VI, Line 11B

“Form 990 is reviewed by the audit committee”

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

“Any conflicts of interest are reviewed at board meetings. Written policy adopted in 09-10 year. An annual questionaire is filled out and signed by all trustees regarding any conflicts of interest during the year.”

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

“The executive director salary is determined by contract which is approved by the board of trustees.”

Form 990, Page 6, Part VI, Line 19

“UPON REQUEST”

Filing and Contact Details

Filer

Filer Name
Kingston Trust Fund
EIN
16-6456453
Phone
8453385422
Address
PO BOX 4461, KINGSTON, NY 12402

Signing Officer

Name
Hugh Spoljaric
Title
Executive Director
Phone
8453385422
Signed
2017-05-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Hugh Spoljaric
Formed
1997
Legal Domicile
Ny
Voting Board Members
7
Independent Board Members
7
Employees
2

Preparer

Firm
Rbt Cpas Llp
Address
11 RACQUET RD, NEWBURGH, NY 12550
Preparer
Linda M Hannigan CPA
Phone
8455679000
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 3, Part X

“The fund is exempt from federal income taxes under section 501(c)(9) of the internal revenue code as a voluntary employees beneficiary association (veba). The fund sponsor believes that the trust continues to qualify and to operate in accordance with applicable provisions of the internal revenue service. The fund files an annual 990 as a tax-exempt organization under section 501(c)(9) of the internal revenue code. As such, no federal or new york state taxes are paid by the fund. The fund has adopted the provisions of accounting principles generally accepted in the united states of america regarding accounting for uncertain tax positions management evaluated the fund's tax positions and concluded that the fund had taken no uncertain tax positions that would require adjustment to the financial statements in order to comply with the provisions of this guidance. With few exceptions, the fund is no longer subject to income tax examinations by the u.s. Federal, state or local tax authorities for years prior to 2013.”

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IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0170000
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2MEDICAL & DENTAL BENEFITS PAYABLE
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE FUND IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(9) OF THE INTERNAL REVENUE CODE AS A VOLUNTARY EMPLOYEES BENEFICIARY ASSOCIATION (VEBA). THE FUND SPONSOR BELIEVES THAT THE TRUST CONTINUES TO QUALIFY AND TO OPERATE IN ACCORDANCE WITH APPLICABLE PROVISIONS OF THE INTERNAL REVENUE SERVICE. THE FUND FILES AN ANNUAL 990 AS A TAX-EXEMPT ORGANIZATION UNDER SECTION 501(C)(9) OF THE INTERNAL REVENUE CODE. AS SUCH, NO FEDERAL OR NEW YORK STATE TAXES ARE PAID BY THE FUND. THE FUND HAS ADOPTED THE PROVISIONS OF ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REGARDING ACCOUNTING FOR UNCERTAIN TAX POSITIONS MANAGEMENT EVALUATED THE FUND'S TAX POSITIONS AND CONCLUDED THAT THE FUND HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS IN ORDER TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. WITH FEW EXCEPTIONS, THE FUND IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR YEARS PRIOR TO 2013.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleD/TotalLiabilityAmt04229930
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt0153335
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0HUGH SPOLJARIC
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0EXECUTIVE DIRECTOR
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0351275
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IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt0HUGH SPOLJARIC 0 143,335 0
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE J, PAGE 1, PART I, LINE 4
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd0true
IRS990ScheduleJ/WrittenEmploymentContractInd0X
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0KINGSTON TEACHERS' FEDERATION
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THERE ARE SEVEN (7) TRUSTEES WHO, ACCORDING TO THE DECLARATION OF TRUST, ARE APPOINTED BY THE PRESIDENT OF THE KINGSTON TEACHERS' FEDERATION TO TERMS OF TWO (2) YEARS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THERE ARE SEVEN (7) TRUSTEES WHO, ACCORDING TO THE DECLARATION OF TRUST, ARE APPOINTED BY THE PRESIDENT OF THE KINGSTON TEACHERS' FEDERATION TO TERMS OF TWO (2) YEARS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3FORM 990 IS REVIEWED BY THE AUDIT COMMITTEE
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4ANY CONFLICTS OF INTEREST ARE REVIEWED AT BOARD MEETINGS. WRITTEN POLICY ADOPTED IN 09-10 YEAR. AN ANNUAL QUESTIONAIRE IS FILLED OUT AND SIGNED BY ALL TRUSTEES REGARDING ANY CONFLICTS OF INTEREST DURING THE YEAR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE EXECUTIVE DIRECTOR SALARY IS DETERMINED BY CONTRACT WHICH IS APPROVED BY THE BOARD OF TRUSTEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleR/AssetExchangeInd0false
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd0false
IRS990ScheduleR/AssetSaleToOtherOrgInd0false
IRS990ScheduleR/DivRelatedOrganizationInd0false
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd0false
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0false
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd1N/A
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt1KINGSTON TEACHERS FEDERATION
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0GOVT
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt1501C5
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0NY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd1NY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0PUBLIC SCH
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt1UNION
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt061 CROWN ST
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt1PO BOX 4461
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0KINGSTON
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm1KINGSTON
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd1NY
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IRS990ScheduleR/PaidEmployeesSharingInd0false
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IRS990ScheduleR/PerformOfServicesForOthOrgInd0false
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IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalGrossUBIAmt00
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IRS990/TotalLiabilitiesEOYAmt04254930
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IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt012703194
IRS990/TotalOtherCompensationAmt0153335
IRS990/TotalProgramServiceRevenueAmt023736172
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IRS990/TotalRevenueGrp/ExclusionAmt0455328
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt023743835
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt024199163
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt016617492
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt016958124
IRS990/TypeOfOrganizationOtherInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0PO BOX 4461
IRS990/USAddress/CityNm0KINGSTON
IRS990/USAddress/StateAbbreviationCd0NY
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IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0WWW.KINGSTONTRUSTFUND.COM
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02017-02-10 21:41:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true

Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$16,958,124
Liabilities
$4,254,930
Net assets
$12,703,194
Revenue
$24,199,163
Expenses
$24,822,236
Net income
-$623,073
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$43.9$9.70$34.2$37.4$37.3$0.11
2023Detailed filing. Detailed filing data is available for this year.$39.3$5.21$34.1$34.9$35.0$0.11
2022Detailed filing. Detailed filing data is available for this year.$38.0$3.81$34.2$32.7$27.4$5.31
2021Detailed filing. Detailed filing data is available for this year.$35.2$6.35$28.9$31.4$27.7$3.69
2020Detailed filing. Detailed filing data is available for this year.$30.2$5.04$25.2$31.4$24.6$6.79
2019Detailed filing. Detailed filing data is available for this year.$24.6$4.95$19.7$30.7$29.7$1.04
2018Detailed filing. Detailed filing data is available for this year.$22.0$3.10$18.9$28.2$24.1$4.02
2017Detailed filing. Detailed filing data is available for this year.$18.5$3.64$14.9$25.6$23.5$2.08
2016Detailed filing. Detailed filing data is available for this year.$17.0$4.25$12.7$24.2$24.8$0.62
2015Detailed filing. Detailed filing data is available for this year.$16.6$2.92$13.7$23.7$23.0$0.71
2014Detailed filing. Detailed filing data is available for this year.$15.6$2.36$13.3$22.2$21.8$0.44
2013Summary only. Only limited summary data is available for this year.$15.6$2.78$12.8$15.7$17.5$1.82
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$16.9$2.29$14.6$23.0
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$18.2$2.25$15.9$21.7