Civic Intelligence

Hope Academy Charter School

990 • Fiscal year 2016 • EIN 22-3785563

Jul 01, 2015 to Jun 30, 2016 • Filed on Feb 02, 2017

601 Grand AveAsbury Park, NJ 07712

(732) 988-4227

Siviq Scores

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

Liabilities / Assets

73rd percentile

0.46x

Higher debt load relative to assets than 73% of similar nonprofits.

2016 filings • NTEE B • $1M-$5M nonprofits • Source year 2016

Liabilities / Revenue

68th percentile

0.25x

Higher debt load relative to revenue than 68% of similar nonprofits.

2016 filings • NTEE B • $1M-$5M nonprofits • Source year 2016

Net Margin

71st percentile

10%

Higher net margin than 71% of similar nonprofits.

2016 filings • NTEE B • $1M-$5M nonprofits • Source year 2016

Top Officer Pay

65th percentile

$103,446

Higher top officer pay than 65% of similar nonprofits.

Top officer pay equals 2.8% of source-year revenue.

2016 filings • NTEE B • $1M-$5M nonprofits • Source year 2016

Asset Growth

81st percentile

27%

Faster asset growth than 81% of similar nonprofits.

2016 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2015 to 2016

Revenue Growth

48th percentile

2.7%

Faster revenue growth than 48% of similar nonprofits.

2016 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2015 to 2016

Assets

Up

$2,049,674

Up $435,619 (+27%) from 2015

Net Assets

Up

$1,110,282

Up $383,016 (+53%) from 2015

Liabilities

Up

$939,392

Up $52,603 (+5.9%) from 2015

Revenue

Up

$3,743,727

Up $97,147 (+2.7%) from 2015

Expenses

Down

$3,360,711

Down $84,984 (-2.5%) from 2015

Net Income

Up

$383,016

Up $182,131 (+91%) from 2015

Historical Trend

Balance Sheet Trend

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

$15M$10M$5.0M$0Assets 2011: $795,162Liabilities 2011: $57,194Net Assets 2011: $737,9682011Assets 2012: $944,908Liabilities 2012: $128,074Net Assets 2012: $816,8342012Assets 2013: $1,083,161Liabilities 2013: $103,602Net Assets 2013: $979,5592013Assets 2014: $1,319,982Liabilities 2014: $170,772Net Assets 2014: $1,149,2102014Assets 2015: $1,614,055Liabilities 2015: $886,789Net Assets 2015: $727,2662015Assets 2016: $2,049,674Liabilities 2016: $939,392Net Assets 2016: $1,110,2822016Assets 2017: $6,734,321Liabilities 2017: $5,307,565Net Assets 2017: $1,426,7562017Assets 2018: $6,919,254Liabilities 2018: $5,080,598Net Assets 2018: $1,838,6562018Assets 2019: $7,292,830Liabilities 2019: $5,196,165Net Assets 2019: $2,096,6652019Assets 2020: $8,520,625Liabilities 2020: $5,641,405Net Assets 2020: $2,879,2202020Assets 2021: $9,005,380Liabilities 2021: $5,488,096Net Assets 2021: $3,517,2842021Assets 2022: $10,130,909Liabilities 2022: $5,722,997Net Assets 2022: $4,407,9122022Assets 2023: $10,783,367Liabilities 2023: $5,455,790Net Assets 2023: $5,327,5772023Assets 2024: $11,746,615Liabilities 2024: $5,213,248Net Assets 2024: $6,533,3672024

Highlighted filing

2016

Assets$2,049,674
Liabilities$939,392
Net Assets$1,110,282

Operations Trend

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

$8.0M$6.0M$4.0M$2.0M$0Expenses 2011: $3,516,5962011Expenses 2012: $3,673,9962012Revenue 2013: $3,991,831Expenses 2013: $3,829,106Net Income 2013: $162,7252013Revenue 2014: $3,921,394Expenses 2014: $3,751,743Net Income 2014: $169,6512014Revenue 2015: $3,646,580Expenses 2015: $3,445,695Net Income 2015: $200,8852015Revenue 2016: $3,743,727Expenses 2016: $3,360,711Net Income 2016: $383,0162016Revenue 2017: $3,775,205Expenses 2017: $3,458,731Net Income 2017: $316,4742017Revenue 2018: $3,917,865Expenses 2018: $3,505,965Net Income 2018: $411,9002018Revenue 2019: $4,221,023Expenses 2019: $3,963,014Net Income 2019: $258,0092019Revenue 2020: $4,831,339Expenses 2020: $4,195,805Net Income 2020: $635,5342020Revenue 2021: $5,176,124Expenses 2021: $4,538,060Net Income 2021: $638,0642021Revenue 2022: $6,592,241Expenses 2022: $5,873,252Net Income 2022: $718,9892022Revenue 2023: $6,791,618Expenses 2023: $6,048,069Net Income 2023: $743,5492023Revenue 2024: $6,932,529Expenses 2024: $5,726,739Net Income 2024: $1,205,7902024

Highlighted filing

2016

Revenue$3,743,727
Expenses$3,360,711
Net Income$383,016
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
Feb 2, 2017
Return Version
2015v3.0
Gross Receipts
$3,869,858
Mission and Program Overview

Mission

The mission of the Hope Academy Charter School is as follows: the production of intelligent, competent, compassionate, and community-minded citizens, who will teach others to be, to know, and to do likewise.The educational philosophy is embedded in our Core Values: Hard Work Open and Honest Communication Personal Commitment ExcellenceWe at Hope Academy believe that FAILURE IS NOT AN OPTION!

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$915,139$1,520,966▲ $605,827
Accounts Receivable$419,240$196,369▼ $222,871
Land, Buildings, and Equipment, Net$180,690$161,671▼ $19,019
Prepaid Expenses and Deferred Charges$68,350$72,130▲ $3,780
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$1,614,055$2,049,674▲ $435,619
Other Assets Total$30,636$98,538▲ $67,902
Liabilities
Other Liabilities$689,105$781,048▲ $91,943
Accounts Payable and Accrued Expenses$174,974$132,004▼ $42,970
Deferred Revenue$22,710$26,340▲ $3,630
Total Liabilities$886,789$939,392▲ $52,603
Net Assets / Fund Balance
Unrestricted Net Assets$727,266$1,110,282▲ $383,016
Total Net Assets Fund Balance$727,266$1,110,282▲ $383,016
Total Liabilities and Net Assets / Fund Balance$1,614,055$2,049,674▲ $435,619

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$161,671$218,719$380,390
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Davisha PrattHead of SchoolFT$103,446$103,446
Donna TorresBusiness AdminFT$75,058$75,058

Board Members and Trustees

NameTitle
Claudia MorganPresident
Frankie WinrowVice President
Arlene CabreraTrustee
Dennis CarrollTrustee
Sheree JonesTrustee

Highest Paid Contractors

ContractorServicesLocationCompensation
Karson Food ServiceFood Service3409 ROSE AVENUE, Ocean, NJ 07712$126,131
Revenue and Support

Revenue Composition

Contributions and Grants
$3,848,049
Program Service Revenue
$18,162
Investment Income
$1,153
Other Revenue
$-123,637
All Other Contributions
$23,405
Change in Net Assets
$383,016
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,297,487
Other Expenses$1,063,224
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,352,753$206,639-$1,559,392
Occupancy-$536,871-$536,871
Other Employee Benefits-$530,338-$530,338
Fees for Services Management$70,251$170,892-$241,143
Current Officers, Directors, Trustees, and Key Employees-$178,504-$178,504
Office Expenses$60,268$81,240-$141,508
Insurance-$59,167-$59,167
Payroll Taxes-$29,253-$29,253
Fees for Services Other-$24,299-$24,299
Other Expenses-$24,040-$24,040
Depreciation Depletion-$19,019-$19,019
Fees for Services Legal-$17,177-$17,177
Total Functional Expenses$1,483,272$1,877,439$0$3,360,711
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Net Pension Liability$743,365
Deferred Inflows of Resources-pensions$37,683
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
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, Part VI, Line 11B: Form 990 Review Process

The board of trustees and designated school officials review the tax form 990 return prior to submission and filing with the irs.

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

Hope academy charter school has an express, written conflict of interest policy that is published each year in the staff handbook, and is reviewed with the entire staff during staff orientation. Disclosure is the process by which relationships must, in every case, be disclosed to hope academy charter school administration and to the board of trustees. As part of internal controls procedures, disclosed relationships are reviewed periodically to ensure that they demonstrate compliance.

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

Salary and compensation of the ceo/lead person of the school is reviewed and evaluated by board of trustees of the hope academy charter school on an annual basis. In conducting such review and evaluation, factors such as personal strengths and weaknesses, as well as goals and achievements of the charter school, and comparable salary data are all given due weight and consideration. The ultimate compensation evaluation and recommendation is thereafter approved by the board of trustees of the charter school.

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

Salary and compensation are reviewed and evaluated by the director and business administrator of the hope academy charter school on an annual basis. All such compensation evaluations and recommendations are reviewed and approved by the board of trustees of hope academy charter school.

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

The minutes for the meetings of the board of trustees of the hope academy charter school are available to the public on the school's website and/or upon request. The charter school continues to post all future minutes of the board of trustees meetings on the school's website. Annual audit and financial reports of the charter school are available on the state of new jersey department of education website. Other charter school information is available on the school website, or will be provided upon request.

Filing and Contact Details

Filer

Filer Name
Hope Academy Charter School
EIN
22-3785563
Phone
7329884227
Address
601 GRAND AVE, ASBURY PARK, NJ 07712

Signing Officer

Name
Donna Torres
Title
Business Admin
Signed
2017-02-02
Discuss with paid preparer
Yes

Organization Details

Formed
2001
Legal Domicile
Nj
Voting Board Members
4
Independent Board Members
4
Employees
55

Preparer

Firm
Barre & Co
Address
2204 MORRIS AVE STE 206, UNION, NJ 07083-5914
Preparer
Richard Barre
Phone
9086863484
Supplemental Narrative

Additional Explanations

Document Retention & Destruction Policy

The hope academy charter school follows state and federal regulations and standards governing record retention and destruction.

Whistleblower Policy

Hope academy charter school has a written whistleblower policy which prohibits discrimination or retaliation against any school employee who: (1) discloses or threatens to disclose to a supervisor or appropriate entity a policy or practice which the employee reasonably believes is in violation of law; (2) provides information to any public body conducting an investigation or inquiry into any alleged violation of law; or (3) objects to, or refuses to participate in any activity, policy or practice which the employee reasonably believes is in violation of law, is fraudulent or criminal, or is incompatible with public health or safety. This policy is included in the staff handbook.

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IRS990/MissionDesc0The mission of the Hope Academy Charter School is as follows: the production of intelligent, competent, compassionate, and community-minded citizens, who will teach others to be, to know, and to do likewise.The educational philosophy is embedded in our Core Values: Hard Work Open and Honest Communication Personal Commitment ExcellenceWe at Hope Academy believe that FAILURE IS NOT AN OPTION!
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IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0THE CHARTER SCHOOL RECEIVES PUBLIC ASSISTANCE BY WAY OF PERCENTAGE OF LOCAL TAX LEVY PURSUANT TO REGULATIONS PROMULGATED BY THE STATE OF NEW JERSEY DEPARTMENT OF EDUCATION. IN ADDITION, THE CHARTER SCHOOL RECEIVES FEDERAL ASSISTANCE BY WAY OF GRANTS FROM NCLB/TITLE I AND I.D.E.A. PROGRAMS. OTHER FINANCIAL ASSISTANCE FROM GOVERNMENTAL PROGRAMS IS ALSO AVAILABLE VIA APPLICATION.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1THE HOPE ACADEMY CHARTER SCHOOL MAINTAINS A RACIALLY NONDISCRIMINATORY POLICY TOWARDS ALL STUDENTS, IN THAT THE CHARTER SCHOOL DOES NOT DISCRIMINATE AGAINST ANY STUDENT, OR EMPLOYEE, FOR REASONS OF RACE, COLOR, CREED, SEX, AGE, RELIGION, ETHNIC ORIGIN, FAMILY AFFILIATION, DISABILITIES, SOCIAL OR ECONOMIC STATUS, MARITAL STATUS, SEXUAL ORIENTATION, OR BECAUSE OF LIABILITY FOR SERVICE IN THE UNITED STATES ARMED FORCES. THE RACIALLY NONDISCRIMINATORY POLICY IS CONTAINED IN THE SCHOOL BY-LAWS AND IS COMMUNICATED TO STUDENTS AND PARENTS. THE SCHOOL WILL ALSO PUBLISH THIS POLICY IN ITS BROCHURE AND ON ITS WEBSITE.IN ADDITION, THE HOPE ACADEMY CHARTER SCHOOL CUSTOMARILY DRAWS ITS STUDENTS FROM LOCAL COMMUNITIES, AND FURTHER, THE CHARTER SCHOOL ENROLLS STUDENTS OF RACIAL MINORITY GROUPS IN MEANINGFUL NUMBERS.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule E, Line 6 - Explanation of Aid or Assistance from Governmental Agency
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1Schedule E, Line 3 - Racially Nondiscriminatory Policy Publicized
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc2Schedule E, Line 4 - Explanation of Records and Materials Not Maintained
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc3Schedule E, Line 5 - Explanation of Organization Discrimination by Race
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE BOARD OF TRUSTEES AND DESIGNATED SCHOOL OFFICIALS REVIEW THE TAX FORM 990 RETURN PRIOR TO SUBMISSION AND FILING WITH THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1HOPE ACADEMY CHARTER SCHOOL HAS AN EXPRESS, WRITTEN CONFLICT OF INTEREST POLICY THAT IS PUBLISHED EACH YEAR IN THE STAFF HANDBOOK, AND IS REVIEWED WITH THE ENTIRE STAFF DURING STAFF ORIENTATION. DISCLOSURE IS THE PROCESS BY WHICH RELATIONSHIPS MUST, IN EVERY CASE, BE DISCLOSED TO HOPE ACADEMY CHARTER SCHOOL ADMINISTRATION AND TO THE BOARD OF TRUSTEES. AS PART OF INTERNAL CONTROLS PROCEDURES, DISCLOSED RELATIONSHIPS ARE REVIEWED PERIODICALLY TO ENSURE THAT THEY DEMONSTRATE COMPLIANCE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2SALARY AND COMPENSATION OF THE CEO/LEAD PERSON OF THE SCHOOL IS REVIEWED AND EVALUATED BY BOARD OF TRUSTEES OF THE HOPE ACADEMY CHARTER SCHOOL ON AN ANNUAL BASIS. IN CONDUCTING SUCH REVIEW AND EVALUATION, FACTORS SUCH AS PERSONAL STRENGTHS AND WEAKNESSES, AS WELL AS GOALS AND ACHIEVEMENTS OF THE CHARTER SCHOOL, AND COMPARABLE SALARY DATA ARE ALL GIVEN DUE WEIGHT AND CONSIDERATION. THE ULTIMATE COMPENSATION EVALUATION AND RECOMMENDATION IS THEREAFTER APPROVED BY THE BOARD OF TRUSTEES OF THE CHARTER SCHOOL.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3SALARY AND COMPENSATION ARE REVIEWED AND EVALUATED BY THE DIRECTOR AND BUSINESS ADMINISTRATOR OF THE HOPE ACADEMY CHARTER SCHOOL ON AN ANNUAL BASIS. ALL SUCH COMPENSATION EVALUATIONS AND RECOMMENDATIONS ARE REVIEWED AND APPROVED BY THE BOARD OF TRUSTEES OF HOPE ACADEMY CHARTER SCHOOL.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE MINUTES FOR THE MEETINGS OF THE BOARD OF TRUSTEES OF THE HOPE ACADEMY CHARTER SCHOOL ARE AVAILABLE TO THE PUBLIC ON THE SCHOOL'S WEBSITE AND/OR UPON REQUEST. THE CHARTER SCHOOL CONTINUES TO POST ALL FUTURE MINUTES OF THE BOARD OF TRUSTEES MEETINGS ON THE SCHOOL'S WEBSITE. ANNUAL AUDIT AND FINANCIAL REPORTS OF THE CHARTER SCHOOL ARE AVAILABLE ON THE STATE OF NEW JERSEY DEPARTMENT OF EDUCATION WEBSITE. OTHER CHARTER SCHOOL INFORMATION IS AVAILABLE ON THE SCHOOL WEBSITE, OR WILL BE PROVIDED UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE HOPE ACADEMY CHARTER SCHOOL FOLLOWS STATE AND FEDERAL REGULATIONS AND STANDARDS GOVERNING RECORD RETENTION AND DESTRUCTION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6HOPE ACADEMY CHARTER SCHOOL HAS A WRITTEN WHISTLEBLOWER POLICY WHICH PROHIBITS DISCRIMINATION OR RETALIATION AGAINST ANY SCHOOL EMPLOYEE WHO: (1) DISCLOSES OR THREATENS TO DISCLOSE TO A SUPERVISOR OR APPROPRIATE ENTITY A POLICY OR PRACTICE WHICH THE EMPLOYEE REASONABLY BELIEVES IS IN VIOLATION OF LAW; (2) PROVIDES INFORMATION TO ANY PUBLIC BODY CONDUCTING AN INVESTIGATION OR INQUIRY INTO ANY ALLEGED VIOLATION OF LAW; OR (3) OBJECTS TO, OR REFUSES TO PARTICIPATE IN ANY ACTIVITY, POLICY OR PRACTICE WHICH THE EMPLOYEE REASONABLY BELIEVES IS IN VIOLATION OF LAW, IS FRAUDULENT OR CRIMINAL, OR IS INCOMPATIBLE WITH PUBLIC HEALTH OR SAFETY. THIS POLICY IS INCLUDED IN THE STAFF HANDBOOK.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5DOCUMENT RETENTION & DESTRUCTION POLICY
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6WHISTLEBLOWER POLICY
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ReturnHeader/BuildTS02017-02-10 21:41:12Z
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ReturnHeader/BusinessOfficerGrp/PersonNm0DONNA TORRES
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0BUSINESS ADMIN
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ReturnHeader/Filer/USAddress/AddressLine1Txt0601 GRAND AVE

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$11.7$5.21$6.53$6.93$5.73$1.21
2023Detailed filing. Detailed filing data is available for this year.$10.8$5.46$5.33$6.79$6.05$0.74
2022Detailed filing. Detailed filing data is available for this year.$10.1$5.72$4.41$6.59$5.87$0.72
2021Detailed filing. Detailed filing data is available for this year.$9.01$5.49$3.52$5.18$4.54$0.64
2020Summary only. Only limited summary data is available for this year.$8.52$5.64$2.88$4.83$4.20$0.64
2019Summary only. Only limited summary data is available for this year.$7.29$5.20$2.10$4.22$3.96$0.26
2018Summary only. Only limited summary data is available for this year.$6.92$5.08$1.84$3.92$3.51$0.41
2017Summary only. Only limited summary data is available for this year.$6.73$5.31$1.43$3.78$3.46$0.32
2016Detailed filing. Detailed filing data is available for this year.$2.05$0.94$1.11$3.74$3.36$0.38
2015Detailed filing. Detailed filing data is available for this year.$1.61$0.89$0.73$3.65$3.45$0.20
2014Detailed filing. Detailed filing data is available for this year.$1.32$0.17$1.15$3.92$3.75$0.17
2013Summary only. Only limited summary data is available for this year.$1.08$0.10$0.98$3.99$3.83$0.16
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.94$0.13$0.82$3.67
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.80$0.06$0.74$3.52