Civic Intelligence

Allentown Economic Development Corporation

990 • Fiscal year 2019 • EIN 23-2101393

Jul 01, 2018 to Jun 30, 2019 • Filed on Jan 06, 2020

Organization ProfileWWW.ALLENTOWNEDC.COM

View Organization Page

905 Harrision StAllentown, PA 18103

(610) 435-8890

Siviq Scores

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

Liabilities / Assets

44th percentile

0.19x

Higher debt load relative to assets than 44% of similar nonprofits.

2019 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2019

Liabilities / Revenue

94th percentile

5.56x

Higher debt load relative to revenue than 94% of similar nonprofits.

2019 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2019

Net Margin

3rd percentile

-78%

Higher net margin than 3% of similar nonprofits.

2019 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2019

Top Officer Pay

18th percentile

$132,831

Higher top officer pay than 18% of similar nonprofits.

Top officer pay equals 13.5% of source-year revenue.

2019 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2019

Asset Growth

22nd percentile

-2.0%

Faster asset growth than 22% of similar nonprofits.

2019 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2018 to 2019

Revenue Growth

8th percentile

-38%

Faster revenue growth than 8% of similar nonprofits.

2019 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets44th percentile

Assets

Down

$28,589,201

Down $579,803 (-2.0%) from 2018

Net Assets

Down

$23,128,337

Down $770,198 (-3.2%) from 2018

Liabilities

Up

$5,460,864

Up $190,395 (+3.6%) from 2018

Revenue And Expenses
Liabilities / Revenue94th percentileNet Margin3rd percentile

Revenue

Down

$982,360

Down $594,743 (-38%) from 2018

Expenses

Down

$1,752,558

Down $23,320 (-1.3%) from 2018

Net Income

Down

-$770,198

Down $571,423 (-287%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth22nd percentile

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

$30M$20M$10M$0Assets 2011: $28,741,447Liabilities 2011: $4,893,402Net Assets 2011: $23,848,0452011Assets 2012: $28,120,975Liabilities 2012: $4,556,644Net Assets 2012: $23,564,3312012Assets 2013: $28,691,295Liabilities 2013: $4,343,146Net Assets 2013: $24,348,1492013Assets 2014: $29,510,323Liabilities 2014: $4,378,588Net Assets 2014: $25,131,7352014Assets 2015: $27,910,115Liabilities 2015: $3,779,019Net Assets 2015: $24,131,0962015Assets 2016: $28,002,532Liabilities 2016: $3,674,001Net Assets 2016: $24,328,5312016Assets 2017: $28,409,332Liabilities 2017: $3,628,296Net Assets 2017: $24,781,0362017Assets 2018: $29,169,004Liabilities 2018: $5,270,469Net Assets 2018: $23,898,5352018Assets 2019: $28,589,201Liabilities 2019: $5,460,864Net Assets 2019: $23,128,3372019Assets 2020: $28,881,129Liabilities 2020: $5,716,438Net Assets 2020: $23,164,6912020Assets 2021: $28,611,870Liabilities 2021: $5,610,113Net Assets 2021: $23,001,7572021Assets 2022: $29,276,532Liabilities 2022: $5,519,440Net Assets 2022: $23,757,0922022Assets 2023: $14,594,861Liabilities 2023: $6,675,097Net Assets 2023: $7,919,7642023Assets 2024: $11,184,689Liabilities 2024: $3,715,333Net Assets 2024: $7,469,3562024

Highlighted filing

2019

Assets$28,589,201
Liabilities$5,460,864
Net Assets$23,128,337
Open 2019 Filing

Operations Trend

Revenue Growth8th percentile

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

$5.0M$0-$5.0M-$10M-$15M-$20MRevenue 2011: $1,676,645Expenses 2011: $1,978,750Net Income 2011: -$302,1052011Expenses 2012: $1,648,3532012Expenses 2013: $1,491,8992013Revenue 2014: $2,391,678Expenses 2014: $1,608,092Net Income 2014: $783,5862014Revenue 2015: $686,645Expenses 2015: $1,687,284Net Income 2015: -$1,000,6392015Revenue 2016: $1,833,125Expenses 2016: $1,635,691Net Income 2016: $197,4342016Revenue 2017: $2,042,350Expenses 2017: $1,589,845Net Income 2017: $452,5052017Revenue 2018: $1,577,103Expenses 2018: $1,775,878Net Income 2018: -$198,7752018Revenue 2019: $982,360Expenses 2019: $1,752,558Net Income 2019: -$770,1982019Revenue 2020: $1,730,835Expenses 2020: $1,694,481Net Income 2020: $36,3542020Revenue 2021: $1,731,246Expenses 2021: $1,894,181Net Income 2021: -$162,9352021Revenue 2022: $2,229,356Expenses 2022: $1,882,934Net Income 2022: $346,4222022Revenue 2023: -$13,870,273Expenses 2023: $1,967,055Net Income 2023: -$15,837,3282023Revenue 2024: $1,706,842Expenses 2024: $2,157,250Net Income 2024: -$450,4082024

Highlighted filing

2019

Revenue$982,360
Expenses$1,752,558
Net Income-$770,198
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Jan 6, 2020
Return Version
2018v3.1
Gross Receipts
$1,648,883
Mission and Program Overview

Mission

To proactively identify, encourage, manage and develop strategic business opportunities for the benefit of allentown, its citizens, and the lehigh valley.

To proactively identify, encourage, and develop business opportunities for the lehigh valley.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$25,534,700$24,649,938▼ $884,762
Other Notes and Loans Receivable, Net$1,472,160$2,296,832▲ $824,672
Savings and Temporary Cash Investments$2,005,284$1,512,581▼ $492,703
Cash and Non-Interest-Bearing Accounts$83,134$88,131▲ $4,997
Accounts Receivable$63,726$31,719▼ $32,007
Total Assets$29,169,004$28,589,201▼ $579,803
Other Assets Total$10,000$10,000→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$4,662,510$4,871,835▲ $209,325
Other Liabilities$454,000$454,000→ $0
Escrow Account Liability$83,944$88,469▲ $4,525
Accounts Payable and Accrued Expenses$29,140$27,268▼ $1,872
Deferred Revenue$40,875$19,292▼ $21,583
Total Liabilities$5,270,469$5,460,864▲ $190,395
Net Assets / Fund Balance
Unrestricted Net Assets$21,578,958$20,775,007▼ $803,951
Permanently Rstr Net Assets$2,313,853$2,349,599▲ $35,746
Temporarily Rstr Net Assets$5,724$3,731▼ $1,993
Total Net Assets Fund Balance$23,898,535$23,128,337▼ $770,198
Total Liabilities and Net Assets / Fund Balance$29,169,004$28,589,201▼ $579,803

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$24,250,136$6,552,607$12,148,817
Land$364,199-$364,199
Equipment$35,603$173,673$209,276
Compensation and Service Providers
Top Officer Pay18th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
R Scott UngerExecutive DirectorFT$117,398$15,433$132,831

Board Members and Trustees

NameTitle
Donald M BernhardChairman
Vincent TallaricoVice Chairman
Daryl HendricksDirector
Don CunninghamDirector
Edward RomaDirector
Frank KaneDirector
James K HarbaughDirector
Jane P LongDirector
Leonard LightnerDirector
Major Nathan KlineDirector
RAY O'CONNELDirector
Robert M EpiscopoDirector
Susan E YoungsDirector
John G EnglessonSecretary
Matthew B GreenTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$18,500
Program Service Revenue
$1,506,060
Investment Income
$-580,259
Other Revenue
$38,059
All Other Contributions
$13,500
Change in Net Assets
$-770,198

Audited Revenue Reconciliation

Revenue per Audited Statements
$982,360
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$646,225
Total Revenue per Audited Statements
$1,628,585
Total Revenue per Form 990
$982,360
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,089,616
Salaries, Compensation, and Employee Benefits$662,942
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$412,087--$412,087
Other Salaries and Wages$257,264$132,886-$390,150
Occupancy$240,149$3,572-$243,721
Current Officers, Directors, Trustees, and Key Employees$36,101$108,303-$144,404
Interest$138,822$1,553-$140,375
Insurance$60,889$24,044-$84,933
Other Employee Benefits$46,373$30,836-$77,209
Fees for Services Other$22,380$23,360-$45,740
Fees for Services Legal-$32,993-$32,993
Payroll Taxes$18,628$9,351-$27,979
Pension Plan Contributions$15,318$7,882-$23,200
Fees for Services Accounting-$16,100-$16,100
Advertising-$8,059-$8,059
Travel$4,986$2,239-$7,225
Office Expenses$16$4,700-$4,716
Other Expenses$1,463$20,654-$1,463
All Other Expenses$855--$855
Total Functional Expenses$1,326,026$426,532$0$1,752,558

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$2,398,783
Expenses per Audited Statements$1,752,558
Total Expenses per Form 990$1,752,558
Expenses Not Reported on Form 990$646,225
Expenses Not Reported on Financial Statements$0
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Refundable Grant Proceeds$454,000
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
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 B, Line 11B

“A copy of form 990 is submitted to the treasurer for review. In addition, executive director & treasurer approved the document prior to submission”

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

“As per the conflict of interest policy that is signed by every board member, it is required that they disclose knowledge of a conflict to the board. This has to be disclosed prior to start of any consideration of the matter or as soon as one is aware of any potential, apparent, or actual conflict.”

Form 990, Part VI, Section B, Line 15A

“The bylaws of aedc establish a compensation committee that has general oversight of the organization's human resource plan. Specific duties include yearly evaluation of the chief executive of the organization. A competent salary survey shall be used to benchmark compensation for the position utilizing iedc salary survey and other studies. The committee meets independently of the chief executive to discuss performance relative to the position description. During these deliberations, the committee also considers input obtained from other board members, staff, professional advisors, grant recipients, and other informed community leaders.”

Form 990, Part VI, Section C, Line 19

“AVAILABLE UPON REQUEST”

Filing and Contact Details

Filer

Filer Name
Allentown Economic Development
EIN
23-2101393
Phone
6104358890
Address
905 HARRISION ST, ALLENTOWN, PA 18103

Signing Officer

Name
R Scott Unger
Title
Executive Director
Phone
6104358890
Signed
2020-01-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
R Scott Unger
Formed
1979
Legal Domicile
Pa
Voting Board Members
13
Independent Board Members
13
Employees
8
Volunteers
13

Preparer

Firm
Campbell Rappold & Yurasits Llp
Address
1033 S CEDAR CREST BLVD, ALLENTOWN, PA 18103-5443
Preparer
John R Zayaitz CPA
Phone
6104357489
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

“The corporation operates as a not-for-profit corporation in the commonwealth of pennsylvania and is exempt from federal income taxes under the provision of section 501 (c)(3) of the internal revenue code and none of its present or anticipated future activities are subject to unrelated business income. Therefore, no provision for income taxes has been made in the accompanying financial statements. Uncertain tax positions are evaluated in accordance with fasb asc 740-10. Fasb asc 740-10 clarifies the accounting for uncertainty in income taxes recognized in the corporation's financial statements and prescribes a recognition threshold of more-likely-than-not to be sustained upon examination by the appropriate taxing authority. Measurement of the tax uncertainty occurs if the recognition threshold has been met. Fasb asc 740-10 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, and disclosure. The corporation had no material unrecognized tax benefits or accrued interest or penalties. The corporation files income tax returns in the united states. The corporation's tax years june, 30, 2014 and forward remain open for examination by federal and state taxing authorities.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
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IRS990/MissionDesc0TO PROACTIVELY IDENTIFY, ENCOURAGE, MANAGE AND DEVELOP STRATEGIC BUSINESS OPPORTUNITIES FOR THE BENEFIT OF ALLENTOWN, ITS CITIZENS, AND THE LEHIGH VALLEY.
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IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt04700
IRS990/OfficeExpensesGrp/ProgramServicesAmt016
IRS990/OfficeExpensesGrp/TotalAmt04716
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt010000
IRS990/OtherAssetsTotalGrp/EOYAmt010000
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt030836
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt046373
IRS990/OtherEmployeeBenefitsGrp/TotalAmt077209
IRS990/OtherExpensesGrp/Desc0REPAIRS AND MAINTENANCE
IRS990/OtherExpensesGrp/Desc1DUES & SUBSCRIPTIONS
IRS990/OtherExpensesGrp/Desc2PROGRAM EXPENSE
IRS990/OtherExpensesGrp/Desc3BAD DEBT EXPENSE
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt020654
IRS990/OtherExpensesGrp/ProgramServicesAmt059714
IRS990/OtherExpensesGrp/ProgramServicesAmt12250
IRS990/OtherExpensesGrp/ProgramServicesAmt28731
IRS990/OtherExpensesGrp/ProgramServicesAmt31463
IRS990/OtherExpensesGrp/TotalAmt059714
IRS990/OtherExpensesGrp/TotalAmt122904
IRS990/OtherExpensesGrp/TotalAmt28731
IRS990/OtherExpensesGrp/TotalAmt31463
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IRS990/OtherLiabilitiesGrp/EOYAmt0454000
IRS990/OtherRevenueMiscGrp/BusinessCd0900099
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IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt038059
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt038059
IRS990/OtherRevenueTotalAmt038059
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt0132886
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0257264
IRS990/OtherSalariesAndWagesGrp/TotalAmt0390150
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt01472160
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt02296832
IRS990/PartialLiquidationInd00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt09351
IRS990/PayrollTaxesGrp/ProgramServicesAmt018628
IRS990/PayrollTaxesGrp/TotalAmt027979
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt07882
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt015318
IRS990/PensionPlanContributionsGrp/TotalAmt023200
IRS990/PermanentlyRstrNetAssetsGrp/BOYAmt02313853
IRS990/PermanentlyRstrNetAssetsGrp/EOYAmt02349599
IRS990/PoliticalCampaignActyInd00
IRS990/PrincipalOfficerNm0R SCOTT UNGER
IRS990/ProfessionalFundraisingInd00
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IRS990/ProgramServiceRevenueGrp/BusinessCd1532000
IRS990/ProgramServiceRevenueGrp/BusinessCd2522291
IRS990/ProgramServiceRevenueGrp/Desc0PROPERTY MANAGEMENT
IRS990/ProgramServiceRevenueGrp/Desc1BUSINESS INCUBATION
IRS990/ProgramServiceRevenueGrp/Desc2LENDING
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt01034840
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1439569
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt231651
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt01034840
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1439569
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt231651
IRS990/ProgSrvcAccomActy2Grp/Desc0DEVELOPMENT PROJECTS: DEVELOPMENT OF ACQUIRED PROPERTIES THAT WERE EITHER BLIGHTED OR UNDERUTILIZED. CREATE NEW JOBS AND FURTHER ECONOMIC DEVELOPMENT BY GETTING THESE PROPERTIES TO A SUSTAINABLE USE.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt061804
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt00
IRS990/ProgSrvcAccomActy3Grp/Desc0INCUBATION: ENCOURAGING AND FOSTERING THE DEVELOPMENT OF ECONOMIC GROWTH THROUGH THE ESTABLISHMENT AND MAINTENANCE OF A SMALL BUSINESS INCUBATOR FACILITY WHERE NEW AND GROWING BUSINESSES OPERATE UNDER ONE ROOF WITH LOW COST RENTAL, SHARED SERVICES AND EQUIPMENT, AND ACCESS TO PROFESSIONAL, TECHNICAL AND FINANCIAL PROGRAMS.
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt0404277
IRS990/ProgSrvcAccomActy3Grp/RevenueAmt0439569
IRS990/ProgSrvcAccomActyOtherGrp/Desc01) BUSINESS RETENTION & EXPANSION: PROGRAM TO RETAIN AND EXPAND BUSINESSES IN ORDER TO BRINGS JOBS AND DEVELOP THE CITY. 2) BUSINESS INCUBATION: PROGRAM FOR BUSINESS START-UPS WHERE CAPITAL ASSISTANCE, SHARED SERVICES, AND ENTREPRENEURIAL EDUCATION IS OFFERED.
IRS990/ProgSrvcAccomActyOtherGrp/ExpenseAmt0195719
IRS990/ProgSrvcAccomActyOtherGrp/RevenueAmt069710
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt025000
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt035732
IRS990/PYOtherExpensesAmt01136312
IRS990/PYOtherRevenueAmt015321
IRS990/PYProgramServiceRevenueAmt01501050
IRS990/PYRevenuesLessExpensesAmt0-198775
IRS990/PYSalariesCompEmpBnftPaidAmt0639566
IRS990/PYTotalExpensesAmt01775878
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt01577103
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IRS990/ReconcilationRevenueExpnssAmt0-770198
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IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
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Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$28,589,201
Liabilities
$5,460,864
Net assets
$23,128,337
Revenue
$982,360
Expenses
$1,752,558
Net income
-$770,198
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$11.2$3.72$7.47$1.71$2.16$0.45
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$14.6$6.68$7.92$13.9$1.97$15.8
2022Detailed filing. Detailed filing data is available for this year.$29.3$5.52$23.8$2.23$1.88$0.35
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$28.6$5.61$23.0$1.73$1.89$0.16
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$28.9$5.72$23.2$1.73$1.69$0.04
2019Detailed filing. Detailed filing data is available for this year.$28.6$5.46$23.1$0.98$1.75$0.77
2018Detailed filing. Detailed filing data is available for this year.$29.2$5.27$23.9$1.58$1.78$0.20
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$28.4$3.63$24.8$2.04$1.59$0.45
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$28.0$3.67$24.3$1.83$1.64$0.20
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$27.9$3.78$24.1$0.69$1.69$1.00
2014Detailed filing. Detailed filing data is available for this year.$29.5$4.38$25.1$2.39$1.61$0.78
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$28.7$4.34$24.3$1.49
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$28.1$4.56$23.6$1.65
2011Summary only. Only limited summary data is available for this year.$28.7$4.89$23.8$1.68$1.98$0.30