Civic Intelligence

Panhandle-Plains Higher Education Authority Inc

990 • Fiscal year 2023 • EIN 23-7025386

Jan 01, 2023 to Dec 31, 2023 • Filed on May 24, 2024

Organization ProfileWWW.PPHEF.ORG
3000 Fm 2590Canyon, TX 79015

(806) 324-4100

Siviq Scores

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

Liabilities / Assets

4th percentile

0.00x

Higher debt load relative to assets than 4% of similar nonprofits.

2023 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2023

Liabilities / Revenue

8th percentile

0.04x

Higher debt load relative to revenue than 8% of similar nonprofits.

2023 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2023

Net Margin

34th percentile

-0.8%

Higher net margin than 34% of similar nonprofits.

2023 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2023

Top Officer Pay

21st percentile

$266,377

Higher top officer pay than 21% of similar nonprofits.

Top officer pay equals 4.3% of source-year revenue.

2023 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2023

Asset Growth

59th percentile

8.3%

Faster asset growth than 59% of similar nonprofits.

2023 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2022 to 2023

Revenue Growth

82nd percentile

24%

Faster revenue growth than 82% of similar nonprofits.

2023 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets4th percentile

Assets

Up

$166,113,977

Up $12,699,180 (+8.3%) from 2022

Net Assets

Up

$165,860,628

Up $12,695,246 (+8.3%) from 2022

Liabilities

Up

$253,349

Up $3,934 (+1.6%) from 2022

Revenue And Expenses
Liabilities / Revenue8th percentileNet Margin34th percentile

Revenue

Up

$6,170,024

Up $1,193,027 (+24%) from 2022

Expenses

Up

$6,217,491

Up $1,081,668 (+21%) from 2022

Net Income

Up

-$47,467

Up $111,359 (+70%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth59th percentile

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

$2.0B$1.5B$1.0B$500M$0Assets 2010: $1,858,045,121Liabilities 2010: $1,757,505,724Net Assets 2010: $100,539,3972010Assets 2011: $1,597,691,120Liabilities 2011: $1,493,924,846Net Assets 2011: $103,766,2742011Assets 2012: $1,384,422,238Liabilities 2012: $1,281,477,029Net Assets 2012: $102,945,2092012Assets 2013: $1,166,341,868Liabilities 2013: $1,063,349,994Net Assets 2013: $102,991,8742013Assets 2014: $1,027,947,799Liabilities 2014: $928,598,315Net Assets 2014: $99,349,4842014Assets 2015: $1,144,310,488Liabilities 2015: $1,042,523,252Net Assets 2015: $101,787,2362015Assets 2016: $1,037,379,888Liabilities 2016: $931,645,236Net Assets 2016: $105,734,6522016Assets 2017: $940,463,986Liabilities 2017: $831,707,400Net Assets 2017: $108,756,5862017Assets 2018: $861,859,204Liabilities 2018: $750,529,324Net Assets 2018: $111,329,8802018Assets 2019: $532,567,370Liabilities 2019: $419,558,228Net Assets 2019: $113,009,1422019Assets 2021: $182,464,704Liabilities 2021: $973,299Net Assets 2021: $181,491,4052021Assets 2022: $153,414,797Liabilities 2022: $249,415Net Assets 2022: $153,165,3822022Assets 2023: $166,113,977Liabilities 2023: $253,349Net Assets 2023: $165,860,6282023Assets 2024: $174,847,285Liabilities 2024: $268,961Net Assets 2024: $174,578,3242024

Highlighted filing

2023

Assets$166,113,977
Liabilities$253,349
Net Assets$165,860,628
Open 2023 Filing

Operations Trend

Revenue Growth82nd percentile

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

$60M$40M$20M$0-$20MExpenses 2010: $53,244,8462010Expenses 2011: $46,195,8922011Expenses 2012: $42,660,7402012Expenses 2013: $31,949,3212013Revenue 2014: $32,257,332Expenses 2014: $29,044,832Net Income 2014: $3,212,5002014Revenue 2015: $34,309,690Expenses 2015: $31,871,938Net Income 2015: $2,437,7522015Revenue 2016: $35,075,221Expenses 2016: $31,127,805Net Income 2016: $3,947,4162016Revenue 2017: $35,021,668Expenses 2017: $31,999,734Net Income 2017: $3,021,9342017Revenue 2018: $43,245,344Expenses 2018: $40,672,050Net Income 2018: $2,573,2942018Revenue 2019: $37,843,785Expenses 2019: $36,164,523Net Income 2019: $1,679,2622019Revenue 2021: $13,006,465Expenses 2021: $3,910,137Net Income 2021: $9,096,3282021Revenue 2022: $4,976,997Expenses 2022: $5,135,823Net Income 2022: -$158,8262022Revenue 2023: $6,170,024Expenses 2023: $6,217,491Net Income 2023: -$47,4672023Revenue 2024: $8,759,275Expenses 2024: $7,046,781Net Income 2024: $1,712,4942024

Highlighted filing

2023

Revenue$6,170,024
Expenses$6,217,491
Net Income-$47,467
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
May 24, 2024
Return Version
2023v5.0
Gross Receipts
$21,944,194
Mission and Program Overview

Mission

Providing funds for the purchase of student loans at the post-secondary level, and to provide procedures for the servicing of such loans as required for continued participation in the federal family education loan program under the higher education act of 1965.

The foundation's primary purpose is to provide scholarships to qualified individuals for eligible educational expenses consisting of tuition and fees, books and supplies, room and board and incidental expenses related to attendance at an accredited educational institution in the state of texas offering an academic degree program of at least two years school attendance.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$139,513,669$149,648,642▲ $10,134,973
Savings and Temporary Cash Investments$4,956,381$8,725,613▲ $3,769,232
Land, Buildings, and Equipment, Net$3,903,486$3,740,563▼ $162,923
Cash and Non-Interest-Bearing Accounts$4,738,670$3,738,181▼ $1,000,489
Other Notes and Loans Receivable, Net$147,336$102,743▼ $44,593
Prepaid Expenses and Deferred Charges$87,750$86,211▼ $1,539
Accounts Receivable$67,505$72,024▲ $4,519
Total Assets$153,414,797$166,113,977▲ $12,699,180
Liabilities
Accounts Payable and Accrued Expenses$249,415$253,349▲ $3,934
Total Liabilities$249,415$253,349▲ $3,934
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$153,165,382$165,860,628▲ $12,695,246
Total Net Assets Fund Balance$153,165,382$165,860,628▲ $12,695,246
Total Liabilities and Net Assets / Fund Balance$153,414,797$166,113,977▲ $12,699,180

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,392,296$446,931$3,839,227
Land$348,267-$348,267
Other Securities$2,146,403--
Compensation and Service Providers
Top Officer Pay21st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jimmy ParkerPresident/ceFT$233,208$33,169$266,377
Jimmy ParkerPresident/CEO-$208,208$58,169$266,377
Zach BellCFOFT$127,921$52,986$180,907

Board Members and Trustees

NameTitle
Jan BentonBoard Chair
Rita CraddockVice Chair
Tammy RoarkBoard Secret
Lynda TinsleyDirector
Michael P RyanDirector

Highest Paid Contractors

ContractorServicesLocationCompensation
Blonkvist Ig Rbc Wealth ManagementInvestment MgtTOWER 2 550 WEST TEXAS STE 120, Midland, TX 79701$503,518
Jp Morgan Chase & CoInvestment Mgt420 THROCKMORTON ST FLOOR 3, Fort Worth, TX 76201$184,640
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$42,738
Investment Income
$6,127,286
Other Revenue
$0
Change in Net Assets
$-47,467

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,479,196
Revenue Not Reported on Financial Statements
$690,828
Revenue Not Reported on Form 990
$12,742,713
Other Revenue Adjustments
$690,828
Total Revenue per Audited Statements
$18,221,909
Total Revenue per Form 990
$6,170,024
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$3,106,092
Salaries, Compensation, and Employee Benefits$1,714,304
Other Expenses$1,397,095
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$3,106,092--$3,106,092
Other Salaries and Wages$147,343$717,319-$864,662
Fees for Service Investment Mgmnt Fees-$690,828-$690,828
Current Officers, Directors, Trustees, and Key Employees$235,789$237,158-$472,947
Payroll Taxes$72,862$183,019-$255,881
Depreciation Depletion-$176,786-$176,786
Occupancy$23,915$109,533-$133,448
Pension Plan Contributions$31,517$77,165-$108,682
Fees for Services Accounting-$47,700-$47,700
Insurance-$44,655-$44,655
Fees for Services Lobbying-$39,000-$39,000
Other Expenses$23,450$28,731-$28,731
Travel$16,612$11,076-$27,688
Office Expenses$360$20,280-$20,640
Fees for Services Legal-$13,904-$13,904
Other Employee Benefits$3,518$8,614-$12,132
Fees for Services Other-$4,000-$4,000
Total Functional Expenses$3,661,458$2,556,033$0$6,217,491

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$6,217,491
Expenses per Audited Statements$5,526,663
Total Expenses per Audited Statements$5,526,663
Expenses Not Reported on Financial Statements$690,828
Other Expense Adjustments$690,828
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
Yes
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
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 board of directors is provided an electronic copy of the form 990 one week prior to filing. The directors then have a week to review and give comments before the return is filed with the internal revenue service.”

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

“The board of directors are required to update their conflict of interest statements at the annual board meeting. A record of this is kept in the minutes of the board meeting.”

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

“The compensation of the president/ceo and cfo of the foundation are established by the compensation committee which is made up of the independent directors on the board on an annual basis.”

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

“The compensation of officers and key employees of the foundation are established by the compensation committee which is made up of the independent directors on the board on an annual basis.”

Form 990, Page 6, Part VI, Line 19

“The foundation's annual audited financial statements are available upon request. The governing documents and conflict of interest policy are available upon request. Articles of incorporation and public documents are public information and are available from the secretary of state.”

Filing and Contact Details

Filer

Filer Name
Panhandle-plains Higher
EIN
23-7025386
Phone
8063244100
Address
3000 FM 2590, CANYON, TX 79015

Signing Officer

Name
Jimmy Parker
Title
President/CEO
Phone
8063244100
Signed
2024-05-24
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jimmy Parker
Formed
1979
Legal Domicile
TX
Voting Board Members
7
Independent Board Members
5
Employees
13

Preparer

Firm
Johnson & Sheldon Pllc
Address
PO BOX 509, AMARILLO, TX 79105-0509
Preparer
Richard W Blankenship CPA
Phone
8063717661
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“The foundation's primary purpose is to provide scholarships to qualified individuals for eligible educational expenses consisting of tuition and fees, books and supplies, room and board and incidental expenses related to attendance at an accredited educational institution in the state of texas offering an academic degree program of at least two years school attendance.”

Form 990, Part XI, Line 9

“Investment fees netted against revenue on financials -690,828 investment fees netted against revenue on financials 690,828”

Financial Statement Notes

Schedule D, Page 3, Part X

“The foundation is exempt from federal income tax under section 501(a) as a foundation described in section 501(c)(3) of the internal revenue code (the code), and currently has been determined not to be a private foundation under section 509(a) of the code. As a result, income taxes are not included in the foundation's financial statements. The foundation complies with fasb asc topic 740, accounting for uncertainty in income taxes (fasb asc 740), which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under this 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. The tax benefits recognized in the financial statements from such position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also addresses de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods. Management evaluated the foundation's tax positions and concluded that the foundation has taken no uncertain tax positions that require adjustment to the financial statements to comply with the provisions of this guidance. With few exceptions, the foundation is no longer subject to income tax examinations by the u.s. Federal tax authorities for years ending before december 31, 2020.”

Schedule D, Page 4, Part XI, Line 4B

“Investment fees netted against revenue on financials 690,828”

Schedule D, Page 4, Part XII, Line 4B

“Investment fees netted against revenue on financials 690,828”

Raw XML AppendixShowing 400 of 511 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/ProgSrvcAccomActy3Grp/Desc0THE FOUNDATION PROMOTES EDUCATIONAL OPPORTUNITIES AND EDUCATIONAL ASSISTANCE FOR RESIDENTS IN THE STATE OF TEXAS. EDUCATIONAL OPPORTUNITIES CONSISTS PRIMARILY OF PROVIDING OUTREACH TO STUDENTS AND PARENTS CONCERNING FINANCIAL AID OPPORTUNITIES TO ASSIST WITH THE COST OF ATTENDING COLLEGE. EDUCATIONAL ASSISTANCE CONSISTS PRIMARILY OF PROVIDING INFORMATION TO STUDENTS AND PARENTS ABOUT FINANCIAL AID OPPORTUNITIES THAT MAY BE AVAILABLE AT THE FEDERAL OR STATE LEVEL, HOW AND WHEN TO APPLY, AND ASSISTANCE IN COMPLETING THE FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA). THE FOUNDATION ALSO PROVIDES LOAN BORROWERS ASSISTANCE WITH REPAYMENT OPTIONS THAT MAY BE AVAILABLE TO THEM TO MITIGATE DELINQUENCIES/DEFAULTS.
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IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt046414986
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IRS990ScheduleC/GrantsOtherOrganizationsInd0false
IRS990ScheduleC/MailingsMembersInd0false
IRS990ScheduleC/MediaAdvertisementsInd0false
IRS990ScheduleC/NotDescribedSection501c3Ind0false
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IRS990ScheduleC/OtherActivitiesInd0true
IRS990ScheduleC/PaidStaffOrManagementInd0false
IRS990ScheduleC/PublicationsOrBroadcastInd0false
IRS990ScheduleC/RalliesDemonstrationsInd0false
IRS990ScheduleC/SupplementalInformationDetail/ExplanationTxt0PPHEF PAID A THIRD PARTY CALLED COLUMBIA STRATEGIC COUNSEL (CSC) 3,250 PER MONTH FOR LOBBYING. CSC WORKED TO IDENTIFY, RECRUIT AND EDUCATE SELECT MEMBERS OF CONGRESS WHO SIT ON THE RELEVANT HOUSE AND SENATE COMMITTEES INCLUDING THE FINANCE/WAYS AND MEANS, APPROPRIATIONS AND EDUCATION AND KEY MEMBERS FROM THE STATE OF TEXAS.
IRS990ScheduleC/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE C, PART II-B, LINE 1
IRS990ScheduleC/TotalLobbyingExpendituresAmt039000
IRS990ScheduleC/VolunteersInd0false
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IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt135380958
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt225399916
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt323893787
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt42438573
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt52146403
IRS990ScheduleD/OtherSecuritiesGrp/Desc0EQUITIES DOMESTIC
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IRS990ScheduleD/OtherSecuritiesGrp/Desc2EQUITY FUNDS
IRS990ScheduleD/OtherSecuritiesGrp/Desc3PRIVATE CREDIT STRATEGY
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE FOUNDATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(A) AS A FOUNDATION DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (THE CODE), AND CURRENTLY HAS BEEN DETERMINED NOT TO BE A PRIVATE FOUNDATION UNDER SECTION 509(A) OF THE CODE. AS A RESULT, INCOME TAXES ARE NOT INCLUDED IN THE FOUNDATION'S FINANCIAL STATEMENTS. THE FOUNDATION COMPLIES WITH FASB ASC TOPIC 740, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES (FASB ASC 740), WHICH ADDRESSES THE DETERMINATION OF WHETHER TAX BENEFITS CLAIMED OR EXPECTED TO BE CLAIMED ON A TAX RETURN SHOULD BE RECORDED IN THE FINANCIAL STATEMENTS. UNDER THIS 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. THE TAX BENEFITS RECOGNIZED IN THE FINANCIAL STATEMENTS FROM SUCH POSITION ARE MEASURED BASED ON THE LARGEST BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT. THE GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES ALSO ADDRESSES DE-RECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES ON INCOME TAXES, AND ACCOUNTING IN INTERIM PERIODS. MANAGEMENT EVALUATED THE FOUNDATION'S TAX POSITIONS AND CONCLUDED THAT THE FOUNDATION HAS TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. WITH FEW EXCEPTIONS, THE FOUNDATION IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL TAX AUTHORITIES FOR YEARS ENDING BEFORE DECEMBER 31, 2020.
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2INVESTMENT FEES NETTED AGAINST REVENUE ON FINANCIALS 690,828
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2SCHEDULE D, PAGE 4, PART XII, LINE 4B
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IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0PPHEF OPERATES THE WINDMILL SCHOLARSHIP PROGRAM TO HELP STUDENTS WITH FUNDING TOWARDS THEIR HIGHER EDUCATION COSTS. THE GOAL OF THE WINDMILL SCHOLARSHIP PROGRAM IS TO ASSIST DESERVING STUDENTS WITH THEIR EDUCATIONAL COSTS AS THEY WORK TOWARDS THEIR CHOSEN HIGHER EDUCATION GOALS AT COLLEGES AND UNIVERSITIES. PPHEF HAS WRITTEN REQUIREMENTS, TERMS AND CONDITIONS FOR STUDENT APPLICANTS INCLUDING GENERAL AND ACADEMIC CRITERIA AND AN ONLINE APPLICATION PROCESS. STUDENTS RECEIVING SCHOLARSHIPS ALSO HAVE RENEWAL REQUIREMENTS INCLUDING SUBMISSION OF GRADES TO SHOW THAT THE STUDENT MAINTAINED SATISFACTORY ACADEMIC PROGRESS AS OUTLINED IN THE PROGRAM REQUIREMENTS.
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Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$166,113,977
Liabilities
$253,349
Net assets
$165,860,628
Revenue
$6,170,024
Expenses
$6,217,491
Net income
-$47,467
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$175$0.27$175$8.76$7.05$1.71
2023Detailed filing. Detailed filing data is available for this year.$166$0.25$166$6.17$6.22$0.05
2022Detailed filing. Detailed filing data is available for this year.$153$0.25$153$4.98$5.14$0.16
2021Detailed filing. Detailed filing data is available for this year.$182$0.97$181$13.0$3.91$9.10
2019Detailed filing. Detailed filing data is available for this year.$533$420$113$37.8$36.2$1.68
2018Detailed filing. Detailed filing data is available for this year.$862$751$111$43.2$40.7$2.57
2017Detailed filing. Detailed filing data is available for this year.$940$832$109$35.0$32.0$3.02
2016Detailed filing. Detailed filing data is available for this year.$1,037$932$106$35.1$31.1$3.95
2015Detailed filing. Detailed filing data is available for this year.$1,144$1,043$102$34.3$31.9$2.44
2014Detailed filing. Detailed filing data is available for this year.$1,028$929$99.3$32.3$29.0$3.21
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,166$1,063$103$31.9
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,384$1,281$103$42.7
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,598$1,494$104$46.2
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,858$1,758$101$53.2