Civic Intelligence

Center for Advanced Studies in Business Inc.

990 • Fiscal year 2017 • EIN 23-7447143

Jul 01, 2016 to Jun 30, 2017 • Filed on Nov 15, 2017

601 University AvenueMadison, WI 53715

(608) 441-7339

Siviq Scores

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

Liabilities / Assets

87th percentile

0.83x

Higher debt load relative to assets than 87% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2017

Liabilities / Revenue

80th percentile

1.03x

Higher debt load relative to revenue than 80% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2017

Net Margin

30th percentile

-1.3%

Higher net margin than 30% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2017

Top Officer Pay

53rd percentile

$181,107

Higher top officer pay than 53% of similar nonprofits.

Top officer pay equals 1.4% of source-year revenue.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2017

Asset Growth

24th percentile

-1.8%

Faster asset growth than 24% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2016 to 2017

Revenue Growth

80th percentile

27%

Faster revenue growth than 80% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2016 to 2017

Assets

Down

$16,273,952

Down $291,964 (-1.8%) from 2016

Net Assets

Down

$2,775,820

Down $176,470 (-6.0%) from 2016

Liabilities

Down

$13,498,132

Down $115,494 (-0.8%) from 2016

Revenue

Up

$13,091,273

Up $2,753,864 (+27%) from 2016

Expenses

Up

$13,267,743

Up $2,535,302 (+24%) from 2016

Net Income

Up

-$176,470

Up $218,562 (+55%) from 2016

Historical Trend

Balance Sheet Trend

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

$20M$15M$10M$5.0M$0-$5.0MAssets 2011: $18,349,103Liabilities 2011: $14,076,623Net Assets 2011: $4,272,4802011Assets 2012: $17,523,233Liabilities 2012: $13,455,269Net Assets 2012: $4,067,9642012Assets 2013: $17,442,034Liabilities 2013: $13,452,726Net Assets 2013: $3,989,3082013Assets 2014: $17,143,980Liabilities 2014: $13,456,196Net Assets 2014: $3,687,7842014Assets 2015: $16,661,131Liabilities 2015: $13,313,809Net Assets 2015: $3,347,3222015Assets 2016: $16,565,916Liabilities 2016: $13,613,626Net Assets 2016: $2,952,2902016Assets 2017: $16,273,952Liabilities 2017: $13,498,132Net Assets 2017: $2,775,8202017Assets 2018: $15,287,124Liabilities 2018: $13,011,612Net Assets 2018: $2,275,5122018Assets 2019: $14,657,128Liabilities 2019: $12,118,203Net Assets 2019: $2,538,9252019Assets 2020: $11,721,255Liabilities 2020: $11,987,787Net Assets 2020: -$266,5322020Assets 2021: $9,461,883Liabilities 2021: $11,055,950Net Assets 2021: -$1,594,0672021Assets 2022: $4,715,130Liabilities 2022: $1,734,197Net Assets 2022: $2,980,9332022

Highlighted filing

2017

Assets$16,273,952
Liabilities$13,498,132
Net Assets$2,775,820

Operations Trend

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

$15M$10M$5.0M$0-$5.0MExpenses 2011: $7,330,2432011Expenses 2012: $6,753,6182012Expenses 2013: $7,436,9872013Revenue 2014: $9,476,113Expenses 2014: $9,777,637Net Income 2014: -$301,5242014Revenue 2015: $10,694,419Expenses 2015: $11,034,881Net Income 2015: -$340,4622015Revenue 2016: $10,337,409Expenses 2016: $10,732,441Net Income 2016: -$395,0322016Revenue 2017: $13,091,273Expenses 2017: $13,267,743Net Income 2017: -$176,4702017Revenue 2018: $13,333,264Expenses 2018: $13,833,572Net Income 2018: -$500,3082018Revenue 2019: $14,053,059Expenses 2019: $13,789,646Net Income 2019: $263,4132019Revenue 2020: $9,641,150Expenses 2020: $12,446,607Net Income 2020: -$2,805,4572020Revenue 2021: $6,530,338Expenses 2021: $7,857,873Net Income 2021: -$1,327,5352021Revenue 2022: $13,460,899Expenses 2022: $9,902,015Net Income 2022: $3,558,8842022

Highlighted filing

2017

Revenue$13,091,273
Expenses$13,267,743
Net Income-$176,470
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
Nov 15, 2017
Return Version
2016v3.1
Gross Receipts
$13,092,936
Mission and Program Overview

Mission

A. To stimulate the continual process of professional education in business and administration at the wisconsin school of business and other academic units at the university of wisconsin-madison (university) in the student, alumnus and the practitioner phases. B. To promote the exchange of ideas between the student body, alumni and faculty of the wisconsin school of business, other academic units at the university and interested executives and administrators. C. To advance the school of business and other academic units at the university by disseminating information concerning student, alumni, faculty and administrative activities.

To stimulate the continual process of professional education, to promote the exchange of ideas, and to advance the Wisconsin School of Business and other academic units.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$10,092,600$9,272,968▼ $819,632
Savings and Temporary Cash Investments$4,485,957$4,646,658▲ $160,701
Accounts Receivable$1,405,518$1,727,281▲ $321,763
Prepaid Expenses and Deferred Charges$518,369$574,997▲ $56,628
Inventories for Sale or Use$26,246$22,806▼ $3,440
Cash and Non-Interest-Bearing Accounts$5,950$5,950→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$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
Investments in Publicly Traded Securities$0$0→ $0
Intangible Assets$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$16,565,916$16,273,952▼ $291,964
Other Assets Total$31,276$23,292▼ $7,984
Liabilities
Mortgage Notes Payable Secured by Investment Property$10,680,169$10,182,910▼ $497,259
Accounts Payable and Accrued Expenses$1,267,243$1,799,774▲ $532,531
Deferred Revenue$1,666,214$1,515,448▼ $150,766
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$13,613,626$13,498,132▼ $115,494
Net Assets / Fund Balance
Unrestricted Net Assets$2,952,290$2,775,820▼ $176,470
Permanently Rstr Net Assets$0$0→ $0
Temporarily Rstr Net Assets$0$0→ $0
Total Net Assets Fund Balance$2,952,290$2,775,820▼ $176,470
Total Liabilities and Net Assets / Fund Balance$16,565,916$16,273,952▼ $291,964

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$7,595,624$10,394,011$17,989,635
Other Land Buildings$807,118$1,935,352$2,742,470
Equipment$354,033$1,297,193$1,651,226
Leasehold Improvements$516,193$174,015$690,208
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Steve KingPresidentFT$158,083$23,024$181,107
Adam BarnesVP of Finance & OperationsFT$130,072$44,199$174,271
Malcolm JeffrisSR Director of Bus DevelopmentFT$120,839$30,900$151,739
Barry RobertsProgram DirectorFT$103,746$29,526$133,272
Martha WilliamsDirector of Bus DevelopmentFT$101,174$19,372$120,546
Jim JohannesDirector-$13,000-$13,000

Board Members and Trustees

NameTitle
Alison Sparks-JohnsonDirector
Barry PerkelDirector
Blaine RenfertDirector
David GayDirector
Francois Ortalo-MangeDirector
John NelsonDirector
Lance LangeDirector
Brian MayhewDirector - As of 11/2016
Carla GoginDirector - As of 5/2017
Karla JohnstoneDirector - Thru 11/2016

Highest Paid Contractors

ContractorServicesLocationCompensation
AramarkFacility Agency601 University Avenue, Madison, WI 53715$286,687
Scott ConverseInstruction1035 East Lakeside Drive, Edgerton, WI 53534$271,031
ELHR ConsultingInstruction802 East Appletree Lane, Arlington Heights, IL 60004$133,725
Watchworks Management ConsultingInstruction3120 55th Avenue, Kenosha, WI 53144$111,800
Revenue and Support

Revenue Composition

Contributions and Grants
$45,000
Program Service Revenue
$13,032,953
Investment Income
$13,320
Other Revenue
$0
All Other Contributions
$45,000
Change in Net Assets
$-176,470

Audited Revenue Reconciliation

Revenue per Audited Statements
$12,177,742
Revenue Not Reported on Financial Statements
$913,531
Revenue Not Reported on Form 990
$1,663
Other Revenue Adjustments
$913,531
Total Revenue per Audited Statements
$12,179,405
Total Revenue per Form 990
$13,091,273
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$10,517,775
Salaries, Compensation, and Employee Benefits$2,599,968
Grants and Similar Amounts Paid$150,000
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$4,495,118$18,712-$4,513,830
Other Salaries and Wages$1,282,520$394,546-$1,677,066
Depreciation Depletion$961,274$106,098-$1,067,372
All Other Expenses$358,672$103,136-$461,808
Advertising$443,052$7,318-$450,370
Current Officers, Directors, Trustees, and Key Employees$298,541$116,455-$414,996
Other Employee Benefits$238,476$67,874-$306,350
Fees for Services Management$301,883--$301,883
Interest$257,358$28,741-$286,099
Information Technology$79,285$149,384-$228,669
Travel$169,867$53,963-$223,830
Insurance$93,667$73,294-$166,961
Grants to Domestic Orgs$150,000--$150,000
Payroll Taxes$96,310$32,103-$128,413
Other Expenses$103,300--$103,300
Office Expenses$63,459$19,654-$83,113
Pension Plan Contributions$55,204$17,939-$73,143
Conferences and Meetings$1,865$46,649-$48,514
Occupancy$40,897--$40,897
Fees for Services Accounting-$39,106-$39,106
Fees for Services Legal-$36,473-$36,473
Total Functional Expenses$11,956,298$1,311,445$0$13,267,743

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$13,267,743
Total Expenses per Audited Statements$12,355,875
Expenses per Audited Statements$12,354,212
Expenses Not Reported on Financial Statements$913,531
Other Expense Adjustments$913,531
Expenses Not Reported on Form 990$1,663
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Wisconsin School of BusinessMadison, WIState of WIGeneral Funding$150,000

International Summary

Spending
$79,643

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
East Asia and the PacificProgram ServicesProfessional education--$66,662
Europe (Including Iceland and Greenland)Program ServicesProfessional education--$12,981
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Blaine RenfertDirectorSales to sub-zero of programNo$210,872

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
Yes
Filing and Contact Details

Filer

Filer Name
Center for Advanced Studies in Business Inc
EIN
23-7447143
In Care Of
% ADAM BARNES
Phone
6084417339
Address
601 University Avenue, Madison, WI 53715

Signing Officer

Name
Steve King
Title
President
Phone
6084417339
Signed
2017-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Steve King
Formed
1974
Legal Domicile
Wi
Voting Board Members
11
Independent Board Members
9
Employees
28
Volunteers
0

Preparer

Firm
Grant Thornton LLP
Address
100 E Wisconsin Ave, Milwaukee, WI 53202
Preparer
Michelle L Weber
Phone
4142898200
Supplemental Narrative

Additional Explanations

Family or Business Relationship

Form 990, Part VI, Section A, Line 2 Francois Ortalo-Magne, the Dean of the Wisconsin School of Business, is on the board. Several board members have an employment relationship with the Wisconsin School of Business.

Delegation of Control Over Management Duties

Form 990, Part VI, Section A, Line 3 CASB has retained the services of a third party management company which manages day-to-day operations of the Fluno Center under the supervision of CASB. Significant Changes to Governing Documents Form 990, Part VI, Section A, Line 4 The bylaws were amended to remove the Director of Executive Education at the Wisconsin School of Business from the CASB Board and to allow for no more than six (rather than five) independent members selected by the CASB Board. Member or Stockholder Powers Form 990, Part Vi, Section A, Line 7a If the University of Wisconsin Foundation ("Foundation") guarantees CASB's debt, it has the option to select an additional number of persons such that the number of directors appointed by the Foundation shall constitute a majority of the Board.

Process the organization uses to review Form 990

Form 990, Part VI, Section B, Line 11A CASB'S FORM 990 IS PREPARED BY AN INDEPENDENT CERTIFIED PUBLIC ACCOUNTING FIRM FROM INFORMATION PREPARED AND SUBMITTED BY CASB STAFF. A DRAFT OF THE FORM 990 WAS PROVIDED ELECTRONICALLY TO BOARD MEMBERS FOR REVIEW. THE AUDIT COMMITTEE PERFORMED A DETAILED REVIEW OF THE FORM 990. THE FORM 990 WAS FINALIZED TO INCORPORATE ANY NECESSARY CHANGES. AN UPDATED VERSION WAS PROVIDED ELECTRONICALLY TO ALL BOARD MEMBERS FOR ADDITIONAL MATTERS BROUGHT FORWARD BY THE BOARD. THE FINALIZED VERSION OF THE FORM 990 IS FILED WITH THE IRS ON OR BEFORE THE NOVEMBER 15TH FILING DEADLINE.

Organization'S Practices For Monitoring Conflicts Of Interest

Form 990, Part VI, Section B, Line 12c THE ORGANIZATION'S CONFLICT OF INTEREST POLICY COVERS ALL OFFICERS, DIRECTORS, AND KEY EMPLOYEES OF THE ORGANIZATION. ANNUALLY, INDIVIDUALS COVERED UNDER THE POLICY SELF IDENTIFY POTENTIAL AND/OR ACTUAL CONFLICTS. MANAGEMENT REVIEWS RESPONSES TO ENSURE ALL CONFLICTS MANAGEMENT IS AWARE OF HAVE BEEN IDENTIFIED. ANNUALLY, THE BOARD REVIEWS COMPLETED RESPONSES AND DETERMINES IF ALL POTENTIAL AND/OR ACTUAL CONFLICTS ARE ACCEPTABLE. THESE DISCUSSIONS ARE DOCUMENTED IN THE MINUTES TO THE MEETING IN WHICH THEY OCCUR. AS OF JUNE 30, 2017, NO CONFLICTS WERE NOTED WHICH LIMIT ANY OFFICER, DIRECTOR, OR KEY EMPLOYEE FROM PARTICIPATING IN THE GOVERNING BODY'S DELIBERATIONS AND DECISIONS. SHOULD ANY POTENTIAL OR ACTUAL CONFLICT ARISE BETWEEN ANNUAL SURVEYS, IT IS THE RESPONSIBILITY OF THE CONFLICTED INDIVIDUAL, AND MANAGEMENT IF THEY ARE AWARE OF THE CONFLICT, TO BRING THE NEW CONFLICT TO THE ATTENTION OF THE BOARD TO REVIEW.

Process of Determining Compensation of top Management & Other

officers Form 990, Part VI, Section B, Lines 15A and 15B THE COMPENSATION COMMITTEE, CHAIRED BY AN INDEPENDENT DIRECTOR, REVIEWS THE COMPENSATION OF TOP MANAGEMENT AND OTHER OFFICERS. THIS REVIEW INCLUDES LOOKING AT COMPARABILITY DATA. THE COMMITTEE CONTEMPORANEOUSLY DOCUMENTS ITS DISCUSSIONS AND FINAL RECOMMENDATION. COMPENSATION DECISIONS ARE APPROVED BY THE FULL BOARD AND ARE ALSO CONTEMPORANEOUSLY DOCUMENTED.

Documents Available to Public

Form 990, Part VI, Section C, Line 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.

Form 990 Part IX Line 11G

Description:conference center operator total fees:2724392

Form 990 Part IX Line 11G

Description:instructor teaching fees total fees:1660134

Form 990 Part IX Line 11G

Description:champion fees total fees:60573

Form 990 Part IX Line 11G

Description:instructor customization fees total fees:45195

Form 990 Part IX Line 11G

Description:professional consultants total fees:18712

Form 990 Part IX Line 11G

Description:miscellaneous total fees:4824

Financial Statement Notes

organization'S financial statement footnote concerning fin 48

Schedule D, Part X, Line 2 The Center was formed as a non-profit organization without the issuance of stock. The Center has received a determination letter from the Internal Revenue Service dated May 21, 1975, stating that it is exempt from federal income tax under Section 501(c)(3) of the IRC. The Center also received an additional determination letter dated March 18, 1998, related to the operations of the Fluno Center. The Center conducts certain unrelated business activities that are subject to unrelated business income tax. For the years ended June 30, 2017 and 2016, the Center recorded approximately $103,000 and $67,000, respectively, of income tax expense in conference services expense in the accompanying statements of activities related to unrelated business activities. The Center recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more likely than not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant tax authority. The Center applied the uncertain tax position guidance to all tax positions for which the statute of limitations remained open and determined there were no material unrecognized tax benefits as of June 30, 2017 and 2016. The Center does not believe there is any uncertainty with respect to its tax positions which would result in a material change to financial statements. The Center recognizes any interest and penalties related to unrecognized tax benefits in general and administrative expenses. There were no material interest or penalties related to income taxes that have been accrued or recognized as of and for the years ended June 30, 2017 and 2016. The Center files income tax returns in the U.S. federal jurisdiction and in the state of Wisconsin. Tax years open to examination by tax authorities for the Center include fiscal years 2014 through 2017 under federal statute of limitations, and 2013 through 2017 under state statute of limitations.

Revenue included in financial statements, not in return

Schedule D, Part XI, Line 2D Loss on Sale of Assets $1,663

Revenue Included in Return, Not in Financial Statements

Schedule D, Part XI, Line 4b The Center for Advanced Studies in Business utilizes the conference services capabilities of the Fluno Center for some of its own educational programming, alumni and board meetings and events, and for administrative purposes. This activity is reversed for financial statement purposes. Related revenue of $913,531 is included on Form 990, Part VIII.

expenses included in financial statements, not in return

Schedule D, Part XII, Line 2D Loss on Sale of Assets $1,663

Expenses Included in Return, Not in Financial Statements

Schedule D, Part XII, Line 4b The Center for Advanced Studies in Business utilizes the conference services capabilities of the Fluno Center for some of its own educational programming, alumni and board meetings and events, and for administrative purposes. This activity is reversed for financial statement purposes. Related expenses of $913,531 are included on Form 990, Part IX.

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IRS990/Form990PartVIISectionAGrp/TitleTxt12VP of Finance & Operations
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IRS990/MissionDesc0A. TO STIMULATE THE CONTINUAL PROCESS OF PROFESSIONAL EDUCATION IN BUSINESS AND ADMINISTRATION AT THE WISCONSIN SCHOOL OF BUSINESS AND OTHER ACADEMIC UNITS AT THE UNIVERSITY OF WISCONSIN-MADISON (UNIVERSITY) IN THE STUDENT, ALUMNUS AND THE PRACTITIONER PHASES. B. TO PROMOTE THE EXCHANGE OF IDEAS BETWEEN THE STUDENT BODY, ALUMNI AND FACULTY OF THE WISCONSIN SCHOOL OF BUSINESS, OTHER ACADEMIC UNITS AT THE UNIVERSITY AND INTERESTED EXECUTIVES AND ADMINISTRATORS. C. TO ADVANCE THE SCHOOL OF BUSINESS AND OTHER ACADEMIC UNITS AT THE UNIVERSITY BY DISSEMINATING INFORMATION CONCERNING STUDENT, ALUMNI, FACULTY AND ADMINISTRATIVE ACTIVITIES.
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.72$1.73$2.98$13.5$9.90$3.56
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.46$11.1$1.59$6.53$7.86$1.33
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$11.7$12.0$0.27$9.64$12.4$2.81
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$14.7$12.1$2.54$14.1$13.8$0.26
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$15.3$13.0$2.28$13.3$13.8$0.50
2017Detailed filing. Detailed filing data is available for this year.$16.3$13.5$2.78$13.1$13.3$0.18
2016Detailed filing. Detailed filing data is available for this year.$16.6$13.6$2.95$10.3$10.7$0.40
2015Detailed filing. Detailed filing data is available for this year.$16.7$13.3$3.35$10.7$11.0$0.34
2014Detailed filing. Detailed filing data is available for this year.$17.1$13.5$3.69$9.48$9.78$0.30
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$17.4$13.5$3.99$7.44
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$17.5$13.5$4.07$6.75
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$18.3$14.1$4.27$7.33