Civic Intelligence

Taikoproject

990 • Fiscal year 2022 • EIN 26-2035981

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 14, 2023

505 E Third StreetLos Angeles, CA 90013

(213) 268-4011

Siviq Scores

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

Liabilities / Assets

31st percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Liabilities / Revenue

31st percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Net Margin

82nd percentile

35%

Higher net margin than 82% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Top Officer Pay

77th percentile

$71,592

Higher top officer pay than 77% of similar nonprofits.

Top officer pay equals 15.5% of source-year revenue.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Asset Growth

79th percentile

27%

Faster asset growth than 79% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2021 to 2022

Revenue Growth

63rd percentile

21%

Faster revenue growth than 63% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2021 to 2022

Assets

Up

$588,233

Up $126,787 (+27%) from 2021

Net Assets

Up

$588,233

Up $126,787 (+27%) from 2021

Liabilities

Flat

$0

Flat from 2021

Revenue

Up

$460,404

Up $78,964 (+21%) from 2021

Expenses

Up

$300,555

Up $95,582 (+47%) from 2021

Net Income

Down

$159,849

Down $16,618 (-9.4%) from 2021

Historical Trend

Balance Sheet Trend

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

$1.0M$500K$0Assets 2011: $18,247Liabilities 2011: $0Net Assets 2011: $18,2472011Assets 2012: $18,184Liabilities 2012: $0Net Assets 2012: $18,1842012Assets 2013: $27,059Liabilities 2013: $0Net Assets 2013: $27,0592013Assets 2014: $73,852Liabilities 2014: $0Net Assets 2014: $73,8522014Assets 2015: $166,573Liabilities 2015: $0Net Assets 2015: $166,5732015Assets 2016: $199,126Liabilities 2016: $0Net Assets 2016: $199,1262016Assets 2017: $202,709Liabilities 2017: $0Net Assets 2017: $202,7092017Assets 2018: $233,791Liabilities 2018: $0Net Assets 2018: $233,7912018Assets 2019: $266,252Liabilities 2019: $0Net Assets 2019: $266,2522019Assets 2020: $284,979Net Assets 2020: $284,9792020Assets 2021: $461,446Liabilities 2021: $0Net Assets 2021: $461,4462021Assets 2022: $588,233Liabilities 2022: $0Net Assets 2022: $588,2332022Assets 2023: $736,008Liabilities 2023: $0Net Assets 2023: $736,0082023Assets 2024: $921,195Liabilities 2024: $0Net Assets 2024: $921,1952024

Highlighted filing

2022

Assets$588,233
Liabilities$0
Net Assets$588,233

Operations Trend

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

$800K$600K$400K$200K$0Expenses 2011: $235,2412011Expenses 2012: $241,6192012Revenue 2013: $255,521Expenses 2013: $246,646Net Income 2013: $8,8752013Revenue 2014: $453,499Expenses 2014: $406,706Net Income 2014: $46,7932014Revenue 2015: $351,550Expenses 2015: $258,829Net Income 2015: $92,7212015Revenue 2016: $305,907Expenses 2016: $273,354Net Income 2016: $32,5532016Revenue 2017: $291,359Expenses 2017: $287,776Net Income 2017: $3,5832017Revenue 2018: $324,061Expenses 2018: $292,979Net Income 2018: $31,0822018Revenue 2019: $288,550Expenses 2019: $256,089Net Income 2019: $32,4612019Revenue 2020: $178,463Expenses 2020: $159,736Net Income 2020: $18,7272020Revenue 2021: $381,440Expenses 2021: $204,973Net Income 2021: $176,4672021Revenue 2022: $460,404Expenses 2022: $300,555Net Income 2022: $159,8492022Revenue 2023: $517,433Expenses 2023: $376,385Net Income 2023: $141,0482023Revenue 2024: $635,340Expenses 2024: $450,152Net Income 2024: $185,1882024

Highlighted filing

2022

Revenue$460,404
Expenses$300,555
Net Income$159,849
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 14, 2023
Return Version
2022v5.0
Gross Receipts
$460,404
Mission and Program Overview

Mission

The taikoproject is an ensemble of premiere taiko drummers dedicated to promoting and advancing the american art of taiko. Through public performances, education, and outreach activities, taikoproject is committed to preserving taiko as a dynamic element of japanese american culture and heritage. In addition to maintaining taiko as a community-based tradition, taikoproject also incorporates unconventional and innovative concepts to expand artistic boundaries.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$254,404$411,507▲ $157,103
Investments in Publicly Traded Securities$207,042$176,726▼ $30,316
Savings and Temporary Cash Investments-$0-
Accounts Receivable-$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-
Land, Buildings, and Equipment, Net-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$461,446$588,233▲ $126,787
Other Assets Total-$0-
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$461,446$588,233▲ $126,787
Total Net Assets Fund Balance$461,446$588,233▲ $126,787
Total Liabilities and Net Assets / Fund Balance$461,446$588,233▲ $126,787

Asset Categories

AssetBook ValueDepreciationBasis
Equipment-$3,352$3,352
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Bryan YamamiExecutive DirectorFT$71,592$71,592

Board Members and Trustees

NameTitle
Candice ShikaiPresident & CEO
Jeanne SakamotoDirector
Nancy OkuboDirector
Robert HoriDirector
Scott SakamotoDirector
Debra FukawaSecretary
Lisa ShimamotoTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$263,158
Program Service Revenue
$194,398
Investment Income
$2,766
Other Revenue
$82
All Other Contributions
$263,158
Change in Net Assets
$159,849
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$180,037
Salaries, Compensation, and Employee Benefits$120,518
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$53,694$17,898-$71,592
Other Salaries and Wages$29,930$9,976-$39,906
Insurance$17,183$5,727-$22,910
Occupancy$16,350$5,450-$21,800
Payroll Taxes$6,765$2,255-$9,020
Travel$8,813--$8,813
All Other Expenses$3,897$2,680-$6,577
Office Expenses-$4,415-$4,415
Other Expenses$3,224$1,079-$4,303
Advertising$3,015--$3,015
Fees for Services Accounting-$1,700-$1,700
Total Functional Expenses$249,375$51,180$0$300,555
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-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
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
No
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

The board reviews the 990 prior to filing the return.

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

Board members are required annually to review and sign a conflict of interest disclosure statement.

Form 990, Part VI, Section C, Line 19

The organization makes its governing documents, conflict of interest policy, and other pertinent documents available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Taikoproject
EIN
26-2035981
Phone
2132684011
Address
505 E THIRD STREET, LOS ANGELES, CA 90013

Signing Officer

Name
Bryan Yamami
Title
Executive Director
Signed
2023-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Bryan Yamami
Formed
2007
Legal Domicile
CA
Voting Board Members
8
Independent Board Members
8
Employees
2
Volunteers
8

Preparer

Firm
Paul Shishima & Co
Address
901 Corporate Center Drive 503, Monterey Park, CA 91754
Preparer
Paul N Shishima
Phone
3232652590
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IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt02255
IRS990/PayrollTaxesGrp/ProgramServicesAmt06765
IRS990/PayrollTaxesGrp/TotalAmt09020
IRS990/PensionPlanContributionsGrp/TotalAmt00
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt00
IRS990/PrincipalOfficerNm0BRYAN YAMAMI
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/Desc0MISCELLANEOUS INCOME
IRS990/ProgramServiceRevenueGrp/Desc1PERFORMANCE FEES
IRS990/ProgramServiceRevenueGrp/Desc2TUITION FEES
IRS990/ProgramServiceRevenueGrp/Desc3WORKSHOP AND LECTURE FEES
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt01670
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1166808
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt222420
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt33500
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt01670
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1166808
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt222420
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt33500
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt0224412
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt07042
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt090835
IRS990/PYOtherRevenueAmt029
IRS990/PYProgramServiceRevenueAmt0149957
IRS990/PYRevenuesLessExpensesAmt0176467
IRS990/PYSalariesCompEmpBnftPaidAmt0114138
IRS990/PYTotalExpensesAmt0204973
IRS990/PYTotalRevenueAmt0381440
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0159849
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/SavingsAndTempCashInvstGrp/EOYAmt00
IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/TotalAmt00
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearAmt0263412
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus1YearAmt0224412
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus2YearsAmt0142920
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus3YearsAmt065005
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus4YearsAmt062250
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/TotalAmt0757999
IRS990ScheduleA/GovtFurnSrvcFcltsVl509Grp/TotalAmt00
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearAmt02766
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus1YearAmt07042
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus2YearsAmt01611
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus3YearsAmt07050
IRS990ScheduleA/GrossInvestmentIncome509Grp/TotalAmt018469
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearAmt0194398
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt0149967
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt033903
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt0193071
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt0256820
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt0828159
IRS990ScheduleA/GrossReceiptsNonUnrltBusGrp/TotalAmt00
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearAmt02766
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus1YearAmt07042
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus2YearsAmt01611
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus3YearsAmt07050
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt018469
IRS990ScheduleA/InvestmentIncomeCYPct00.01140
IRS990ScheduleA/InvestmentIncomePYPct00.01090
IRS990ScheduleA/NetIncomeFromOtherUBIGrp/TotalAmt00
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearAmt082
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus1YearAmt029
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus2YearsAmt029
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus3YearsAmt03960
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus4YearsAmt04991
IRS990ScheduleA/OtherIncome509Grp/TotalAmt09091
IRS990ScheduleA/Post1975UBTIGrp/TotalAmt00
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
IRS990ScheduleA/PublicSupportCY509Pct00.98290
IRS990ScheduleA/PublicSupportPY509Pct00.97590
IRS990ScheduleA/PublicSupportTotal509Amt01586158
IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt00
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft509Grp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY509Ind0X
IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt0457810
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt0374379
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt0176823
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt0258076
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt0319070
IRS990ScheduleA/Total509Grp/TotalAmt01586158
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt0460658
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt0381450
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt0178463
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt0269086
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt0324061
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt01613718
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/EquipmentGrp/DepreciationAmt03352
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt03352
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE BOARD REVIEWS THE 990 PRIOR TO FILING THE RETURN.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1BOARD MEMBERS ARE REQUIRED ANNUALLY TO REVIEW AND SIGN A CONFLICT OF INTEREST DISCLOSURE STATEMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND OTHER PERTINENT DOCUMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section C, Line 19
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0CA
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0461446
IRS990/TotalAssetsEOYAmt0588233
IRS990/TotalAssetsGrp/BOYAmt0461446
IRS990/TotalAssetsGrp/EOYAmt0588233
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0263158
IRS990/TotalEmployeeCnt02
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt051180
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0249375
IRS990/TotalFunctionalExpensesGrp/TotalAmt0300555
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesEOYAmt00
IRS990/TotalLiabilitiesGrp/BOYAmt00
IRS990/TotalLiabilitiesGrp/EOYAmt00
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0461446
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0588233

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$9.21$0.00$9.21$6.35$4.50$1.85
2023Detailed filing. Detailed filing data is available for this year.$7.36$0.00$7.36$5.17$3.76$1.41
2022Detailed filing. Detailed filing data is available for this year.$5.88$0.00$5.88$4.60$3.01$1.60
2021Detailed filing. Detailed filing data is available for this year.$4.61$0.00$4.61$3.81$2.05$1.76
2020Detailed filing. Detailed filing data is available for this year.$2.85$2.85$1.78$1.60$0.19
2019Detailed filing. Detailed filing data is available for this year.$2.66$0.00$2.66$2.89$2.56$0.32
2018Detailed filing. Detailed filing data is available for this year.$2.34$0.00$2.34$3.24$2.93$0.31
2017Detailed filing. Detailed filing data is available for this year.$2.03$0.00$2.03$2.91$2.88$0.04
2016Detailed filing. Detailed filing data is available for this year.$1.99$0.00$1.99$3.06$2.73$0.33
2015Detailed filing. Detailed filing data is available for this year.$1.67$0.00$1.67$3.52$2.59$0.93
2014Detailed filing. Detailed filing data is available for this year.$0.74$0.00$0.74$4.53$4.07$0.47
2013Detailed filing. Detailed filing data is available for this year.$0.27$0.00$0.27$2.56$2.47$0.09
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.18$0.00$0.18$2.42
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.18$0.00$0.18$2.35