Civic Intelligence

Elevate Ventures Inc.

990 • Fiscal year 2014 • EIN 27-4118692

Jan 01, 2014 to Dec 31, 2014 • Filed on Nov 12, 2015

50 East 91st StIndianapolis, IN 46240

(317) 252-0258

Siviq Scores

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

Liabilities / Assets

49th percentile

0.10x

Higher debt load relative to assets than 49% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Liabilities / Revenue

50th percentile

0.11x

Higher debt load relative to revenue than 50% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Net Margin

18th percentile

-12%

Higher net margin than 18% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Top Officer Pay

93rd percentile

$272,698

Higher top officer pay than 93% of similar nonprofits.

Top officer pay equals 8.7% of source-year revenue.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Asset Growth

28th percentile

-2.9%

Faster asset growth than 28% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2013 to 2014

Revenue Growth

13th percentile

-21%

Faster revenue growth than 13% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2013 to 2014

Assets

Down

$3,397,850

Down $100,180 (-2.9%) from 2013

Net Assets

Down

$3,051,088

Down $111,028 (-3.5%) from 2013

Liabilities

Up

$346,762

Up $10,848 (+3.2%) from 2013

Revenue

Down

$3,127,391

Down $820,301 (-21%) from 2013

Expenses

Up

$3,501,250

Up $449,475 (+15%) from 2013

Net Income

Down

-$373,859

Down $1,269,776 (-142%) from 2013

Historical Trend

Balance Sheet Trend

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

$30M$20M$10M$0Assets 2011: $969,241Liabilities 2011: $221,122Net Assets 2011: $748,1192011Assets 2012: $2,624,488Liabilities 2012: $377,216Net Assets 2012: $2,247,2722012Assets 2013: $3,498,030Liabilities 2013: $335,914Net Assets 2013: $3,162,1162013Assets 2014: $3,397,850Liabilities 2014: $346,762Net Assets 2014: $3,051,0882014Assets 2015: $3,555,742Liabilities 2015: $3,333,874Net Assets 2015: $221,8682015Assets 2016: $6,298,112Liabilities 2016: $2,846,271Net Assets 2016: $3,451,8412016Assets 2017: $8,499,730Liabilities 2017: $2,492,214Net Assets 2017: $6,007,5162017Assets 2018: $8,772,845Liabilities 2018: $3,906,600Net Assets 2018: $4,866,2452018Assets 2019: $9,852,173Liabilities 2019: $4,246,366Net Assets 2019: $5,605,8072019Assets 2020: $11,029,847Liabilities 2020: $7,220,843Net Assets 2020: $3,809,0042020Assets 2021: $13,635,821Liabilities 2021: $2,487,574Net Assets 2021: $11,148,2472021Assets 2022: $13,172,198Liabilities 2022: $2,846,213Net Assets 2022: $10,325,9852022Assets 2023: $11,990,431Liabilities 2023: $2,378,013Net Assets 2023: $9,612,4182023Assets 2024: $28,187,603Liabilities 2024: $5,009,827Net Assets 2024: $23,177,7762024

Highlighted filing

2014

Assets$3,397,850
Liabilities$346,762
Net Assets$3,051,088

Operations Trend

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

$15M$10M$5.0M$0-$5.0MExpenses 2011: $921,0652011Expenses 2012: $2,657,5362012Revenue 2013: $3,947,692Expenses 2013: $3,051,775Net Income 2013: $895,9172013Revenue 2014: $3,127,391Expenses 2014: $3,501,250Net Income 2014: -$373,8592014Revenue 2015: $3,032,725Expenses 2015: $2,552,742Net Income 2015: $479,9832015Revenue 2016: $6,078,756Expenses 2016: $3,180,097Net Income 2016: $2,898,6592016Revenue 2017: $5,512,247Expenses 2017: $3,618,669Net Income 2017: $1,893,5782017Revenue 2018: $4,636,197Expenses 2018: $4,220,363Net Income 2018: $415,8342018Revenue 2019: $5,326,795Expenses 2019: $4,269,500Net Income 2019: $1,057,2952019Revenue 2020: $5,850,844Expenses 2020: $5,194,095Net Income 2020: $656,7492020Revenue 2021: $6,541,390Expenses 2021: $6,847,993Net Income 2021: -$306,6032021Revenue 2022: $6,491,355Expenses 2022: $7,979,642Net Income 2022: -$1,488,2872022Revenue 2023: $9,960,751Expenses 2023: $11,621,084Net Income 2023: -$1,660,3332023Revenue 2024: $9,243,556Expenses 2024: $10,820,838Net Income 2024: -$1,577,2822024

Highlighted filing

2014

Revenue$3,127,391
Expenses$3,501,250
Net Income-$373,859
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Nov 12, 2015
Return Version
2014v5.0
Gross Receipts
$3,127,391
Mission and Program Overview

Mission

Successful communities share qualities that make them desirable places to live and work. A fundamental quality of such places is a thriving, sustainable entrepreneurial culture. Guided by this vision, we help regions and communities create entrepreneurial cultures, and encourage and develop business leaders of tomorrow. This has been our goal since inception, and we are the only organization in Indiana executing a strategy that advances entrepreneurs from within Indiana to create a thriving, robust pipeline of growth-oriented companies backed by critical capital and support. 2017 was another record year of capital investment. Elevate portfolio companies span 31 Indiana counties. From 2011 to 2017, Elevate funds under management deployed $70.56M in capital, with an additional $420M generated by co-investments and follow-on investments. For every dollar Elevate invests, other capital partners invest $6.70, based on data available through April, 2018 with more than 1,200 investors.

Elevate Ventures is a private venture development organization that nurtures and develops emerging and existing high-potential businesses into high-performing Indiana-based companies, with a focus on the technology, life sciences, and advanced manufacturing sectors.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$1,762,160$1,942,555▲ $180,395
Accounts Receivable$611,178$411,064▼ $200,114
Cash and Non-Interest-Bearing Accounts$64,245$373,952▲ $309,707
Pledges and Grants Receivable$1,009,667$352,167▼ $657,500
Investments Other Securities$528,379$262,831▼ $265,548
Prepaid Expenses and Deferred Charges$25,953$36,488▲ $10,535
Land, Buildings, and Equipment, Net$24,827$18,793▼ $6,034
Other Notes and Loans Receivable, Net$0$0→ $0
Receivable From Disqualified Prsn$0--
Receivables From Officers Etc$0--
Investments Program Related$0--
Investments in Publicly Traded Securities$0$0→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0--
Total Assets$4,026,409$3,397,850▼ $628,559
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$335,914$346,762▲ $10,848
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$335,914$346,762▲ $10,848
Net Assets / Fund Balance
Unrestricted Net Assets$1,715,470$1,857,574▲ $142,104
Temporarily Rstr Net Assets$1,975,025$1,193,514▼ $781,511
Permanently Rstr Net Assets$0$0→ $0
Total Net Assets Fund Balance$3,690,495$3,051,088▼ $639,407
Total Liabilities and Net Assets / Fund Balance$4,026,409$3,397,850▼ $628,559

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$18,793$10,030$28,823
Other Securities$262,831--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
-Chief Executive OfficerFT$245,990$26,708$272,698
-Chief Investment OfficerFT$120,706$58,016$178,722
-Entrepreneur-in-ResidenceFT$108,234$47,025$155,259
-Board Member and General CounselFT$140,097$5,094$145,191
-Chief Financial OfficerFT$103,256$15,195$118,451
-Program DirectorFT$106,810$2,888$109,698
-SecretaryPT$74,111-$74,111

Board Members and Trustees

NameTitle
-Board Chair
-Board Member

Highest Paid Contractors

ContractorServicesLocationCompensation
AutosolveAdvisory Services - Economic Gardening Program329 WOOD STREET, Lake Mary, FL 32746$212,500
Edward Lowe FoundationAdvisory Services - Economic Gardening Program58220 DECATUR ROAD, Cassopolis, MI 49031$211,601
Crowe Horwath LLPAudit And Tax ServicesPO BOX 71570, Chicago, IL 60694$107,675
Revenue and Support

Revenue Composition

Contributions and Grants
$240,250
Program Service Revenue
$2,879,729
Investment Income
$5,279
Other Revenue
$2,133
All Other Contributions
$240,250
Change in Net Assets
$-373,859

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,119,505
Revenue Not Reported on Financial Statements
$7,886
Revenue Not Reported on Form 990
$-265,548
Other Revenue Adjustments
$7,886
Total Revenue per Audited Statements
$2,853,957
Total Revenue per Form 990
$3,127,391
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,006,139
Other Expenses$1,277,111
Grants and Similar Amounts Paid$218,000
Total Fundraising Expense$14,134
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$959,748$0$0$959,748
Current Officers, Directors, Trustees, and Key Employees$551,380$201,239$11,602$764,221
Fees for Services Other$583,936$124,217$0$708,153
Grants to Domestic Orgs$218,000--$218,000
Other Employee Benefits-$143,131-$143,131
Fees for Services Accounting$52,714$61,742$0$114,456
Payroll Taxes-$94,436-$94,436
Travel$74,864$8,398$748$84,010
Insurance$47,144$12,693$604$60,441
Occupancy$29,323$30,750$187$60,260
Information Technology$22,013$35,915-$57,928
Pension Plan Contributions-$44,603-$44,603
Advertising$19,323$12,882$0$32,205
Office Expenses$18,001$3,719$160$21,880
Fees for Services Legal$1,000$14,965$0$15,965
Depreciation Depletion$5,728$1,184$51$6,963
All Other Expenses$1,438$5,184$13$6,635
Other Expenses$2,861$591$26$3,478
Interest$214$44$2$260
Total Functional Expenses$2,674,172$812,944$14,134$3,501,250

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$3,501,250
Expenses per Audited Statements$3,493,364
Total Expenses per Audited Statements$3,493,364
Expenses Not Reported on Financial Statements$7,886
Other Expense Adjustments$7,886
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
DiTara LLCFort Wayne, INCorporationStartup capital assistance$25,000
Gift UtopiaAngola, INCorporationStartup capital assistance$25,000
NanDioSouth Bend, INCorporationStartup capital assistance$25,000
Rusher MedicalFort Wayne, INCorporationStartup capital assistance$25,000
SupplierIQSouth Bend, INCorporationStartup capital assistance$25,000
Trek10South Bend, INCorporationStartup capital assistance$23,000
AdjunctProfessorLinkValparaiso, INCorporationStartup capital assistance$15,000
Ananse HealthValparaiso, INCorporationStartup capital assistance$15,000
AssureTechIndianapolis, INCorporationStartup capital assistance$15,000
One Place NowSaint John, INCorporationStartup capital assistance$15,000
Go Yodel LLCValparaiso, INCorporationStartup capital assistance$5,000
RockZip LLCMichigan City, INCorporationStartup capital assistance$5,000
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0--
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
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
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, Line 15B PROCESS TO ESTABLISH COMPENSATION OF OTHER OFFICERS

The ceo has the authority to hire and set initial compensation of other officers and key employees. Subsequent raises were determined by the compensation committee and approved by the board. This process was last undertaken in january 2015.

Form 990, Part VI, Line 4 Significant changes to organizational documents

The organization amended its bylaws to change the following: Section 1.2 was replaced in its entirety as follows: 1) The minimum number of directors was reduced from 4 to 3.

Form 990, Part VI, Line 11B Review of form 990 by governing body

The form 990 was reviewed in detail by the CFO and CEO. A final draft of the form 990 was distributed via email to every member of the governing body prior to filing with the IRS. Board members were given 10 days to provide feedback and ask questions prior to filing.

Form 990, Part VI, Line 12C Conflict of interest policy

Every board member, officer and employee is required to sign annually a Conflict of Interest Statement disclosing actual or potential conflicts of interest with the organization. The Compliance Officer has been appointed by the Board to review the disclosure statements and ensure compliance with the Conflict of Interest Policy. Additionally, each board member, officer, and employee is required to disclose actual and potential conflicts of interest in advance of the completion of the organization's investment transactions through Elevate and its subsidiary entities. In the event that there are conflicts of interest that arise that are not related to the organization's investment activities, the board members and staff must disclose the conflict or potential conflict to the compliance officer and abstain from any decision-making as it pertains to the conflict.

Form 990, Part VI, Line 15A Process to establish compensation of top management official

A compensation committee was appointed to establish compensation for the top management official. The committee used comparability data in their determination to ensure compensation is reasonable. Discussion and analysis of the process was documented in the compensation committee minutes. The compensation committee presented to the Board of Directors their recommendation for compensation and the Board voted on the compensation based on the committee's recommendation. This process was last undertaken in February 2013. No change in compensation was made in 2014.

Form 990, Part VI, Line 19 Required documents available to the public

Financial statements, governing documents, and conflict of interest policies are not required disclosures pursuant to internal revenue code (IRC) Section 6104. These documents are not available to the public at this time.

Filing and Contact Details

Filer

Filer Name
Elevate Ventures Inc
EIN
27-4118692
Phone
3172520258
Address
50 East 91st St, Indianapolis, IN 46240

Signing Officer

Name
Christopher LaMothe
Title
Chief Executive Officer
Signed
2015-11-12
Discuss with paid preparer
Yes

Organization Details

Formed
2010
Legal Domicile
In
Voting Board Members
6
Independent Board Members
4
Employees
15
Volunteers
4

Preparer

Firm
Crowe Horwath Llp
Address
3815 River Crossing Parkway, Suite 300, Indianapolis, IN 46240-0977
Preparer
Rachel Spurlock
Phone
3175698989
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 4 ELEVATE VENTURES ACCOMPLISHMENTS DURING 2014

In 2014, Elevate achieved its most successful year. Major accomplishments include: Completed 24 seed and early-stage investment transactions with a total of $8.28M invested and nearly $13M co-invested from other sources. Launched the Indiana Seed Fund fund-of-funds co-investment program, with participation from 7 Indiana fund managers and organized angel groups. Additional groups are expected to qualify in 2015. Relaunched the state's SBIR/STTR Phase I matching funds program. The program qualified 24 state matching grants for 21 Indiana companies, with an additional $4.37M in federal grant awards directed to these Indiana companies by federal agencies. The matching program operates in conjunction with SBIR assistance provided in partnership with State of Indiana's Offices of Small Business and Entrepreneurship. Hosted 2 investor roadshows aiming to connect the best Indiana companies with regional and national venture capital firms in Indianapolis and Chicago. Elevate connected more than 75 Indiana companies and institutional investors combined and over 150 quality meetings took place. More than $10M in term sheets and investment interest have already followed. Formal partnerships were formed with Velocity, an accelerator program based in Jeffersonville, IN and with the Purdue Foundry for delivery of Entrepreneur-in-Residence services and the launch of the $2M Elevate Purdue Foundry Fund targeting Purdue Foundry affiliated seed-stage companies. Elevate Ventures' direct investment portfolio includes 47 companies, with nearly $30M invested and over $190M co-invested since 2011.

Form 990, Part IX, Line 11G Other Fees

Consulting Fees - Total Expense: 708153, Program Service Expense: 583936, Management and General Expenses: 124217, Fundraising Expenses: ;

Financial Statement Notes

Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote

The Internal Revenue Service has determined that Elevate is a tax-exempt organization as defined in Section 501(c)(3) of the Internal Revenue Code and is exempt from federal income taxes on related income. Elevate is not considered to be a private foundation. Current accounting standards require Elevate to disclose the amount of potential benefit or obligation to be realized as a result of an examination performed by a taxing authority. For the years ended December 31, 2014 and 2013, management has determined that Elevate does not have any tax positions that result in any uncertainties regarding the possible impact on Elevate's financial statements. Elevate does not expect the total amount of unrecognized tax benefits to significantly change in the next 12 months. Elevate recognizes interest and/or penalties related to income tax matters in income tax expense. Elevate did not have any amounts accrued for interest and penalties at December 31, 2014 and 2013.

Schedule D, Part XI, Line 4(B) Other revenues in form 990 not in audited financial statements

Uncollectible pledge - 3000 capital asset write-off - 4886

Schedule D, Part XII, Line 4(B) Other expenses in form 990 not in audited financial statements

Uncollectible pledge - 3000 capital asset write off - 4886

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IRS990/Desc0Direct Investment and Advisory Services Elevate employs Entrepreneurs-in-Residence (EIR) throughout the state to provide direct support and advisory services to Indiana companies. The EIR's work directly with companies to provide mentorship, service and advisory referrals, and introductions to capital sources. EIRs connect companies to potential business partners, service providers, investors, and talent. Elevate EIRs participated in 3 "Startup Weekend" events, mentored teams through Notre Dame's ESTEEM Lean Launchpad program and Business Plan Competition, presented Lean Startup methodology in classes, and established regional investor networks. Elevate launched the Northwest Indiana Tech Foundry, a technology-sector business accelerator in Valparaiso. The first cohort included 6 Indiana technology startups. EIRs provided direct advisory consulting to over 360 companies helping them develop their director and advisory boards, hire management teams, connect with service providers, and a variety of other mentoring activities. EIRs also refer companies into other programs, including Elevate's Direct Investment and Economic Gardening programs. Direct Advisory Services are operated through the Quickstart and Regional Entrepreneurial Action Plan (REAP) Programs. Funding for the REAP and Quickstart programs come from a combination of grants from the Indiana Economic Development Corporation and direct contributions from stakeholders in the regions in which these programs operate. Elevate's EIRs also present companies to regional advisory boards who review and approve High-Potential Startup Grants, a program that awards small grants of $5-25K to high-potential start-ups to enable attainment of measurable outcomes or milestones. In 2014, a total of $223,000 was awarded to a total of 12 companies. Elevate's Economic Gardening program is a 3-step consulting platform that guides and supports second-stage companies to help them achieve high growth at no cost to the company. It allows such companies to access expert leadership, market research, and implementation consulting services that they may not otherwise be able to obtain. Second-stage companies have between $750K-$25M in revenue and between 5-100 employees. Most of the companies served had under $5M in revenue and a median company size of 16 employees. Elevate contracts with 3 vendors to provide the Economic Gardening program to second-stage companies. The value of the consulting averages approximately $5K per company with a maximum cost of $8K. This program currently operates in Northwest, North Central, Northeast and Southwest Indiana. In 2014, 71 companies completed the program, and 62 companies were enrolled during the year. Consulting services include market research services from the Edward Lowe Foundation, leadership assessment services from LeaderMarks, and Implementation services from AutoSolve. Edward Lowe Foundation provides up to 36 hours of consulting services from a team of research specialists specializing in strategic market research, geographic information systems, search engine optimization and social media marketing. Consultants identify market trends, potential competitors and unknown resources, provide geographic data for targeted marketing, increase search engine visibility and web traffic, analyze the competitive marketing landscape, and advise on core strategies and business models. LeaderMarks provides Leadership Assessment of the company's CEO and management team. This is an optional additional service available to companies enrolled in Elevate's Economic Gardening program. On completion of the Edward Lowe Foundation's market research consulting, companies may opt-in to receive up to 20 hours of implementation consulting from AutoSolve. AutoSolve helps companies develop and implement plans to utilize the market research data from the Edward Lowe Foundation to increase revenue and grow their business. The AutoSolve consulting services were added to the program
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IRS990/MissionDesc0Elevate Ventures nurtures and develops emerging and existing high-potential businesses into high-performing, Indiana-based companies. We accomplish this by providing rigorous business analysis and robust advisory services that connect companies with the resources they need to succeed long-term.
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$28.2$5.01$23.2$9.24$10.8$1.58
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$12.0$2.38$9.61$9.96$11.6$1.66
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$13.2$2.85$10.3$6.49$7.98$1.49
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$13.6$2.49$11.1$6.54$6.85$0.31
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$11.0$7.22$3.81$5.85$5.19$0.66
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.85$4.25$5.61$5.33$4.27$1.06
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$8.77$3.91$4.87$4.64$4.22$0.42
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$8.50$2.49$6.01$5.51$3.62$1.89
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$6.30$2.85$3.45$6.08$3.18$2.90
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.56$3.33$0.22$3.03$2.55$0.48
2014Detailed filing. Detailed filing data is available for this year.$3.40$0.35$3.05$3.13$3.50$0.37
2013Detailed filing. Detailed filing data is available for this year.$3.50$0.34$3.16$3.95$3.05$0.90
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.62$0.38$2.25$2.66
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.97$0.22$0.75$0.92