Civic Intelligence

Freeport Community Foundation

990 • Fiscal year 2023 • EIN 30-0080762

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 15, 2024

1525 S Forest Rd Suite 200Freeport, IL 61032

(815) 801-3035

Siviq Scores

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

Liabilities / Assets

33rd percentile

0.04x

Higher debt load relative to assets than 33% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Liabilities / Revenue

78th percentile

0.68x

Higher debt load relative to revenue than 78% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Net Margin

9th percentile

-41%

Higher net margin than 9% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Top Officer Pay

22nd percentile

$0

Higher top officer pay than 22% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Asset Growth

56th percentile

7.6%

Faster asset growth than 56% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2022 to 2023

Revenue Growth

67th percentile

18%

Faster revenue growth than 67% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2022 to 2023

Assets

Up

$5,520,488

Up $389,246 (+7.6%) from 2022

Net Assets

Up

$5,283,015

Up $357,716 (+7.3%) from 2022

Liabilities

Up

$237,473

Up $31,530 (+15%) from 2022

Revenue

Up

$349,055

Up $52,027 (+18%) from 2022

Expenses

Up

$492,147

Up $54,661 (+12%) from 2022

Net Income

Down

-$143,092

Down $2,634 (-1.9%) from 2022

Historical Trend

Balance Sheet Trend

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

$8.0M$6.0M$4.0M$2.0M$0Assets 2010: $3,516,447Liabilities 2010: $9,006Net Assets 2010: $3,507,4412010Assets 2011: $3,304,872Liabilities 2011: $12,080Net Assets 2011: $3,292,7922011Assets 2012: $3,594,238Liabilities 2012: $39,448Net Assets 2012: $3,554,7902012Assets 2013: $4,079,042Liabilities 2013: $64,225Net Assets 2013: $4,014,8172013Assets 2014: $4,093,854Liabilities 2014: $82,267Net Assets 2014: $4,011,5872014Assets 2015: $3,865,003Liabilities 2015: $99,202Net Assets 2015: $3,765,8012015Assets 2016: $4,404,212Liabilities 2016: $125,486Net Assets 2016: $4,278,7262016Assets 2017: $4,943,816Liabilities 2017: $132,487Net Assets 2017: $4,811,3292017Assets 2018: $4,749,449Liabilities 2018: $164,135Net Assets 2018: $4,585,3142018Assets 2019: $5,379,092Liabilities 2019: $198,471Net Assets 2019: $5,180,6212019Assets 2020: $5,604,486Liabilities 2020: $222,112Net Assets 2020: $5,382,3742020Assets 2021: $6,123,484Liabilities 2021: $228,375Net Assets 2021: $5,895,1092021Assets 2022: $5,131,242Liabilities 2022: $205,943Net Assets 2022: $4,925,2992022Assets 2023: $5,520,488Liabilities 2023: $237,473Net Assets 2023: $5,283,0152023Assets 2024: $5,790,135Liabilities 2024: $53,489Net Assets 2024: $5,736,6462024

Highlighted filing

2023

Assets$5,520,488
Liabilities$237,473
Net Assets$5,283,015

Operations Trend

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

$1.5M$1.0M$500K$0-$500KExpenses 2010: $135,8242010Expenses 2011: $183,5362011Expenses 2012: $187,5692012Revenue 2013: $404,915Expenses 2013: $205,844Net Income 2013: $199,0712013Revenue 2014: $199,986Expenses 2014: $188,965Net Income 2014: $11,0212014Revenue 2015: $128,174Expenses 2015: $181,937Net Income 2015: -$53,7632015Revenue 2016: $464,533Expenses 2016: $191,755Net Income 2016: $272,7782016Revenue 2017: $510,128Expenses 2017: $247,719Net Income 2017: $262,4092017Revenue 2018: $735,710Expenses 2018: $311,931Net Income 2018: $423,7792018Revenue 2019: $272,224Expenses 2019: $338,676Net Income 2019: -$66,4522019Revenue 2020: $649,371Expenses 2020: $617,534Net Income 2020: $31,8372020Revenue 2021: $1,390,452Expenses 2021: $376,257Net Income 2021: $1,014,1952021Revenue 2022: $297,028Expenses 2022: $437,486Net Income 2022: -$140,4582022Revenue 2023: $349,055Expenses 2023: $492,147Net Income 2023: -$143,0922023Revenue 2024: $591,681Expenses 2024: $467,244Net Income 2024: $124,4372024

Highlighted filing

2023

Revenue$349,055
Expenses$492,147
Net Income-$143,092
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 15, 2024
Return Version
2023v5.0
Gross Receipts
$375,832
Mission and Program Overview

Mission

To help provide for the well-being of the citizens of northwest illinois by accumulating assets in the form of permanent endowment funds & prudently distributing income from those funds to charitable organizations.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$5,059,319$5,294,539▲ $235,220
Cash and Non-Interest-Bearing Accounts$71,923$225,949▲ $154,026
Total Assets$5,131,242$5,520,488▲ $389,246
Liabilities
Escrow Account Liability$152,454$183,984▲ $31,530
Other Liabilities$42,915$53,489▲ $10,574
Total Liabilities$195,369$237,473▲ $42,104
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$4,487,786$4,801,732▲ $313,946
Net Assets With Donor Restrictions$448,087$481,283▲ $33,196
Total Net Assets Fund Balance$4,935,873$5,283,015▲ $347,142
Total Liabilities and Net Assets / Fund Balance$5,131,242$5,520,488▲ $389,246

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements-$5,338$5,338
Equipment-$3,294$3,294
Other Land Buildings-$624$624

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$448,087---$448,087
2022$510,972$7,200▼ $52,335-$448,087
2021$448,920$17,065▲ $64,682-$510,972
2020$406,767$12,238▲ $35,897-$448,920
2019$341,200$14,990▲ $60,124-$406,767
Compensation and Service Providers

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$200,365
Program Service Revenue
$0
Investment Income
$138,073
Other Revenue
$10,617
All Other Contributions
$200,365
Change in Net Assets
$-143,092

Audited Revenue Reconciliation

Revenue per Audited Statements
$349,055
Total Revenue per Audited Statements
$349,055
Total Revenue per Form 990
$349,055
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$235,792
Salaries, Compensation, and Employee Benefits$134,898
Other Expenses$121,457
Total Fundraising Expense$3,112
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$235,792--$235,792
Other Salaries and Wages-$124,540-$124,540
Fees for Service Investment Mgmnt Fees-$25,836-$25,836
Fees for Services Accounting-$18,906-$18,906
Office Expenses-$17,805-$17,805
Payroll Taxes-$10,358-$10,358
Occupancy-$8,500-$8,500
All Other Expenses-$4,368-$4,368
Conferences and Meetings-$3,772-$3,772
Travel-$3,279-$3,279
Other Expenses$8,300$4,327$3,112$3,112
Insurance-$2,231-$2,231
Fees for Services Legal-$148-$148
Total Functional Expenses$244,092$244,943$3,112$492,147

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$492,147
Total Expenses per Audited Statements$492,147
Total Expenses per Form 990$492,147
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Misc Discretionary Allocations---$235,792
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
Annuity Payable$53,489
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 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, Page 6, Part VI, Line 11B

Form 990 was presented to the executive committee of the board of directors during a regularly scheduled meeting. Members of the executive committee were given the opportunity to review the 990 prior to filing with the irs.

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

Each board member signs a conflict of interest statement (they are also given a copy of it) indicating any potential conflicts. All committee members sign a conflict of interest statement as well. The executive director reviews the statements prior to the grant award cycle and scholarship approval process. During the grant award cycles and the scholarship approval process, the executive director ask members to recuse themselves from voting if they have a conflict.

Form 990, Page 6, Part VI, Line 19

The foundation follows the rules and regulations of the irs regarding public availability of form 990 as well as any other required documents. The form 990 is available upon request either by downloading from the foundation's website or having it mailed or examining it in the foundation's office. The foundation also has available upon request financial information such as performance history, list of investment managers, audit fees, and the body responsible for investment and oversight.

Filing and Contact Details

Filer

Filer Name
The Foundation for Northwest Il
EIN
30-0080762
Phone
8158013035
Address
1525 S FOREST RD SUITE 200, FREEPORT, IL 61032

Signing Officer

Name
Jenny Blocker
Title
Treasurer
Phone
8158013035
Signed
2024-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michelle Dehaven Quast
Formed
2002
Legal Domicile
Il
Voting Board Members
11
Independent Board Members
11
Employees
2

Preparer

Firm
Benning Group LLC
Address
50 W DOUGLAS ST STE 300, FREEPORT, IL 61032-4135
Preparer
Jenny L Blocker
Phone
8152353157
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

Change in value of annuity payable -10,574

Financial Statement Notes

Schedule D, Page 2, Part IV, Line 1B

The foundation acts as an agent for funds in which distributions benefit the donor organization. These funds are recorded as liabilities. All contributions received, investment income and fees, realized and unrealized gains are losses are netted together and reported as additions to the liability account. Distributions are recorded as reductions of the liability.

Schedule D, Page 2, Part IV, Line 2B

The foundation acts as an agent for funds in which distributions benefit the donor organization. These funds are recorded as liabilities. All contributions recieved, investment income and fees, realized and unrealized gains are losses are netted together and reported as additions to the liability account. Distributions are recorded as reductions of the liability.

Schedule D, Page 2, Part V, Line 4

The endowment funds are to provide grants and/or scholarships from the earnings on the endowment funds.

Schedule D, Page 4, Part XII, Line 2D

Change in annuity value 0

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IRS990/PrincipalOfficerNm0MICHELLE DEHAVEN QUAST
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0453526
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0100586
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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt0251851
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IRS990ScheduleA/TotalSupportAmt01891616
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IRS990ScheduleD/CYEndwmtFundGrp/EndYearBalanceAmt0448087
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IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/BeginningYearBalanceAmt0510972
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IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/EndYearBalanceAmt0448087
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IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/AdministrativeExpensesAmt019695
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IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/ContributionsAmt017065
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IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt064682
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/AdministrativeExpensesAmt05982
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IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/ContributionsAmt012238
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/EndYearBalanceAmt0448920
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IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/ContributionsAmt014990
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IRS990ScheduleD/EndowmentsHeldRelatedOrgInd0false
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IRS990ScheduleD/EquipmentGrp/DepreciationAmt03294
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt03294
IRS990ScheduleD/ExpensesSubtotalAmt0492147
IRS990ScheduleD/ExplanationProvidedInd0X
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IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt05338
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt05338
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt0624
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0624
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt053489
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0ANNUITY PAYABLE
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE FOUNDATION ACTS AS AN AGENT FOR FUNDS IN WHICH DISTRIBUTIONS BENEFIT THE DONOR ORGANIZATION. THESE FUNDS ARE RECORDED AS LIABILITIES. ALL CONTRIBUTIONS RECEIVED, INVESTMENT INCOME AND FEES, REALIZED AND UNREALIZED GAINS ARE LOSSES ARE NETTED TOGETHER AND REPORTED AS ADDITIONS TO THE LIABILITY ACCOUNT. DISTRIBUTIONS ARE RECORDED AS REDUCTIONS OF THE LIABILITY.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1THE FOUNDATION ACTS AS AN AGENT FOR FUNDS IN WHICH DISTRIBUTIONS BENEFIT THE DONOR ORGANIZATION. THESE FUNDS ARE RECORDED AS LIABILITIES. ALL CONTRIBUTIONS RECIEVED, INVESTMENT INCOME AND FEES, REALIZED AND UNREALIZED GAINS ARE LOSSES ARE NETTED TOGETHER AND REPORTED AS ADDITIONS TO THE LIABILITY ACCOUNT. DISTRIBUTIONS ARE RECORDED AS REDUCTIONS OF THE LIABILITY.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2THE ENDOWMENT FUNDS ARE TO PROVIDE GRANTS AND/OR SCHOLARSHIPS FROM THE EARNINGS ON THE ENDOWMENT FUNDS.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt3CHANGE IN ANNUITY VALUE 0
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 2, PART IV, LINE 1B
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 2, PART IV, LINE 2B
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2SCHEDULE D, PAGE 2, PART V, LINE 4
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc3SCHEDULE D, PAGE 4, PART XII, LINE 2D
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IRS990ScheduleD/TotalLiabilityAmt053489
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IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0349055
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0492147
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IRS990ScheduleI/RecipientTable/CashGrantAmt0235792
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0MISC DISCRETIONARY ALLOCATIONS
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IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FORM 990 WAS PRESENTED TO THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS DURING A REGULARLY SCHEDULED MEETING. MEMBERS OF THE EXECUTIVE COMMITTEE WERE GIVEN THE OPPORTUNITY TO REVIEW THE 990 PRIOR TO FILING WITH THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1EACH BOARD MEMBER SIGNS A CONFLICT OF INTEREST STATEMENT (THEY ARE ALSO GIVEN A COPY OF IT) INDICATING ANY POTENTIAL CONFLICTS. ALL COMMITTEE MEMBERS SIGN A CONFLICT OF INTEREST STATEMENT AS WELL. THE EXECUTIVE DIRECTOR REVIEWS THE STATEMENTS PRIOR TO THE GRANT AWARD CYCLE AND SCHOLARSHIP APPROVAL PROCESS. DURING THE GRANT AWARD CYCLES AND THE SCHOLARSHIP APPROVAL PROCESS, THE EXECUTIVE DIRECTOR ASK MEMBERS TO RECUSE THEMSELVES FROM VOTING IF THEY HAVE A CONFLICT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE FOUNDATION FOLLOWS THE RULES AND REGULATIONS OF THE IRS REGARDING PUBLIC AVAILABILITY OF FORM 990 AS WELL AS ANY OTHER REQUIRED DOCUMENTS. THE FORM 990 IS AVAILABLE UPON REQUEST EITHER BY DOWNLOADING FROM THE FOUNDATION'S WEBSITE OR HAVING IT MAILED OR EXAMINING IT IN THE FOUNDATION'S OFFICE. THE FOUNDATION ALSO HAS AVAILABLE UPON REQUEST FINANCIAL INFORMATION SUCH AS PERFORMANCE HISTORY, LIST OF INVESTMENT MANAGERS, AUDIT FEES, AND THE BODY RESPONSIBLE FOR INVESTMENT AND OVERSIGHT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3CHANGE IN VALUE OF ANNUITY PAYABLE -10,574
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART XI, LINE 9
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IRS990/TaxableDistributionsInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalAssetsGrp/EOYAmt05520488
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0200365
IRS990/TotalEmployeeCnt02
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt03112
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0244943
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0244092
IRS990/TotalFunctionalExpensesGrp/TotalAmt0492147
IRS990/TotalGrossUBIAmt00
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IRS990/TotalLiabilitiesGrp/BOYAmt0195369
IRS990/TotalLiabilitiesGrp/EOYAmt0237473
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt04935873
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IRS990/TotalProgramServiceExpensesAmt0244092
IRS990/TotalRevenueGrp/ExclusionAmt0164850
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0-16160
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0349055
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt05131242
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt05520488
IRS990/TravelGrp/ManagementAndGeneralAmt03279
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$5.79$0.05$5.74$0.59$0.47$0.12
2023Detailed filing. Detailed filing data is available for this year.$5.52$0.24$5.28$0.35$0.49$0.14
2022Detailed filing. Detailed filing data is available for this year.$5.13$0.21$4.93$0.30$0.44$0.14
2021Detailed filing. Detailed filing data is available for this year.$6.12$0.23$5.90$1.39$0.38$1.01
2020Detailed filing. Detailed filing data is available for this year.$5.60$0.22$5.38$0.65$0.62$0.03
2019Detailed filing. Detailed filing data is available for this year.$5.38$0.20$5.18$0.27$0.34$0.07
2018Detailed filing. Detailed filing data is available for this year.$4.75$0.16$4.59$0.74$0.31$0.42
2017Detailed filing. Detailed filing data is available for this year.$4.94$0.13$4.81$0.51$0.25$0.26
2016Detailed filing. Detailed filing data is available for this year.$4.40$0.13$4.28$0.46$0.19$0.27
2015Detailed filing. Detailed filing data is available for this year.$3.87$0.10$3.77$0.13$0.18$0.05
2014Detailed filing. Detailed filing data is available for this year.$4.09$0.08$4.01$0.20$0.19$0.01
2013Detailed filing. Detailed filing data is available for this year.$4.08$0.06$4.01$0.40$0.21$0.20
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.59$0.04$3.55$0.19
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.30$0.01$3.29$0.18
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.52$0.01$3.51$0.14