Civic Intelligence

Duet Inc.

990 • Fiscal year 2020 • EIN 32-0568985

Jul 01, 2019 to Jun 30, 2020 • Filed on Nov 12, 2020

Organization ProfileWWW.DUET.ORG

View Organization Page

50 Milk Street Suite 600Boston, MA 02110

(617) 712-2848

Siviq Scores

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

Liabilities / Assets

24th percentile

0.03x

Higher debt load relative to assets than 24% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Liabilities / Revenue

24th percentile

0.06x

Higher debt load relative to revenue than 24% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Net Margin

12th percentile

-26%

Higher net margin than 12% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Top Officer Pay

62nd percentile

$149,612

Higher top officer pay than 62% of similar nonprofits.

Top officer pay equals 4.5% of source-year revenue.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Asset Growth

11th percentile

-6.0%

Faster asset growth than 11% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2019 to 2020

Revenue Growth

11th percentile

-37%

Faster revenue growth than 11% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets24th percentile

Assets

Down

$8,112,750

Down $521,615 (-6.0%) from 2019

Net Assets

Down

$7,901,030

Down $593,117 (-7.0%) from 2019

Liabilities

Up

$211,720

Up $71,502 (+51%) from 2019

Revenue And Expenses
Liabilities / Revenue24th percentileNet Margin12th percentile

Revenue

Down

$3,312,216

Down $1,912,197 (-37%) from 2019

Expenses

Up

$4,181,033

Up $1,129,368 (+37%) from 2019

Net Income

Down

-$868,817

Down $3,041,565 (-140%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth11th percentile

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

$10M$5.0M$0Assets 2019: $8,634,365Liabilities 2019: $140,218Net Assets 2019: $8,494,1472019Assets 2020: $8,112,750Liabilities 2020: $211,720Net Assets 2020: $7,901,0302020Assets 2021: $6,806,173Liabilities 2021: $300,557Net Assets 2021: $6,505,6162021Assets 2022: $7,274,929Liabilities 2022: $173,774Net Assets 2022: $7,101,1552022Assets 2023: $6,411,419Liabilities 2023: $1,056,312Net Assets 2023: $5,355,1072023Assets 2024: $4,284,649Liabilities 2024: $775,197Net Assets 2024: $3,509,4522024

Highlighted filing

2020

Assets$8,112,750
Liabilities$211,720
Net Assets$7,901,030
Open 2020 Filing

Operations Trend

Revenue Growth11th percentile

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

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2019: $5,224,413Expenses 2019: $3,051,665Net Income 2019: $2,172,7482019Revenue 2020: $3,312,216Expenses 2020: $4,181,033Net Income 2020: -$868,8172020Revenue 2021: $2,616,940Expenses 2021: $4,012,354Net Income 2021: -$1,395,4142021Revenue 2022: $4,938,474Expenses 2022: $4,342,935Net Income 2022: $595,5392022Revenue 2023: $2,737,246Expenses 2023: $4,483,294Net Income 2023: -$1,746,0482023Revenue 2024: $3,178,366Expenses 2024: $5,024,021Net Income 2024: -$1,845,6552024

Highlighted filing

2020

Revenue$3,312,216
Expenses$4,181,033
Net Income-$868,817
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Nov 12, 2020
Return Version
2019v5.0
Gross Receipts
$3,312,216
Mission and Program Overview

Mission

Duets mission is to help college students earn degrees by providing support and coaching.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$258,100$3,264,781▲ $3,006,681
Pledges and Grants Receivable$4,242,634$2,273,026▼ $1,969,608
Cash and Non-Interest-Bearing Accounts$3,600,382$1,486,003▼ $2,114,379
Accounts Receivable$221,000$774,723▲ $553,723
Land, Buildings, and Equipment, Net$227,199$195,612▼ $31,587
Prepaid Expenses and Deferred Charges$85,050$118,605▲ $33,555
Total Assets$8,634,365$8,112,750▼ $521,615
Liabilities
Accounts Payable and Accrued Expenses$140,218$211,720▲ $71,502
Total Liabilities$140,218$211,720▲ $71,502
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$4,251,513$5,636,804▲ $1,385,291
Net Assets With Donor Restrictions$4,242,634$2,264,226▼ $1,978,408
Total Net Assets Fund Balance$8,494,147$7,901,030▼ $593,117
Total Liabilities and Net Assets / Fund Balance$8,634,365$8,112,750▼ $521,615

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$82,790$143,428$226,218
Leasehold Improvements$112,822$86,911$199,733
Compensation and Service Providers
Top Officer Pay62nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Michael LarssonPresident &FT$129,613$19,999$149,612
Elizabeth MarinoTreasuer & CFT$142,866-$142,866
Michele CarrollClerk & COOFT$139,948$1,662$141,610

Board Members and Trustees

NameTitle
Stig LeschlyChair
Andrew BalsonDirector
Julie Swerdlow AlbinoDirector
Thabiti BrownDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$2,059,292
Program Service Revenue
$1,239,837
Investment Income
$13,087
Other Revenue
$0
All Other Contributions
$1,618,892
Change in Net Assets
$-868,817

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,312,216
Total Revenue per Audited Statements
$3,312,216
Total Revenue per Form 990
$3,312,216
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,486,783
Other Expenses$1,097,964
Grants and Similar Amounts Paid$596,286
Total Fundraising Expense$80,439
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,592,034$97,760$21,695$1,711,489
Grants to Domestic Individuals$596,286--$596,286
Occupancy$409,325$39,778$10,063$459,166
Current Officers, Directors, Trustees, and Key Employees$332,154$74,385$27,549$434,088
Other Employee Benefits$165,602$14,157$3,608$183,367
Payroll Taxes$141,552$12,664$3,623$157,839
Fees for Services Other$99,397$12,180$179$111,756
Office Expenses$51,792$33,897$7,861$93,550
Information Technology$66,766$14,700$4,205$85,671
Fees for Services Accounting-$66,933-$66,933
Depreciation Depletion$47,960$4,291$1,227$53,478
Insurance$16,729$1,497$429$18,655
Fees for Services Legal-$3,119-$3,119
Other Expenses$201,639$2,024-$2,024
Conferences and Meetings$366$1,607-$1,973
Total Functional Expenses$3,721,602$378,992$80,439$4,181,033

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$4,181,033
Total Expenses per Audited Statements$4,181,033
Total Expenses per Form 990$4,181,033
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
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

“A copy of form 990 is provided to duets board of directors for approval before being filed”

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

“Each director, officer and management level employee shall annually sign a statement which affirms that such person: a. Has received a copy of this conflict of interest policy, b. Has read and understands the conflict of interest policy, c. Has agreed to comply with the conflict of interest policy, and d. Understands that duet is a charitable organization and in order to maintain its federal tax exemption it must engage primarily in activities which accomplish one or more of its tax-exempt purposes.”

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

“Salary for the ceo is determined and approved by the board of directors. Salaries for other employees are approved by the president/ceo.”

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

“Salary for other key employees are approved by the president/ceo.”

Form 990, Page 6, Part VI, Line 19

“Governing documents, the conflict of interest policy, and financial statements are available by request. The annual financial statements, including the form 990, are filed with the attorney generals office on an annual basis. No requests for information were recevied during the year.”

Filing and Contact Details

Filer

Filer Name
Duet Inc
EIN
32-0568985
Phone
6177122848
Address
50 MILK STREET SUITE 600, BOSTON, MA 02110

Signing Officer

Name
Michael Larsson
Title
President & CEO
Phone
6177122848
Signed
2020-11-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michael Larsson
Formed
2018
Legal Domicile
Ma
Voting Board Members
5
Independent Board Members
4
Employees
46

Preparer

Firm
Daviskelly Llp
Address
4238 WASHINGTON ST STE 307, BOSTON, MA 02131-2517
Preparer
Randall S Davis
Phone
9787648966
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IRS990/SavingsAndTempCashInvstGrp/EOYAmt03264781
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0MISCELLANEOUS 3,010
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART II, LINE 10
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt04464203
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt06523495
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt013087
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt02950
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt016037
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt01239837
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus1YearAmt03010
IRS990ScheduleA/OtherIncome170Grp/TotalAmt03010
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportTotal170Amt02207350
IRS990ScheduleA/SubstantialContributorsTotAmt04316145
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt02059292
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt04464203
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt06523495
IRS990ScheduleA/TotalSupportAmt06542542
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
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IRS990ScheduleD/EquipmentGrp/BookValueAmt082790
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0143428
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0226218
IRS990ScheduleD/ExpensesSubtotalAmt04181033
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt0112822
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt086911
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0199733
IRS990ScheduleD/RevenueSubtotalAmt03312216
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0195612
IRS990ScheduleD/TotalExpensesPerForm990Amt04181033
IRS990ScheduleD/TotalRevenuePerForm990Amt03312216
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt03312216
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt04181033
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IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0TUITION AND SUPPORT
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/NonCashAssistanceAmt0596286
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/NonCashAssistanceDesc0STUDENT SUPPORT
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt0670
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/ValuationMethodUsedDesc0CASH
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IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A COPY OF FORM 990 IS PROVIDED TO DUETS BOARD OF DIRECTORS FOR APPROVAL BEFORE BEING FILED
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1EACH DIRECTOR, OFFICER AND MANAGEMENT LEVEL EMPLOYEE SHALL ANNUALLY SIGN A STATEMENT WHICH AFFIRMS THAT SUCH PERSON: A. HAS RECEIVED A COPY OF THIS CONFLICT OF INTEREST POLICY, B. HAS READ AND UNDERSTANDS THE CONFLICT OF INTEREST POLICY, C. HAS AGREED TO COMPLY WITH THE CONFLICT OF INTEREST POLICY, AND D. UNDERSTANDS THAT DUET IS A CHARITABLE ORGANIZATION AND IN ORDER TO MAINTAIN ITS FEDERAL TAX EXEMPTION IT MUST ENGAGE PRIMARILY IN ACTIVITIES WHICH ACCOMPLISH ONE OR MORE OF ITS TAX-EXEMPT PURPOSES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2SALARY FOR THE CEO IS DETERMINED AND APPROVED BY THE BOARD OF DIRECTORS. SALARIES FOR OTHER EMPLOYEES ARE APPROVED BY THE PRESIDENT/CEO.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3SALARY FOR OTHER KEY EMPLOYEES ARE APPROVED BY THE PRESIDENT/CEO.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4GOVERNING DOCUMENTS, THE CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE BY REQUEST. THE ANNUAL FINANCIAL STATEMENTS, INCLUDING THE FORM 990, ARE FILED WITH THE ATTORNEY GENERALS OFFICE ON AN ANNUAL BASIS. NO REQUESTS FOR INFORMATION WERE RECEVIED DURING THE YEAR.
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 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
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IRS990/StatesWhereCopyOfReturnIsFldCd1NH
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt08634365
IRS990/TotalAssetsEOYAmt08112750
IRS990/TotalAssetsGrp/BOYAmt08634365
IRS990/TotalAssetsGrp/EOYAmt08112750
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IRS990/TotalContributionsAmt02059292
IRS990/TotalEmployeeCnt046
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt080439
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0378992
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt03721602
IRS990/TotalFunctionalExpensesGrp/TotalAmt04181033
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0140218
IRS990/TotalLiabilitiesEOYAmt0211720
IRS990/TotalLiabilitiesGrp/BOYAmt0140218
IRS990/TotalLiabilitiesGrp/EOYAmt0211720
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt08494147
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt07901030
IRS990/TotalOtherCompensationAmt021661
IRS990/TotalProgramServiceExpensesAmt03721602
IRS990/TotalProgramServiceRevenueAmt01239837
IRS990/TotalReportableCompFromOrgAmt0412427
IRS990/TotalRevenueGrp/ExclusionAmt013087
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt01239837
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt03312216
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IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt07 VALLEY ROAD
IRS990/USAddress/CityNm0MILTON
IRS990/USAddress/StateAbbreviationCd0MA
IRS990/USAddress/ZIPCd002186
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt04
IRS990/WebsiteAddressTxt0WWW.DUET.ORG
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02021-01-29 14:40:06Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0MICHAEL LARSSON
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT & CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum06177122848
ReturnHeader/BusinessOfficerGrp/SignatureDt02020-11-12
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0DUET INC
ReturnHeader/Filer/BusinessNameControlTxt0DUET
ReturnHeader/Filer/EIN0320568985
ReturnHeader/Filer/PhoneNum06177122848
ReturnHeader/Filer/USAddress/AddressLine1Txt050 MILK STREET SUITE 600
ReturnHeader/Filer/USAddress/CityNm0BOSTON
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MA
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ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0EF903B2B8FF291CD32F6FDA6AE039773411810DB
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt073.38.206.58
ReturnHeader/FilingSecurityInformation/IPDt02020-11-12
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CS
ReturnHeader/FilingSecurityInformation/IPTm013:13:24
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0463169148
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0DAVISKELLY LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt04238 WASHINGTON ST STE 307
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0BOSTON
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0021312517

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$8,112,750
Liabilities
$211,720
Net assets
$7,901,030
Revenue
$3,312,216
Expenses
$4,181,033
Net income
-$868,817
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$4.28$0.78$3.51$3.18$5.02$1.85
2023Detailed filing. Detailed filing data is available for this year.$6.41$1.06$5.36$2.74$4.48$1.75
2022Detailed filing. Detailed filing data is available for this year.$7.27$0.17$7.10$4.94$4.34$0.60
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.81$0.30$6.51$2.62$4.01$1.40
2020Detailed filing. Detailed filing data is available for this year.$8.11$0.21$7.90$3.31$4.18$0.87
2019Detailed filing. Detailed filing data is available for this year.$8.63$0.14$8.49$5.22$3.05$2.17