Civic Intelligence

Rochester Area Economic Development Inc

990 • Fiscal year 2017 • EIN 36-3414363

Jan 01, 2017 to Dec 31, 2017 • Filed on Sep 05, 2018

Organization ProfileWWW.RAEDI.COM
220 South Broadway No 100Rochester, MN 55904

(507) 288-0208

Siviq Scores

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

Liabilities / Assets

34th percentile

0.08x

Higher debt load relative to assets than 34% of similar nonprofits.

2017 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2017

Liabilities / Revenue

52nd percentile

0.19x

Higher debt load relative to revenue than 52% of similar nonprofits.

2017 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2017

Net Margin

53rd percentile

4.5%

Higher net margin than 53% of similar nonprofits.

2017 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2017

Top Officer Pay

59th percentile

$163,965

Higher top officer pay than 59% of similar nonprofits.

Top officer pay equals 16.3% of source-year revenue.

2017 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2017

Asset Growth

54th percentile

6.6%

Faster asset growth than 54% of similar nonprofits.

2017 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2016 to 2017

Revenue Growth

7th percentile

-17%

Faster revenue growth than 7% of similar nonprofits.

2017 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets34th percentile

Assets

Up

$2,471,645

Up $153,223 (+6.6%) from 2016

Net Assets

Up

$2,279,916

Up $45,462 (+2.0%) from 2016

Liabilities

Up

$191,729

Up $107,761 (+128%) from 2016

Revenue And Expenses
Liabilities / Revenue52nd percentileNet Margin53rd percentile

Revenue

Down

$1,004,855

Down $206,211 (-17%) from 2016

Expenses

Down

$959,393

Down $18,110 (-1.9%) from 2016

Net Income

Down

$45,462

Down $188,101 (-81%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth54th percentile

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

$6.0M$4.0M$2.0M$0Assets 2010: $948,973Liabilities 2010: $139,121Net Assets 2010: $809,8522010Assets 2011: $987,231Liabilities 2011: $137,655Net Assets 2011: $849,5762011Assets 2012: $1,109,030Liabilities 2012: $242,521Net Assets 2012: $866,5092012Assets 2013: $1,325,719Liabilities 2013: $259,797Net Assets 2013: $1,065,9222013Assets 2014: $1,942,067Liabilities 2014: $429,347Net Assets 2014: $1,512,7202014Assets 2015: $2,326,332Liabilities 2015: $325,441Net Assets 2015: $2,000,8912015Assets 2016: $2,318,422Liabilities 2016: $83,968Net Assets 2016: $2,234,4542016Assets 2017: $2,471,645Liabilities 2017: $191,729Net Assets 2017: $2,279,9162017Assets 2018: $3,048,829Liabilities 2018: $83,750Net Assets 2018: $2,965,0792018Assets 2019: $3,179,838Liabilities 2019: $57,690Net Assets 2019: $3,122,1482019Assets 2020: $3,969,050Liabilities 2020: $34,758Net Assets 2020: $3,934,2922020Assets 2021: $4,698,933Liabilities 2021: $35,988Net Assets 2021: $4,662,9452021Assets 2022: $4,399,928Liabilities 2022: $99,603Net Assets 2022: $4,300,3252022Assets 2023: $4,653,364Liabilities 2023: $68,832Net Assets 2023: $4,584,5322023Assets 2024: $4,648,769Liabilities 2024: $41,823Net Assets 2024: $4,606,9462024

Highlighted filing

2017

Assets$2,471,645
Liabilities$191,729
Net Assets$2,279,916
Open 2017 Filing

Operations Trend

Revenue Growth7th percentile

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

$3.0M$2.0M$1.0M$0-$1.0MExpenses 2010: $650,6322010Expenses 2011: $672,0012011Expenses 2012: $693,6712012Revenue 2013: $959,525Expenses 2013: $760,112Net Income 2013: $199,4132013Revenue 2014: $1,442,497Expenses 2014: $995,699Net Income 2014: $446,7982014Revenue 2015: $2,593,214Expenses 2015: $2,105,043Net Income 2015: $488,1712015Revenue 2016: $1,211,066Expenses 2016: $977,503Net Income 2016: $233,5632016Revenue 2017: $1,004,855Expenses 2017: $959,393Net Income 2017: $45,4622017Revenue 2018: $1,631,516Expenses 2018: $946,353Net Income 2018: $685,1632018Revenue 2019: $1,063,888Expenses 2019: $928,964Net Income 2019: $134,9242019Revenue 2020: $1,467,356Expenses 2020: $655,212Net Income 2020: $812,1442020Revenue 2021: $1,415,203Expenses 2021: $686,550Net Income 2021: $728,6532021Revenue 2022: $925,215Expenses 2022: $1,287,835Net Income 2022: -$362,6202022Revenue 2023: $1,659,191Expenses 2023: $1,374,984Net Income 2023: $284,2072023Revenue 2024: $1,412,451Expenses 2024: $1,390,037Net Income 2024: $22,4142024

Highlighted filing

2017

Revenue$1,004,855
Expenses$959,393
Net Income$45,462
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Sep 5, 2018
Return Version
2017v2.3
Gross Receipts
$1,246,746
Mission and Program Overview

Mission

Raedi's mission is to be an economic enabler to rochester area businesses, producing results through retention, growth and diversification of our economy.

Raedi's primary goal is to attract, retain, grow and diversify the business economy within the rochester area.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Program Related$543,205$1,019,688▲ $476,483
Savings and Temporary Cash Investments$346,342$550,525▲ $204,183
Other Notes and Loans Receivable, Net$817,865$462,893▼ $354,972
Land, Buildings, and Equipment, Net$278,161$245,288▼ $32,873
Cash and Non-Interest-Bearing Accounts$169,170$135,136▼ $34,034
Accounts Receivable$22,423$51,930▲ $29,507
Prepaid Expenses and Deferred Charges$5,897$6,185▲ $288
Total Assets$2,318,422$2,471,645▲ $153,223
Other Assets Total$135,359$0▼ $135,359
Liabilities
Deferred Revenue$18,085$79,010▲ $60,925
Accounts Payable and Accrued Expenses$65,883$72,719▲ $6,836
Other Liabilities$0$40,000▲ $40,000
Total Liabilities$83,968$191,729▲ $107,761
Net Assets / Fund Balance
Unrestricted Net Assets$2,234,454$2,279,916▲ $45,462
Total Net Assets Fund Balance$2,234,454$2,279,916▲ $45,462
Total Liabilities and Net Assets / Fund Balance$2,318,422$2,471,645▲ $153,223

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$235,026$168,345$403,371
Equipment$10,262$51,358$61,620
Investment Program Related Org$50,000--
Compensation and Service Providers
Top Officer Pay59th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Gary SmithPresidentFT$146,500$17,465$163,965

Board Members and Trustees

NameTitle
Daniel BeckChair
James RogersPast Chair
Mark HayfordPast Chair
Mary Blair-hoeftVice Chair
Adam BenikeDirector
Bruce GudlinDirector
Christy BladeDirector
Dan EstesDirector
Dave OethDirector
Devin SwanbergDirector
Ed HruskaDirector
Elaine GarryDirector
Jim BierDirector
Joel YoungDirector
John ReedDirector
John WadeDirector
Joshua BurgessDirector
Joya StetsonDirector
Ken BrownDirector
Larry McgrawDirector
Mark BrowningDirector
Mark KotschevarDirector
Mark UtzDirector
Melissa BrinkmanDirector
Melissa MorrisDirector
Norm DotyDirector
Patrick SeebDirector
Paul BucherDirector
Randy StaverDirector
Rory LentonDirector
Steve SherwoodDirector
Todd LuedkeDirector
Ardell BredeEx Officio
Doug EatonSecretary/treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$480,610
Program Service Revenue
$499,949
Investment Income
$24,296
Other Revenue
$0
Change in Net Assets
$45,462

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,004,855
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$256,579
Total Revenue per Audited Statements
$1,261,434
Total Revenue per Form 990
$1,004,855
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$775,938
Other Expenses$183,455
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$485,210
Current Officers, Directors, Trustees, and Key Employees---$163,965
Payroll Taxes---$47,134
Other Employee Benefits---$45,210
Depreciation Depletion---$35,765
Pension Plan Contributions---$34,419
Fees for Services Accounting---$25,868
Occupancy---$19,126
Travel---$13,892
Advertising---$13,835
Office Expenses---$12,714
All Other Expenses---$11,176
Conferences and Meetings---$9,441
Fees for Services Other---$8,652
Insurance---$5,419
Other Expenses---$3,434
Fees for Service Investment Mgmnt Fees---$1,342
Fees for Services Legal---$746
Total Functional Expenses$0$0$0$959,393

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,215,972
Expenses per Audited Statements$959,393
Total Expenses per Form 990$959,393
Expenses Not Reported on Form 990$256,579
Expenses Not Reported on Financial Statements$0
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
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Capital Contribution Payable to Se Mn$40,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
Yes
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
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 A, Line 6

“The organization has members who are not authorized to elect members of the governing body.”

Form 990, Part VI, Section B, Line 11B

“The irs form 990 is reviewed by the executive committee for approval.”

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

“The board, officers, and management employees are instructed to exercise honesty and best judgment in compliance with the conflict of interest policy.”

Form 990, Part VI, Section B, Line 15A

“The executive committee conducts an annual performance review and sets compensation, which is then approved by the board of directors as part of the annual budget.”

Form 990, Part VI, Section C, Line 18

“Form 990 is available upon request.”

Form 990, Part VI, Section C, Line 19

“Governing documents, conflict of interest policy and financial statements are available upon request.”

Filing and Contact Details

Filer

Filer Name
Rochester Area Economic Development Inc
EIN
36-3414363
Phone
5072880208
Address
220 SOUTH BROADWAY NO 100, ROCHESTER, MN 55904

Signing Officer

Name
Ryan Nolander
Title
President
Phone
5072880208
Signed
2018-09-05
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ryan Nolander
Formed
1985
Legal Domicile
Mn
Voting Board Members
35
Independent Board Members
34
Employees
8
Volunteers
35

Preparer

Firm
Smith Schafer and Assoc Ltd
Address
220 SOUTH BROADWAY SUITE 102, ROCHESTER, MN 55904
Preparer
Thomas H Wente
Phone
5072883277
Supplemental Narrative

Financial Statement Notes

PART XI, LINE 2D - OTHER ADJUSTMENTS:

“Rent expenses 241,891. Loss on investment 14,688.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Rent expenses 241,891. Loss on investment 14,688.”

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/PersonNm25DANIEL BECK
IRS990/Form990PartVIISectionAGrp/PersonNm26JAMES ROGERS
IRS990/Form990PartVIISectionAGrp/PersonNm27JOSHUA BURGESS
IRS990/Form990PartVIISectionAGrp/PersonNm28CHRISTY BLADE
IRS990/Form990PartVIISectionAGrp/PersonNm29ARDELL BREDE
IRS990/Form990PartVIISectionAGrp/PersonNm30JOHN REED
IRS990/Form990PartVIISectionAGrp/PersonNm31RORY LENTON
IRS990/Form990PartVIISectionAGrp/PersonNm32PATRICK SEEB
IRS990/Form990PartVIISectionAGrp/PersonNm33RANDY STAVER
IRS990/Form990PartVIISectionAGrp/PersonNm34DEVIN SWANBERG
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt40
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt250
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt260
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt270
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt280
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt290
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt310
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt340
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt30
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt40
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt50
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt60
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt70
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt90
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt100
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt110
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt120
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt130
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt140
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt150
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt160
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt170
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt180
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt190
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt210
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt220
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt230
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt250
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt270
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt280
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt290
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt300
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt320
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt340
IRS990/Form990PartVIISectionAGrp/TitleTxt0DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt1DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt2VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9SECRETARY/TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12PAST CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt20PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt22DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt23DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt24DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt25CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt26PAST CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt27DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt28DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt29EX OFFICIO
IRS990/Form990PartVIISectionAGrp/TitleTxt30DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt31DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt32DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt33DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt34DIRECTOR
IRS990/Form990ProvidedToGvrnBodyInd01
IRS990/FormationYr01985
IRS990/FormerOfcrEmployeesListedInd00
IRS990/FSAuditedBasisGrp/SeparateBasisFinclStmtInd0X
IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd00
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt035
IRS990/GovernmentGrantsAmt065000
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossReceiptsAmt01246746
IRS990/GrossRentsGrp/RealAmt0241891
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd00
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IRS990/IndivRcvdGreaterThan100KCnt01
IRS990/IndoorTanningServicesInd00
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IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt024296
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IRS990/InvestmentsProgramRelatedGrp/EOYAmt01019688
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IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
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IRS990/OtherExpensesGrp/Desc0RAVE EXPENSES
IRS990/OtherExpensesGrp/Desc1SE MN 504 CORP SERVICES
IRS990/OtherExpensesGrp/Desc2PARKING
IRS990/OtherExpensesGrp/Desc3CLEANING & MAINTENANCE
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IRS990/OtherExpensesGrp/TotalAmt16370
IRS990/OtherExpensesGrp/TotalAmt24470
IRS990/OtherExpensesGrp/TotalAmt33434
IRS990/OtherLiabilitiesGrp/BOYAmt00
IRS990/OtherLiabilitiesGrp/EOYAmt040000
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IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
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IRS990/PensionPlanContributionsGrp/TotalAmt034419

Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,471,645
Liabilities
$191,729
Net assets
$2,279,916
Revenue
$1,004,855
Expenses
$959,393
Net income
$45,462
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$4.65$0.04$4.61$1.41$1.39$0.02
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.65$0.07$4.58$1.66$1.37$0.28
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.40$0.10$4.30$0.93$1.29$0.36
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.70$0.04$4.66$1.42$0.69$0.73
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.97$0.03$3.93$1.47$0.66$0.81
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.18$0.06$3.12$1.06$0.93$0.13
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.05$0.08$2.97$1.63$0.95$0.69
2017Detailed filing. Detailed filing data is available for this year.$2.47$0.19$2.28$1.00$0.96$0.05
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.32$0.08$2.23$1.21$0.98$0.23
2015Detailed filing. Detailed filing data is available for this year.$2.33$0.33$2.00$2.59$2.11$0.49
2014Detailed filing. Detailed filing data is available for this year.$1.94$0.43$1.51$1.44$1.00$0.45
2013Detailed filing. Detailed filing data is available for this year.$1.33$0.26$1.07$0.96$0.76$0.20
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.11$0.24$0.87$0.69
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.99$0.14$0.85$0.67
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.95$0.14$0.81$0.65