Civic Intelligence

Knox College

990 • Fiscal year 2023 • EIN 37-0673513

Jul 01, 2022 to Jun 30, 2023 • Filed on May 15, 2024

2 E South StreetGalesburg, IL 61401-4999

(309) 341-7213

Siviq Scores

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

Liabilities / Assets

40th percentile

0.20x

Higher debt load relative to assets than 40% of similar nonprofits.

2023 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2023

Liabilities / Revenue

58th percentile

0.63x

Higher debt load relative to revenue than 58% of similar nonprofits.

2023 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2023

Net Margin

12th percentile

-17%

Higher net margin than 12% of similar nonprofits.

2023 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2023

Top Officer Pay

21st percentile

$411,583

Higher top officer pay than 21% of similar nonprofits.

Top officer pay equals 0.5% of source-year revenue.

2023 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2023

Asset Growth

24th percentile

-0.8%

Faster asset growth than 24% of similar nonprofits.

2023 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2022 to 2023

Revenue Growth

19th percentile

-12%

Faster revenue growth than 19% of similar nonprofits.

2023 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2022 to 2023

Assets

Down

$264,068,800

Down $2,206,182 (-0.8%) from 2022

Net Assets

Down

$210,159,336

Down $1,819,813 (-0.9%) from 2022

Liabilities

Down

$53,909,464

Down $386,369 (-0.7%) from 2022

Revenue

Down

$85,663,549

Down $11,954,991 (-12%) from 2022

Expenses

Up

$100,199,020

Up $7,585,386 (+8.2%) from 2022

Net Income

Down

-$14,535,471

Down $19,540,377 (-390%) from 2022

Historical Trend

Balance Sheet Trend

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

$300M$200M$100M$0Assets 2010: $121,704,369Liabilities 2010: $54,077,389Net Assets 2010: $67,626,9802010Assets 2011: $138,315,339Liabilities 2011: $53,442,656Net Assets 2011: $84,872,6832011Assets 2012: $142,853,498Liabilities 2012: $53,016,424Net Assets 2012: $89,837,0742012Assets 2013: $162,161,089Liabilities 2013: $48,270,267Net Assets 2013: $113,890,8222013Assets 2014: $195,133,000Liabilities 2014: $50,706,085Net Assets 2014: $144,426,9152014Assets 2015: $197,820,060Liabilities 2015: $48,221,235Net Assets 2015: $149,598,8252015Assets 2016: $195,510,828Liabilities 2016: $51,101,670Net Assets 2016: $144,409,1582016Assets 2018: $233,809,465Liabilities 2018: $47,977,515Net Assets 2018: $185,831,9502018Assets 2019: $251,720,323Liabilities 2019: $54,417,660Net Assets 2019: $197,302,6632019Assets 2020: $257,828,933Liabilities 2020: $58,050,557Net Assets 2020: $199,778,3762020Assets 2021: $294,322,347Liabilities 2021: $50,272,505Net Assets 2021: $244,049,8422021Assets 2022: $266,274,982Liabilities 2022: $54,295,833Net Assets 2022: $211,979,1492022Assets 2023: $264,068,800Liabilities 2023: $53,909,464Net Assets 2023: $210,159,3362023

Highlighted filing

2023

Assets$264,068,800
Liabilities$53,909,464
Net Assets$210,159,336

Operations Trend

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

$150M$100M$50M$0-$50MExpenses 2010: $64,686,4582010Expenses 2011: $65,962,4472011Expenses 2012: $69,359,6712012Expenses 2013: $71,748,5332013Revenue 2014: $93,552,771Expenses 2014: $75,376,079Net Income 2014: $18,176,6922014Revenue 2015: $92,116,143Expenses 2015: $79,513,790Net Income 2015: $12,602,3532015Revenue 2016: $85,486,520Expenses 2016: $83,894,181Net Income 2016: $1,592,3392016Revenue 2018: $103,614,687Expenses 2018: $88,102,983Net Income 2018: $15,511,7042018Revenue 2019: $94,452,142Expenses 2019: $90,017,912Net Income 2019: $4,434,2302019Revenue 2020: $89,653,894Expenses 2020: $87,201,155Net Income 2020: $2,452,7392020Revenue 2021: $90,404,751Expenses 2021: $82,885,777Net Income 2021: $7,518,9742021Revenue 2022: $97,618,540Expenses 2022: $92,613,634Net Income 2022: $5,004,9062022Revenue 2023: $85,663,549Expenses 2023: $100,199,020Net Income 2023: -$14,535,4712023

Highlighted filing

2023

Revenue$85,663,549
Expenses$100,199,020
Net Income-$14,535,471
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
May 15, 2024
Return Version
2022v5.0
Gross Receipts
$100,884,791
Mission and Program Overview

Mission

Knox college is dedicated to providing a liberal arts education to students from diverse backgrounds. Our mission is carried out through: our curriculum, the character of our learning environment, our residential campus culture, and our community.

To provide a liberal arts education to students from diverse backgrounds.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$170,007,589$172,681,189▲ $2,673,600
Land, Buildings, and Equipment, Net$62,308,530$59,606,784▼ $2,701,746
Cash and Non-Interest-Bearing Accounts$6,773,697$5,100,317▼ $1,673,380
Accounts Receivable$3,010,467$2,152,778▼ $857,689
Prepaid Expenses and Deferred Charges$857,098$1,260,386▲ $403,288
Pledges and Grants Receivable$640,385$594,752▼ $45,633
Savings and Temporary Cash Investments$654,990$492,320▼ $162,670
Inventories for Sale or Use$177,329$207,666▲ $30,337
Total Assets$266,274,982$264,068,800▼ $2,206,182
Other Assets Total$21,844,897$21,972,608▲ $127,711
Liabilities
Tax Exempt Bond Liabilities$44,970,146$44,134,757▼ $835,389
Accounts Payable and Accrued Expenses$4,199,769$5,461,963▲ $1,262,194
Other Liabilities$4,455,738$3,820,790▼ $634,948
Deferred Revenue$670,180$491,954▼ $178,226
Total Liabilities$54,295,833$53,909,464▼ $386,369
Net Assets / Fund Balance
Net Assets With Donor Restrictions$158,382,930$164,597,245▲ $6,214,315
Net Assets Without Donor Restrictions$53,596,219$45,562,091▼ $8,034,128
Total Net Assets Fund Balance$211,979,149$210,159,336▼ $1,819,813
Total Liabilities and Net Assets / Fund Balance$266,274,982$264,068,800▼ $2,206,182

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$39,244,515$72,012,981$111,257,496
Equipment$3,750,773$24,790,677$28,541,450
Land$15,777,037-$15,777,037
Other Land Buildings$834,459-$834,459
Other Assets Org$5,166,428--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$162,511,490$4,005,136▲ $14,934,670$6,613,280$164,675,942
2021$211,136,074$9,519,261▼ $25,564,397$23,337,756$162,511,490
2020$171,631,200$2,370,496▲ $45,184,129$-964,995$211,136,074
2019$170,174,020$2,969,481▲ $12,347,467$763,078$171,631,200
2018$160,083,659$4,707,188▲ $14,888,234$-1,410,131$170,174,020
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dr C Andrew McgadneyPresident & Ex Officio TrusteeFT$391,815$19,768$411,583
Heather BumpsVP for Strategic InitiativesFT$190,188$19,768$209,956
Dr Michael SchneiderProvost & Dean of the CollegeFT$185,896$11,203$197,099
Dr Marquita BarkerVP for Student DevelopmentFT$177,302$14,082$191,384
Monica KeithVP of AdvancementFT$171,272$17,671$188,943
Lisa Van Riper End 11823Exec. Director of CommunicationsFT$159,308$14,547$173,855
Paul Steenis End 113022VP for EnrollmentFT$150,719$20,580$171,299
Mark J WilsonAssociate VP of Major GiftFT$142,229$13,456$155,685
Sandra GrayAsst. VP for AdvancementFT$102,946$26,244$129,190
Angie Hopping Start 11122Controller & Asst. TreasurerFT$74,311$25,092$99,403
Bobby Jo Maurer End 93022Interim ControllerFT$83,833$151$83,984
Peggy Ware End 63023Exec. Asst. to President/secretaryFT$71,048$4,522$75,570
Anna Jo ClarkDirector of Institutional ResearchFT$50,741$23,756$74,497
Alec Guroff Start 91522CFOFT$62,231$65$62,296
Brad Nolden Start 9622VP of AdministrationFT$54,459$1,618$56,077

Board Members and Trustees

NameTitle
Mr Tony EtzBoard Chair
Mr Patrick St a LynChair Audit Subcommittee
Mr Dan J SpauldingChair of Advancement
Ms Susan C PlominChair of Campus Life and Athletics
Ms Janice V Sharry EsqChair of Committee on Trustees
Mr John T LawlerChair of Finance Committee and Budget Subcommittee
Mr R Kyle WinningTr. Chair Facility & Infrastructure
Mr Tino H SchulerTr. Chair of Admissions & Fin.aid.
Dr Keith E MaskusTrustee Chair of Academic Affairs
Dr Barbara a BairdVice Chair
Dr Akwasi AsabereAlumni Trustee
Dr Gwen L LexowAlumni Trustee
Ms Amy OlsenAlumni Trustee
Dr David a SchulzGeneral Trustee
Dr Douglas L BayerGeneral Trustee
Dr Gerald F VovisGeneral Trustee
Dr Michael ChubrichGeneral Trustee
Laurence Msall End 1123General Trustee
Mr Adam G VitaleGeneral Trustee
Mr Anthony J TedeschiGeneral Trustee
Mr Donald F HarmonGeneral Trustee
Mr E James MasonGeneral Trustee
Mr Fredrick a VeagueGeneral Trustee
Mr George W Cole JrGeneral Trustee
Mr James R PotterGeneral Trustee
Mr Joseph C BastianGeneral Trustee
Mr Mark D DraperGeneral Trustee
Mr Martin E GlickmanGeneral Trustee
Mr Nyerere K Billups SrGeneral Trustee
Mr Robert C LongGeneral Trustee
Mr Scott L WestermanGeneral Trustee
Ms Carol Bovard CraigGeneral Trustee
Ms Helen H LinGeneral Trustee
Ms Juliana TioandaGeneral Trustee
Ms Julie RademakerGeneral Trustee
Ms Laura M RoseneGeneral Trustee
Ms Susan Haerr ZuckerGeneral Trustee
Ms Susan a BlewGeneral Trustee
Ms Xinyue Vela LuGeneral Trustee
Nathan Ament Start 6123VP of Enrollment

Highest Paid Contractors

ContractorServicesLocationCompensation
Bon AppetitDining Management2400 YORKMONT ROAD, Charlotte, NC 28217$2,338,420
Fieldturf USA INCAthletics175 NORTH INDUSTRIAL BLVD NE, Calhoun, GA 30701$480,832
Delack Media Group LLCAudio Visual Services1750 CUMBERLAND PARKWAY SUITE 14, Algonquin, IL 60102$342,141
IesStudy Abroad Program Provider33 WEST MONROE ST STE 2300, Chicago, IL 60603$298,323
Edward Don & CompanyFood Distributor2562 PAYSPHERE CIRCLE, Chicago, IL 60674$245,167
Revenue and Support

Revenue Composition

Contributions and Grants
$12,751,400
Program Service Revenue
$63,361,633
Investment Income
$5,963,341
Other Revenue
$3,587,175
All Other Contributions
$11,512,936
Change in Net Assets
$-14,535,471

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded17$354,707Fair Market Value
Total Noncash Contributions17$354,707-

Audited Revenue Reconciliation

Revenue per Audited Statements
$48,366,071
Revenue Not Reported on Financial Statements
$37,297,478
Revenue Not Reported on Form 990
$12,364,569
Other Revenue Adjustments
$37,297,478
Total Revenue per Audited Statements
$60,730,640
Total Revenue per Form 990
$85,663,549
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$37,297,478
Salaries, Compensation, and Employee Benefits$32,711,987
Other Expenses$30,189,555
Total Fundraising Expense$3,932,042
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$37,297,478--$37,297,478
Other Salaries and Wages$15,924,703$4,977,544$1,777,833$22,680,080
Office Expenses$7,009,875$1,167,275$558,703$8,735,853
Other Employee Benefits$3,742,145$1,169,221$417,807$5,329,173
Fees for Services Other$3,205,973$1,396,522$386,502$4,988,997
Depreciation Depletion$3,683,627$689,324$234,548$4,607,499
Other Expenses$3,586,983--$3,586,983
Occupancy$741,727$1,929,080-$2,670,807
Travel$1,773,785$352,263$135,406$2,261,454
Current Officers, Directors, Trustees, and Key Employees$1,452,616$453,865$162,183$2,068,664
Payroll Taxes$1,147,445$358,515$128,111$1,634,071
Interest$685,710$530,755$52,549$1,269,014
Insurance$402,965$613,508-$1,016,473
Pension Plan Contributions$702,199$219,400$78,400$999,999
Information Technology$30,584$508,823-$539,407
Advertising$4,938$204,766-$209,704
Fees for Services Legal-$167,464-$167,464
Fees for Services Management-$135,900-$135,900
Total Functional Expenses$81,392,753$14,874,225$3,932,042$100,199,020

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$100,199,020
Expenses per Audited Statements$62,901,542
Total Expenses per Audited Statements$62,901,542
Expenses Not Reported on Financial Statements$37,297,478
Other Expense Adjustments$37,297,478
Expenses Not Reported on Form 990$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
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Postretirement Benefit Obligation$1,647,536
Annuity Payable$1,232,869
Student Deposits$528,397
Federal Equity in Loan Programs$341,251
Capital Lease Obligation Payable$70,737

Bond Issues

BondIssuerIssuedIssue PricePurpose
ACity of Galesburg Knox County Illinois Revenue Bonds Series 2021a2021-12-01$41,079,400Repayment of 1996 and 1999 bonds, and new money construction

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$41,079,400--$701,234

Bond Financing Compliance

Form 8038-T filed
Yes
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Corrective action procedures
Yes
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, Part VI, Section B, Line 11B

The 990 was reviewed by the chair of the audit subcommittee and the chair of the committee on finance. The 990 is made available to all college trustees for review before it is filed.

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

Officer's conflict of interest (from bylaws of knox college): any conflict of interest on the part of an officer of the college designated in this article, or members of such officer's immediate family, shall be disclosed by the officer in writing to the board of trustees at least annually and made a matter of record. When any such interest becomes relevant to any subject requiring administration or board of trustees' action, the officer having a conflict shall call it to the attention of the president and, if the matter is being considered by the board of trustees or one of its committees, to the attention of the chair or such committee. The officer shall not participate in the discussion of the subject or make any recommendations regarding the subject in which the officer or a member of the officer's immediate family has a conflict of interest, and shall not use personal influence to affect the decision with respect to such subject. An officer of the college who is excluded from participating in discussions or making recommendations regarding the subject because of such conflict of interest shall, however, briefly state the nature of the conflict and shall be encouraged to answer pertinent questions of the trustees when the officer's knowledge of the subject will assist the board of trustees, any of its committees, or the administration. The minutes of any meeting attended by the interested officer at which the subject is discussed shall reflect that a disclosure was made and that the interested officer abstained from the discussion except to the extent provided above.

Form 990, Part VI, Section B, Line 15

Compensation is reviewed annually. This review includes cost of living statistics, compensation paid for similar positions at other similar colleges, and compensation paid locally for like positions. A standard achievement increase is determined and is approved by the board of trustees during the june meeting in conjunction with the approval of the following year's budget. The board of trustees reviews the president's salary and approves any changes. All staff increases are reviewed by the president, vice presidents, and heads of departments

Form 990, Part VI, Section C, Line 19

The bylaws of the college are available upon request. Each fall, conflict of interest forms are distributed to trustees, officers, and department heads. Financial statements are available upon request in the treasurer's office. All trustees are provided copies of the financial statements each year.

Filing and Contact Details

Filer

Filer Name
Knox College
EIN
37-0673513
Phone
3093417213
Address
2 E SOUTH STREET, GALESBURG, IL 61401-4999

Signing Officer

Name
Alec Guroff
Title
VP Finance & CFO
Phone
3093417213
Signed
2024-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
C Andrew Mcgadney
Formed
1837
Legal Domicile
Il
Voting Board Members
39
Independent Board Members
38
Employees
1,341
Volunteers
474

Preparer

Firm
Sikich LLC
Address
3051 HOLLIS DRIVE 3RD FLOOR, SPRINGFIELD, IL 62704
Preparer
Jill M Boyle CPA
Phone
2177933363
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Postretirement benefits related changes 490,152. Adjustments of amounts due under annuity and life income agreements -147,489. Change in value of beneficial interest in perpetual trust 536,737. Other components of net periodic benefit cost -528,311.

Financial Statement Notes

PART III, LINE 1A:

The college has collections of valuable artwork, papers, and other memorabilia that were donated to the college. These items are on display and are used by educators, researchers, historians, and others. These contributed collections are not reflected on the financial statements. However, all proceeds from any sales of collections, or items in a collection, must be used to acquire other items for collections. As of june 30, 2023 there were no unspent proceeds from the sale of collections.

PART III, LINE 4:

The college has collections of valuable artwork, papers, and other memorabilia that were donated to the college. These items are on display and are used by educators, researchers, historians, and others.

PART V, LINE 4:

The college's endowment consists of several individual funds established for a variety of purposes: scholarships, professorships, library, lectureships, research, prizes, and donor specified educational activities. Included in these funds are both donor-restricted endowment funds and funds designated by the board of trustees to function as endowments.

PART X, LINE 2:

The college is a not-for-profit entity as described in section 501(c)(3) of the internal revenue code (irc) and is exempt from federal income taxes on related income pursuant to section 501(a) of the irc and similar provisions of the state tax code. The college is not classified as a private foundation. The college evaluates its uncertain tax positions on an annual basis, and there have been no recorded uncertain tax positions recorded in 2023, 2022, or 2021. Therefore, no provision or liability for income taxes has been included in the financial statements. The college files various federal or state non-profit tax returns. The college is no longer subject to u.s. Federal or state examinations by tax authorities for tax years prior to 2020 or 2019, respectively.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Student aid and scholarships 37,297,478.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Student aid and scholarships 37,297,478.

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IRS990/Desc0HIGHER EDUCATION: OUR MISSION IS CARRIED OUT THROUGH OUR CURRICULUM, THE CHARACTER OF OUR LEARNING ENVIRONMENT, OUR RESIDENTIAL CAMPUS CULTURE, AND OUR COMMUNITY. KNOX COLLEGE HAS A TRADITION OF FREE INQUIRY, INDEPENDENT THOUGHT, AND DIVERSE PERSPECTIVES. OUR STUDENTS CHOOSE THEIR OWN PATH TOWARDS A DEGREE, GUIDED BY SCHOLAR TEACHERS WHO ENCOURAGE THEM TO EXPLORE IDEAS AND PLACES, STRETCH THEIR INTELLECT AND THEIR TALENTS, BLEND THOUGHT WITH ACTION, AND FUSE IMAGINATION WITH INITIATIVE. FOUNDED IN 1837 BY SOCIAL REFORMERS STRONGLY OPPOSED TO SLAVERY, KNOX WAS ONE OF THE FIRST COLLEGES IN THE UNITED STATES OPEN TO BOTH WOMEN AND PEOPLE OF COLOR. IT WAS ON OUR CAMPUS THAT ABRAHAM LINCOLN CHOSE TO DENOUNCE SLAVERY ON MORAL TERMS FOR THE FIRST TIME, DURING THE 1858 LINCOLN-DOUGLAS DEBATE. WITH A CAMPUS POPULATION THAT INCLUDES STUDENTS FROM 48 STATES AND 51 COUNTRIES, 25% U.S STUDENTS OF COLOR, AND INDIVIDUALS FROM EVERY IMAGINABLE RELIGIOUS AND SOCIOECONOMIC BACKGROUND. MEMBERS OF THE KNOX COMMUNITY ARE ACTIVELY CHALLENGED TO BROADEN THEIR POINTS OF VIEW. KNOX COLLEGE IS A COLLEGE THAT CHANGES LIVES (1,053 STUDENTS).
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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.
2023Detailed filing. Detailed filing data is available for this year.$264$53.9$210$85.7$100$14.5
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$266$54.3$212$97.6$92.6$5.00
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$294$50.3$244$90.4$82.9$7.52
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$258$58.1$200$89.7$87.2$2.45
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$252$54.4$197$94.5$90.0$4.43
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$234$48.0$186$104$88.1$15.5
2016Detailed filing. Detailed filing data is available for this year.$196$51.1$144$85.5$83.9$1.59
2015Detailed filing. Detailed filing data is available for this year.$198$48.2$150$92.1$79.5$12.6
2014Detailed filing. Detailed filing data is available for this year.$195$50.7$144$93.6$75.4$18.2
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$162$48.3$114$71.7
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$143$53.0$89.8$69.4
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$138$53.4$84.9$66.0
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$122$54.1$67.6$64.7