Civic Intelligence

Millikin University

990 • Fiscal year 2023 • EIN 37-0706154

Jul 01, 2022 to Jun 30, 2023 • Filed on Feb 07, 2024

1184 West Main StreetDecatur, IL 62522-2084

(217) 424-6313

Siviq Scores

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

Liabilities / Assets

34th percentile

0.14x

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

2023 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2023

Liabilities / Revenue

42nd percentile

0.37x

Higher debt load relative to revenue than 42% of similar nonprofits.

2023 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2023

Net Margin

30th percentile

-2.1%

Higher net margin than 30% of similar nonprofits.

2023 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2023

Top Officer Pay

28th percentile

$314,905

Higher top officer pay than 28% of similar nonprofits.

Top officer pay equals 0.3% of source-year revenue.

2023 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2023

Asset Growth

8th percentile

-6.9%

Faster asset growth than 8% of similar nonprofits.

2023 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2022 to 2023

Revenue Growth

25th percentile

-8.7%

Faster revenue growth than 25% of similar nonprofits.

2023 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2022 to 2023

Assets

Down

$248,601,205

Down $18,488,676 (-6.9%) from 2022

Net Assets

Down

$213,500,700

Down $6,894,235 (-3.1%) from 2022

Liabilities

Down

$35,100,505

Down $11,594,441 (-25%) from 2022

Revenue

Down

$94,490,294

Down $9,036,048 (-8.7%) from 2022

Expenses

Down

$96,433,548

Down $2,939,299 (-3.0%) from 2022

Net Income

Down

-$1,943,254

Down $6,096,749 (-147%) 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 2011: $235,403,666Liabilities 2011: $45,931,742Net Assets 2011: $189,471,9242011Assets 2012: $236,231,085Liabilities 2012: $47,242,667Net Assets 2012: $188,988,4182012Assets 2013: $246,290,883Liabilities 2013: $44,984,088Net Assets 2013: $201,306,7952013Assets 2014: $255,630,774Liabilities 2014: $42,973,454Net Assets 2014: $212,657,3202014Assets 2015: $267,584,496Liabilities 2015: $51,690,139Net Assets 2015: $215,894,3572015Assets 2016: $258,187,658Liabilities 2016: $50,319,179Net Assets 2016: $207,868,4792016Assets 2017: $256,904,659Liabilities 2017: $47,640,847Net Assets 2017: $209,263,8122017Assets 2018: $264,213,239Liabilities 2018: $55,842,607Net Assets 2018: $208,370,6322018Assets 2019: $261,428,136Liabilities 2019: $56,501,232Net Assets 2019: $204,926,9042019Assets 2020: $256,486,891Liabilities 2020: $55,690,770Net Assets 2020: $200,796,1212020Assets 2021: $270,927,180Liabilities 2021: $50,266,143Net Assets 2021: $220,661,0372021Assets 2022: $267,089,881Liabilities 2022: $46,694,946Net Assets 2022: $220,394,9352022Assets 2023: $248,601,205Liabilities 2023: $35,100,505Net Assets 2023: $213,500,7002023Assets 2024: $241,732,894Liabilities 2024: $33,494,126Net Assets 2024: $208,238,7682024

Highlighted filing

2023

Assets$248,601,205
Liabilities$35,100,505
Net Assets$213,500,700

Operations Trend

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

$150M$100M$50M$0-$50MExpenses 2011: $75,537,6532011Expenses 2012: $78,360,8662012Expenses 2013: $81,477,9672013Revenue 2014: $82,581,692Expenses 2014: $78,061,945Net Income 2014: $4,519,7472014Revenue 2015: $86,496,062Expenses 2015: $79,018,462Net Income 2015: $7,477,6002015Revenue 2016: $80,159,977Expenses 2016: $79,356,876Net Income 2016: $803,1012016Revenue 2017: $79,420,867Expenses 2017: $81,335,471Net Income 2017: -$1,914,6042017Revenue 2018: $85,967,411Expenses 2018: $86,906,712Net Income 2018: -$939,3012018Revenue 2019: $91,638,396Expenses 2019: $91,268,817Net Income 2019: $369,5792019Revenue 2020: $94,750,823Expenses 2020: $94,628,725Net Income 2020: $122,0982020Revenue 2021: $97,576,221Expenses 2021: $95,543,605Net Income 2021: $2,032,6162021Revenue 2022: $103,526,342Expenses 2022: $99,372,847Net Income 2022: $4,153,4952022Revenue 2023: $94,490,294Expenses 2023: $96,433,548Net Income 2023: -$1,943,2542023Revenue 2024: $88,431,281Expenses 2024: $89,945,665Net Income 2024: -$1,514,3842024

Highlighted filing

2023

Revenue$94,490,294
Expenses$96,433,548
Net Income-$1,943,254
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Feb 7, 2024
Return Version
2022v5.0
Gross Receipts
$107,546,622
Mission and Program Overview

Mission

Millikin's mission is to offer an education that integrates the traditional liberal arts and the practical arts of the professions.

To offer an education that integrates the liberal and practical arts of the professions.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$129,911,510$124,382,087▼ $5,529,423
Investments in Publicly Traded Securities$80,384,141$78,938,859▼ $1,445,282
Investments Program Related$25,772,707$14,799,978▼ $10,972,729
Savings and Temporary Cash Investments$10,773,356$11,788,622▲ $1,015,266
Cash and Non-Interest-Bearing Accounts$5,316,696$5,147,924▼ $168,772
Pledges and Grants Receivable$2,879,439$1,778,893▼ $1,100,546
Accounts Receivable$1,275,873$1,273,931▼ $1,942
Other Notes and Loans Receivable, Net$1,426,850$594,777▼ $832,073
Prepaid Expenses and Deferred Charges$129,799$68,585▼ $61,214
Total Assets$267,089,881$248,601,205▼ $18,488,676
Other Assets Total$9,219,510$9,827,549▲ $608,039
Liabilities
Tax Exempt Bond Liabilities$28,700,000$18,450,000▼ $10,250,000
Other Liabilities$9,943,856$9,066,132▼ $877,724
Accounts Payable and Accrued Expenses$3,260,518$3,789,211▲ $528,693
Deferred Revenue$3,413,028$3,169,833▼ $243,195
Grants Payable$1,223,202$546,618▼ $676,584
Mortgage Notes Payable Secured by Investment Property$154,342$78,711▼ $75,631
Total Liabilities$46,694,946$35,100,505▼ $11,594,441
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$129,682,905$132,856,137▲ $3,173,232
Net Assets With Donor Restrictions$90,712,030$80,644,563▼ $10,067,467
Total Net Assets Fund Balance$220,394,935$213,500,700▼ $6,894,235
Total Liabilities and Net Assets / Fund Balance$267,089,881$248,601,205▼ $18,488,676

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$98,185,643$75,674,284$173,859,927
Other Land Buildings$12,398,398$6,052,003$18,450,401
Land$11,540,922-$11,540,922
Equipment$2,257,124$5,999,349$8,256,473
Investment Program Related Org$14,799,978--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$104,731,702$1,791,205▲ $4,844,788$18,772,849$92,594,846
2021$114,323,399$2,333,436▲ $7,974,219$19,899,352$104,731,702
2020$96,611,537$2,117,294▲ $25,662,291$10,067,723$114,323,399
2019$109,241,730$1,148,593▲ $2,483,604$16,262,390$96,611,537
2018$110,549,490$1,963,120▲ $6,645,294$9,916,174$109,241,730
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
James ReynoldsPresidentFT$276,364$38,541$314,905
Ruby James End 41523VP FinanceFT$162,865$26,100$188,965
Mary BlackProvostFT$141,356$23,690$165,046
Gina BianchiVP DevelopmentFT$131,964$15,984$147,948
Elizabeth GephartInterim DeanFT$113,822$19,964$133,786
Raphaella Prange End 61523VP Student LifeFT$110,641$21,678$132,319
Richard PodeschiDeanFT$115,973$13,343$129,316
Craig WhiteDirector of AthleticsFT$108,002$21,247$129,249
Laura LedfordDeanFT$111,924$13,059$124,983
Audra TrumpAssistant ProfessorFT$103,557$19,322$122,879
Sarah Shupenus End 93022VP EnrollmentFT$102,973$17,330$120,303
Stacey HubbardDeanFT$104,414$12,831$117,245

Highest Paid Contractors

ContractorServicesLocationCompensation
Aramark Facility ServicesCampus Grounds/facilities2400 MARKET ST, Philadelphia, PA 19103-3041$3,763,733
Aramark Dining ServicesCampus Dining Services27310 NETWORK PLACE, Chicago, IL 60673-1273$2,890,652
Henson Robinson CoConstruction3550 GREAT NORTHERN, Springfield, IL 62711-9403$281,800
Steve's Trucking INCConstruction101 N MAIN ST STE 502, Decatur, IL 62523-1206$225,000
El Pruitt Co Mechanical ContractorsConstructionPO BOX 3306, Springfield, IL 62708-3306$197,566
Revenue and Support

Revenue Composition

Contributions and Grants
$12,483,116
Program Service Revenue
$69,991,728
Investment Income
$10,476,492
Other Revenue
$1,538,958
All Other Contributions
$11,191,430
Change in Net Assets
$-1,943,254

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$2,025,082Selling Price
Total Noncash Contributions17$2,025,082-

Audited Revenue Reconciliation

Revenue per Audited Statements
$54,379,800
Revenue Not Reported on Financial Statements
$40,110,494
Revenue Not Reported on Form 990
$-5,374,637
Other Revenue Adjustments
$39,973,414
Total Revenue per Audited Statements
$49,005,163
Total Revenue per Form 990
$94,490,294
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$40,650,827
Salaries, Compensation, and Employee Benefits$28,172,939
Other Expenses$27,609,782
Total Fundraising Expense$1,238,885
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$40,650,827--$40,650,827
Other Salaries and Wages$16,241,368$2,112,762$532,308$18,886,438
Depreciation Depletion$5,845,059$408,806-$6,253,865
Other Employee Benefits$4,508,218$916,959$243,955$5,669,132
All Other Expenses$3,318,670$478,088$110,733$3,907,491
Occupancy$2,032,250$107,732-$2,139,982
Information Technology$1,175,841$318,220-$1,494,061
Payroll Taxes$1,194,787$249,334$49,593$1,493,714
Travel$1,222,773$218,884$36,898$1,478,555
Current Officers, Directors, Trustees, and Key Employees-$1,276,573$141,841$1,418,414
Office Expenses$1,068,530-$49,697$1,118,227
Interest$961,972$67,281-$1,029,253
Pension Plan Contributions$541,733$136,381$27,127$705,241
Advertising$261,226$219,548$15,380$496,154
Other Expenses$343,376$24,016$26,872$367,392
Insurance$286,213$20,018-$306,231
Fees for Services Other-$298,753-$298,753
Fees for Service Investment Mgmnt Fees-$137,080-$137,080
Total Functional Expenses$87,812,652$7,382,011$1,238,885$96,433,548

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$96,433,548
Total Expenses per Audited Statements$56,086,813
Expenses per Audited Statements$56,052,498
Expenses Not Reported on Financial Statements$40,381,050
Other Expense Adjustments$40,243,970
Expenses Not Reported on Form 990$34,315
International Activity

International Summary

Offices
0
Employees
0
Spending
$8,850,541

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
Yes
Foreign partnership interest
Yes
Interest in foreign trust
No
Passive foreign investment company interest
Yes
Transfers to foreign corporations
Yes

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas,Investments-00$8,850,541
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$34,315
Fundraising Gross Income$24,461
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Big Blue Golf Outing$34,470$11,778$4,613$7,165
Baseball Team Golf Outing$27,961$4,713$2,953$1,760
Total Events$87,099$24,461$34,315$-9,854
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Finance Lease$6,816,681
Conditional Asset Retirement Obligation$1,236,276
Student Deposits$664,304
Annuities Payable$308,136
Operating Lease$40,735

Bond Issues

BondIssuerIssuedIssue PricePurpose
ACounty of Macon Illinois2014-12-01$10,000,000Construction costs of new university center, renovation of residence halls

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$10,000,000---

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
Yes
Corrective action procedures
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, Part VI, Section B, Line 11B

The prepared 990 is reviewed and accepted by the assistant vice president of financial services, the executive vice president, the president and the audit committee of the board of trustees before it is filed with the irs.

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

Annually, the president's office sends out a questionaire to all officers, trustees, and key employees in which any potential conflicts of interest are disclosed. The president's office monitors the return of all questionaires and reviews and maintains these records.

Form 990, Part VI, Section B, Line 15

The board's executive comittee has overall responsibility for the compensation review of the president. The purpose of the process is to set the president's annual compensation based on three factors: a. Summative performance appraisal focused on annual goals, with consideration of the results of the evaluation conducted in the previous fall; b. Market analysis, especially peer and benchmark data; c. Institutional needs. The process begins annually in early may with the president's submission to the board chair of: first, a status report on the current year's goals that, in many cases, will anticipate year-end results; and second, a set of proposed goals for the upcoming academic year. The board chair will also receive appropriate peer and benchmark data from the human resources office. The executive committee will review the president's performance, with the board chair discussing their conclusions orally with the president to ensure accuracy and fairness of judgements. The executive committee will then discuss its conclusions and compensation recommendation with the president. The board chair will discuss the executive committee's conclusions and compensation recommendation with the full board in executive session, with the president in attendance. The board will then approve the president's compensation for the following year, and the board chair will then prepare the necessary written confirmation. The board chair and president will meet privately to conclude the process. The president has overall responsibility for the compensation review of the vice presidents. A market analysis is done by the hr office that includes peer and benchmark data. This analysis is then used as a tool for determining salary changes.

Form 990, Part VI, Section C, Line 19

The organization's governing documents, conflict of interest policy, and audited financial statements are made available to the general public with copies provided upon request.

Filing and Contact Details

Filer

Filer Name
Millikin University
EIN
37-0706154
Phone
2174246313
Address
1184 WEST MAIN STREET, DECATUR, IL 62522-2084

Signing Officer

Name
Sarah Kottich
Title
Executive Vice President
Phone
2174246313
Signed
2024-02-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
James Reynolds
Formed
1901
Legal Domicile
Il
Voting Board Members
26
Independent Board Members
26
Employees
1,310
Volunteers
1,000

Preparer

Firm
Sikich Llp
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:

Changes in beneficial interest in perpetual trusts 270,556. Change in fair value of interest rate swap agreement 187,415.

Financial Statement Notes

PART III, LINE 4:

The university has received a variety of artifacts from donors over the years including paintings, ceramics, blown glass, and sculptures. The collection assists in the pedagogical programs for fine arts at the university.

PART V, LINE 4:

The investments of the endowment assets will be governed by the following objectives: to provide annual support to the operating budget of the university and to provide support to the university's scholarship program.

PART X, LINE 2:

The university has a tax determination letter from the internal revenue service stating it qualifies under the provisions of section 501(c)(3) of the internal revenue code (code) and are exempt from federal income taxes. The university is not classified as a private foundation. As such, the university is subject to federal income taxes only on any net unrelated business income under the provisions of section 511 of the code. The university files a form 990 (return of organization exempt from income tax) annually. When these returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the tax position taken or the amount of the position that would ultimately be sustained. Examples of tax positions common to universities include such matters as the following: the tax-exempt status of each entity and various positions relative to potential sources of unrelated business taxable income (ubit). Ubit is reported on form 990-t, as appropriate. The benefit of tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes that it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Fundraising expense 34,315.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Individual scholarships 40,650,827. Change in beneficial interest in perpetual trusts -270,556. Loss on disposal of property -406,857.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Fundraising expense 34,315.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Individual scholarships 40,650,827. Loss on disposal of property -406,857.

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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/Desc0INSTRUCTION - COST OF ALL INSTRUCTIONAL ACTIVITIES, INCLUDING SCHOLARSHIPS AND GRANTS, FACULTY SALARIES AND FRINGE BENEFITS, CLASSROOM SUPPLIES AND EQUIPMENT, AND OTHER INSTRUCTIONAL EXPENSES.
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IRS990/Form990PartVIISectionAGrp/TitleTxt7TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt8TRUSTEE
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IRS990/Form990PartVIISectionAGrp/TitleTxt13TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt14TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt15TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt16TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt17TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt18TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt19TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt20TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt21TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt22TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt23TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt24TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt25TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt26PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt27VP FINANCE
IRS990/Form990PartVIISectionAGrp/TitleTxt28PROVOST
IRS990/Form990PartVIISectionAGrp/TitleTxt29VP DEVELOPMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt30VP STUDENT LIFE
IRS990/Form990PartVIISectionAGrp/TitleTxt31DIRECTOR OF ATHLETICS
IRS990/Form990PartVIISectionAGrp/TitleTxt32VP ENROLLMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt33EXECUTIVE VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt34INTERIM DEAN
IRS990/Form990PartVIISectionAGrp/TitleTxt35DEAN
IRS990/Form990PartVIISectionAGrp/TitleTxt36DEAN
IRS990/Form990PartVIISectionAGrp/TitleTxt37ASSISTANT PROFESSOR
IRS990/Form990PartVIISectionAGrp/TitleTxt38DEAN
IRS990/Form990ProvidedToGvrnBodyInd01
IRS990/Form990TFiledInd01

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.$242$33.5$208$88.4$89.9$1.51
2023Detailed filing. Detailed filing data is available for this year.$249$35.1$214$94.5$96.4$1.94
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$267$46.7$220$104$99.4$4.15
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$271$50.3$221$97.6$95.5$2.03
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$256$55.7$201$94.8$94.6$0.12
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$261$56.5$205$91.6$91.3$0.37
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$264$55.8$208$86.0$86.9$0.94
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$257$47.6$209$79.4$81.3$1.91
2016Detailed filing. Detailed filing data is available for this year.$258$50.3$208$80.2$79.4$0.80
2015Detailed filing. Detailed filing data is available for this year.$268$51.7$216$86.5$79.0$7.48
2014Detailed filing. Detailed filing data is available for this year.$256$43.0$213$82.6$78.1$4.52
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$246$45.0$201$81.5
2012XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$236$47.2$189$78.4
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$235$45.9$189$75.5