Civic Intelligence

Beloit Convention & Visitors Bureau Charitable Foundation Inc.

990 • Fiscal year 2022 • EIN 39-1590764

Jan 01, 2022 to Dec 31, 2022 • Filed on Sep 20, 2023

Organization ProfileWWW.VISITBELOIT.COM
656 Pleasant StreetBeloit, WI 53511

(608) 365-4838

Siviq Scores

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

Liabilities / Assets

93rd percentile

0.88x

Higher debt load relative to assets than 93% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Liabilities / Revenue

100th percentile

38.64x

Higher debt load relative to revenue than 100% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Net Margin

1st percentile

-571%

Higher net margin than 1% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Top Officer Pay

87th percentile

$95,778

Higher top officer pay than 87% of similar nonprofits.

Top officer pay equals 533.5% of source-year revenue.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Asset Growth

53rd percentile

3.3%

Faster asset growth than 53% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2021 to 2022

Revenue Growth

100th percentile

6753%

Faster revenue growth than 100% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets93rd percentile

Assets

Up

$784,513

Up $25,350 (+3.3%) from 2021

Net Assets

Up

$90,793

Up $33,181 (+58%) from 2021

Liabilities

Down

$693,720

Down $7,831 (-1.1%) from 2021

Revenue And Expenses
Liabilities / Revenue100th percentileNet Margin1st percentile

Revenue

Up

$17,954

Up $17,692 (+6753%) from 2021

Expenses

Down

$120,389

Down $103,389 (-46%) from 2021

Net Income

Up

-$102,435

Up $121,081 (+54%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth53rd percentile

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

$1.5M$1.0M$500K$0Assets 2010: $382,614Liabilities 2010: $30,569Net Assets 2010: $352,0452010Assets 2011: $430,261Liabilities 2011: $44,852Net Assets 2011: $385,4092011Assets 2012: $479,562Liabilities 2012: $80,356Net Assets 2012: $399,2062012Assets 2013: $550,588Liabilities 2013: $41,900Net Assets 2013: $508,6882013Assets 2014: $451,356Liabilities 2014: $66,132Net Assets 2014: $385,2242014Assets 2015: $551,570Liabilities 2015: $45,136Net Assets 2015: $506,4342015Assets 2016: $738,060Liabilities 2016: $93,133Net Assets 2016: $644,9272016Assets 2017: $752,970Liabilities 2017: $114,139Net Assets 2017: $638,8312017Assets 2018: $697,339Liabilities 2018: $85,841Net Assets 2018: $611,4982018Assets 2019: $780,582Liabilities 2019: $127,012Net Assets 2019: $653,5702019Assets 2020: $1,073,363Liabilities 2020: $264,351Net Assets 2020: $809,0122020Assets 2021: $759,163Liabilities 2021: $701,551Net Assets 2021: $57,6122021Assets 2022: $784,513Liabilities 2022: $693,720Net Assets 2022: $90,7932022Assets 2023: $762,749Liabilities 2023: $597,290Net Assets 2023: $165,4592023Assets 2024: $1,035,412Liabilities 2024: $150,539Net Assets 2024: $884,8732024

Highlighted filing

2022

Assets$784,513
Liabilities$693,720
Net Assets$90,793
Open 2022 Filing

Operations Trend

Revenue Growth100th percentile

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

$1.5M$1.0M$500K$0-$500KExpenses 2010: $456,3912010Expenses 2011: $490,3962011Expenses 2012: $600,8982012Revenue 2013: $701,807Expenses 2013: $592,325Net Income 2013: $109,4822013Revenue 2014: $774,851Expenses 2014: $898,315Net Income 2014: -$123,4642014Revenue 2015: $795,604Expenses 2015: $674,394Net Income 2015: $121,2102015Revenue 2016: $878,434Expenses 2016: $739,941Net Income 2016: $138,4932016Revenue 2017: $913,137Expenses 2017: $919,233Net Income 2017: -$6,0962017Revenue 2018: $1,017,179Expenses 2018: $1,044,512Net Income 2018: -$27,3332018Revenue 2019: $1,070,521Expenses 2019: $1,028,449Net Income 2019: $42,0722019Revenue 2020: $1,002,661Expenses 2020: $847,219Net Income 2020: $155,4422020Revenue 2021: $262Expenses 2021: $223,778Net Income 2021: -$223,5162021Revenue 2022: $17,954Expenses 2022: $120,389Net Income 2022: -$102,4352022Revenue 2023: -$5,891Expenses 2023: $44,892Net Income 2023: -$50,7832023Revenue 2024: $902,334Expenses 2024: $182,920Net Income 2024: $719,4142024

Highlighted filing

2022

Revenue$17,954
Expenses$120,389
Net Income-$102,435
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Sep 20, 2023
Return Version
2022v5.0
Gross Receipts
$46,374
Mission and Program Overview

Mission

We are greater beloit's tourism champion using our expertise to generate positive economic impact and to create a vibrant community for residents and visitors.

To lead and coordinate destination development projects in the greater beloit region through public and private funding, as well as manage grant and sponsorship programs.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$754,861$751,007▼ $3,854
Savings and Temporary Cash Investments$3,462$25,824▲ $22,362
Accounts Receivable-$5,000-
Cash and Non-Interest-Bearing Accounts$840$2,682▲ $1,842
Total Assets$759,163$784,513▲ $25,350
Liabilities
Mortgage Notes Payable Secured by Investment Property$494,706$479,106▼ $15,600
Accounts Payable and Accrued Expenses$206,845$214,249▲ $7,404
Deferred Revenue-$365-
Total Liabilities$701,551$693,720▼ $7,831
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$57,612$90,793▲ $33,181
Total Net Assets Fund Balance$57,612$90,793▲ $33,181
Total Liabilities and Net Assets / Fund Balance$759,163$784,513▲ $25,350

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$751,007$22,567$773,574
Compensation and Service Providers
Top Officer Pay87th percentile

Employees

NameTitleFull / Part TimeOtherTotal
Celestino RuffiniCEOFT$95,778$95,778

Board Members and Trustees

NameTitle
Ron WhitleyChair
Deanna WattsVice Chair
Danielle MarxDirector
Erick WilliamsDirector
Jessica Santillan-reyesDirector
Spencer WaiteDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$50
Program Service Revenue
$0
Investment Income
$22
Other Revenue
$17,882
Change in Net Assets
$-102,435
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$115,839
Grants and Similar Amounts Paid$4,550
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$18,448$3,255-$21,703
Depreciation Depletion$13,041$2,301-$15,342
Grants to Domestic Individuals$4,550--$4,550
Fees for Services Accounting$830$830-$1,660
Advertising$400--$400
Office Expenses$240$129-$369
All Other Expenses$133$59-$192
Other Expenses$175$362-$175
Total Functional Expenses$113,453$6,936$0$120,389
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$31,018
Fundraising Direct Expenses$28,420
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Lager Than Life$31,018$31,018$28,420$2,598
Total Events$31,018$31,018$28,420$2,598
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
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
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“The form 990 is reviewed by the ceo, external accountant, and executive committee and is approved by the board prior to filing.”

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

“Board members submit a written statement describing any conflicts of interest prior to becoming a member of the board and annually review, update, and resubmit the conflict of interest statement.”

Form 990, Page 6, Part VI, Line 19

“Governing documents are made available to interested parties upon request and are available for public inspection on the organization's website and guidestar.”

Filing and Contact Details

Filer

Filer Name
Beloit Convention and Visitors
EIN
39-1590764
Phone
6083654838
Address
656 PLEASANT STREET, BELOIT, WI 53511

Signing Officer

Name
Celestino Ruffini
Title
CEO
Phone
6083654838
Signed
2023-09-20
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Celestino Ruffini
Formed
1987
Legal Domicile
Wi
Voting Board Members
7
Independent Board Members
7
Employees
0
Volunteers
41

Preparer

Firm
Siepert & Co Llp
Address
4278 E ROCKTON RD, ROSCOE, IL 61073
Preparer
Mark H Trotter
Phone
8156238818
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Transfer to visit beloit, inc. Ein 84-3531670 135,616”

Financial Statement Notes

Schedule D, Page 3, Part X

“Beloit convention and visitors bureau charitable foundation, inc. Is a nonprofit organization exempt from federal and state income taxes under internal revenue code section 501(c)(3) as other than a private foundation. As a result, there is no provision for income taxes in the consolidated financial statements. Management of beloit convention and visitors bureau charitable foundation, inc. Has evaluated for and determined there are no uncertain tax positions as of december 31, 2022. Beloit convention and visitors bureau charitable foundation, inc. Is subject to informational reporting requirements in the united states federal jurisdiction and the state of wisconsin. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. Tax returns remain open for federal examination for the past three years and state examination for the past four years. At december 31, 2022, there are no ongoing income tax audits or unresolved disputes with the various taxing authorities beloit convention and visitors bureau charitable foundation, inc. Currently files, or has filed, with.”

Raw XML Appendix370 raw XML fields

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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IRS990ScheduleA/PublicSupportPY170Pct00.96420
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IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft170Grp/CurrentTaxYearMinus3YearsAmt0944829
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft170Grp/CurrentTaxYearMinus4YearsAmt0848970
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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0946028
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt02972359
IRS990ScheduleA/TotalSupportAmt03091645
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt0751007
IRS990ScheduleD/BuildingsGrp/DepreciationAmt022567
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt0773574
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0BELOIT CONVENTION AND VISITORS BUREAU CHARITABLE FOUNDATION, INC. IS A NONPROFIT ORGANIZATION EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER INTERNAL REVENUE CODE SECTION 501(C)(3) AS OTHER THAN A PRIVATE FOUNDATION. AS A RESULT, THERE IS NO PROVISION FOR INCOME TAXES IN THE CONSOLIDATED FINANCIAL STATEMENTS. MANAGEMENT OF BELOIT CONVENTION AND VISITORS BUREAU CHARITABLE FOUNDATION, INC. HAS EVALUATED FOR AND DETERMINED THERE ARE NO UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2022. BELOIT CONVENTION AND VISITORS BUREAU CHARITABLE FOUNDATION, INC. IS SUBJECT TO INFORMATIONAL REPORTING REQUIREMENTS IN THE UNITED STATES FEDERAL JURISDICTION AND THE STATE OF WISCONSIN. TAX REGULATIONS WITHIN EACH JURISDICTION ARE SUBJECT TO THE INTERPRETATION OF THE RELATED TAX LAWS AND REGULATIONS AND REQUIRE SIGNIFICANT JUDGMENT TO APPLY. TAX RETURNS REMAIN OPEN FOR FEDERAL EXAMINATION FOR THE PAST THREE YEARS AND STATE EXAMINATION FOR THE PAST FOUR YEARS. AT DECEMBER 31, 2022, THERE ARE NO ONGOING INCOME TAX AUDITS OR UNRESOLVED DISPUTES WITH THE VARIOUS TAXING AUTHORITIES BELOIT CONVENTION AND VISITORS BUREAU CHARITABLE FOUNDATION, INC. CURRENTLY FILES, OR HAS FILED, WITH.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0751007
IRS990ScheduleG/FundraisingEventInformationGrp/DirectExpenseSummaryEventsAmt028420
IRS990ScheduleG/FundraisingEventInformationGrp/Event1Nm0LAGER THAN LIFE
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IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsTotalAmt031018
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueEvent1Amt031018
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueTotalEventsAmt031018
IRS990ScheduleG/FundraisingEventInformationGrp/NetIncomeSummaryAmt02598
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IRS990ScheduleG/FundraisingEventInformationGrp/OtherDirectExpensesEvent1Amt028420
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IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE FORM 990 IS REVIEWED BY THE CEO, EXTERNAL ACCOUNTANT, AND EXECUTIVE COMMITTEE AND IS APPROVED BY THE BOARD PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1BOARD MEMBERS SUBMIT A WRITTEN STATEMENT DESCRIBING ANY CONFLICTS OF INTEREST PRIOR TO BECOMING A MEMBER OF THE BOARD AND ANNUALLY REVIEW, UPDATE, AND RESUBMIT THE CONFLICT OF INTEREST STATEMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2GOVERNING DOCUMENTS ARE MADE AVAILABLE TO INTERESTED PARTIES UPON REQUEST AND ARE AVAILABLE FOR PUBLIC INSPECTION ON THE ORGANIZATION'S WEBSITE AND GUIDESTAR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3TRANSFER TO VISIT BELOIT, INC. EIN 84-3531670 135,616
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/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
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IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalAssetsEOYAmt0784513
IRS990/TotalAssetsGrp/BOYAmt0759163
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IRS990/TotalCompGreaterThan150KInd0false
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IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt06936
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0113453
IRS990/TotalFunctionalExpensesGrp/TotalAmt0120389
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0701551
IRS990/TotalLiabilitiesEOYAmt0693720
IRS990/TotalLiabilitiesGrp/BOYAmt0701551
IRS990/TotalLiabilitiesGrp/EOYAmt0693720
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt057612
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt090793
IRS990/TotalOtherCompensationAmt09842
IRS990/TotalProgramServiceExpensesAmt0113453
IRS990/TotalRevenueGrp/ExclusionAmt022
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt015284
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt017954
IRS990/TotalVolunteersCnt041
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IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0656 PLEASANT STREET
IRS990/USAddress/CityNm0BELOIT
IRS990/USAddress/StateAbbreviationCd0WI
IRS990/USAddress/ZIPCd053511
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IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0WWW.VISITBELOIT.COM
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0CELESTINO RUFFINI
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum06083654838
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-09-20
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0BELOIT CONVENTION AND VISITORS
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0BUREAU CHARITABLE FOUNDATION INC
ReturnHeader/Filer/BusinessNameControlTxt0BELO
ReturnHeader/Filer/EIN0391590764
ReturnHeader/Filer/PhoneNum06083654838
ReturnHeader/Filer/USAddress/AddressLine1Txt0656 PLEASANT STREET
ReturnHeader/Filer/USAddress/CityNm0BELOIT
ReturnHeader/Filer/USAddress/StateAbbreviationCd0WI
ReturnHeader/Filer/USAddress/ZIPCd053511
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0false
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0391224176
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0SIEPERT & CO LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt04278 E ROCKTON RD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0ROSCOE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0IL
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd061073
ReturnHeader/PreparerPersonGrp/PhoneNum08156238818
ReturnHeader/PreparerPersonGrp/PreparationDt02023-09-20
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0MARK H TROTTER
ReturnHeader/ReturnTs02023-09-20T14:52:57-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0CELESTINO
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0RUFFINI
ReturnHeader/TaxPeriodBeginDt02022-01-01
ReturnHeader/TaxPeriodEndDt02022-12-31
ReturnHeader/TaxYr02022

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$784,513
Liabilities
$693,720
Net assets
$90,793
Revenue
$17,954
Expenses
$120,389
Net income
-$102,435
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.04$0.15$0.88$0.90$0.18$0.72
2023Detailed filing. Detailed filing data is available for this year.$0.76$0.60$0.17$0.01$0.04$0.05
2022Detailed filing. Detailed filing data is available for this year.$0.78$0.69$0.09$0.02$0.12$0.10
2021Detailed filing. Detailed filing data is available for this year.$0.76$0.70$0.06$0.00$0.22$0.22
2020Detailed filing. Detailed filing data is available for this year.$1.07$0.26$0.81$1.00$0.85$0.16
2019Detailed filing. Detailed filing data is available for this year.$0.78$0.13$0.65$1.07$1.03$0.04
2018Detailed filing. Detailed filing data is available for this year.$0.70$0.09$0.61$1.02$1.04$0.03
2017Detailed filing. Detailed filing data is available for this year.$0.75$0.11$0.64$0.91$0.92$0.01
2016Detailed filing. Detailed filing data is available for this year.$0.74$0.09$0.64$0.88$0.74$0.14
2015Detailed filing. Detailed filing data is available for this year.$0.55$0.05$0.51$0.80$0.67$0.12
2014Detailed filing. Detailed filing data is available for this year.$0.45$0.07$0.39$0.77$0.90$0.12
2013Detailed filing. Detailed filing data is available for this year.$0.55$0.04$0.51$0.70$0.59$0.11
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.48$0.08$0.40$0.60
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.43$0.04$0.39$0.49
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.38$0.03$0.35$0.46