Civic Intelligence

Carleton College

990 • Fiscal year 2022 • EIN 41-0694747

Jul 01, 2021 to Jun 30, 2022 • Filed on Mar 15, 2023

One North College StreetNorthfield, MN 55057

(507) 222-4000

Siviq Scores

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

Liabilities / Assets

19th percentile

0.10x

Higher debt load relative to assets than 19% of similar nonprofits.

2022 filings • 501(c)3 • $1B+ nonprofits • Source year 2022

Liabilities / Revenue

47th percentile

0.60x

Higher debt load relative to revenue than 47% of similar nonprofits.

2022 filings • 501(c)3 • $1B+ nonprofits • Source year 2022

Net Margin

75th percentile

20%

Higher net margin than 75% of similar nonprofits.

2022 filings • 501(c)3 • $1B+ nonprofits • Source year 2022

Top Officer Pay

39th percentile

$1,440,484

Higher top officer pay than 39% of similar nonprofits.

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

2022 filings • 501(c)3 • $1B+ nonprofits • Source year 2022

Asset Growth

41st percentile

-4.6%

Faster asset growth than 41% of similar nonprofits.

2022 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2021 to 2022

Revenue Growth

15th percentile

-12%

Faster revenue growth than 15% of similar nonprofits.

2022 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2021 to 2022

Assets

Down

$1,658,331,169

Down $79,867,490 (-4.6%) from 2021

Net Assets

Down

$1,491,003,049

Down $69,759,510 (-4.5%) from 2021

Liabilities

Down

$167,328,120

Down $10,107,980 (-5.7%) from 2021

Revenue

Down

$280,959,414

Down $39,814,392 (-12%) from 2021

Expenses

Up

$223,828,854

Up $20,431,645 (+10%) from 2021

Net Income

Down

$57,130,560

Down $60,246,037 (-51%) from 2021

Historical Trend

Balance Sheet Trend

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

$2.0B$1.5B$1.0B$500M$0Assets 2010: $907,853,562Liabilities 2010: $172,833,223Net Assets 2010: $735,020,3392010Assets 2011: $1,020,520,263Liabilities 2011: $167,410,837Net Assets 2011: $853,109,4262011Assets 2012: $1,002,749,927Liabilities 2012: $157,705,400Net Assets 2012: $845,044,5272012Assets 2013: $1,055,244,227Liabilities 2013: $143,494,564Net Assets 2013: $911,749,6632013Assets 2014: $1,159,336,985Liabilities 2014: $139,363,288Net Assets 2014: $1,019,973,6972014Assets 2015: $1,167,291,041Liabilities 2015: $135,223,719Net Assets 2015: $1,032,067,3222015Assets 2016: $1,142,319,776Liabilities 2016: $131,918,478Net Assets 2016: $1,010,401,2982016Assets 2017: $1,337,663,855Liabilities 2017: $199,771,282Net Assets 2017: $1,137,892,5732017Assets 2018: $1,412,434,433Liabilities 2018: $194,960,095Net Assets 2018: $1,217,474,3382018Assets 2019: $1,437,200,057Liabilities 2019: $189,893,468Net Assets 2019: $1,247,306,5892019Assets 2020: $1,414,260,160Liabilities 2020: $180,462,090Net Assets 2020: $1,233,798,0702020Assets 2021: $1,738,198,659Liabilities 2021: $177,436,100Net Assets 2021: $1,560,762,5592021Assets 2022: $1,658,331,169Liabilities 2022: $167,328,120Net Assets 2022: $1,491,003,0492022Assets 2023: $1,727,307,245Liabilities 2023: $162,222,483Net Assets 2023: $1,565,084,7622023

Highlighted filing

2022

Assets$1,658,331,169
Liabilities$167,328,120
Net Assets$1,491,003,049

Operations Trend

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

$400M$300M$200M$100M$0Expenses 2010: $141,271,2672010Expenses 2011: $146,133,0142011Expenses 2012: $151,909,2332012Revenue 2013: $180,528,353Expenses 2013: $158,644,301Net Income 2013: $21,884,0522013Revenue 2014: $204,904,409Expenses 2014: $164,258,577Net Income 2014: $40,645,8322014Revenue 2015: $210,566,822Expenses 2015: $168,973,128Net Income 2015: $41,593,6942015Revenue 2016: $213,596,975Expenses 2016: $177,272,864Net Income 2016: $36,324,1112016Revenue 2017: $226,779,800Expenses 2017: $186,053,185Net Income 2017: $40,726,6152017Revenue 2018: $249,507,671Expenses 2018: $190,393,370Net Income 2018: $59,114,3012018Revenue 2019: $239,201,569Expenses 2019: $196,383,289Net Income 2019: $42,818,2802019Revenue 2020: $240,267,870Expenses 2020: $199,426,933Net Income 2020: $40,840,9372020Revenue 2021: $320,773,806Expenses 2021: $203,397,209Net Income 2021: $117,376,5972021Revenue 2022: $280,959,414Expenses 2022: $223,828,854Net Income 2022: $57,130,5602022Revenue 2023: $296,522,250Expenses 2023: $239,981,775Net Income 2023: $56,540,4752023

Highlighted filing

2022

Revenue$280,959,414
Expenses$223,828,854
Net Income$57,130,560
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Mar 15, 2023
Return Version
2021v4.2
Gross Receipts
$246,306,197
Mission and Program Overview

Mission

Carleton College's mission is to provide an exceptional undergraduate liberal arts education. The College is devoted to academic excellence, distinguished by the creative interplay of teaching, learning, and scholarship and is dedicated to a diverse residential community and extensive international engagements.

To provide an exceptional undergraduate liberal arts education.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$623,226,505$704,700,552▲ $81,474,047
Investments in Publicly Traded Securities$535,944,986$523,491,997▼ $12,452,989
Land, Buildings, and Equipment, Net$349,621,038$358,627,500▲ $9,006,462
Savings and Temporary Cash Investments$182,697,855$31,722,733▼ $150,975,122
Pledges and Grants Receivable$22,061,636$19,233,003▼ $2,828,633
Prepaid Expenses and Deferred Charges$1,713,094$2,441,808▲ $728,714
Accounts Receivable$3,237,218$2,431,476▼ $805,742
Investments Program Related$2,895,306$2,289,554▼ $605,752
Inventories for Sale or Use$413,666$410,455▼ $3,211
Total Assets$1,738,198,659$1,658,331,169▼ $79,867,490
Other Assets Total$16,387,355$12,982,091▼ $3,405,264
Liabilities
Tax Exempt Bond Liabilities$124,457,762$120,161,008▼ $4,296,754
Other Liabilities$23,622,109$21,048,102▼ $2,574,007
Accounts Payable and Accrued Expenses$21,710,422$19,610,918▼ $2,099,504
Deferred Revenue$6,251,333$5,882,533▼ $368,800
Escrow Account Liability$1,394,474$625,559▼ $768,915
Total Liabilities$177,436,100$167,328,120▼ $10,107,980
Net Assets / Fund Balance
Net Assets With Donor Restrictions$854,652,465$796,779,004▼ $57,873,461
Net Assets Without Donor Restrictions$706,110,094$694,224,045▼ $11,886,049
Total Net Assets Fund Balance$1,560,762,559$1,491,003,049▼ $69,759,510
Total Liabilities and Net Assets / Fund Balance$1,738,198,659$1,658,331,169▼ $79,867,490

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$272,061,559$120,862,801$392,924,360
Equipment$69,766,218$41,210,862$110,977,080
Other Land Buildings$13,014,509-$13,014,509
Land$3,785,214-$3,785,214
Other Securities$50,684,002--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2021$1,177,591,148$24,155,753▼ $31,932,372$34,441,127$1,112,930,501
2020$877,276,225$63,397,175▲ $290,531,660$32,615,343$1,177,591,148
2019$907,276,053$23,090,538▼ $2,606,087$31,625,670$877,276,225
2018$894,233,503$29,076,410▲ $32,053,614$30,048,391$907,276,053
2017$837,308,012$29,763,471▲ $72,580,595$29,310,035$894,233,503
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Steven G PoskanzerPresidentFT$922,411$518,073$1,440,484
Kelsey DeshlerChief Investment OfficerFT$357,271$385,479$742,750
Timothy GriffethDirector of InvestmentsFT$248,767$270,649$519,416
Thomas BonnerVP for External RelationsFT$383,366$86,967$470,333
Beverly NagelDean of the College (former)FT$330,062$47,185$377,247
Alison ByerlyPresidentFT$257,675$110,052$367,727
Eric RunestadVP and TreasurerFT$285,838$55,553$341,391
Art D RodriguezVP and Dean of Admissions and Financial AidFT$258,214$46,409$304,623
Art D RodriguezVP and Dean of Admissions and Financ-$256,404$48,219$304,623
Gretchen E HofmeisterDean of the CollegeFT$232,489$24,807$257,296
Carolyn H LivingstonVP for Student Life and Dean of StudentsFT$203,183$46,730$249,913
Carolyn H LivingstonVP for Student Life and Dean of Stud-$201,373$48,540$249,913
Elise EslingerChief of StaffFT$203,701$38,827$242,528
Steven SpehnDirector of Facilities & Capital PlanningFT$198,347$40,097$238,444
Steven SpehnDirector of Facilities & Capital Pla-$193,783$44,661$238,444
Julie J NeiworthProfessor of PsychologyFT$199,065$36,107$235,172

Highest Paid Contractors

ContractorServicesLocationCompensation
Bon AppetitDining Services100 HAMILTON AVENUE STE 400, Palo Alto, CA 94301$9,048,945
Mcgough Construction CoGeneral Contractor2737 FAIRVIEW AVENUE NORTH, St Paul, MN 55113$7,627,931
Terra Generalcontractors LLCGeneral Contractor21025 COMMERCE BLVD, Rogers, MN 55374$7,104,014
Je Dunn Construction CoGeneral Contractor800 WASHINGTON AVENUE N, Minneapolis, MN 55401$3,343,344
Homeland Health Specialists INCCovid Surveillance Testing1621 E HENNEPIN AVENUE STE 230, Minneapolis, MN 55414$2,078,815
Revenue and Support

Revenue Composition

Contributions and Grants
$48,857,408
Program Service Revenue
$146,966,410
Investment Income
$81,731,010
Other Revenue
$3,404,586
All Other Contributions
$43,973,878
Change in Net Assets
$57,130,560

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded133$9,966,968Fair Market Value (FMV)
Works of Art1$92,000Appraisal
Collectibles1$7,000Appraisal
Total Noncash Contributions135$10,065,968-

Audited Revenue Reconciliation

Revenue per Audited Statements
$218,121,048
Revenue Not Reported on Financial Statements
$62,838,366
Revenue Not Reported on Form 990
$-126,315,796
Other Revenue Adjustments
$53,440,361
Total Revenue per Audited Statements
$91,805,252
Total Revenue per Form 990
$280,959,414
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$92,232,445
Other Expenses$78,000,316
Grants and Similar Amounts Paid$53,596,093
Total Fundraising Expense$6,917,836
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$57,921,418$5,723,792$3,853,809$67,499,019
Grants to Domestic Individuals$53,440,361--$53,440,361
Depreciation Depletion$13,548,224$117,013-$13,665,237
Other Employee Benefits$8,503,852$917,576$723,744$10,145,172
Fees for Service Investment Mgmnt Fees-$9,398,005-$9,398,005
Office Expenses$8,148,868$-26,230$372,519$8,495,157
Fees for Services Other$6,396,331$1,115,774$174,357$7,686,462
Occupancy$7,191,948--$7,191,948
Pension Plan Contributions$5,029,047$727,378$432,734$6,189,159
Travel$5,272,316$179,486$255,051$5,706,853
Interest$4,994,947--$4,994,947
Payroll Taxes$4,001,131$556,910$303,436$4,861,477
Current Officers, Directors, Trustees, and Key Employees$303,735$2,298,652$559,864$3,162,251
Information Technology$1,839,515$100,239$2,715$1,942,469
Other Expenses$1,051,282$701,069$22,906$1,775,257
Conferences and Meetings$638,678$830,172$191,789$1,660,639
Insurance$695,373$676,786$30$1,372,189
Comp Disqual Persons$75,073$300,294-$375,367
Grants to Domestic Orgs$155,732--$155,732
Fees for Services Legal-$152,230-$152,230
Fees for Services Accounting-$93,094-$93,094
Advertising$3,905$57,456-$61,361
Total Functional Expenses$192,045,011$24,866,007$6,917,836$223,828,854

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$223,828,854
Total Expenses per Audited Statements$161,564,762
Expenses per Audited Statements$160,990,488
Expenses Not Reported on Financial Statements$62,838,366
Other Expense Adjustments$53,440,361
Expenses Not Reported on Form 990$574,274
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
City of NorthfieldNorthfield, MNCity of NorthfieldCommunity Engagement$80,000
University of CaliforniaLa Jolla, CA501(c)(3)Development of Novel Augmented Reality Tool for Teaching Molecular Visualization in Biochemistry$47,910
Penn State UniversityUniversity Park, PA501(c)(3)ONLINE MODULES FOR QUANTITATIVE SKILL BUIDLING: EXPLORING, ADAPTATION AND ADOPTION$16,867
Pomona CollegeClaremont, CA501(c)(3)Development of Novel Augmented Reality Tool for Teaching Molecular Visualization in Biochemistry$10,955

International Summary

Offices
0
Employees
0
Spending
$367,635,703

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 & CaribbeanInvestmentsOff Campus Studies - English Literature & Theater in London00$303,447,243
EuropeInvestmentsOff Campus Studies - Spanish Studies in Madrid00$44,588,067
Sub-saharan AfricaInvestmentsOff Campus Studies - French Studies in Paris00$13,222,863
North AmericaInvestmentsOff Campus Studies - Cross Cultural Psychology in Prague00$3,478,585
EuropeProgram Services-00$425,781
EuropeProgram ServicesOFF CAMPUS STUDIES - HISTORY, CULTURE & COMMERCE: ZANZIBAR, OMAN, BAHRAIN00$413,157
South AsiaProgram ServicesOff Campus Studies - Society, History & Popular Culture in Senegal00$398,501
EuropeProgram Services-00$320,299
EuropeProgram ServicesOff Campus Studies - Buddhist Studies Bodh Gaya00$310,607
Sub-saharan AfricaProgram Services-00$278,710
EuropeProgram ServicesOFF CAMPUS STUDIES - COMPARATIVE WOMEN'S & GENDER STUDIES IN EUROPE00$259,102
EuropeProgram ServicesOff Campus Studies - Sport & Globalization in London & Seville00$256,813
EuropeProgram ServicesOff Campus Studies - Art History in Europe00$207,359
Sub-saharan AfricaProgram Services-00$28,616
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
Yes
Subject to proxy tax
No

Reported Spending and Taxes

Line ItemAmount
Political Expenditures$0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Annuities Payable$18,340,313
Asset Retirement Obligation$2,707,789

Bond Issues

BondIssuerIssuedIssue PricePurpose
AMn Higher Education Facilities Authority Series 20172017-05-24$124,900,000SEE PART VI

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$139,670,300$45,913,688$30,775,300$756,612

Bond Financing Compliance

No rebate due
Yes
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
Yes
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
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 A, Line 1A

The college's executive committee includes the chair of each board committee and the president. Between meetings of the board of trustees, the executive committee shall have general supervision of the administration and property of the college except that unless specifically empowered by the board of trustees to do so, it may not take any action inconsistent with a prior act of the board of trustees, alter bylaws, remove or appoint the president of the college, or take any action which has been reserved for the board.

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

Management presented the form in its entirety to the audit committee of the board of trustees for their review prior to submitting it to the irs. The form 990 is also included on the board of trustees' website and provided with the board materials for all board members to reference.

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

Officers, trustees, and key employees are required to annually disclose interests that could give rise to conflicts. Such interests include a list of family members, substantial business or investment holdings and other transactions or affiliations with businesses or other organizations. Transactions with parties with whom a conflicting interest exists may be undertaken only if all of the following are observed: 1) the conflicting interest is fully disclosed; 2) the person with the conflict of interest is excluded from the discussion and approval of such transactions; 3) a competitive bid for comparable valuation exists; and 4) the audit committee of the board of trustees has determined that the transaction is in the best interest of the organization. Individuals with an identified conflict of interest are restricted in how they are allowed to proceed with the transaction. The individuals are allowed to participate in the discussion, but not allowed to vote on the transaction.

Form 990, Part VI, Section B, Line 15

The president's compensation is determined annually by the human resources subcommittee of the board of trustees. The review compares data from 25 of the college's peer institutions, as well as utilizing various salary surveys. Every third year the college uses an independent compensation consultant to conduct the review. A formal review of compensation is conducted annually. The review compares data from 25 of the college's peer institutions, as well as utilizing various salary surveys. The college uses the process to review the following positions: vice president & treasurer, vice president of external relations, vice president & dean of the college, vice president & dean of admissions, vice president of student life & dean of students, chief of staff, chief investment officer, and director of investments. The president submits salary recommendations for the vice presidents, the chair of the investment committee submits recommendations for the chief investment officer, & the chief investment officer submits recommendations for the director of investments to both the human resources subcommittee and the executive committee for approval. Every third year the college uses an independent compensation consultant to conduct the review. The independent review was was completed in may 2021.

Form 990, Part VI, Section C, Line 19

Carleton's governing documents, conflict of interest policy, and financial statements are available on the college's website and are available upon request.

Filing and Contact Details

Filer

Filer Name
Carleton College
EIN
41-0694747
Phone
5072224000
Address
ONE NORTH COLLEGE STREET, NORTHFIELD, MN 55057

Signing Officer

Name
Eric Runestad
Title
VP & Treasurer
Phone
5072224000
Signed
2023-03-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Alison Byerly
Formed
1866
Legal Domicile
Mn
Voting Board Members
33
Independent Board Members
31
Employees
2,857
Volunteers
3,545

Preparer

Firm
Cliftonlarsonallen Llp
Address
8390 EAST CRESCENT PARKWAY SUITE, 300, GREENWOOD VILLAGE, CO 80111
Preparer
Sarah Hintz
Phone
3037795710
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Net change in value of split-interest agreements -308,382.

FORM 990, PART XII, LINE 2C:

The process for oversight and selection of an independent accountant has not changed from the prior year.

Financial Statement Notes

PART III, LINE 4:

Carleton's art collection is for student research and study including college archives of institutionally significant treasures and library collections.

PART IV, LINE 2B:

The college reports on form 990, part x, line 21 amounts held for the perkins loan program that are refundable to the government and reported as a liability on the college's financial statements.

PART V, LINE 4:

Endowment funds are to support grants to students and the program services of the college.

PART X, LINE 2:

The college is a nonprofit organization as described in section 501(c)(3) of the internal revenue code (irc) and similar statutes of minnesota law. It is exempt from income taxes on related income. The college files u.s. Federal and various state tax returns on net unrelated business income. The tax cuts and jobs act (tcja), enacted on december 22, 2017, requires the college to pay an excise tax on net investment income for taxable years beginning after december 31, 2017 whenever the aggregate fair market value of assets at the end of the preceding taxable year is at least $500,000 per student. The college recorded an estimated tax obligation of $635,000 for the fiscal year ended june 30, 2022. Excise tax remitted for the period ended june 30, 2021 was $966,755. The college has evaluated its tax positions and determined it has no other uncertain tax positions that would have a material effect on the financial statements.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Net change in value of split-interest agreements -308,382. Rental expenses 574,274.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Grants to students 53,440,361.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

RENTAL EXPENSES 574,274.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Grants to students 53,440,361.

Raw XML AppendixShowing 400 of 1,515 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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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1,727$162$1,565$297$240$56.5
2022Detailed filing. Detailed filing data is available for this year.$1,658$167$1,491$281$224$57.1
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1,738$177$1,561$321$203$117
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1,414$180$1,234$240$199$40.8
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1,437$190$1,247$239$196$42.8
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1,412$195$1,217$250$190$59.1
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1,338$200$1,138$227$186$40.7
2016Detailed filing. Detailed filing data is available for this year.$1,142$132$1,010$214$177$36.3
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1,167$135$1,032$211$169$41.6
2014XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1,159$139$1,020$205$164$40.6
2013Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$1,055$143$912$181$159$21.9
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,003$158$845$152
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,021$167$853$146
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$908$173$735$141
Peer Organizations

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