Civic Intelligence

Financial Plus Credit Union

990 • Fiscal year 2018 • EIN 42-0802188

Jan 01, 2018 to Dec 31, 2018 • Filed on Apr 25, 2019

1831 25th StreetWest Des Moines, IA 50266

(515) 224-1222

Siviq Scores

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

Liabilities / Assets

40th percentile

0.88x

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

2018 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2018

Liabilities / Revenue

93rd percentile

24.04x

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

2018 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2018

Net Margin

64th percentile

16%

Higher net margin than 64% of similar nonprofits.

2018 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2018

Top Officer Pay

2nd percentile

$0

Higher top officer pay than 2% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2018 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2018

Asset Growth

14th percentile

-0.8%

Faster asset growth than 14% of similar nonprofits.

2018 filings • 501(c)14 • $100M-$250M nonprofits • Annualized from 2017 to 2018

Revenue Growth

9th percentile

1.3%

Faster revenue growth than 9% of similar nonprofits.

2018 filings • 501(c)14 • $100M-$250M nonprofits • Annualized from 2017 to 2018

Assets

Down

$171,128,956

Down $1,339,412 (-0.8%) from 2017

Net Assets

Up

$20,124,087

Up $934,821 (+4.9%) from 2017

Liabilities

Down

$151,004,869

Down $2,274,233 (-1.5%) from 2017

Revenue

Up

$6,280,940

Up $83,091 (+1.3%) from 2017

Expenses

Up

$5,262,620

Up $258,985 (+5.2%) from 2017

Net Income

Down

$1,018,320

Down $175,894 (-15%) from 2017

Historical Trend

Balance Sheet Trend

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

$300M$200M$100M$0Assets 2010: $83,966,702Liabilities 2010: $75,910,170Net Assets 2010: $8,056,5322010Assets 2011: $95,267,820Liabilities 2011: $86,469,056Net Assets 2011: $8,798,7642011Assets 2012: $108,262,353Liabilities 2012: $98,701,490Net Assets 2012: $9,560,8632012Assets 2013: $115,820,775Liabilities 2013: $105,417,049Net Assets 2013: $10,403,7262013Assets 2014: $161,567,380Liabilities 2014: $144,850,619Net Assets 2014: $16,716,7612014Assets 2015: $167,570,926Liabilities 2015: $149,959,102Net Assets 2015: $17,611,8242015Assets 2016: $167,338,536Liabilities 2016: $149,381,499Net Assets 2016: $17,957,0372016Assets 2017: $172,468,368Liabilities 2017: $153,279,102Net Assets 2017: $19,189,2662017Assets 2018: $171,128,956Liabilities 2018: $151,004,869Net Assets 2018: $20,124,0872018Assets 2019: $171,961,090Liabilities 2019: $150,735,266Net Assets 2019: $21,225,8242019Assets 2020: $196,535,004Liabilities 2020: $174,698,552Net Assets 2020: $21,836,4522020Assets 2021: $218,391,221Liabilities 2021: $196,109,497Net Assets 2021: $22,281,7242021Assets 2022: $215,268,890Liabilities 2022: $193,397,544Net Assets 2022: $21,871,3462022Assets 2023: $202,041,152Liabilities 2023: $176,150,779Net Assets 2023: $25,890,3732023Assets 2024: $218,308,609Liabilities 2024: $189,463,659Net Assets 2024: $28,844,9502024

Highlighted filing

2018

Assets$171,128,956
Liabilities$151,004,869
Net Assets$20,124,087

Operations Trend

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

$15M$10M$5.0M$0Expenses 2010: $3,868,4502010Expenses 2011: $3,591,7282011Expenses 2012: $3,752,5902012Revenue 2013: $4,516,137Expenses 2013: $3,673,274Net Income 2013: $842,8632013Revenue 2014: $4,780,286Expenses 2014: $4,012,071Net Income 2014: $768,2152014Revenue 2015: $5,874,893Expenses 2015: $4,862,431Net Income 2015: $1,012,4622015Revenue 2016: $5,874,083Expenses 2016: $5,562,284Net Income 2016: $311,7992016Revenue 2017: $6,197,849Expenses 2017: $5,003,635Net Income 2017: $1,194,2142017Revenue 2018: $6,280,940Expenses 2018: $5,262,620Net Income 2018: $1,018,3202018Revenue 2019: $6,702,125Expenses 2019: $5,778,365Net Income 2019: $923,7602019Revenue 2020: $5,996,544Expenses 2020: $5,564,008Net Income 2020: $432,5362020Revenue 2021: $6,306,056Expenses 2021: $5,736,742Net Income 2021: $569,3142021Revenue 2022: $7,722,529Expenses 2022: $5,827,823Net Income 2022: $1,894,7062022Revenue 2023: $9,875,904Expenses 2023: $6,549,316Net Income 2023: $3,326,5882023Revenue 2024: $11,619,211Expenses 2024: $8,657,173Net Income 2024: $2,962,0382024

Highlighted filing

2018

Revenue$6,280,940
Expenses$5,262,620
Net Income$1,018,320
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Apr 25, 2019
Return Version
2018v3.1
Gross Receipts
$6,280,940
Mission and Program Overview

Mission

State chartered credit union

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$76,183,157$71,331,063▼ $4,852,094
Investments in Publicly Traded Securities$58,318,289$57,374,765▼ $943,524
Savings and Temporary Cash Investments$27,847,473$30,149,456▲ $2,301,983
Rtn Earn Endowment Incm Other Fnds$14,089,179$15,024,000▲ $934,821
Land, Buildings, and Equipment, Net$3,755,489$5,949,330▲ $2,193,841
Pd in Cap Srpls Land Bldg Eqp Fund$5,100,087$5,100,087→ $0
Cash and Non-Interest-Bearing Accounts$1,411,273$1,527,146▲ $115,873
Prepaid Expenses and Deferred Charges$309,334$271,419▼ $37,915
Accounts Receivable$5,447$2,718▼ $2,729
Total Assets$172,468,368$171,128,956▼ $1,339,412
Other Assets Total$4,637,906$4,523,059▼ $114,847
Liabilities
Other Liabilities$151,348,710$149,776,396▼ $1,572,314
Accounts Payable and Accrued Expenses$1,930,392$1,228,473▼ $701,919
Total Liabilities$153,279,102$151,004,869▼ $2,274,233
Net Assets / Fund Balance
Total Net Assets Fund Balance$19,189,266$20,124,087▲ $934,821
Total Liabilities and Net Assets / Fund Balance$172,468,368$171,128,956▼ $1,339,412

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$4,685,553$1,406,527$6,092,080
Equipment$212,369$1,414,510$1,626,879
Land$1,051,408-$1,051,408
Compensation and Service Providers

Board Members and Trustees

NameTitle
Andy ScottBoard Member
Bev BiermaBoard Member
George DunlapBoard Member
Kyle BlackBoard Member
Marc HardingBoard Member
Nancy Devinay-mcneleyBoard Member
Phillip WilliamsBoard Member
Rebecca Jo HarveyBoard Member
Udell Cason JrBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$4,584,130
Investment Income
$1,696,810
Other Revenue
$0
Change in Net Assets
$1,018,320

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,280,940
Total Revenue per Audited Statements
$6,280,940
Total Revenue per Form 990
$6,280,940
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$5,262,620
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
All Other Expenses---$1,121,447
Occupancy---$448,388
Other Expenses---$391,514
Office Expenses---$202,501
Depreciation Depletion---$185,095
Advertising---$90,250
Insurance---$50,250
Fees for Services Other---$12,419
Fees for Services Accounting---$12,000
Conferences and Meetings---$10,998
Fees for Services Legal---$136
Total Functional Expenses$0$0$0$5,262,620

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$5,262,620
Total Expenses per Audited Statements$5,262,620
Total Expenses per Form 990$5,262,620
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
Member Deposits$149,776,396
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
Yes
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

All depositors are considered members.

Form 990, Page 6, Part VI, Line 7A

The credit union members elect on an annual basis the members of the board of directors.

Form 990, Page 6, Part VI, Line 7B

Any proposed mergers must be approved by a majority of the membership.

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

No review was or will be conducted.

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

The security matrix on the data processing system prohibits employees and directors from initiating transactions on all accounts listed on their conflict of interest disclosure statement, which is updated annually.

Form 990, Page 6, Part VI, Line 15A

The process for determining compensation for the ceo includes a comparison of compensation for similarly qualified persons in comparable positions, review and approval by the board of directors and is documented in the board minutes. The last review was conducted in december 2018.

Form 990, Page 6, Part VI, Line 19

The monthly financial statements are posted in the lobby and are updated on a monthly basis. The governing documents and conflict of interest policy are made available upon request.

Filing and Contact Details

Filer

Filer Name
Financial Plus Credit Union
EIN
42-0802188
Phone
5152241222
Address
1831 25TH STREET, WEST DES MOINES, IA 50266

Signing Officer

Name
Dave J Cale
Title
Prsident/CEO
Phone
5152241222
Signed
2019-04-25
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dave J Cale
Formed
1929
Legal Domicile
Ia
Voting Board Members
9
Independent Board Members
9
Employees
0
Volunteers
9

Preparer

Firm
Petersen & Associates
Address
506 E GOLD COAST RD STE 100, PAPILLION, NE 68046-4790
Preparer
Steven O Petersen
Phone
4023332800
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 4D

N/A

Form 990, Part IX, Line 24E

Loan servicing expense 322,822 0 0 benefits 208,014 0 0 provision for loan loss 141,500 0 0 payroll taxes 140,222 0 0 statement processing 81,939 0 0 outside services 57,877 0 0 share draft processing 42,449 0 0 miscellaneous expense 39,768 0 0 check ordering expense 34,138 0 0 loss and fraud expense 23,880 0 0 examination fees 16,708 0 0 dues 12,130 0 0 total 1,121,447 0 0

Form 990, Part XI, Line 9

Net change in investment valuation reserve -83,499

Raw XML Appendix366 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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IRS990/SavingsAndTempCashInvstGrp/EOYAmt030149456
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IRS990ScheduleD/BuildingsGrp/DepreciationAmt01406527
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IRS990ScheduleD/EquipmentGrp/BookValueAmt0212369
IRS990ScheduleD/EquipmentGrp/DepreciationAmt01414510
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt01626879
IRS990ScheduleD/ExpensesSubtotalAmt05262620
IRS990ScheduleD/LandGrp/BookValueAmt01051408
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt01051408
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0149776396
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0MEMBER DEPOSITS
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IRS990ScheduleD/TotalBookValueLandBuildingsAmt05949330
IRS990ScheduleD/TotalExpensesPerForm990Amt05262620
IRS990ScheduleD/TotalLiabilityAmt0149776396
IRS990ScheduleD/TotalRevenuePerForm990Amt06280940
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0N/A
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ALL DEPOSITORS ARE CONSIDERED MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE CREDIT UNION MEMBERS ELECT ON AN ANNUAL BASIS THE MEMBERS OF THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ANY PROPOSED MERGERS MUST BE APPROVED BY A MAJORITY OF THE MEMBERSHIP.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4NO REVIEW WAS OR WILL BE CONDUCTED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE SECURITY MATRIX ON THE DATA PROCESSING SYSTEM PROHIBITS EMPLOYEES AND DIRECTORS FROM INITIATING TRANSACTIONS ON ALL ACCOUNTS LISTED ON THEIR CONFLICT OF INTEREST DISCLOSURE STATEMENT, WHICH IS UPDATED ANNUALLY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE PROCESS FOR DETERMINING COMPENSATION FOR THE CEO INCLUDES A COMPARISON OF COMPENSATION FOR SIMILARLY QUALIFIED PERSONS IN COMPARABLE POSITIONS, REVIEW AND APPROVAL BY THE BOARD OF DIRECTORS AND IS DOCUMENTED IN THE BOARD MINUTES. THE LAST REVIEW WAS CONDUCTED IN DECEMBER 2018.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7THE MONTHLY FINANCIAL STATEMENTS ARE POSTED IN THE LOBBY AND ARE UPDATED ON A MONTHLY BASIS. THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE MADE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8LOAN SERVICING EXPENSE 322,822 0 0 BENEFITS 208,014 0 0 PROVISION FOR LOAN LOSS 141,500 0 0 PAYROLL TAXES 140,222 0 0 STATEMENT PROCESSING 81,939 0 0 OUTSIDE SERVICES 57,877 0 0 SHARE DRAFT PROCESSING 42,449 0 0 MISCELLANEOUS EXPENSE 39,768 0 0 CHECK ORDERING EXPENSE 34,138 0 0 LOSS AND FRAUD EXPENSE 23,880 0 0 EXAMINATION FEES 16,708 0 0 DUES 12,130 0 0 TOTAL 1,121,447 0 0
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt9NET CHANGE IN INVESTMENT VALUATION RESERVE -83,499
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 2, PART III, LINE 4D
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8FORM 990, PART IX, LINE 24E
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc9FORM 990, PART XI, LINE 9
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IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt05262620
IRS990/TotalGrossUBIAmt010376
IRS990/TotalLiabilitiesBOYAmt0153279102
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IRS990/TotalLiabilitiesGrp/EOYAmt0151004869
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IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt020124087
IRS990/TotalProgramServiceRevenueAmt04584130
IRS990/TotalRevenueGrp/ExclusionAmt06270564
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt06280940
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt010376
IRS990/TotalVolunteersCnt09
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0172468368
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0171128956
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0true
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt01831 25TH STREET
IRS990/USAddress/CityNm0WEST DES MOINES
IRS990/USAddress/StateAbbreviationCd0IA
IRS990/USAddress/ZIPCd050266
IRS990/VotingMembersGoverningBodyCnt09
IRS990/VotingMembersIndependentCnt09
IRS990/WebsiteAddressTxt0WWW.FINANCIALPLUSCU.COM
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02019-02-21 02:37:17Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0DAVE J CALE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRSIDENT/CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum05152241222
ReturnHeader/BusinessOfficerGrp/SignatureDt02019-04-25
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0FINANCIAL PLUS CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt0FINA
ReturnHeader/Filer/EIN0420802188
ReturnHeader/Filer/PhoneNum05152241222
ReturnHeader/Filer/USAddress/AddressLine1Txt01831 25TH STREET
ReturnHeader/Filer/USAddress/CityNm0WEST DES MOINES
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ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId0AA5E5617F0C7F7CF9897F415F01B95D9C4C9C7A2
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0AA5E5617F0C7F7CF9897F415F01B95D9C4C9C7A2
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt070.167.146.228
ReturnHeader/FilingSecurityInformation/IPDt02019-04-26
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CD
ReturnHeader/FilingSecurityInformation/IPTm008:49:40
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0470749138
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0PETERSEN & ASSOCIATES
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0506 E GOLD COAST RD STE 100
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0PAPILLION
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0680464790
ReturnHeader/PreparerPersonGrp/PhoneNum04023332800
ReturnHeader/PreparerPersonGrp/PreparationDt02019-04-26
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0STEVEN O PETERSEN
ReturnHeader/ReturnTs02019-04-26T08:49:40-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02018-01-01
ReturnHeader/TaxPeriodEndDt02018-12-31
ReturnHeader/TaxYr02018

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$218$189$28.8$11.6$8.66$2.96
2023Detailed filing. Detailed filing data is available for this year.$202$176$25.9$9.88$6.55$3.33
2022Detailed filing. Detailed filing data is available for this year.$215$193$21.9$7.72$5.83$1.89
2021Detailed filing. Detailed filing data is available for this year.$218$196$22.3$6.31$5.74$0.57
2020Detailed filing. Detailed filing data is available for this year.$197$175$21.8$6.00$5.56$0.43
2019Detailed filing. Detailed filing data is available for this year.$172$151$21.2$6.70$5.78$0.92
2018Detailed filing. Detailed filing data is available for this year.$171$151$20.1$6.28$5.26$1.02
2017Detailed filing. Detailed filing data is available for this year.$172$153$19.2$6.20$5.00$1.19
2016Detailed filing. Detailed filing data is available for this year.$167$149$18.0$5.87$5.56$0.31
2015Detailed filing. Detailed filing data is available for this year.$168$150$17.6$5.87$4.86$1.01
2014Detailed filing. Detailed filing data is available for this year.$162$145$16.7$4.78$4.01$0.77
2013Detailed filing. Detailed filing data is available for this year.$116$105$10.4$4.52$3.67$0.84
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$108$98.7$9.56$3.75
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$95.3$86.5$8.80$3.59
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$84.0$75.9$8.06$3.87