Civic Intelligence

Bancroft Community Foundation Inc.

990 • Fiscal year 2021 • EIN 42-1468316

Jul 01, 2020 to Jun 30, 2021 • Filed on Nov 16, 2021

111 N Dodge StAlgona, IA 50511

(515) 295-3565

Siviq Scores

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

Liabilities / Assets

58th percentile

0.11x

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

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

95th percentile

3.65x

Higher debt load relative to revenue than 95% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Net Margin

78th percentile

35%

Higher net margin than 78% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

39th percentile

$0

Higher top officer pay than 39% of similar nonprofits.

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

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Asset Growth

22nd percentile

-1.5%

Faster asset growth than 22% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

3rd percentile

-66%

Faster revenue growth than 3% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Assets

Down

$2,125,875

Down $31,715 (-1.5%) from 2020

Net Assets

Up

$1,882,470

Up $25,344 (+1.4%) from 2020

Liabilities

Down

$243,405

Down $57,059 (-19%) from 2020

Revenue

Down

$66,763

Down $130,712 (-66%) from 2020

Expenses

Down

$43,673

Down $25,498 (-37%) from 2020

Net Income

Down

$23,090

Down $105,214 (-82%) from 2020

Historical Trend

Balance Sheet Trend

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

$4.0M$3.0M$2.0M$1.0M$0Assets 2011: $1,430,393Liabilities 2011: $132,706Net Assets 2011: $1,297,6872011Assets 2012: $1,437,144Liabilities 2012: $101,147Net Assets 2012: $1,335,9972012Assets 2013: $1,429,766Liabilities 2013: $67,555Net Assets 2013: $1,362,2112013Assets 2014: $1,429,031Liabilities 2014: $31,713Net Assets 2014: $1,397,3182014Assets 2015: $1,368,106Liabilities 2015: $101Net Assets 2015: $1,368,0052015Assets 2016: $1,716,676Liabilities 2016: $20,000Net Assets 2016: $1,696,6762016Assets 2017: $2,096,498Liabilities 2017: $302,550Net Assets 2017: $1,793,9482017Assets 2018: $1,885,974Liabilities 2018: $365,300Net Assets 2018: $1,520,6742018Assets 2019: $2,053,057Liabilities 2019: $324,235Net Assets 2019: $1,728,8222019Assets 2020: $2,157,590Liabilities 2020: $300,464Net Assets 2020: $1,857,1262020Assets 2021: $2,125,875Liabilities 2021: $243,405Net Assets 2021: $1,882,4702021Assets 2022: $3,292,627Liabilities 2022: $212,300Net Assets 2022: $3,080,3272022Assets 2023: $3,377,500Liabilities 2023: $180,000Net Assets 2023: $3,197,5002023Assets 2024: $3,466,841Liabilities 2024: $160,000Net Assets 2024: $3,306,8412024Assets 2025: $3,696,591Liabilities 2025: $138,974Net Assets 2025: $3,557,6172025

Highlighted filing

2021

Assets$2,125,875
Liabilities$243,405
Net Assets$1,882,470

Operations Trend

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

$1.5M$1.0M$500K$0-$500KRevenue 2011: $96,531Expenses 2011: $68,170Net Income 2011: $28,3612011Revenue 2012: $69,300Expenses 2012: $30,990Net Income 2012: $38,3102012Revenue 2013: $46,799Expenses 2013: $20,585Net Income 2013: $26,2142013Revenue 2014: $56,136Expenses 2014: $21,029Net Income 2014: $35,1072014Revenue 2015: $119,774Expenses 2015: $51,979Net Income 2015: $67,7952015Revenue 2016: $390,496Expenses 2016: $172,891Net Income 2016: $217,6052016Revenue 2017: $221,515Expenses 2017: $97,781Net Income 2017: $123,7342017Revenue 2018: $180,660Expenses 2018: $103,686Net Income 2018: $76,9742018Revenue 2019: $134,819Expenses 2019: $135,862Net Income 2019: -$1,0432019Revenue 2020: $197,475Expenses 2020: $69,171Net Income 2020: $128,3042020Revenue 2021: $66,763Expenses 2021: $43,673Net Income 2021: $23,0902021Revenue 2022: $1,279,969Expenses 2022: $86,111Net Income 2022: $1,193,8582022Revenue 2023: $152,486Expenses 2023: $35,313Net Income 2023: $117,1732023Revenue 2024: $210,218Expenses 2024: $100,877Net Income 2024: $109,3412024Revenue 2025: $282,460Expenses 2025: $31,684Net Income 2025: $250,7762025

Highlighted filing

2021

Revenue$66,763
Expenses$43,673
Net Income$23,090
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Nov 16, 2021
Return Version
2020v4.0
Gross Receipts
$141,876
Mission and Program Overview

Mission

The foundation was created to raise funds and distribute grants for civic betterment projects in the city of bancroft, iowa, which could not otherwise be funded by tax dollars due to budget constraints.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,658,356$1,633,873▼ $24,483
Rtn Earn Endowment Incm Other Fnds$945,548$970,892▲ $25,344
Cap Stk Tr Prin Current Funds$911,578$911,578→ $0
Cash and Non-Interest-Bearing Accounts$479,234$419,630▼ $59,604
Investments Other Securities-$52,372-
Other Notes and Loans Receivable, Net$20,000$20,000→ $0
Savings and Temporary Cash Investments-$0-
Accounts Receivable-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$2,157,590$2,125,875▼ $31,715
Other Assets Total-$0-
Liabilities
Other Liabilities$296,464$239,405▼ $57,059
Grants Payable$4,000$4,000→ $0
Total Liabilities$300,464$243,405▼ $57,059
Net Assets / Fund Balance
Total Net Assets Fund Balance$1,857,126$1,882,470▲ $25,344
Total Liabilities and Net Assets / Fund Balance$2,157,590$2,125,875▼ $31,715

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$937,127$116,411$1,053,538
Buildings$645,863$401,791$1,047,654
Land$50,000-$50,000
Equipment$883$3,076$3,959
Compensation and Service Providers

Board Members and Trustees

NameTitle
A Richard DeiteringPresident
Ellengray G KennedyVice President
Jeff TheisenDirector
Philip J JarenSecretary
Darlene D JansenTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$82,166
Program Service Revenue
$0
Investment Income
$5,318
Other Revenue
$-20,721
All Other Contributions
$69,989
Change in Net Assets
$23,090
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$39,673
Total Fundraising Expense$15,020
Grants and Similar Amounts Paid$4,000
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other--$13,701$13,701
Interest-$6,853-$6,853
Grants to Domestic Orgs$4,000--$4,000
Other Expenses-$2,563-$2,563
All Other Expenses-$1,852$628$2,480
Advertising--$691$691
Fees for Services Legal-$96-$96
Total Functional Expenses$4,000$24,653$15,020$43,673
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Lng Trm Liab (summit)$220,000
Loft Apt Proj$19,405
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Backup withholding compliance
No
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
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B: Form 990 Review Process

Copy reviewed by board before filing

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

No documents available to the public.

Filing and Contact Details

Filer

Filer Name
Bancroft Community Foundation Inc
EIN
42-1468316
Phone
5152953565
Address
111 N DODGE ST, ALGONA, IA 50511

Signing Officer

Name
Darlene D Jansen
Title
Treasurer
Phone
5158852707
Signed
2021-11-16
Discuss with paid preparer
Yes

Organization Details

Legal Domicile
Ia
Voting Board Members
5
Independent Board Members
0
Employees
0

Preparer

Firm
Buchanan Law Offices
Address
111 North Dodge St, Algona, IA 50511
Preparer
A David Bibler
Phone
5152953565
Supplemental Narrative

Additional Explanations

Other Changes In Net Assets Or Fund Balances - Other Increases

Acct adj/basis adj = $2372

Other Changes In Net Assets Or Fund Balances - Other Decreases

Acctg adj (2019 corr) = -$90

Other Changes In Net Assets Or Fund Balances - Other Decreases

ACCTG ADJ (BAL) = -$28

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IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt0945548
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt0970892
IRS990/SavingsAndTempCashInvstGrp/EOYAmt00
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt071689
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0204329
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0139342
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0177689
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0169591
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt0762640
IRS990ScheduleA/GovtFurnSrvcFcltsVl170Grp/TotalAmt00
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt05318
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt08212
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt06725
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt05404
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt03651
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt029310
IRS990ScheduleA/OtherIncome170Grp/TotalAmt00
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.96300
IRS990ScheduleA/PublicSupportPY170Pct00.97300
IRS990ScheduleA/PublicSupportTotal170Amt0762640
IRS990ScheduleA/SubstantialContributorsTotAmt00
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft170Grp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt071689
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0204329
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0139342
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0177689
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0169591
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt0762640
IRS990ScheduleA/TotalSupportAmt0791950
IRS990ScheduleA/UnrelatedBusinessNetIncm170Grp/TotalAmt00
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt0645863
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0401791
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt01047654
IRS990ScheduleD/EquipmentGrp/BookValueAmt0883
IRS990ScheduleD/EquipmentGrp/DepreciationAmt03076
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt03959
IRS990ScheduleD/LandGrp/BookValueAmt050000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt050000
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt0937127
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt0116411
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt01053538
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0220000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt119405
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0LNG TRM LIAB (SUMMIT)
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1LOFT APT PROJ
IRS990ScheduleD/TotalBookValueLandBuildingsAmt01633873
IRS990ScheduleD/TotalLiabilityAmt0239405
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0COPY REVIEWED BY BOARD BEFORE FILING
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1No documents available to the public.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ACCT ADJ/BASIS ADJ = $2372
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ACCTG ADJ (2019 CORR) = -$90
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4ACCTG ADJ (BAL) = -$28
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Other Changes In Net Assets Or Fund Balances - Other Increases
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Other Changes In Net Assets Or Fund Balances - Other Decreases
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Other Changes In Net Assets Or Fund Balances - Other Decreases
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0IA
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt02157590
IRS990/TotalAssetsEOYAmt02125875
IRS990/TotalAssetsGrp/BOYAmt02157590
IRS990/TotalAssetsGrp/EOYAmt02125875
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt082166
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt015020
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt024653
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt04000
IRS990/TotalFunctionalExpensesGrp/TotalAmt043673
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0300464
IRS990/TotalLiabilitiesEOYAmt0243405
IRS990/TotalLiabilitiesGrp/BOYAmt0300464
IRS990/TotalLiabilitiesGrp/EOYAmt0243405
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01857126
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01882470
IRS990/TotalProgramServiceExpensesAmt04000
IRS990/TotalProgramServiceRevenueAmt00
IRS990/TotalRevenueGrp/ExclusionAmt0-15403
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt066763
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt02157590
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt02125875
IRS990/TravelGrp/TotalAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0111 N DODGE ST
IRS990/USAddress/CityNm0ALGONA
IRS990/USAddress/StateAbbreviationCd0IA
IRS990/USAddress/ZIPCd050511
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt00
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/FederatedAssuranceLevelCd0FAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0DARLENE D JANSEN
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Treasurer
ReturnHeader/BusinessOfficerGrp/PhoneNum05158852707
ReturnHeader/BusinessOfficerGrp/SignatureDt02021-11-16
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0BANCROFT COMMUNITY FOUNDATION INC
ReturnHeader/Filer/BusinessNameControlTxt0BANC
ReturnHeader/Filer/EIN0421468316
ReturnHeader/Filer/PhoneNum05152953565
ReturnHeader/Filer/USAddress/AddressLine1Txt0111 N DODGE ST
ReturnHeader/Filer/USAddress/CityNm0ALGONA
ReturnHeader/Filer/USAddress/StateAbbreviationCd0IA
ReturnHeader/Filer/USAddress/ZIPCd050511
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0420940126
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Buchanan Law Offices
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0111 North Dodge St
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Algona
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0IA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd050511
ReturnHeader/PreparerPersonGrp/PhoneNum05152953565
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0A David Bibler
ReturnHeader/PreparerPersonGrp/SelfEmployedInd0X
ReturnHeader/ReturnTs02021-12-01T07:57:23-08:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0DARLENE

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$3.70$0.14$3.56$0.28$0.03$0.25
2024Detailed filing. Detailed filing data is available for this year.$3.47$0.16$3.31$0.21$0.10$0.11
2023Detailed filing. Detailed filing data is available for this year.$3.38$0.18$3.20$0.15$0.04$0.12
2022Detailed filing. Detailed filing data is available for this year.$3.29$0.21$3.08$1.28$0.09$1.19
2021Detailed filing. Detailed filing data is available for this year.$2.13$0.24$1.88$0.07$0.04$0.02
2020Detailed filing. Detailed filing data is available for this year.$2.16$0.30$1.86$0.20$0.07$0.13
2019Detailed filing. Detailed filing data is available for this year.$2.05$0.32$1.73$0.13$0.14$0.00
2018Summary only. Only limited summary data is available for this year.$1.89$0.37$1.52$0.18$0.10$0.08
2017Detailed filing. Detailed filing data is available for this year.$2.10$0.30$1.79$0.22$0.10$0.12
2016Summary only. Only limited summary data is available for this year.$1.72$0.02$1.70$0.39$0.17$0.22
2015Summary only. Only limited summary data is available for this year.$1.37$0.00$1.37$0.12$0.05$0.07
2014Detailed filing. Detailed filing data is available for this year.$1.43$0.03$1.40$0.06$0.02$0.04
2013Summary only. Only limited summary data is available for this year.$1.43$0.07$1.36$0.05$0.02$0.03
2012Summary only. Only limited summary data is available for this year.$1.44$0.10$1.34$0.07$0.03$0.04
2011Summary only. Only limited summary data is available for this year.$1.43$0.13$1.30$0.10$0.07$0.03