Civic Intelligence

The Key School Inc

990 • Fiscal year 2020 • EIN 52-0701774

Jul 01, 2019 to Jun 30, 2020 • Filed on Jan 13, 2021

534 Hillsmere DrAnnapolis, MD 21403

(410) 263-9231

Siviq Scores

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

Liabilities / Assets

62nd percentile

0.41x

Higher debt load relative to assets than 62% of similar nonprofits.

2020 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2020

Liabilities / Revenue

73rd percentile

1.05x

Higher debt load relative to revenue than 73% of similar nonprofits.

2020 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2020

Net Margin

27th percentile

-2.0%

Higher net margin than 27% of similar nonprofits.

2020 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2020

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2020

Asset Growth

27th percentile

0.2%

Faster asset growth than 27% of similar nonprofits.

2020 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2019 to 2020

Revenue Growth

36th percentile

-2.1%

Faster revenue growth than 36% of similar nonprofits.

2020 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2019 to 2020

Assets

Up

$50,469,593

Up $110,880 (+0.2%) from 2019

Net Assets

Down

$29,954,666

Down $285,467 (-0.9%) from 2019

Liabilities

Up

$20,514,927

Up $396,347 (+2.0%) from 2019

Revenue

Down

$19,576,605

Down $422,512 (-2.1%) from 2019

Expenses

Up

$19,974,021

Up $832,320 (+4.3%) from 2019

Net Income

Down

-$397,416

Down $1,254,832 (-146%) from 2019

Historical Trend

Balance Sheet Trend

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

$80M$60M$40M$20M$0Assets 2010: $26,447,846Liabilities 2010: $13,023,736Net Assets 2010: $13,424,1102010Assets 2011: $28,135,621Liabilities 2011: $13,025,376Net Assets 2011: $15,110,2452011Assets 2012: $28,938,331Liabilities 2012: $13,420,601Net Assets 2012: $15,517,7302012Assets 2013: $31,566,013Liabilities 2013: $13,834,873Net Assets 2013: $17,731,1402013Assets 2014: $34,102,841Liabilities 2014: $12,768,131Net Assets 2014: $21,334,7102014Assets 2015: $36,045,965Liabilities 2015: $12,923,606Net Assets 2015: $23,122,3592015Assets 2016: $36,612,862Liabilities 2016: $12,225,097Net Assets 2016: $24,387,7652016Assets 2017: $39,497,762Liabilities 2017: $12,594,135Net Assets 2017: $26,903,6272017Assets 2018: $43,189,746Liabilities 2018: $14,186,334Net Assets 2018: $29,003,4122018Assets 2019: $50,358,713Liabilities 2019: $20,118,580Net Assets 2019: $30,240,1332019Assets 2020: $50,469,593Liabilities 2020: $20,514,927Net Assets 2020: $29,954,6662020Assets 2021: $66,395,927Liabilities 2021: $32,100,134Net Assets 2021: $34,295,7932021Assets 2022: $65,331,950Liabilities 2022: $31,905,662Net Assets 2022: $33,426,2882022Assets 2023: $69,557,147Liabilities 2023: $32,725,661Net Assets 2023: $36,831,4862023Assets 2024: $69,556,589Liabilities 2024: $31,900,270Net Assets 2024: $37,656,3192024Assets 2025: $70,793,779Liabilities 2025: $38,698,198Net Assets 2025: $32,095,5812025

Highlighted filing

2020

Assets$50,469,593
Liabilities$20,514,927
Net Assets$29,954,666

Operations Trend

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

$40M$30M$20M$10M$0-$10MExpenses 2010: $15,642,0942010Expenses 2011: $15,971,4192011Expenses 2012: $16,555,0232012Expenses 2013: $17,014,6442013Revenue 2014: $19,404,659Expenses 2014: $17,154,897Net Income 2014: $2,249,7622014Revenue 2015: $19,220,429Expenses 2015: $17,448,615Net Income 2015: $1,771,8142015Revenue 2016: $18,449,008Expenses 2016: $17,063,290Net Income 2016: $1,385,7182016Revenue 2017: $18,908,239Expenses 2017: $17,479,994Net Income 2017: $1,428,2452017Revenue 2018: $19,396,943Expenses 2018: $18,102,753Net Income 2018: $1,294,1902018Revenue 2019: $19,999,117Expenses 2019: $19,141,701Net Income 2019: $857,4162019Revenue 2020: $19,576,605Expenses 2020: $19,974,021Net Income 2020: -$397,4162020Revenue 2021: $20,232,729Expenses 2021: $20,090,492Net Income 2021: $142,2372021Revenue 2022: $23,337,253Expenses 2022: $21,646,324Net Income 2022: $1,690,9292022Revenue 2023: $24,739,248Expenses 2023: $23,255,139Net Income 2023: $1,484,1092023Revenue 2024: $23,091,982Expenses 2024: $24,845,237Net Income 2024: -$1,753,2552024Revenue 2025: $23,848,925Expenses 2025: $31,765,997Net Income 2025: -$7,917,0722025

Highlighted filing

2020

Revenue$19,576,605
Expenses$19,974,021
Net Income-$397,416
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Jan 13, 2021
Return Version
2019v5.1
Gross Receipts
$19,638,983
Mission and Program Overview

Mission

The key school is founded upon the conviction that children are innately curious about themselves and the world; they want to learn, they want to discover, and they want to create. (continued on schedule o)

Independent, non-sectarian, non-profit, pk - grade 12 school

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$25,551,210$27,720,057▲ $2,168,847
Investments in Publicly Traded Securities$14,418,923$12,511,576▼ $1,907,347
Savings and Temporary Cash Investments$9,546,148$9,454,790▼ $91,358
Investments Other Securities$387,103$414,613▲ $27,510
Prepaid Expenses and Deferred Charges$344,325$302,384▼ $41,941
Pledges and Grants Receivable$98,229$52,535▼ $45,694
Cash and Non-Interest-Bearing Accounts$4,612$8,128▲ $3,516
Inventories for Sale or Use$4,427$5,510▲ $1,083
Accounts Receivable$3,736--
Total Assets$50,358,713$50,469,593▲ $110,880
Liabilities
Tax Exempt Bond Liabilities$15,681,126$15,323,535▼ $357,591
Unsecured Notes Loans Payable-$1,700,000-
Deferred Revenue$2,526,146$1,675,633▼ $850,513
Accounts Payable and Accrued Expenses$1,674,960$1,307,009▼ $367,951
Other Liabilities$118,432$407,122▲ $288,690
Mortgage Notes Payable Secured by Investment Property$117,916$101,628▼ $16,288
Total Liabilities$20,118,580$20,514,927▲ $396,347
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$18,674,225$20,370,448▲ $1,696,223
Net Assets With Donor Restrictions$11,565,908$9,584,218▼ $1,981,690
Total Net Assets Fund Balance$30,240,133$29,954,666▼ $285,467
Total Liabilities and Net Assets / Fund Balance$50,358,713$50,469,593▲ $110,880

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$8,333,185$10,985,423$19,318,608
Land$16,826,538-$16,826,538
Equipment$2,560,334$873,124$3,433,458

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2019$14,320,272$129,234▲ $448,795$22,934$14,875,367
2018$13,415,347$98,625▲ $829,761$23,461$14,320,272
2017$12,209,242$96,716▲ $1,131,564$22,175$13,415,347
2016$10,612,062$186,036▲ $1,432,212$21,068$12,209,242
2015$10,405,979$202,362▲ $23,958$20,237$10,612,062
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Matthew NespoleHead of SchoolFT$299,468$93,855$393,323
Thomas RossiniDirector of Enrollment & OutreachFT$113,503$50,471$163,974
Brian MichaelsUpper School HeadFT$117,157$43,593$160,750
David MagnusMiddle School HeadFT$130,491$27,384$157,875
Caroline EwingDirector/finance & OperationsFT$129,745$16,705$146,450
Emily LegumLower School Head Thru 6/30/2020FT$121,777$14,992$136,769
Stephen GinterDirector of AdvancementFT$106,270$29,382$135,652

Board Members and Trustees

NameTitle
Joseph a Janney IiiPresident
John HilbertVice-president
Alanna WrightBoard Member
Anna WoodBoard Member
Channing Martin JonesBoard Member
David IrvingBoard Member
F Michael SmithBoard Member
Jared LittmannBoard Member
Jeff RinehartBoard Member
Julius ClarkBoard Member
Katherine EdwardsBoard Member
Kristin FuscoBoard Member
Leander J Foley IiiBoard Member
March K BishopBoard Member
Mark BaganzBoard Member
Michael GlassBoard Member
Missy AttridgeBoard Member
Nancy Margaret AdlerBoard Member
Stephen WrageBoard Member
Steven KahleBoard Member
Tom BaumBoard Member
Trevor WilbyBoard Member
Troy MayerBoard Member
Wesley R JonesBoard Member
William MappBoard Member
Colin HarringtonBoard Memeber
M Kenneth KisselSecretary
Peter BicheTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
James G Davis ConstructionConstruction12530 PARKLAWN DR STE 100, Rockville, MD 20852$2,912,090
Brock Food ServiceFood Service Providers257 GREAT VALLEY PARKWAY, Malvern, PA 19355$271,402
Clean Net Of Baltimore Washington INCCleaning Service Providers9861 BROKEN LAND PKWAY STE 208, Columbia, MD 21046$242,116
Hord Coplan Macht INCArchitectural Consultants700 EAST PRATT ST STE 1200, Baltimore, MD 21202$210,512
Club Sci KidzScience Clubs6209 KNOLLS CT, Eldridge, MD 21075$133,190
Revenue and Support

Revenue Composition

Contributions and Grants
$1,039,779
Program Service Revenue
$17,998,239
Investment Income
$459,551
Other Revenue
$79,036
All Other Contributions
$934,154
Change in Net Assets
$-397,416

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 Traded7$144,962Fair Market Value (FMV)
Total Noncash Contributions7$144,962-

Audited Revenue Reconciliation

Revenue per Audited Statements
$19,598,180
Revenue Not Reported on Financial Statements
$-21,575
Revenue Not Reported on Form 990
$-2,086,509
Other Revenue Adjustments
$-21,575
Total Revenue per Audited Statements
$17,511,671
Total Revenue per Form 990
$19,576,605
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$12,440,145
Other Expenses$5,335,418
Grants and Similar Amounts Paid$2,198,458
Total Fundraising Expense$616,601
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$5,947,140$2,550,538$356,024$8,853,702
Grants to Domestic Individuals$2,198,458--$2,198,458
Other Employee Benefits$1,334,054$567,641$111,911$2,013,606
Depreciation Depletion$1,203,520$153,240$17,592$1,374,352
Occupancy$950,141$123,392$14,165$1,087,698
Payroll Taxes$456,877$195,940$27,351$680,168
Current Officers, Directors, Trustees, and Key Employees$367,573$157,640$22,005$547,218
Pension Plan Contributions$232,044$99,516$13,891$345,451
All Other Expenses$43,866$284,956$2,054$330,876
Interest$286,192$36,440$4,183$326,815
Information Technology$240,401$10,390$1,193$251,984
Office Expenses$155,455$51,225$2,272$208,952
Other Expenses$80,695$29,391$42,469$110,086
Advertising$11,162$85,214-$96,376
Insurance$74,090$9,434$1,083$84,607
Travel$74,678--$74,678
Fees for Services Accounting-$42,197-$42,197
Fees for Services Legal$1,445$30,046$408$31,899
Total Functional Expenses$14,809,160$4,548,260$616,601$19,974,021

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$19,974,021
Total Expenses per Audited Statements$17,797,138
Expenses per Audited Statements$17,775,563
Expenses Not Reported on Financial Statements$2,198,458
Other Expense Adjustments$2,198,458
Expenses Not Reported on Form 990$21,575
International Activity

International Summary

Offices
0
Employees
0
Spending
$414,613

International Compliance

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

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the CaribbeanInvestment-00$414,613
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$49,055
Fundraising Direct Expenses$40,803
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Harvest Dinner$37,555$37,555$3,273$34,282
Book Festival$98,975$8,500$14,914$-6,414
Total Events$149,680$49,055$40,743$8,312
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-Substantial ContributorConstruction ServicesNo$2,858,585
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Obligations Under Capital Lease$407,122

Bond Issues

BondIssuerIssuedIssue PricePurpose
AMaryland Health & Higher Education Facilities Authority2016-07-21$15,999,265Debt refinancing & renovations

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$15,999,265$7,876,417$421,642$304,927

Bond Financing Compliance

No rebate due
No
Rebate not yet due
Yes
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
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
Yes
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

After a review of the form 990 by the financial management of the school, the school's audit committee will then review the return. The final step in the review process will be the presentation of the form 990 to the full board of directors of the school.

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

Key school mandates completion of a conflict of interest policy form annually by all trustees. These forms are reviewed annually in order to maintain compliance with the policy.

Form 990, Part VI, Section C, Line 19

The key school does not make its governing documents, conflict of interest policy and financial statements available to the public. Form 990 is available to the public on guidestar.

Filing and Contact Details

Filer

Filer Name
The Key School Inc
EIN
52-0701774
Phone
4102639231
Address
534 HILLSMERE DR, ANNAPOLIS, MD 21403

Signing Officer

Name
Caroline Ewing
Title
Director of Finance
Phone
4102639231
Signed
2021-01-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Matthew Nespole
Formed
1959
Legal Domicile
Md
Voting Board Members
29
Independent Board Members
25
Employees
249
Volunteers
300

Preparer

Firm
Rsm US Llp
Address
9801 WASHINGTONIAN BLVD STE 500, GAITHERSBURG, MD 20878
Preparer
William E Turco CPA
Phone
3012963600
Supplemental Narrative

Additional Explanations

FORM 990, PART III, LINE 1, ORGANIZATION'S MISSION:

Our mission is to nourish and guide this natural exuberance, energy, and delight in the search for meaning, so that each student embraces lifelong learning and develops into an informed, thoughtful, and constructive member of society. With these beliefs and objectives in mind, we commit to: provide a dynamic education that demands rigor, intellectual independence, creativity, interdisciplinary thought, and openness to differing perspectives through academic and co-curricular programs that teach students experientially, as active participants in the learning process. Guide and support students in their efforts to mature intellectually, socially, and emotionally; to make decisions for themselves and take responsibility for those decisions; to address their individual learning needs; and to broaden and deepen their talents and interests. Prepare students with the collaborative and competitive abilities and the communication and thinking skills they need to effectively undertake challenges and assume responsibilities in an interconnected, complex world. Cultivate a community in which teaching and learning are lifelong endeavors for all, pursued through reflection, private study, and communal engagement. Sustain an ethical school culture that respects the dignity of every human being, recognizes that liberty must be balanced by responsibility and individual action by the needs of others, and stresses to all members of a diverse school community the importance of trust, mutual respect, compassion, and service to others.

Financial Statement Notes

PART II, LINE 9:

We do not report on conservation easements in our revenue and expense statements and balance sheet.

PART V, LINE 4:

Eventually, income generated from the endowment will be used to support the school's mission. Currently, no income is drawn from endowment funds.

PART X, LINE 2:

The school is generally exempt from federal and state income taxes under the provisions of section 501(c)(3) of the irc. However, the school is subject to income taxes on unrelated business income as defined by the internal revenue service (irs). During the year ended june 30, 2019, the school had no taxable unrelated business income and, accordingly, no provision for income taxes is required in the accompanying consolidated financial statements. Management has evaluated the school's tax positions and has concluded that the school has taken no uncertain tax positions that require adjustment to or disclosure in the consolidated financial statements. Generally, the school is no longer subject to income tax examinations by the u.s. Federal, state or local tax authorities for years before 2017.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Financial aid netted against tuition revenue -2,198,458.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Rental expenses reported on line 6b -18,959. Cost of goods sold reported on line 10b -2,616.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Rental expenses reported on line 6b 18,959. Cost of goods sold reported on line 10b 2,616.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Financial aid netted against tuition revenue 2,198,458.

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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/Desc0PROVIDES EDUCATION FOR STUDENTS FROM PRESCHOOL THROUGH GRADE 12, APPROXIMATELY 638 STUDENTS.
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IRS990/Form990PartVIISectionAGrp/TitleTxt0PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE-PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt2TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt3SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt4BOARD MEMBER
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IRS990/Form990PartVIISectionAGrp/TitleTxt8BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt9BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt10BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt11BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt12BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt13BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt14BOARD MEMEBER
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IRS990/Form990PartVIISectionAGrp/TitleTxt21BOARD MEMBER
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IRS990/Form990PartVIISectionAGrp/TitleTxt23BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt24BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt25BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt26BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt27BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt28HEAD OF SCHOOL
IRS990/Form990PartVIISectionAGrp/TitleTxt29DIRECTOR/FINANCE & OPERATIONS
IRS990/Form990PartVIISectionAGrp/TitleTxt30MIDDLE SCHOOL HEAD
IRS990/Form990PartVIISectionAGrp/TitleTxt31LOWER SCHOOL HEAD THRU 6/30/2020
IRS990/Form990PartVIISectionAGrp/TitleTxt32UPPER SCHOOL HEAD
IRS990/Form990PartVIISectionAGrp/TitleTxt33DIRECTOR OF ENROLLMENT & OUTREACH
IRS990/Form990PartVIISectionAGrp/TitleTxt34DIRECTOR OF ADVANCEMENT
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$70.8$38.7$32.1$23.8$31.8$7.92
2024Detailed filing. Detailed filing data is available for this year.$69.6$31.9$37.7$23.1$24.8$1.75
2023Detailed filing. Detailed filing data is available for this year.$69.6$32.7$36.8$24.7$23.3$1.48
2022Detailed filing. Detailed filing data is available for this year.$65.3$31.9$33.4$23.3$21.6$1.69
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$66.4$32.1$34.3$20.2$20.1$0.14
2020Detailed filing. Detailed filing data is available for this year.$50.5$20.5$30.0$19.6$20.0$0.40
2019Detailed filing. Detailed filing data is available for this year.$50.4$20.1$30.2$20.0$19.1$0.86
2018Detailed filing. Detailed filing data is available for this year.$43.2$14.2$29.0$19.4$18.1$1.29
2017Detailed filing. Detailed filing data is available for this year.$39.5$12.6$26.9$18.9$17.5$1.43
2016Detailed filing. Detailed filing data is available for this year.$36.6$12.2$24.4$18.4$17.1$1.39
2015Detailed filing. Detailed filing data is available for this year.$36.0$12.9$23.1$19.2$17.4$1.77
2014Detailed filing. Detailed filing data is available for this year.$34.1$12.8$21.3$19.4$17.2$2.25
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$31.6$13.8$17.7$17.0
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$28.9$13.4$15.5$16.6
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$28.1$13.0$15.1$16.0
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$26.4$13.0$13.4$15.6