Civic Intelligence

Walters Art Museum Foundation Inc.

990 • Fiscal year 2017 • EIN 52-1194738

Jul 01, 2016 to Jun 30, 2017 • Filed on Nov 27, 2017

600 North Charles StreetBaltimore, MD 21201

(410) 547-9000

Siviq Scores

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

Liabilities / Assets

14th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Liabilities / Revenue

14th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Net Margin

91st percentile

50%

Higher net margin than 91% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Top Officer Pay

94th percentile

$303,623

Higher top officer pay than 94% of similar nonprofits.

Top officer pay equals 124.4% of source-year revenue.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Asset Growth

71st percentile

12%

Faster asset growth than 71% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2016 to 2017

Revenue Growth

63rd percentile

11%

Faster revenue growth than 63% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2016 to 2017

Assets

Up

$2,898,726

Up $304,617 (+12%) from 2016

Net Assets

Up

$2,898,726

Up $304,617 (+12%) from 2016

Liabilities

Flat

$0

Flat from 2016

Revenue

Up

$244,008

Up $23,940 (+11%) from 2016

Expenses

Up

$121,224

Up $5,200 (+4.5%) from 2016

Net Income

Up

$122,784

Up $18,740 (+18%) from 2016

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: $2,626,015Liabilities 2011: $34,000Net Assets 2011: $2,592,0152011Assets 2012: $2,581,596Liabilities 2012: $26,923Net Assets 2012: $2,554,6732012Assets 2013: $2,463,305Liabilities 2013: $27,867Net Assets 2013: $2,435,4382013Assets 2014: $2,698,308Liabilities 2014: $0Net Assets 2014: $2,698,3082014Assets 2015: $2,704,946Liabilities 2015: $0Net Assets 2015: $2,704,9462015Assets 2016: $2,594,109Liabilities 2016: $0Net Assets 2016: $2,594,1092016Assets 2017: $2,898,726Liabilities 2017: $0Net Assets 2017: $2,898,7262017Assets 2018: $3,089,694Liabilities 2018: $0Net Assets 2018: $3,089,6942018Assets 2019: $2,686,603Liabilities 2019: $0Net Assets 2019: $2,686,6032019Assets 2020: $2,218,573Liabilities 2020: $0Net Assets 2020: $2,218,5732020Assets 2021: $3,129,855Liabilities 2021: $0Net Assets 2021: $3,129,8552021Assets 2022: $2,642,653Liabilities 2022: $0Net Assets 2022: $2,642,6532022Assets 2023: $2,346,048Liabilities 2023: $0Net Assets 2023: $2,346,0482023Assets 2024: $2,447,002Liabilities 2024: $0Net Assets 2024: $2,447,0022024Assets 2025: $2,430,680Liabilities 2025: $0Net Assets 2025: $2,430,6802025

Highlighted filing

2017

Assets$2,898,726
Liabilities$0
Net Assets$2,898,726

Operations Trend

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

$1.0M$500K$0-$500KRevenue 2011: $1Expenses 2011: $137,205Net Income 2011: -$137,2042011Revenue 2012: $9,132Expenses 2012: $108,522Net Income 2012: -$99,3902012Revenue 2013: $11,461Expenses 2013: $113,171Net Income 2013: -$101,7102013Revenue 2014: $26,123Expenses 2014: $114,137Net Income 2014: -$88,0142014Revenue 2015: $667,509Expenses 2015: $232,803Net Income 2015: $434,7062015Revenue 2016: $220,068Expenses 2016: $116,024Net Income 2016: $104,0442016Revenue 2017: $244,008Expenses 2017: $121,224Net Income 2017: $122,7842017Revenue 2018: $117,872Expenses 2018: $131,255Net Income 2018: -$13,3832018Revenue 2019: $114,315Expenses 2019: $133,404Net Income 2019: -$19,0892019Revenue 2020: $60,168Expenses 2020: $128,484Net Income 2020: -$68,3162020Revenue 2021: $96,786Expenses 2021: $129,660Net Income 2021: -$32,8742021Revenue 2022: $92,698Expenses 2022: $120,408Net Income 2022: -$27,7102022Revenue 2023: $87,639Expenses 2023: $132,912Net Income 2023: -$45,2732023Revenue 2024: $38,687Expenses 2024: $137,232Net Income 2024: -$98,5452024Revenue 2025: $58,837Expenses 2025: $119,136Net Income 2025: -$60,2992025

Highlighted filing

2017

Revenue$244,008
Expenses$121,224
Net Income$122,784
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
Nov 27, 2017
Return Version
2016v3.0
Gross Receipts
$2,075,168
Mission and Program Overview

Mission

The Walters Art Museum brings art and people together for enjoyment, discovery, and learning. We strive to create a place where people of every background can be touched by art. We are committed to exhibitions and programs that will strengthen and sustain our community.

To support and benefit the charitable and educational purposes of the institution known as the Trustees of the Walters Art Gallery, dba The Walters Art Museum.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$1,836,800$1,474,017▼ $362,783
Investments Other Securities$750,000$1,413,550▲ $663,550
Savings and Temporary Cash Investments$6,777$11,158▲ $4,381
Pledges and Grants Receivable$532$1▼ $531
Cash and Non-Interest-Bearing Accounts$0$0→ $0
Accounts Receivable$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Program Related$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$2,594,109$2,898,726▲ $304,617
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$0$0→ $0
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Temporarily Rstr Net Assets$2,594,109$2,898,726▲ $304,617
Permanently Rstr Net Assets$0$0→ $0
Unrestricted Net Assets$0$0→ $0
Total Net Assets Fund Balance$2,594,109$2,898,726▲ $304,617
Total Liabilities and Net Assets / Fund Balance$2,594,109$2,898,726▲ $304,617

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$1,413,550--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Ellen BernardPresident
Julia Marciari-AlexanderSecretary
Michael J YoungTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$244,008
Other Revenue
$0
All Other Contributions
$0
Change in Net Assets
$122,784
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$121,224
Other Expenses$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$121,224--$121,224
Total Functional Expenses$121,224$0$0$121,224
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Trustees of the Walters Art GalleryBaltimore, MD501(c)(3)General Operating Support$121,224
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
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
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, Part VI, Section B, Line 11B

Form 990 was prepared internally by the Director of Finance and Chief Operating Officer. Copies are emailed to the Foundation's governing body, reviewed, and approved prior to the filing of the return.

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

Annual reminders of the policy are provided to the board members. Board member signatures are required annually stating that they have received the policy.

Form 990, Part VI, Section C, Line 19

Governing documents, financial statements, and the Conflict of Interest Policy are available to the public upon request. Financial statements are also available at www.guidestar.org

Filing and Contact Details

Filer

Filer Name
Walters Art Museum Foundation Inc
EIN
52-1194738
Phone
4105479000
Address
600 North Charles Street, Baltimore, MD 21201
Doing Business As
The Walters Art Museum

Signing Officer

Name
Kathleen Basham
Title
Chief Operating Officer
Phone
4105479000
Signed
2017-11-27

Organization Details

Principal Officer
Kathleen Basham
Formed
1979
Legal Domicile
Md
Voting Board Members
3
Independent Board Members
2
Employees
0
Volunteers
3
Supplemental Narrative

Financial Statement Notes

Schedule D, Part X, Line 2

Management evaluated the museum's tax positions and concluded that it has taken no uncertain tax positions that require adjustment to the financial statements to comply with provisions of this guidance.

Raw XML AppendixShowing 400 of 437 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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IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt01413550
IRS990ScheduleD/OtherSecuritiesGrp/Desc0Elizabeth Park Capital Offshore II Fund, Ltd.
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd0F
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0Management evaluated the museum's tax positions and concluded that it has taken no uncertain tax positions that require adjustment to the financial statements to comply with provisions of this guidance.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule D, Part X, Line 2
IRS990ScheduleD/TotalBookValueSecuritiesAmt01413550
IRS990ScheduleD/TotalLiabilityAmt00
IRS990ScheduleI/GrantRecordsMaintainedInd01
IRS990ScheduleI/RecipientTable/CashGrantAmt0121224
IRS990ScheduleI/RecipientTable/IRCSectionDesc0501(c)(3)
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt00
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0General Operating Support
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0Trustees of the Walters Art Gallery
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine2Txt0dba The Walters Art Museum
IRS990ScheduleI/RecipientTable/RecipientEIN0526002611
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt0600 North Charles Street
IRS990ScheduleI/RecipientTable/USAddress/CityNm0Baltimore
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0MD
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd0212015185
IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0The Walters Art Museum is operated solely to support the Trustees of the Walters Art Gallery, Inc. (dba Walters Art Museum). The grant is based on a percentage using at 5.0% draw on the average market value of the endowment over the preceding rolling 12 quarters.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule I, Part I, Line 2
IRS990ScheduleI/Total501c3OrgCnt01
IRS990ScheduleI/TotalOtherOrgCnt00
IRS990ScheduleJ/AnyNonFixedPaymentsInd00
IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd00
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd00
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990ScheduleJ/InitialContractExceptionInd00
IRS990/ScheduleJRequiredInd01
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt0303623
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Julia Marciari-Alexander
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0Secretary
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt0303623
IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Form 990 was prepared internally by the Director of Finance and Chief Operating Officer. Copies are emailed to the Foundation's governing body, reviewed, and approved prior to the filing of the return.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Annual reminders of the policy are provided to the board members. Board member signatures are required annually stating that they have received the policy.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Governing documents, financial statements, and the Conflict of Interest Policy are available to the public upon request. Financial statements are also available at www.guidestar.org
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section C, Line 19
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd01
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt0The Trustees of the Walters Art Museum
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0The Trustees of the Walters Art Gallery
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0526002611
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0MD
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0Art Museum
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt0600 North Charles Street
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0Baltimore
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0MD
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd021201
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd00
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd00
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
IRS990ScheduleR/TransferFromOtherOrgInd00
IRS990ScheduleR/TransferToOtherOrgInd00
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0MD
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondLiabilitiesGrp/BOYAmt00
IRS990/TaxExemptBondLiabilitiesGrp/EOYAmt00
IRS990/TaxExemptBondsInd00
IRS990/TemporarilyRstrNetAssetsGrp/BOYAmt02594109
IRS990/TemporarilyRstrNetAssetsGrp/EOYAmt02898726
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt02594109
IRS990/TotalAssetsEOYAmt02898726
IRS990/TotalAssetsGrp/BOYAmt02594109
IRS990/TotalAssetsGrp/EOYAmt02898726
IRS990/TotalCompGreaterThan150KInd01
IRS990/TotalContributionsAmt00
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0121224
IRS990/TotalFunctionalExpensesGrp/TotalAmt0121224
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt00
IRS990/TotalLiabilitiesEOYAmt00
IRS990/TotalLiabilitiesGrp/BOYAmt00
IRS990/TotalLiabilitiesGrp/EOYAmt00
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt02594109
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt02898726
IRS990/TotalOtherCompensationAmt00
IRS990/TotalOtherProgSrvcExpenseAmt00
IRS990/TotalOtherProgSrvcGrantAmt00
IRS990/TotalOtherProgSrvcRevenueAmt00
IRS990/TotalProgramServiceExpensesAmt0121224
IRS990/TotalProgramServiceRevenueAmt00
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt0244008
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0244008
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt03
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt02594109

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$2.43$0.00$2.43$0.06$0.12$0.06
2024Detailed filing. Detailed filing data is available for this year.$2.45$0.00$2.45$0.04$0.14$0.10
2023Detailed filing. Detailed filing data is available for this year.$2.35$0.00$2.35$0.09$0.13$0.05
2022Detailed filing. Detailed filing data is available for this year.$2.64$0.00$2.64$0.09$0.12$0.03
2021Detailed filing. Detailed filing data is available for this year.$3.13$0.00$3.13$0.10$0.13$0.03
2020Detailed filing. Detailed filing data is available for this year.$2.22$0.00$2.22$0.06$0.13$0.07
2019Detailed filing. Detailed filing data is available for this year.$2.69$0.00$2.69$0.11$0.13$0.02
2018Detailed filing. Detailed filing data is available for this year.$3.09$0.00$3.09$0.12$0.13$0.01
2017Detailed filing. Detailed filing data is available for this year.$2.90$0.00$2.90$0.24$0.12$0.12
2016Detailed filing. Detailed filing data is available for this year.$2.59$0.00$2.59$0.22$0.12$0.10
2015Detailed filing. Detailed filing data is available for this year.$2.70$0.00$2.70$0.67$0.23$0.43
2014Detailed filing. Detailed filing data is available for this year.$2.70$0.00$2.70$0.03$0.11$0.09
2013Summary only. Only limited summary data is available for this year.$2.46$0.03$2.44$0.01$0.11$0.10
2012Summary only. Only limited summary data is available for this year.$2.58$0.03$2.55$0.01$0.11$0.10
2011Summary only. Only limited summary data is available for this year.$2.63$0.03$2.59$0.00$0.14$0.14