Civic Intelligence

Rappahannock Economic Development

EIN 54-1389463 • 501(c)4 • Fredericksburg, VA

Profile

To promote economic development and growth of the small business community within virginia, maryland, west virginia and washington, dc. To promote and increase private sector investment in long-term fixed assets, which will increase productivity, create or retain employment opportunities and increase the local tax base in the area of operations. In summary, it is the intent of the rappahannock economic development corporation to provide a positive economic impact within its community, or meet a public policy goal of the small business administration (sba).

710 Princess Anne Street Suite 2Fredericksburg, VA 22401

www.redco504.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

76th percentile

0.21x

Higher debt load relative to assets than 76% of similar nonprofits.

501(c)4 • $500k-$1M nonprofits • Source year 2023

Liabilities / Revenue

70th percentile

0.18x

Higher debt load relative to revenue than 70% of similar nonprofits.

501(c)4 • $500k-$1M nonprofits • Source year 2023

Net Margin

40th percentile

1.7%

Higher net margin than 40% of similar nonprofits.

501(c)4 • $500k-$1M nonprofits • Source year 2023

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

74th percentile

13%

Faster asset growth than 74% of similar nonprofits.

501(c)4 • $500k-$1M nonprofits • Annualized from 2022 to 2023

Revenue Growth

65th percentile

14%

Faster revenue growth than 65% of similar nonprofits.

501(c)4 • $500k-$1M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets76th percentile

Assets

Down

$613,702

Down $6,344 (-1.0%) from 2023

Liabilities

Down

$113,609

Down $16,136 (-12%) from 2023

Net Assets

Up

$500,093

Up $9,792 (+2.0%) from 2023

Operations
Liabilities / Revenue70th percentileNet Margin40th percentile

Revenue

Down

$702,011

Down $26,596 (-3.7%) from 2023

Expenses

Down

$692,219

Down $24,122 (-3.4%) from 2023

Net Income

Down

$9,792

Down $2,474 (-20%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth74th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$800K$600K$400K$200K$0Assets 2011: $475,014Liabilities 2011: $29,387Net Assets 2011: $445,6272011Assets 2012: $449,028Liabilities 2012: $24,330Net Assets 2012: $424,6982012Assets 2013: $429,157Liabilities 2013: $20,535Net Assets 2013: $408,6222013Assets 2014: $452,544Liabilities 2014: $12,323Net Assets 2014: $440,2212014Assets 2015: $383,471Liabilities 2015: $26,130Net Assets 2015: $357,3412015Assets 2016: $346,962Liabilities 2016: $14,642Net Assets 2016: $332,3202016Assets 2017: $361,361Liabilities 2017: $14,966Net Assets 2017: $346,3952017Assets 2018: $364,428Liabilities 2018: $24,027Net Assets 2018: $340,4012018Assets 2019: $434,948Liabilities 2019: $96,902Net Assets 2019: $338,0462019Assets 2020: $483,122Liabilities 2020: $49,371Net Assets 2020: $433,7512020Assets 2021: $656,629Liabilities 2021: $173,380Net Assets 2021: $483,2492021Assets 2022: $549,871Liabilities 2022: $71,836Net Assets 2022: $478,0352022Assets 2023: $620,046Liabilities 2023: $129,745Net Assets 2023: $490,3012023Assets 2024: $613,702Liabilities 2024: $113,609Net Assets 2024: $500,0932024

Highlighted filing

2024

Assets$613,702
Liabilities$113,609
Net Assets$500,093
Open 2024 Filing

Operations Trend

Revenue Growth65th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$1.0M$500K$0-$500KExpenses 2011: $287,2482011Expenses 2012: $299,6622012Expenses 2013: $306,9372013Revenue 2014: $295,518Expenses 2014: $263,919Net Income 2014: $31,5992014Revenue 2015: $236,826Expenses 2015: $319,706Net Income 2015: -$82,8802015Revenue 2016: $332,483Expenses 2016: $357,504Net Income 2016: -$25,0212016Revenue 2017: $371,955Expenses 2017: $357,880Net Income 2017: $14,0752017Revenue 2018: $330,764Expenses 2018: $336,758Net Income 2018: -$5,9942018Revenue 2019: $375,293Expenses 2019: $377,648Net Income 2019: -$2,3552019Revenue 2020: $507,587Expenses 2020: $411,882Net Income 2020: $95,7052020Revenue 2021: $608,606Expenses 2021: $559,108Net Income 2021: $49,4982021Revenue 2022: $637,675Expenses 2022: $642,889Net Income 2022: -$5,2142022Revenue 2023: $728,607Expenses 2023: $716,341Net Income 2023: $12,2662023Revenue 2024: $702,011Expenses 2024: $692,219Net Income 2024: $9,7922024

Highlighted filing

2024

Revenue$702,011
Expenses$692,219
Net Income$9,792
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$613,702
Liabilities
$113,609
Net assets
$500,093
Revenue
$702,011
Expenses
$692,219
Net income
$9,792
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$6.14$1.14$5.00$7.02$6.92$0.10
2023Detailed filing. Detailed filing data is available for this year.$6.20$1.30$4.90$7.29$7.16$0.12
2022Detailed filing. Detailed filing data is available for this year.$5.50$0.72$4.78$6.38$6.43$0.05
2021Detailed filing. Detailed filing data is available for this year.$6.57$1.73$4.83$6.09$5.59$0.49
2020Detailed filing. Detailed filing data is available for this year.$4.83$0.49$4.34$5.08$4.12$0.96
2019Detailed filing. Detailed filing data is available for this year.$4.35$0.97$3.38$3.75$3.78$0.02
2018Detailed filing. Detailed filing data is available for this year.$3.64$0.24$3.40$3.31$3.37$0.06
2017Detailed filing. Detailed filing data is available for this year.$3.61$0.15$3.46$3.72$3.58$0.14
2016Detailed filing. Detailed filing data is available for this year.$3.47$0.15$3.32$3.32$3.58$0.25
2015Detailed filing. Detailed filing data is available for this year.$3.83$0.26$3.57$2.37$3.20$0.83
2014Detailed filing. Detailed filing data is available for this year.$4.53$0.12$4.40$2.96$2.64$0.32
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.29$0.21$4.09$3.07
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.49$0.24$4.25$3.00
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.75$0.29$4.46$2.87
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Oct 1, 2023 to Sep 30, 2024
Signed
Feb 6, 2024
Return Version
2023v6.0
Gross Receipts
$702,011
Mission and Program Overview

Mission

To promote economic development and growth of the small business community within the commonwealth of virginia. To promote and increase private sector investment in long-term fixed assets, which will increase productivity, create or retain employment opportunities and increase the local tax base in the area of operations. In summary, it is the intent of the rappahannock economic development corporation to provide a positive economic impact within its community, or meet a public policy goal of the small business administration (sba).

To promote economic development and growth of the small business community within virginia, maryland, west virginia and washington, dc. To promote and increase private sector investment in long-term fixed assets, which will increase productivity, create or retain employment opportunities and increase the local tax base in the area of operations. In summary, it is the intent of the rappahannock economic development corporation to provide a positive economic impact within its community, or meet a public policy goal of the small business administration (sba).

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$290,452$534,581▲ $244,129
Savings and Temporary Cash Investments$231,592--
Accounts Receivable$3,703$6,680▲ $2,977
Land, Buildings, and Equipment, Net$4,781$3,638▼ $1,143
Prepaid Expenses and Deferred Charges$780$800▲ $20
Total Assets$620,046$613,702▼ $6,344
Other Assets Total$88,738$68,003▼ $20,735
Liabilities
Other Liabilities$89,971$69,983▼ $19,988
Accounts Payable and Accrued Expenses$31,826$31,078▼ $748
Deferred Revenue$7,948$12,548▲ $4,600
Total Liabilities$129,745$113,609▼ $16,136
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$490,301$500,093▲ $9,792
Total Net Assets Fund Balance$490,301$500,093▲ $9,792
Total Liabilities and Net Assets / Fund Balance$620,046$613,702▼ $6,344

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$3,638$23,881$27,519
Other Assets Org$68,003--
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseOtherTotal
Joe DistefanoPresidentFT$172,942$15,788$188,730

Board Members and Trustees

NameTitle
Teri TostiChairwoman
Brian BakerPast Chairma
Kristin ShieldsVice Chairwo
Brenda HisghmanDirector
Curry RobertsDirector
Jeff RouseDirector
Jim HowardDirector
Matt KellyDirector
Mike KennisonDirector
Rich IronDirector
Steven ApicellaDirector
Bill OetersAssistant Se
Kathy SpeakmanSecretary
George ChristopherTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$640,764
Investment Income
$61,247
Other Revenue
$0
Change in Net Assets
$9,792

Audited Revenue Reconciliation

Revenue per Audited Statements
$702,011
Total Revenue per Audited Statements
$702,011
Total Revenue per Form 990
$702,011
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$525,963
Other Expenses$166,256
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$207,286$10,910-$218,196
Current Officers, Directors, Trustees, and Key Employees$179,293$9,436-$188,729
Other Employee Benefits$60,578$3,188-$63,766
Payroll Taxes$52,508$2,764-$55,272
Occupancy$30,331$1,596-$31,927
Insurance$12,067--$12,067
All Other Expenses$9,335$17-$9,352
Fees for Services Accounting$9,340--$9,340
Travel$8,178--$8,178
Other Expenses$8,159--$8,159
Office Expenses$5,700--$5,700
Conferences and Meetings$2,140--$2,140
Depreciation Depletion$1,207$63-$1,270
Total Functional Expenses$664,245$27,974$0$692,219

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$692,219
Total Expenses per Audited Statements$692,219
Total Expenses per Form 990$692,219
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
Lease Liability$69,983
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
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, Page 6, Part VI, Line 6

“The organization has general members.”

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

“The general members elect the board members.”

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

“Rfca submits the draft 990 to the treasurer for review. Copies are kept for the board to review if they please.”

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

“There is a written conflict of interest policy for employees in the employee handbook and a form that employees must complete yearly.”

Form 990, Page 6, Part VI, Line 19

“The organization makes documents available upon request.”

Filing and Contact Details

Filer

Filer Name
Rappahannock Economic Development
EIN
54-1389463
Phone
5403732897
Address
710 PRINCESS ANNE STREET SUITE 2, FREDERICKSBURG, VA 22401

Signing Officer

Name
Joe Distefano
Title
President
Phone
5403732897
Signed
2024-02-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Joe Distefano
Formed
1983
Legal Domicile
Va
Voting Board Members
14
Independent Board Members
14
Employees
3

Preparer

Firm
Robinson Farmer Cox Associates
Address
530 WESTFIELD RD, CHARLOTTESVILLE, VA 22901-1726
Preparer
Andrew P Grossnickle
Phone
4349738314
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“To promote economic development and growth of the small business community within virginia, maryland, west virginia and washington, dc. To promote and increase private sector investment in long-term fixed assets, which will increase productivity, create or retain employment opportunities and increase the local tax base in the area of operations. In summary, it is the intent of the rappahannock economic development corporation to provide a positive economic impact within its community, or meet a public policy goal of the small business administration (sba).”

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

“Enabling participation in sba loan programs.”

Financial Statement Notes

Schedule D, Page 3, Part X

“Redco is a not-for-profit organization that is exempt from income taxes under section 501(c)(4) of the internal revenue code. Management evaluated the organization's tax positions and determined that the organization has no uncertain tax positions that require adjustment to, or disclosure in, the financial statements. The organization files information returns in the u.s. Federal jurisdiction.”

Raw XML AppendixShowing 400 of 435 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/Form990PartVIISectionAGrp/TitleTxt0CHAIRWOMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE CHAIRWO
IRS990/Form990PartVIISectionAGrp/TitleTxt2PAST CHAIRMA
IRS990/Form990PartVIISectionAGrp/TitleTxt3TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt4SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt5ASSISTANT SE
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14PRESIDENT
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IRS990/MissionDesc0TO PROMOTE ECONOMIC DEVELOPMENT AND GROWTH OF THE SMALL BUSINESS COMMUNITY WITHIN VIRGINIA, MARYLAND, WEST VIRGINIA AND WASHINGTON, DC. TO PROMOTE AND INCREASE PRIVATE SECTOR INVESTMENT IN LONG-TERM FIXED ASSETS, WHICH WILL INCREASE PRODUCTIVITY, CREATE OR RETAIN EMPLOYMENT OPPORTUNITIES AND INCREASE THE LOCAL TAX BASE IN THE AREA OF OPERATIONS. IN SUMMARY, IT IS THE INTENT OF THE RAPPAHANNOCK ECONOMIC DEVELOPMENT CORPORATION TO PROVIDE A POSITIVE ECONOMIC IMPACT WITHIN ITS COMMUNITY, OR MEET A PUBLIC POLICY GOAL OF THE SMALL BUSINESS ADMINISTRATION (SBA).
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IRS990/OccupancyGrp/ProgramServicesAmt030331
IRS990/OccupancyGrp/TotalAmt031927
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IRS990/OfficeExpensesGrp/TotalAmt05700
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IRS990/OperateHospitalInd0false
IRS990/Organization501cInd0X
IRS990/OrganizationFollowsFASB117Ind0X
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IRS990/OtherAssetsTotalGrp/EOYAmt068003
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt03188
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt060578
IRS990/OtherEmployeeBenefitsGrp/TotalAmt063766
IRS990/OtherExpensesGrp/Desc0CLOSING COSTS
IRS990/OtherExpensesGrp/Desc1SUBSCRIPTIONS
IRS990/OtherExpensesGrp/Desc2WEBSITE DEVELOPMENT
IRS990/OtherExpensesGrp/Desc3TELEPHONE, INTERNET, FAX
IRS990/OtherExpensesGrp/ProgramServicesAmt041600
IRS990/OtherExpensesGrp/ProgramServicesAmt124397
IRS990/OtherExpensesGrp/ProgramServicesAmt212126
IRS990/OtherExpensesGrp/ProgramServicesAmt38159
IRS990/OtherExpensesGrp/TotalAmt041600
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IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt02764
IRS990/PayrollTaxesGrp/ProgramServicesAmt052508
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IRS990/ProgramServiceRevenueGrp/Desc1LOAN PROCESSING FEES
IRS990/ProgramServiceRevenueGrp/Desc2CLOSING ATTORNEY COSTS
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1103543
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt242000
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1103543
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt242000
IRS990/ProgSrvcAccomActyOtherGrp/Desc0ENABLING PARTICIPATION IN SBA LOAN PROGRAMS.
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IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt068003
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0RIGHT TO USE ASSETS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt069983
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0LEASE LIABILITY
IRS990ScheduleD/RevenueSubtotalAmt0702011
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0REDCO IS A NOT-FOR-PROFIT ORGANIZATION THAT IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(4) OF THE INTERNAL REVENUE CODE. MANAGEMENT EVALUATED THE ORGANIZATION'S TAX POSITIONS AND DETERMINED THAT THE ORGANIZATION HAS NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO, OR DISCLOSURE IN, THE FINANCIAL STATEMENTS. THE ORGANIZATION FILES INFORMATION RETURNS IN THE U.S. FEDERAL JURISDICTION.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleD/TotalBookValueOtherAssetsAmt068003
IRS990ScheduleD/TotalExpensesPerForm990Amt0692219
IRS990ScheduleD/TotalLiabilityAmt069983
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0JOE DISTEFANO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0TO PROMOTE ECONOMIC DEVELOPMENT AND GROWTH OF THE SMALL BUSINESS COMMUNITY WITHIN VIRGINIA, MARYLAND, WEST VIRGINIA AND WASHINGTON, DC. TO PROMOTE AND INCREASE PRIVATE SECTOR INVESTMENT IN LONG-TERM FIXED ASSETS, WHICH WILL INCREASE PRODUCTIVITY, CREATE OR RETAIN EMPLOYMENT OPPORTUNITIES AND INCREASE THE LOCAL TAX BASE IN THE AREA OF OPERATIONS. IN SUMMARY, IT IS THE INTENT OF THE RAPPAHANNOCK ECONOMIC DEVELOPMENT CORPORATION TO PROVIDE A POSITIVE ECONOMIC IMPACT WITHIN ITS COMMUNITY, OR MEET A PUBLIC POLICY GOAL OF THE SMALL BUSINESS ADMINISTRATION (SBA).
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ENABLING PARTICIPATION IN SBA LOAN PROGRAMS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION HAS GENERAL MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE GENERAL MEMBERS ELECT THE BOARD MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4RFCA SUBMITS THE DRAFT 990 TO THE TREASURER FOR REVIEW. COPIES ARE KEPT FOR THE BOARD TO REVIEW IF THEY PLEASE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THERE IS A WRITTEN CONFLICT OF INTEREST POLICY FOR EMPLOYEES IN THE EMPLOYEE HANDBOOK AND A FORM THAT EMPLOYEES MUST COMPLETE YEARLY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE ORGANIZATION MAKES DOCUMENTS AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 2, PART III, LINE 4D
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 7A
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 19
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IRS990/TotalProgramServiceRevenueAmt0640764
IRS990/TotalReportableCompFromOrgAmt0188730
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