Civic Intelligence

Virginia Beach Public Schools Education Foundation and Subsidiary

990 • Fiscal year 2018 • EIN 54-1637620

Jul 01, 2017 to Jun 30, 2018 • Filed on Mar 19, 2019

Organization ProfileWWW.VBEF.ORG
2512 George Mason DriveVirginia Beach, VA 23456-0038

(757) 263-1069

Siviq Scores

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

Liabilities / Assets

50th percentile

0.09x

Higher debt load relative to assets than 50% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Liabilities / Revenue

79th percentile

0.54x

Higher debt load relative to revenue than 79% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Net Margin

88th percentile

40%

Higher net margin than 88% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Top Officer Pay

67th percentile

$96,683

Higher top officer pay than 67% of similar nonprofits.

Top officer pay equals 22.8% of source-year revenue.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Asset Growth

67th percentile

6.8%

Faster asset growth than 67% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Revenue Growth

10th percentile

-29%

Faster revenue growth than 10% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets50th percentile

Assets

Up

$2,659,041

Up $257,531 (+11%) from 2016

Net Assets

Up

$2,427,743

Up $419,976 (+21%) from 2016

Liabilities

Down

$231,298

Down $162,445 (-41%) from 2016

Revenue And Expenses
Liabilities / Revenue79th percentileNet Margin88th percentile

Revenue

Up

$424,733

Up $58,613 (+16%) from 2016

Expenses

Down

$256,224

Down $85,028 (-25%) from 2016

Net Income

Up

$168,509

Up $143,641 (+578%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth67th percentile

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

$4.0M$3.0M$2.0M$1.0M$0Assets 2010: $1,311,272Liabilities 2010: $189,901Net Assets 2010: $1,121,3712010Assets 2011: $1,557,311Liabilities 2011: $238,345Net Assets 2011: $1,318,9662011Assets 2013: $2,102,437Liabilities 2013: $518,334Net Assets 2013: $1,584,1032013Assets 2014: $2,468,756Liabilities 2014: $554,962Net Assets 2014: $1,913,7942014Assets 2015: $2,321,042Liabilities 2015: $376,986Net Assets 2015: $1,944,0562015Assets 2016: $2,401,510Liabilities 2016: $393,743Net Assets 2016: $2,007,7672016Assets 2018: $2,659,041Liabilities 2018: $231,298Net Assets 2018: $2,427,7432018Assets 2019: $2,951,892Liabilities 2019: $267,363Net Assets 2019: $2,684,5292019Assets 2020: $2,909,579Liabilities 2020: $17,692Net Assets 2020: $2,891,8872020Assets 2021: $3,162,475Liabilities 2021: $11,833Net Assets 2021: $3,150,6422021Assets 2022: $2,932,876Liabilities 2022: $102,275Net Assets 2022: $2,830,6012022

Highlighted filing

2018

Assets$2,659,041
Liabilities$231,298
Net Assets$2,427,743
Open 2018 Filing

Operations Trend

Revenue Growth10th percentile

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

$600K$400K$200K$0Expenses 2010: $156,0982010Expenses 2011: $164,7102011Expenses 2013: $245,9102013Revenue 2014: $298,797Expenses 2014: $221,522Net Income 2014: $77,2752014Revenue 2015: $297,701Expenses 2015: $256,729Net Income 2015: $40,9722015Revenue 2016: $366,120Expenses 2016: $341,252Net Income 2016: $24,8682016Revenue 2018: $424,733Expenses 2018: $256,224Net Income 2018: $168,5092018Revenue 2019: $381,819Expenses 2019: $237,153Net Income 2019: $144,6662019Revenue 2020: $541,128Expenses 2020: $305,091Net Income 2020: $236,0372020Revenue 2021: $380,214Expenses 2021: $259,140Net Income 2021: $121,0742021Revenue 2022: $475,885Expenses 2022: $347,473Net Income 2022: $128,4122022

Highlighted filing

2018

Revenue$424,733
Expenses$256,224
Net Income$168,509
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Mar 19, 2019
Return Version
2017v2.3
Gross Receipts
$3,206,660
Mission and Program Overview

Mission

To make a difference in the epublic schools of virginia beach by raising private sector support to fund innovative and creative learning programs and to reward educational exellence using grants to help support pilot programs run by the school system educators.

To raise private sector support to fund innovative and creative learning programs for the students of virginia beach city public schools and to reward educational excellence.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$1,963,174$2,080,796▲ $117,622
Savings and Temporary Cash Investments$227,618$242,626▲ $15,008
Land, Buildings, and Equipment, Net$132,184$132,184→ $0
Pledges and Grants Receivable$41,838$42,091▲ $253
Accounts Receivable$26,047$7,734▼ $18,313
Total Assets$2,489,794$2,659,041▲ $169,247
Other Assets Total$98,933$153,610▲ $54,677
Liabilities
Mortgage Notes Payable Secured by Investment Property$165,050$205,750▲ $40,700
Grants Payable$25,150$16,400▼ $8,750
Deferred Revenue$3,834$7,833▲ $3,999
Accounts Payable and Accrued Expenses$1,664$1,315▼ $349
Total Liabilities$195,698$231,298▲ $35,600
Net Assets / Fund Balance
Unrestricted Net Assets$2,157,760$2,270,358▲ $112,598
Temporarily Rstr Net Assets$136,336$157,385▲ $21,049
Total Net Assets Fund Balance$2,294,096$2,427,743▲ $133,647
Total Liabilities and Net Assets / Fund Balance$2,489,794$2,659,041▲ $169,247

Asset Categories

AssetBook ValueDepreciationBasis
Land$132,184--
Other Assets Org$153,610--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2017$1,967,958-▲ $105,530-$2,071,652
2016$1,701,578$93,489▲ $172,891-$1,967,958
2015$1,570,422$105,699▲ $25,457-$1,701,578
2014$1,559,042-▲ $11,380-$1,570,422
2013$1,306,248$49,832▲ $202,962-$1,559,042
Compensation and Service Providers
Top Officer Pay67th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Debbie GriffeyEducation Foundation CoordFT$96,683$96,683

Board Members and Trustees

NameTitle
Nelson AdcockImmediated Past-president
Frank MalbonPresident
Robert BroermannPresident Elect
Barbara DealDirector
Catherine GettierDirector
Danny SpeightDirector
David WilkinsDirector
Duane HarverDirector
Harry Purkey JrDirector
John BarringerDirector
John MazachDirector
Laura RileyDirector
Mike LoflinDirector
Nancy GuyDirector
Patsy SlaughterDirector
Sandy BowieDirector
Sheila MagulaDirector
Theresa LoughmillerDirector
Tim FaulknerDirector
Charlie CortelliniEmeritus
Chris EttelEmeritus
Debra GrayEmeritus
Emilie TilleyEmeritus
Jane PurringtonEmeritus
John LangloisEmeritus
Mike RossEmeritus
Ned WilliamsEmeritus
Neil RoseEmeritus
Ray BreedenEmeritus
Tony PirroneEmeritus
William KamarekEmeritus
Doug BittermanSecretary
Kevin HillTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$161,238
Program Service Revenue
$0
Investment Income
$135,540
Other Revenue
$127,955
All Other Contributions
$130,398
Change in Net Assets
$168,509

Audited Revenue Reconciliation

Revenue per Audited Statements
$482,101
Revenue Not Reported on Financial Statements
$-57,368
Revenue Not Reported on Form 990
$95,237
Other Revenue Adjustments
$-59,840
Total Revenue per Audited Statements
$577,338
Total Revenue per Form 990
$424,733
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$233,936
Other Expenses$22,288
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$233,936--$233,936
Office Expenses-$7,718-$7,718
Fees for Services Accounting-$7,400-$7,400
Fees for Service Investment Mgmnt Fees-$2,472-$2,472
Information Technology-$1,791-$1,791
Other Expenses-$210-$210
Fees for Services Legal-$75-$75
All Other Expenses-$4-$4
Total Functional Expenses$233,936$22,288$0$256,224

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$443,691
Total Expenses per Form 990$256,224
Expenses per Audited Statements$253,752
Expenses Not Reported on Form 990$189,939
Expenses Not Reported on Financial Statements$2,472
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$187,478
Fundraising Direct Expenses$59,840
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Pearls of Wisdom$33,388$33,388$20,991$12,397
Golf Tournament$25,634$25,634$15,296$10,338
Total Events$187,478$187,478$59,840$127,638
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

“The organization has members.”

Form 990, Part VI, Section A, Line 7A

“The members elect the directors of the board. The directors of the board vote on officers who serve on the executive committee.”

Form 990, Part VI, Section A, Line 7B

“Purchases of land for the house project/thsb llc are subject to approval.”

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

“A copy of the 990 is provided to the board of directors after the return is filed.”

Form 990, Part VI, Section C, Line 19

“The organization makes its governing documents, conflict of interest policy and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Virginia Beach Public Schools Education
EIN
54-1637620
Phone
7572631069
Address
2512 GEORGE MASON DRIVE, VIRGINIA BEACH, VA 23456-0038

Signing Officer

Name
H Frank Malbon
Title
President
Phone
7572631069
Signed
2019-03-19
Discuss with paid preparer
Yes

Organization Details

Principal Officer
H Frank Malbon
Formed
1991
Legal Domicile
Va
Voting Board Members
33
Independent Board Members
33
Employees
1
Volunteers
71

Preparer

Firm
Cherry Bekaert Llp
Address
222 CENTRAL PARK AVE STE 1400, VIRGINIA BEACH, VA 23462
Preparer
Gregory G Davis
Phone
7574562400
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“BAD DEBT EXPENSE -7,271.”

Financial Statement Notes

PART V, LINE 4:

“The foundation has drafted a policy of appropriating for distributions each year. The foundation's current plan is to build the endowment to $2 million, at which time the foundation plans to use a portion of the annual interest income for its operations. At the time when this occurs, the virginia beach education foundation will annually distribute up to 4% of a of the market value of the fund for the purpose of administering grants, over 4% will go to the virginia beach education foundation. If the portfolio net worth is less than $2,000,000 it is the discretion of the finance team whether or not to use the interest income.”

PART X, LINE 2:

“The foundation is exempt from income tax under section 501(c)(3) of the internal revenue code. Management has evaluated the effect of the guidance provided by u.s. Generally accepted accounting principles on accounting for uncertainty in income taxes. Management believes that the foundation continues to satisfy the requirements of a tax-exempt organization at june 30, 2018. Management has evaluated all other tax positions that could have a significant effect on the consolidated financial statements and determined the foundation had no uncertain income tax positions at june 30, 2018. As a single-member limited liability company, thsb, llc is a disregarded entity for income tax purposes.”

PART XI, LINE 4B - OTHER ADJUSTMENTS:

“Special event expenses netted with revenue in 990 -59,840.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Special event expenses netted with revenue in 990 59,840. Bad debt expense 7,271.”

Raw XML AppendixShowing 400 of 694 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/PersonNm16WILLIAM KAMAREK
IRS990/Form990PartVIISectionAGrp/PersonNm17JOHN LANGLOIS
IRS990/Form990PartVIISectionAGrp/PersonNm18MIKE LOFLIN
IRS990/Form990PartVIISectionAGrp/PersonNm19THERESA LOUGHMILLER
IRS990/Form990PartVIISectionAGrp/PersonNm20SHEILA MAGULA
IRS990/Form990PartVIISectionAGrp/PersonNm21JOHN MAZACH
IRS990/Form990PartVIISectionAGrp/PersonNm22TONY PIRRONE
IRS990/Form990PartVIISectionAGrp/PersonNm23HARRY PURKEY JR
IRS990/Form990PartVIISectionAGrp/PersonNm24JANE PURRINGTON
IRS990/Form990PartVIISectionAGrp/PersonNm25LAURA RILEY
IRS990/Form990PartVIISectionAGrp/PersonNm26NEIL ROSE
IRS990/Form990PartVIISectionAGrp/PersonNm27MIKE ROSS
IRS990/Form990PartVIISectionAGrp/PersonNm28PATSY SLAUGHTER
IRS990/Form990PartVIISectionAGrp/PersonNm29DANNY SPEIGHT
IRS990/Form990PartVIISectionAGrp/PersonNm30EMILIE TILLEY
IRS990/Form990PartVIISectionAGrp/PersonNm31DAVID WILKINS
IRS990/Form990PartVIISectionAGrp/PersonNm32NED WILLIAMS
IRS990/Form990PartVIISectionAGrp/PersonNm33DEBBIE GRIFFEY
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt00
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt90
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt100
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt110
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt120
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt130
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt140
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt150
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt160
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt170
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt180
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt190
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt200
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt210
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt220
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt230
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt240
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt250
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt330
IRS990/Form990PartVIISectionAGrp/TitleTxt0PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt1PRESIDENT ELECT
IRS990/Form990PartVIISectionAGrp/TitleTxt2SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt3TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt4IMMEDIATED PAST-PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt8EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt17EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt22EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt23DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt24EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt25DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt26EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt27EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt28DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt29DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt30EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt31DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt32EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt33EDUCATION FOUNDATION COORD
IRS990/Form990ProvidedToGvrnBodyInd00
IRS990/FormationYr01991
IRS990/FormerOfcrEmployeesListedInd00
IRS990/FSAuditedBasisGrp/ConsolidatedBasisFinclStmtInd0X
IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd01
IRS990/FundraisingDirectExpensesAmt059840
IRS990/FundraisingGrossIncomeAmt0187478
IRS990/GainOrLossGrp/SecuritiesAmt091560
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt033
IRS990/GrantAmt0149811
IRS990/GrantsPayableGrp/BOYAmt025150
IRS990/GrantsPayableGrp/EOYAmt016400
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IRS990/GrantsToDomesticIndividualsGrp/TotalAmt0233936
IRS990/GrantsToIndividualsInd01
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossAmountSalesAssetsGrp/SecuritiesAmt02812776
IRS990/GrossReceiptsAmt03206660
IRS990/GrossSalesOfInventoryAmt01188
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd01
IRS990/IndependentAuditFinclStmtInd00
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IRS990/IndoorTanningServicesInd00
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IRS990/MembersOrStockholdersInd01
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0TO MAKE A DIFFERENCE IN THE PUBLIC SCHOOLS OF VIRGINIA BEACH BY RAISING PRIVATE SECTOR SUPPORT TO FUND INNOVATIVE AND CREATIVE LEARNING PROGRAMS AND TO REWARD EDUCATIONAL EXCELLENCE USING GRANTS TO HELP SUPPORT PILOT PROGRAMS RUN BY THE SCHOOL SYSTEM EDUCATORS.
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IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt0127638
IRS990/NetIncomeOrLossGrp/RelatedOrExemptFuncIncomeAmt0317
IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt0317
IRS990/NetUnrelatedBusTxblIncmAmt00
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IRS990/NoncashContributionsAmt09884
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IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
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IRS990/OtherExpensesGrp/Desc0BANK & CREDIT CARD EXPE
IRS990/OtherExpensesGrp/Desc1BOARD EXPENSE
IRS990/OtherExpensesGrp/Desc2HOUSE PROJECT EXPENSE
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt1698

Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,659,041
Liabilities
$231,298
Net assets
$2,427,743
Revenue
$424,733
Expenses
$256,224
Net income
$168,509
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.93$0.10$2.83$0.48$0.35$0.13
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.16$0.01$3.15$0.38$0.26$0.12
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.91$0.02$2.89$0.54$0.31$0.24
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.95$0.27$2.68$0.38$0.24$0.14
2018Detailed filing. Detailed filing data is available for this year.$2.66$0.23$2.43$0.42$0.26$0.17
2016Detailed filing. Detailed filing data is available for this year.$2.40$0.39$2.01$0.37$0.34$0.02
2015Detailed filing. Detailed filing data is available for this year.$2.32$0.38$1.94$0.30$0.26$0.04
2014Detailed filing. Detailed filing data is available for this year.$2.47$0.55$1.91$0.30$0.22$0.08
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.10$0.52$1.58$0.25
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.56$0.24$1.32$0.16
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.31$0.19$1.12$0.16