Civic Intelligence

Downtown Salisbury Inc.

990 • Fiscal year 2023 • EIN 56-1432420

Jul 01, 2022 to Jun 30, 2023 • Filed on Oct 23, 2023

Organization ProfileDOWNTOWNSALISBURYNC.COM
PO Box 479Salisbury, NC 28145-0479

(704) 637-7814

Siviq Scores

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

Liabilities / Assets

80th percentile

0.55x

Higher debt load relative to assets than 80% of similar nonprofits.

2023 filings • NTEE S • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

90th percentile

2.58x

Higher debt load relative to revenue than 90% of similar nonprofits.

2023 filings • NTEE S • $1M-$5M nonprofits • Source year 2023

Net Margin

86th percentile

38%

Higher net margin than 86% of similar nonprofits.

2023 filings • NTEE S • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

31st percentile

$0

Higher top officer pay than 31% of similar nonprofits.

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

2023 filings • NTEE S • $1M-$5M nonprofits • Source year 2023

Asset Growth

48th percentile

1.9%

Faster asset growth than 48% of similar nonprofits.

2023 filings • NTEE S • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

83rd percentile

45%

Faster revenue growth than 83% of similar nonprofits.

2023 filings • NTEE S • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets80th percentile

Assets

Up

$1,071,650

Up $19,878 (+1.9%) from 2022

Net Assets

Up

$486,223

Up $85,928 (+21%) from 2022

Liabilities

Down

$585,427

Down $66,050 (-10%) from 2022

Revenue And Expenses
Liabilities / Revenue90th percentileNet Margin86th percentile

Revenue

Up

$226,737

Up $70,030 (+45%) from 2022

Expenses

Up

$140,809

Up $69,193 (+97%) from 2022

Net Income

Up

$85,928

Up $837 (+1.0%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth48th percentile

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

$1.5M$1.0M$500K$0Assets 2011: $1,418,539Liabilities 2011: $1,256,831Net Assets 2011: $161,7082011Assets 2012: $1,223,067Liabilities 2012: $1,081,006Net Assets 2012: $142,0612012Assets 2013: $1,248,407Liabilities 2013: $1,053,085Net Assets 2013: $195,3222013Assets 2014: $1,277,170Liabilities 2014: $974,947Net Assets 2014: $302,2232014Assets 2015: $1,278,478Liabilities 2015: $925,022Net Assets 2015: $353,4562015Assets 2016: $1,082,258Liabilities 2016: $936,434Net Assets 2016: $145,8242016Assets 2017: $1,000,658Liabilities 2017: $846,835Net Assets 2017: $153,8232017Assets 2018: $945,646Liabilities 2018: $800,314Net Assets 2018: $145,3322018Assets 2019: $955,628Liabilities 2019: $785,619Net Assets 2019: $170,0092019Assets 2020: $976,814Liabilities 2020: $709,978Net Assets 2020: $266,8362020Assets 2021: $999,865Liabilities 2021: $684,661Net Assets 2021: $315,2042021Assets 2022: $1,051,772Liabilities 2022: $651,477Net Assets 2022: $400,2952022Assets 2023: $1,071,650Liabilities 2023: $585,427Net Assets 2023: $486,2232023Assets 2024: $1,100,652Liabilities 2024: $554,055Net Assets 2024: $546,5972024Assets 2025: $284,341Liabilities 2025: $8,227Net Assets 2025: $276,1142025

Highlighted filing

2023

Assets$1,071,650
Liabilities$585,427
Net Assets$486,223
Open 2023 Filing

Operations Trend

Revenue Growth83rd percentile

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

$600K$400K$200K$0-$200KRevenue 2011: $457,882Expenses 2011: $358,769Net Income 2011: $99,1132011Revenue 2012: $273,415Expenses 2012: $293,062Net Income 2012: -$19,6472012Expenses 2013: $195,4012013Revenue 2014: $270,181Expenses 2014: $163,280Net Income 2014: $106,9012014Revenue 2015: $346,333Expenses 2015: $295,100Net Income 2015: $51,2332015Revenue 2016: $372,309Expenses 2016: $351,941Net Income 2016: $20,3682016Revenue 2017: $373,564Expenses 2017: $365,565Net Income 2017: $7,9992017Revenue 2018: $140,313Expenses 2018: $148,804Net Income 2018: -$8,4912018Revenue 2019: $115,159Expenses 2019: $90,482Net Income 2019: $24,6772019Revenue 2020: $186,339Expenses 2020: $89,512Net Income 2020: $96,8272020Revenue 2021: $121,758Expenses 2021: $73,390Net Income 2021: $48,3682021Revenue 2022: $156,707Expenses 2022: $71,616Net Income 2022: $85,0912022Revenue 2023: $226,737Expenses 2023: $140,809Net Income 2023: $85,9282023Revenue 2024: $196,366Expenses 2024: $135,992Net Income 2024: $60,3742024Revenue 2025: $232,272Expenses 2025: $157,734Net Income 2025: $74,5382025

Highlighted filing

2023

Revenue$226,737
Expenses$140,809
Net Income$85,928
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Oct 23, 2023
Return Version
2022v5.0
Gross Receipts
$262,213
Mission and Program Overview

Mission

Promoting, enhancing and managing the development of the commercial, business, economic, residential, civic, and historical development of downtown salisbury, north carolina.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$880,000$880,000→ $0
Savings and Temporary Cash Investments$170,223$190,980▲ $20,757
Accounts Receivable$1,549$670▼ $879
Total Assets$1,051,772$1,071,650▲ $19,878
Liabilities
Mortgage Notes Payable Secured by Investment Property$628,072$575,122▼ $52,950
Deferred Revenue$19,795$7,500▼ $12,295
Accounts Payable and Accrued Expenses$3,610$2,805▼ $805
Total Liabilities$651,477$585,427▼ $66,050
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$400,295$486,223▲ $85,928
Total Net Assets Fund Balance$400,295$486,223▲ $85,928
Total Liabilities and Net Assets / Fund Balance$1,051,772$1,071,650▲ $19,878

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$880,000--
Compensation and Service Providers
Top Officer Pay31st percentile

Board Members and Trustees

NameTitle
Gianni MoscardiniChair
Mark LewisVice-chair
Andy MabenDirector
Bob PotterDirector
Carrie BardinasDirector
Davis CookeDirector
Elaine SpaldingDirector
Eric PhillipsDirector
Hannah JacobsonDirector
James FaustDirector
James MeachamDirector
Jayne HelmsDirector
Jim GreeneDirector
John CowanDirector
Judy KlusmanDirector
Kimberly SteigDirector
Kristen TrexlerDirector
Nick AcevesDirector
Rod CriderDirector
Samantha HaspelDirector
Tamara SheffieldDirector
Tonyan SchoefieldDirector
Whitney W WilliamsDirector
Sada Stewart TroutmanExecutive Di
Dileika WilsonSecretary
Stan JordanTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$37,538
Program Service Revenue
$224,469
Investment Income
$206
Other Revenue
$-35,476
All Other Contributions
$37,538
Change in Net Assets
$85,928

Audited Revenue Reconciliation

Revenue per Audited Statements
$226,737
Total Revenue per Audited Statements
$226,737
Total Revenue per Form 990
$226,737
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$116,028
Grants and Similar Amounts Paid$24,781
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Advertising$96,406--$96,406
Grants to Domestic Orgs$24,781--$24,781
Fees for Services Other-$5,500-$5,500
Office Expenses-$4,654-$4,654
Fees for Services Accounting-$3,600-$3,600
Insurance-$1,602-$1,602
Travel$109$607-$716
Other Expenses$838$336-$336
Total Functional Expenses$122,134$18,675$0$140,809

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$140,809
Total Expenses per Audited Statements$140,809
Total Expenses per Form 990$140,809
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
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
Yes
Other officer compensation reviewed
Yes
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 11B

“The executive director and treasurer review a draft of the 990 and discuss any observations, questions or changes with the cpa return preparer. Management emails each board member a pdf copy of the 990 for their review. Board members are given a period of one week to review the return and reply to management with any observations, questions or changes.”

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

“Conflict of interest policy is distributed to board members and staff, who are asked to sign the policy and reveal in writing any potential conflicts of interest. Board members and staff are reminded to recuse themselves from any official action where there may be a conflict of interest.”

Form 990, Page 6, Part VI, Line 15A

“The organization does not have employees”

Form 990, Page 6, Part VI, Line 15B

“The organization does not have employees”

Form 990, Page 6, Part VI, Line 19

“All governing documents, conflict of interest policy and financial statements are made available at the organization's adminstrative office and are available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Downtown Salisbury Inc
EIN
56-1432420
Phone
7046377814
Address
PO BOX 479, SALISBURY, NC 28145-0479

Signing Officer

Name
Sada Stewart Troutman
Title
Executive Director
Phone
7046377814
Signed
2023-10-23

Organization Details

Principal Officer
Sada Stewart Troutman
Formed
1983
Legal Domicile
Nc
Voting Board Members
25
Independent Board Members
25
Employees
0
Volunteers
25

Preparer

Firm
Brent H Parks CPA Pa
Address
1816 E INNES ST STE 101, SALISBURY, NC 28146-6027
Preparer
Brent H Parks
Phone
7046338700
Supplemental Narrative

Additional Explanations

Form 990, Page 1, Part I, Line 6

“The volunteers provide service and guidance for various committees.”

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

“Promoted, enhanced and managed the development of the central business district in a manner which continues to make the district the economic, governmental, social and cultural center of rowan county by promoting activity in economic restructuring, design, promotions, and building partnerships.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt0CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE-CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt2SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt3TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
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/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt22DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt23DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt24DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt25EXECUTIVE DI
IRS990/Form990ProvidedToGvrnBodyInd0false
IRS990/FormationYr01983
IRS990/FormerOfcrEmployeesListedInd0false
IRS990/FSAuditedInd0true
IRS990/FundraisingActivitiesInd0false
IRS990/GamingActivitiesInd0false
IRS990/GoverningBodyVotingMembersCnt025
IRS990/GrantAmt024781
IRS990/GrantsToDomesticOrgsGrp/ProgramServicesAmt024781
IRS990/GrantsToDomesticOrgsGrp/TotalAmt024781
IRS990/GrantsToIndividualsInd0false
IRS990/GrantsToOrganizationsInd0false
IRS990/GrantToRelatedPersonInd0false
IRS990/GrossReceiptsAmt0262213
IRS990/GroupReturnForAffiliatesInd0false
IRS990/IncludeFIN48FootnoteInd0false
IRS990/IndependentAuditFinclStmtInd0true
IRS990/IndependentVotingMemberCnt025
IRS990/IndoorTanningServicesInd0false
IRS990/InfoInScheduleOPartIIIInd0X
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InsuranceGrp/ManagementAndGeneralAmt01602
IRS990/InsuranceGrp/TotalAmt01602
IRS990/InvestmentIncomeGrp/ExclusionAmt0206
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt0206
IRS990/InvestmentInJointVentureInd0false
IRS990/IRPDocumentCnt00
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipBasisNetGrp/BOYAmt0880000
IRS990/LandBldgEquipBasisNetGrp/EOYAmt0880000
IRS990/LandBldgEquipCostOrOtherBssAmt0880000
IRS990/LegalDomicileStateCd0NC
IRS990/LessRentalExpensesGrp/RealAmt035476
IRS990/LoanOutstandingInd0false
IRS990/LobbyingActivitiesInd0false
IRS990/LocalChaptersInd0false
IRS990/MaterialDiversionOrMisuseInd0false
IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0PROMOTING, ENHANCING AND MANAGING THE DEVELOPMENT OF THE COMMERCIAL, BUSINESS, ECONOMIC, RESIDENTIAL, CIVIC, AND HISTORICAL DEVELOPMENT OF DOWNTOWN SALISBURY, NORTH CAROLINA.
IRS990/MoreThan5000KToIndividualsInd0false
IRS990/MoreThan5000KToOrgInd0false
IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt0628072
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt0575122
IRS990/NetAssetsOrFundBalancesBOYAmt0400295
IRS990/NetAssetsOrFundBalancesEOYAmt0486223
IRS990/NetRentalIncomeOrLossGrp/RelatedOrExemptFuncIncomeAmt0-35476
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt0-35476
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt0400295
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt0486223
IRS990/NoListedPersonsCompensatedInd0X
IRS990/NondeductibleContributionsInd0false
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt04654
IRS990/OfficeExpensesGrp/TotalAmt04654
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherExpensesGrp/Desc0EDUCATION AND TRAINING
IRS990/OtherExpensesGrp/Desc1DUES & SUBSCRIPTIONS
IRS990/OtherExpensesGrp/Desc2OTHER
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt0838
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt11538
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt2336
IRS990/OtherExpensesGrp/ProgramServicesAmt0838
IRS990/OtherExpensesGrp/TotalAmt01676
IRS990/OtherExpensesGrp/TotalAmt11538
IRS990/OtherExpensesGrp/TotalAmt2336
IRS990/PartialLiquidationInd0false
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PoliticalCampaignActyInd0false
IRS990/PrincipalOfficerNm0SADA STEWART TROUTMAN
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/Desc0CITY OF SALISBURY - MSDT
IRS990/ProgramServiceRevenueGrp/Desc1DOWNTOWN PROMOTIONAL EVENTS
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt185103
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0139366
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt185103
IRS990/ProgSrvcAccomActyOtherGrp/Desc0PROMOTED, ENHANCED AND MANAGED THE DEVELOPMENT OF THE CENTRAL BUSINESS DISTRICT IN A MANNER WHICH CONTINUES TO MAKE THE DISTRICT THE ECONOMIC, GOVERNMENTAL, SOCIAL AND CULTURAL CENTER OF ROWAN COUNTY BY PROMOTING ACTIVITY IN ECONOMIC RESTRUCTURING, DESIGN, PROMOTIONS, AND BUILDING PARTNERSHIPS.
IRS990/ProhibitedTaxShelterTransInd0false
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IRS990/PYInvestmentIncomeAmt017
IRS990/PYOtherExpensesAmt071616
IRS990/PYOtherRevenueAmt0-36918
IRS990/PYProgramServiceRevenueAmt0179899
IRS990/PYRevenuesLessExpensesAmt085091
IRS990/PYTotalExpensesAmt071616
IRS990/PYTotalRevenueAmt0156707
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IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt085928
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
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IRS990/RentalIncomeOrLossGrp/RealAmt0-35476
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt0224469
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0170223
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0190980
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt037538
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt013709
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt04471
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt09295
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt013154
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt078167
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt0206
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt017
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt037
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt0109

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,071,650
Liabilities
$585,427
Net assets
$486,223
Revenue
$226,737
Expenses
$140,809
Net income
$85,928
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.28$0.01$0.28$0.23$0.16$0.07
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.10$0.55$0.55$0.20$0.14$0.06
2023Detailed filing. Detailed filing data is available for this year.$1.07$0.59$0.49$0.23$0.14$0.09
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.05$0.65$0.40$0.16$0.07$0.09
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.00$0.68$0.32$0.12$0.07$0.05
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.98$0.71$0.27$0.19$0.09$0.10
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.96$0.79$0.17$0.12$0.09$0.02
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.95$0.80$0.15$0.14$0.15$0.01
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.00$0.85$0.15$0.37$0.37$0.01
2016Detailed filing. Detailed filing data is available for this year.$1.08$0.94$0.15$0.37$0.35$0.02
2015Detailed filing. Detailed filing data is available for this year.$1.28$0.93$0.35$0.35$0.30$0.05
2014Detailed filing. Detailed filing data is available for this year.$1.28$0.97$0.30$0.27$0.16$0.11
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.25$1.05$0.20$0.20
2012Summary only. Only limited summary data is available for this year.$1.22$1.08$0.14$0.27$0.29$0.02
2011Summary only. Only limited summary data is available for this year.$1.42$1.26$0.16$0.46$0.36$0.10