Civic Intelligence

Mason Preparatory School

990 • Fiscal year 2020 • EIN 57-0447248

Jun 01, 2019 to May 31, 2020 • Filed on Oct 23, 2020

56 Halsey BoulevardCharleston, SC 29401

(843) 723-0664

Siviq Scores

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

Liabilities / Assets

76th percentile

0.56x

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

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Liabilities / Revenue

85th percentile

1.66x

Higher debt load relative to revenue than 85% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Net Margin

45th percentile

2.7%

Higher net margin than 45% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Top Officer Pay

49th percentile

$171,090

Higher top officer pay than 49% of similar nonprofits.

Top officer pay equals 3.6% of source-year revenue.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Asset Growth

42nd percentile

4.2%

Faster asset growth than 42% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2019 to 2020

Revenue Growth

28th percentile

-9.3%

Faster revenue growth than 28% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2019 to 2020

Assets

Up

$13,805,910

Up $562,664 (+4.2%) from 2019

Net Assets

Up

$6,037,643

Up $181,334 (+3.1%) from 2019

Liabilities

Up

$7,768,267

Up $381,330 (+5.2%) from 2019

Revenue

Down

$4,691,874

Down $483,634 (-9.3%) from 2019

Expenses

Down

$4,565,415

Down $403,875 (-8.1%) from 2019

Net Income

Down

$126,459

Down $79,759 (-39%) from 2019

Historical Trend

Balance Sheet Trend

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

$15M$10M$5.0M$0Assets 2010: $5,520,850Liabilities 2010: $797,848Net Assets 2010: $4,723,0022010Assets 2011: $5,755,044Liabilities 2011: $853,148Net Assets 2011: $4,901,8962011Assets 2012: $5,716,911Liabilities 2012: $914,827Net Assets 2012: $4,802,0842012Assets 2013: $5,809,042Liabilities 2013: $883,053Net Assets 2013: $4,925,9892013Assets 2014: $14,769,556Liabilities 2014: $8,935,158Net Assets 2014: $5,834,3982014Assets 2015: $14,050,094Liabilities 2015: $8,316,523Net Assets 2015: $5,733,5712015Assets 2016: $13,786,431Liabilities 2016: $8,217,921Net Assets 2016: $5,568,5102016Assets 2017: $13,657,390Liabilities 2017: $8,093,353Net Assets 2017: $5,564,0372017Assets 2018: $13,783,376Liabilities 2018: $7,996,309Net Assets 2018: $5,787,0672018Assets 2019: $13,243,246Liabilities 2019: $7,386,937Net Assets 2019: $5,856,3092019Assets 2020: $13,805,910Liabilities 2020: $7,768,267Net Assets 2020: $6,037,6432020Assets 2021: $14,487,154Liabilities 2021: $7,221,584Net Assets 2021: $7,265,5702021Assets 2022: $14,263,846Liabilities 2022: $6,935,200Net Assets 2022: $7,328,6462022Assets 2023: $14,920,181Liabilities 2023: $6,803,759Net Assets 2023: $8,116,4222023

Highlighted filing

2020

Assets$13,805,910
Liabilities$7,768,267
Net Assets$6,037,643

Operations Trend

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

$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $3,227,4672010Expenses 2011: $3,238,3212011Revenue 2012: $3,305,214Expenses 2012: $3,324,338Net Income 2012: -$19,1242012Expenses 2013: $3,555,8992013Revenue 2014: $4,925,591Expenses 2014: $4,003,861Net Income 2014: $921,7302014Revenue 2015: $4,432,974Expenses 2015: $4,556,101Net Income 2015: -$123,1272015Revenue 2016: $4,793,445Expenses 2016: $4,897,653Net Income 2016: -$104,2082016Revenue 2017: $4,457,052Expenses 2017: $4,881,447Net Income 2017: -$424,3952017Revenue 2018: $4,900,149Expenses 2018: $4,894,558Net Income 2018: $5,5912018Revenue 2019: $5,175,508Expenses 2019: $4,969,290Net Income 2019: $206,2182019Revenue 2020: $4,691,874Expenses 2020: $4,565,415Net Income 2020: $126,4592020Revenue 2021: $5,650,248Expenses 2021: $4,847,193Net Income 2021: $803,0552021Revenue 2022: $5,483,661Expenses 2022: $5,110,219Net Income 2022: $373,4422022Revenue 2023: $5,775,664Expenses 2023: $5,159,724Net Income 2023: $615,9402023

Highlighted filing

2020

Revenue$4,691,874
Expenses$4,565,415
Net Income$126,459
Jump To
Filing Snapshot
Filing Period
Jun 1, 2019 to May 31, 2020
Signed
Oct 23, 2020
Return Version
2019v5.0
Gross Receipts
$4,928,630
Mission and Program Overview

Mission

Mason Preparatory School is committed to the education of the whole child in preparation for secondary education through the cultivation of respect, integrity, and personal responsibility within a nurturing environment that results in a productive citizen of a global community.

Mason preparatory school is committed to the education of the whole child in preparation for secondary education through the cultivation of respect, integrity, and personal responsibility within a nurturing environment that

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$8,035,690$7,630,092▼ $405,598
Savings and Temporary Cash Investments$2,240,958$3,126,069▲ $885,111
Investments in Publicly Traded Securities$1,698,773$1,843,868▲ $145,095
Cash and Non-Interest-Bearing Accounts$621,609$621,821▲ $212
Prepaid Expenses and Deferred Charges$81,476$97,597▲ $16,121
Intangible Assets$85,981$82,146▼ $3,835
Accounts Receivable$57,292$54,142▼ $3,150
Total Assets$13,243,246$13,805,910▲ $562,664
Other Assets Total$421,467$350,175▼ $71,292
Liabilities
Tax Exempt Bond Liabilities$6,700,000$6,550,000▼ $150,000
Accounts Payable and Accrued Expenses$645,939$652,642▲ $6,703
Mortgage Notes Payable Secured by Investment Property-$511,200-
Deferred Revenue$40,998$54,425▲ $13,427
Total Liabilities$7,386,937$7,768,267▲ $381,330
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$5,469,757$5,619,219▲ $149,462
Net Assets With Donor Restrictions$386,552$418,424▲ $31,872
Total Net Assets Fund Balance$5,856,309$6,037,643▲ $181,334
Total Liabilities and Net Assets / Fund Balance$13,243,246$13,805,910▲ $562,664

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$6,184,698$3,452,674$9,637,372
Equipment$297,500$1,767,593$2,065,093
Land$994,979-$994,979
Other Land Buildings$152,915$344,159$497,074

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2019$325,111-▲ $36,310$-11,644$349,777
2018$319,377-▲ $15,003$-9,269$325,111
2017$305,592-▲ $25,159$-11,374$319,377
2016$280,443-▲ $34,343$-9,194$305,592
2015$279,782-▲ $8,956$-8,295$280,443
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Erik F Kreutner PastHead of SchoFT$158,866$12,224$171,090
Erik F Kreutner PastHead of School-$158,866$12,224$171,090

Board Members and Trustees

NameTitle
Jeremy CookChair
Randy BatesVice Chair
Charles LamoreauxDirector
Cody LenhardtDirector
Craig ColbyDirector
Dawn HowellDirector
Heath VernerDirector
Julie TonksDirector
Michael GreenDirector
Richard DavisDirector
Senton BrownDirector
Tom DionDirector
Dr Timothy SpurrierHead of Scho
Katie KulpSecretary
Laura BrissonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$132,311
Program Service Revenue
$4,487,980
Investment Income
$69,789
Other Revenue
$1,794
All Other Contributions
$132,311
Change in Net Assets
$126,459

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,501,359
Revenue Not Reported on Financial Statements
$190,515
Revenue Not Reported on Form 990
$57,799
Other Revenue Adjustments
$190,515
Total Revenue per Audited Statements
$4,559,158
Total Revenue per Form 990
$4,691,874
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,982,213
Other Expenses$1,392,687
Grants and Similar Amounts Paid$190,515
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,896,210$463,154-$2,359,364
Occupancy$540,790$17,421-$558,211
Depreciation Depletion$437,397$23,021-$460,418
Other Employee Benefits$222,148--$222,148
Grants to Domestic Individuals$190,515--$190,515
Payroll Taxes$149,626$36,382-$186,008
Current Officers, Directors, Trustees, and Key Employees$119,150$39,716-$158,866
Pension Plan Contributions$41,620$14,207-$55,827
Office Expenses$838$50,030-$50,868
Fees for Services Other$24,369$25,765-$50,134
Information Technology-$30,535-$30,535
Advertising$24,635--$24,635
Fees for Services Legal-$17,019-$17,019
Fees for Service Investment Mgmnt Fees-$13,686-$13,686
Fees for Services Accounting-$10,500-$10,500
Travel-$2,148-$2,148
Other Expenses$12,490$1,021-$1,021
Conferences and Meetings-$610-$610
Total Functional Expenses$3,809,865$755,550$0$4,565,415

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$4,565,415
Total Expenses per Audited Statements$4,377,824
Expenses per Audited Statements$4,361,214
Expenses Not Reported on Financial Statements$204,201
Other Expense Adjustments$204,201
Expenses Not Reported on Form 990$16,610
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
Debt and Bond Financing

Bond Issues

BondIssuerIssuedIssue PricePurpose
AEconomic Development Authority Bond2016-10-28$6,930,000School construction refinance of construction loan

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$6,930,000--$105,000

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
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

A copy of the form 990 is provided to the board of directors for a comment and review period. Once this review is complete, the form 990 is filed with the internal revenue service and appropriate state agencies.

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

Annually, new board members are required to disclosure any possible conflict of interest to the board. Thereafter, the members are required to communicate any changes in this status.

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

These decisions are made by the board of directors through an evaluation of third-party information, salary surveys and other information.

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

These decisions are made by the board of directors through an evaluation of third-party information, salary surveys and other information.

Form 990, Page 6, Part VI, Line 19

Documents are made available for inspection upon request in the school's main office.

Filing and Contact Details

Filer

Filer Name
Mason Preparatory School
EIN
57-0447248
Phone
8437230664
Address
56 HALSEY BOULEVARD, CHARLESTON, SC 29401

Signing Officer

Name
Dr Timothy Spurrier
Title
Head of School
Phone
8437230664
Signed
2020-10-23
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dr Timothy Spurrier
Formed
1964
Legal Domicile
Sc
Voting Board Members
14
Independent Board Members
14
Employees
118
Volunteers
30

Preparer

Firm
Glaser and Company LLC
Address
149 E BAY ST SUITE 200, CHARLESTON, SC 29401-3134
Preparer
Erik M Glaser CPA
Phone
8438490179
Supplemental Narrative

Additional Explanations

Form 990

990 page 1, line 1 (continued) results in a productive citizen of a global community.

Form 990, Part III

Part iii, line 1, mission: results in a productive citizen of a global community. Part iii, line 4a, program accomplishments (continued): individual assistants in each kindergarten and 1st grade class, shared assistants in each grade 2-4, shared assistant for grades 5-8 state of the art technology equipment with technology instruction beginning in kindergarten; 1:1 ipad/tablet program in grades 3-8 weekly curriculum including art, music, media center, physical education, guidance, french and/or spanish carnegie unit available in algebra i and french i or spanish i for proficient 8th grade students full time guidance counselor full time learning specialist after-school activities offered (see further below) varied sports programs offered (see further below) extended care available on full school days until 5:45 our graduates enroll in an outstanding variety of public and private high schools. Afterschool programs although the mason prep school day officially ends at 3:05 p.m., many options are available for students after school. Extended day offered on a flexible as-needed basis, the extended day program provides a supervised environment until 5:45 p.m., with time for homework as well as for recreation. Homework help is also available in study hall sessions conducted by staff members. Afterschool programs "mason prep welcomes the opportunity to coordinate various afterschool programs with outstanding organizations and professionals. Our programs provide our students in every grade with opportunities to expand their horizons through the arts, athletics, culture, math, science, strategy and engineering. The participants also continue to develop skills in the areas of communication, participation, fair play and persistence as the different activities broaden the world around them." - roseann jordan, assistant head of school athletics the mason prep faculty, staff, and coaches strive to develop the whole child, and our athletic program plays a significant part in this effort. Our program is designed to teach basic fundamental skills and then build on those skills at appropriate age levels. Fundamental skills and strategies in several sports can be mastered in the eight years at mason prep, and athletes who continue through the middle school years can make an easy transition to high school sports. Mason prep athletes also learn the meaning of hard work, integrity, responsibility, commitment, and sportsmanship - critically important traits for each athlete to take to the next level of sport and into adulthood. Tennis schedules mason prep 1 mason prep knights mason prep gold team sports mason preps teams typically involve grades 4 - 8. We play area schools, giving our children an opportunity to make new friends through sport. Volleyball (girls) in the fall of 2018, mason prep fielded three volleyball teams for girls in grades 5-8. The volleyball season runs from september to mid-october, with games played through the city of charleston recreational volleyball league. Basketball (girls and boys) the basketball program runs from mid-october through early february. During the 2018-2019 season, mason prep fielded six teams for boys and girls in fourth through eighth grade in the trident basketball association. Tennis (girls and boys, grades 4-8) - tennis season takes place in the spring with competitions through the charleston tennis center. Developmental sports before students enter a competitive arena, developmental teams are offered in basketball in grades k - 3. These teams participate in intramural sessions with volunteer parent coaches. Rather than a win/loss record, each individual's performing to the best of his or her ability and development of fundamental skills are the mason prep measures of success.

Form 990, Part XI, Line 9

Bad debts -16,610 change in beneficial interest -71,292 total -87,902

Financial Statement Notes

Schedule D, Page 2, Part V, Line 4

The funds are held for the long-term support of the school as well as funding of scholarships.

Schedule D, Page 4, Part XI, Line 2D

Change in beneficial interest -71,292 investment advisory fees -13,686

Schedule D, Page 4, Part XI, Line 4B

FINANCIAL AID 190,515

Schedule D, Page 4, Part XII, Line 2D

BAD DEBTS 16,610

Schedule D, Page 4, Part XII, Line 4B

Financial aid 190,515 investment advisory fees 13,686

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IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
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IRS990/OccupancyGrp/ManagementAndGeneralAmt017421
IRS990/OccupancyGrp/ProgramServicesAmt0540790
IRS990/OccupancyGrp/TotalAmt0558211
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IRS990/OfficeExpensesGrp/ProgramServicesAmt0838
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IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt0421467
IRS990/OtherAssetsTotalGrp/EOYAmt0350175
IRS990/OtherChangesInNetAssetsAmt0-87902
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt0222148
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IRS990/OtherExpensesGrp/Desc0INSTRUCTIONAL SUPPLIES
IRS990/OtherExpensesGrp/Desc1MEMBERSHIP DUES
IRS990/OtherExpensesGrp/Desc2MISCELLANEOUS
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt11021
IRS990/OtherExpensesGrp/ProgramServicesAmt0150077
IRS990/OtherExpensesGrp/ProgramServicesAmt112490
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IRS990/OtherExpensesGrp/TotalAmt122825
IRS990/OtherExpensesGrp/TotalAmt21021
IRS990/OtherRevenueMiscGrp/BusinessCd0611600
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IRS990/OtherRevenueTotalAmt01794
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt0463154
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt01896210
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IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt014207
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt041620
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IRS990/PrincipalOfficerNm0DR TIMOTHY SPURRIER
IRS990/ProfessionalFundraisingInd0false
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IRS990/ProgramServiceRevenueGrp/Desc0TUITION
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt144881
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IRS990/PYTotalRevenueAmt05175508
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IRS990/RegularMonitoringEnfrcInd0true
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IRS990/RevenueAmt04487980
IRS990/SavingsAndTempCashInvstGrp/BOYAmt02240958
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IRS990ScheduleA/SchoolInd0X
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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
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IRS990ScheduleD/BuildingsGrp/DepreciationAmt03452674
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt09637372
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IRS990ScheduleD/CYEndwmtFundGrp/EndYearBalanceAmt0349777
IRS990ScheduleD/CYEndwmtFundGrp/InvestmentEarningsOrLossesAmt036310
IRS990ScheduleD/CYEndwmtFundGrp/OtherExpendituresAmt0-11644
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IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/EndYearBalanceAmt0325111
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt015003
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IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/EndYearBalanceAmt0319377
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IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/EndYearBalanceAmt0305592
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IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/OtherExpendituresAmt0-9194
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IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/EndYearBalanceAmt0280443
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IRS990ScheduleD/EquipmentGrp/DepreciationAmt01767593
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IRS990ScheduleD/OtherRevenueAmt0-84978
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Summary only. Only limited summary data is available for this year.$14.9$6.80$8.12$5.78$5.16$0.62
2022Summary only. Only limited summary data is available for this year.$14.3$6.94$7.33$5.48$5.11$0.37
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$14.5$7.22$7.27$5.65$4.85$0.80
2020Detailed filing. Detailed filing data is available for this year.$13.8$7.77$6.04$4.69$4.57$0.13
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$13.2$7.39$5.86$5.18$4.97$0.21
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$13.8$8.00$5.79$4.90$4.89$0.01
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$13.7$8.09$5.56$4.46$4.88$0.42
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$13.8$8.22$5.57$4.79$4.90$0.10
2015Detailed filing. Detailed filing data is available for this year.$14.1$8.32$5.73$4.43$4.56$0.12
2014Detailed filing. Detailed filing data is available for this year.$14.8$8.94$5.83$4.93$4.00$0.92
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.81$0.88$4.93$3.56
2012Summary only. Only limited summary data is available for this year.$5.72$0.91$4.80$3.31$3.32$0.02
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.76$0.85$4.90$3.24
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.52$0.80$4.72$3.23