Civic Intelligence

Paramount Arts Center Inc.

990 • Fiscal year 2017 • EIN 61-1181883

Jul 01, 2016 to Jun 30, 2017 • Filed on Feb 15, 2017

Organization ProfilePARAMOUNTARTSCENTER.COM
PO Box 1546Ashland, KY 41105-1546

(606) 324-2175

Siviq Scores

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

Liabilities / Assets

63rd percentile

0.30x

Higher debt load relative to assets than 63% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Liabilities / Revenue

84th percentile

1.33x

Higher debt load relative to revenue than 84% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Net Margin

34th percentile

-0.8%

Higher net margin than 34% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Top Officer Pay

20th percentile

$0

Higher top officer pay than 20% of similar nonprofits.

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

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Asset Growth

34th percentile

-0.2%

Faster asset growth than 34% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2016 to 2017

Revenue Growth

68th percentile

14%

Faster revenue growth than 68% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets63rd percentile

Assets

Down

$7,317,127

Down $17,234 (-0.2%) from 2016

Net Assets

Up

$5,095,850

Up $13,204 (+0.3%) from 2016

Liabilities

Down

$2,221,277

Down $30,438 (-1.4%) from 2016

Revenue And Expenses
Liabilities / Revenue84th percentileNet Margin34th percentile

Revenue

Up

$1,673,680

Up $201,996 (+14%) from 2016

Expenses

Up

$1,687,537

Up $62,919 (+3.9%) from 2016

Net Income

Up

-$13,857

Up $139,077 (+91%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth34th percentile

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

$10M$5.0M$0Assets 2011: $8,352,649Liabilities 2011: $1,718,939Net Assets 2011: $6,633,7102011Assets 2012: $8,788,834Liabilities 2012: $2,442,900Net Assets 2012: $6,345,9342012Assets 2013: $8,569,303Liabilities 2013: $2,451,839Net Assets 2013: $6,117,4642013Assets 2014: $7,999,576Liabilities 2014: $2,327,128Net Assets 2014: $5,672,4482014Assets 2015: $7,613,634Liabilities 2015: $2,372,166Net Assets 2015: $5,241,4682015Assets 2016: $7,334,361Liabilities 2016: $2,251,715Net Assets 2016: $5,082,6462016Assets 2017: $7,317,127Liabilities 2017: $2,221,277Net Assets 2017: $5,095,8502017Assets 2018: $7,038,152Liabilities 2018: $2,017,338Net Assets 2018: $5,020,8142018Assets 2019: $6,733,756Liabilities 2019: $1,864,410Net Assets 2019: $4,869,3462019Assets 2020: $6,503,217Liabilities 2020: $2,011,158Net Assets 2020: $4,492,0592020Assets 2021: $6,501,760Liabilities 2021: $2,517,157Net Assets 2021: $3,984,6032021Assets 2022: $6,341,407Liabilities 2022: $2,347,853Net Assets 2022: $3,993,5542022Assets 2023: $5,902,007Liabilities 2023: $2,476,050Net Assets 2023: $3,425,9572023Assets 2024: $5,594,538Liabilities 2024: $1,710,826Net Assets 2024: $3,883,7122024

Highlighted filing

2017

Assets$7,317,127
Liabilities$2,221,277
Net Assets$5,095,850
Open 2017 Filing

Operations Trend

Revenue Growth68th percentile

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

$6.0M$4.0M$2.0M$0-$2.0MExpenses 2011: $2,009,7022011Expenses 2012: $2,001,6002012Revenue 2013: $1,767,519Expenses 2013: $1,992,004Net Income 2013: -$224,4852013Revenue 2014: $1,645,573Expenses 2014: $2,114,776Net Income 2014: -$469,2032014Revenue 2015: $1,885,863Expenses 2015: $2,316,942Net Income 2015: -$431,0792015Revenue 2016: $1,471,684Expenses 2016: $1,624,618Net Income 2016: -$152,9342016Revenue 2017: $1,673,680Expenses 2017: $1,687,537Net Income 2017: -$13,8572017Revenue 2018: $1,629,565Expenses 2018: $1,722,189Net Income 2018: -$92,6242018Revenue 2019: $1,534,243Expenses 2019: $1,698,375Net Income 2019: -$164,1322019Revenue 2020: $1,565,685Expenses 2020: $1,946,723Net Income 2020: -$381,0382020Revenue 2021: $855,969Expenses 2021: $1,433,826Net Income 2021: -$577,8572021Revenue 2022: $4,086,756Expenses 2022: $4,074,276Net Income 2022: $12,4802022Revenue 2023: $3,220,738Expenses 2023: $3,821,065Net Income 2023: -$600,3272023Revenue 2024: $4,233,376Expenses 2024: $3,787,291Net Income 2024: $446,0852024

Highlighted filing

2017

Revenue$1,673,680
Expenses$1,687,537
Net Income-$13,857
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
Feb 15, 2017
Return Version
2016v3.0
Gross Receipts
$1,878,040
Mission and Program Overview

Mission

The paramount arts center, inc. Maintains and operations a performing arts theater to provide for, promote and encourage appreciation, participation and education in the fine arts.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$6,727,065$6,480,326▼ $246,739
Cash and Non-Interest-Bearing Accounts$208,312$477,753▲ $269,441
Savings and Temporary Cash Investments$84,139$84,352▲ $213
Prepaid Expenses and Deferred Charges$31,932$24,169▼ $7,763
Accounts Receivable$21,998$20,654▼ $1,344
Inventories for Sale or Use$8,426$8,350▼ $76
Total Assets$7,274,767$7,317,127▲ $42,360
Other Assets Total$192,895$221,523▲ $28,628
Liabilities
Other Liabilities$1,809,621$1,722,005▼ $87,616
Deferred Revenue$183,012$320,663▲ $137,651
Unsecured Notes Loans Payable$133,000$108,000▼ $25,000
Accounts Payable and Accrued Expenses$66,488$70,609▲ $4,121
Total Liabilities$2,192,121$2,221,277▲ $29,156
Net Assets / Fund Balance
Unrestricted Net Assets$4,729,413$4,713,569▼ $15,844
Temporarily Rstr Net Assets$177,071$206,069▲ $28,998
Permanently Rstr Net Assets$176,162$176,212▲ $50
Total Net Assets Fund Balance$5,082,646$5,095,850▲ $13,204
Total Liabilities and Net Assets / Fund Balance$7,274,767$7,317,127▲ $42,360

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$5,921,117$4,893,909$10,815,026
Equipment$409,209$335,334$744,543
Land$150,000-$150,000

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2016$269,094$50▲ $28,786-$297,930
2015$277,940$500▼ $3,978$5,368$269,094
2014$318,552$1,000▲ $90$41,702$277,940
2013$287,656$3,000▲ $27,063$4,541$313,178
2012$130,284$146,847▲ $16,788$6,263$287,656
Compensation and Service Providers
Top Officer Pay20th percentile

Board Members and Trustees

NameTitle
Stuart WebbPresident
Ann PerkinsDirector
April PerryDirector
Bill BoykinDirector
Bob MaherDirector
Bruce LeslieDirector
Bruce VanhornDirector
Chris PullenDirector
Christy ReavesDirector
Chuck CharlesDirector
Delinda BordenDirector
Dr Kim KefferDirector
Greg JacksonDirector
Howard HarrisonDirector
John ClarkDirector
John StewartDirector
Judy JenningsDirector
Kelly HurtDirector
Kim MccannDirector
Larry CainesDirector
Leon BriggsDirector
Mark MaynardDirector
Mark StrotherDirector
Mary Kay Mcginnis-ruarkDirector
Michael CantyDirector
Rannie CooperDirector
Rocky AdkinsDirector
Roger HallDirector
Susan HuntDirector
Willie McculloughDirector
Michael HobbsTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$502,257
Program Service Revenue
$800,153
Investment Income
$4,484
Other Revenue
$366,786
All Other Contributions
$252,826
Change in Net Assets
$-13,857

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,673,680
Revenue Not Reported on Form 990
$231,420
Total Revenue per Audited Statements
$1,905,100
Total Revenue per Form 990
$1,673,680
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,269,512
Salaries, Compensation, and Employee Benefits$418,025
Total Fundraising Expense$500
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$182,234$182,235-$364,469
Depreciation Depletion$289,767--$289,767
Occupancy$139,244$46,415-$185,659
Interest$68,660--$68,660
Fees for Services Other$20,420$20,421-$40,841
Payroll Taxes$15,176$15,177-$30,353
Office Expenses-$30,252-$30,252
Fees for Services Accounting$14,389$14,389-$28,778
Other Employee Benefits$8,574$8,574-$17,148
Insurance-$12,368-$12,368
Pension Plan Contributions-$6,055-$6,055
Other Expenses$13,628$1,254-$1,254
All Other Expenses--$500$500
Travel-$235-$235
Total Functional Expenses$1,349,662$337,375$500$1,687,537

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,891,897
Expenses per Audited Statements$1,687,537
Total Expenses per Form 990$1,687,537
Expenses Not Reported on Form 990$204,360
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
Yes
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$380,990
Fundraising Direct Expenses$168,268
Gaming Gross Income$77,710
Gaming Direct Expenses$36,092
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Festival of Tre$105,017$105,017$45,567$59,450
85th Birthday C$68,325$68,325$1,976$66,349
Total Events$376,822$376,822$165,711$211,111
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Capital Lease Obligation$1,562,790
Other Liabilities$159,215
Governance and Compliance

Governance Checklist

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

“The form 990 is reviewed by an officer of the board and the executive director prior to filing.”

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

“The organization has a written conflict of interest policy. Conflicts of interest are reported on a situational basis and are consistently monitored and enforced in regards to the policy.”

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

“All compensation is reviewed and approved by the board of directors and the executive director.”

Form 990, Page 6, Part VI, Line 19

“The organization makes governing documents, policies, and financial statements available upon request.”

Filing and Contact Details

Filer

Filer Name
Paramount Arts Center Inc
EIN
61-1181883
Phone
6063242175
Address
PO BOX 1546, ASHLAND, KY 41105-1546

Signing Officer

Name
Michael Hobbs
Title
Treasurer
Phone
6063243175
Signed
2017-02-15

Organization Details

Principal Officer
Michael Hobbs
Formed
1989
Legal Domicile
Ky
Voting Board Members
31
Independent Board Members
31
Employees
13

Preparer

Firm
Kelley Galloway Smith Goolsby Psc
Address
1200 CORPORATE COURT PO BOX 990, ASHLAND, KY 41105-0990
Preparer
Michael D Robinson CPA
Phone
6063291811
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Net change in beneficial interest in assets held b 27,061”

Financial Statement Notes

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

“Special event expenses included in net special events 204,359 net change in beneficial interest in assets held by others 27,061”

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

“Special events expense included in revenue 204,360”

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IRS990/Form990PartVIISectionAGrp/TitleTxt0DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt1DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt22DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt23DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt24DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt25DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt26DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt27DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt28DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt29DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt30DIRECTOR
IRS990/Form990ProvidedToGvrnBodyInd0true
IRS990/FormationYr01989
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IRS990/FSAuditedInd0true
IRS990/FundraisingActivitiesInd0true
IRS990/FundraisingDirectExpensesAmt0168268
IRS990/FundraisingGrossIncomeAmt0380990
IRS990/GamingActivitiesInd0true
IRS990/GamingDirectExpensesAmt036092
IRS990/GamingGrossIncomeAmt077710
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IRS990/GrantsToOrganizationsInd0false
IRS990/GrantToRelatedPersonInd0false
IRS990/GrossReceiptsAmt01878040
IRS990/GrossRentsGrp/RealAmt0112446
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IRS990/IncludeFIN48FootnoteInd0false
IRS990/IndependentAuditFinclStmtInd0true
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IRS990/IndoorTanningServicesInd0false
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InsuranceGrp/ManagementAndGeneralAmt012368
IRS990/InsuranceGrp/TotalAmt012368
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IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt04484
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IRS990/IRPDocumentCnt034
IRS990/IRPDocumentW2GCnt06
IRS990/LandBldgEquipAccumDeprecAmt05229243
IRS990/LandBldgEquipBasisNetGrp/BOYAmt06727065
IRS990/LandBldgEquipBasisNetGrp/EOYAmt06480326
IRS990/LandBldgEquipCostOrOtherBssAmt011709569
IRS990/LegalDomicileStateCd0KY
IRS990/LoanOutstandingInd0false
IRS990/LobbyingActivitiesInd0false
IRS990/LocalChaptersInd0false
IRS990/MaterialDiversionOrMisuseInd0false
IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0THE PARAMOUNT ARTS CENTER, INC. MAINTAINS AND OPERATIONS A PERFORMING ARTS THEATER TO PROVIDE FOR, PROMOTE AND ENCOURAGE APPRECIATION, PARTICIPATION AND EDUCATION IN THE FINE ARTS.
IRS990/MoreThan5000KToIndividualsInd0false
IRS990/MoreThan5000KToOrgInd0false
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IRS990/NetAssetsOrFundBalancesEOYAmt05095850
IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt0212722
IRS990/NetIncomeFromGamingGrp/RelatedOrExemptFuncIncomeAmt041618
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IRS990/NoListedPersonsCompensatedInd0X
IRS990/NondeductibleContributionsInd0false
IRS990/OccupancyGrp/ManagementAndGeneralAmt046415
IRS990/OccupancyGrp/ProgramServicesAmt0139244
IRS990/OccupancyGrp/TotalAmt0185659
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt030252
IRS990/OfficeExpensesGrp/TotalAmt030252
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt0192895
IRS990/OtherAssetsTotalGrp/EOYAmt0221523
IRS990/OtherChangesInNetAssetsAmt027061
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt08574
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt08574
IRS990/OtherEmployeeBenefitsGrp/TotalAmt017148
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IRS990/OtherExpensesGrp/Desc2MARKETING
IRS990/OtherExpensesGrp/Desc3PUBLIC RELATIONS
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IRS990/OtherExpensesGrp/ProgramServicesAmt0563302
IRS990/OtherExpensesGrp/ProgramServicesAmt134268
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IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0182234
IRS990/OtherSalariesAndWagesGrp/TotalAmt0364469
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IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt015177
IRS990/PayrollTaxesGrp/ProgramServicesAmt015176
IRS990/PayrollTaxesGrp/TotalAmt030353
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt06055
IRS990/PensionPlanContributionsGrp/TotalAmt06055
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IRS990/PermanentlyRstrNetAssetsGrp/EOYAmt0176212
IRS990/PoliticalCampaignActyInd0false
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt024169
IRS990/PrincipalOfficerNm0MICHAEL HOBBS
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IRS990/ProgramServiceRevenueGrp/Desc4CHAIRHOLDERS
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1112110
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt241202
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt332466
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt432125
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1112110
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt241202
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt332466
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt432125
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IRS990/PYInvestmentIncomeAmt04398
IRS990/PYOtherExpensesAmt01206639
IRS990/PYOtherRevenueAmt0344104
IRS990/PYProgramServiceRevenueAmt0706375
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IRS990/PYSalariesCompEmpBnftPaidAmt0417979
IRS990/PYTotalExpensesAmt01624618
IRS990/PYTotalRevenueAmt01471684
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IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
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IRS990/RelatedOrganizationsAmt073551
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Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$7,317,127
Liabilities
$2,221,277
Net assets
$5,095,850
Revenue
$1,673,680
Expenses
$1,687,537
Net income
-$13,857
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.59$1.71$3.88$4.23$3.79$0.45
2023Summary only. Only limited summary data is available for this year.$5.90$2.48$3.43$3.22$3.82$0.60
2022Summary only. Only limited summary data is available for this year.$6.34$2.35$3.99$4.09$4.07$0.01
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$6.50$2.52$3.98$0.86$1.43$0.58
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.50$2.01$4.49$1.57$1.95$0.38
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$6.73$1.86$4.87$1.53$1.70$0.16
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.04$2.02$5.02$1.63$1.72$0.09
2017Detailed filing. Detailed filing data is available for this year.$7.32$2.22$5.10$1.67$1.69$0.01
2016Detailed filing. Detailed filing data is available for this year.$7.33$2.25$5.08$1.47$1.62$0.15
2015Summary only. Only limited summary data is available for this year.$7.61$2.37$5.24$1.89$2.32$0.43
2014Detailed filing. Detailed filing data is available for this year.$8.00$2.33$5.67$1.65$2.11$0.47
2013Summary only. Only limited summary data is available for this year.$8.57$2.45$6.12$1.77$1.99$0.22
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.79$2.44$6.35$2.00
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.35$1.72$6.63$2.01