Civic Intelligence

Montgomery County Economic Development Corporation

990 • Fiscal year 2025 • EIN 81-0717388

Jul 01, 2024 to Jun 30, 2025

Organization ProfileWWW.THINKMOCO.COM

View Organization Page

1801 Rockville Pike 320Rockville, MD 20852

(240) 641-6700

Siviq Scores

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

Liabilities / Assets

87th percentile

0.64x

Higher debt load relative to assets than 87% of similar nonprofits.

2025 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2025

Liabilities / Revenue

77th percentile

0.52x

Higher debt load relative to revenue than 77% of similar nonprofits.

2025 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2025

Net Margin

20th percentile

-6.4%

Higher net margin than 20% of similar nonprofits.

2025 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2025

Top Officer Pay

91st percentile

$296,053

Higher top officer pay than 91% of similar nonprofits.

Top officer pay equals 5.8% of source-year revenue.

2025 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2025

Asset Growth

9th percentile

-11%

Faster asset growth than 9% of similar nonprofits.

2025 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2024 to 2025

Revenue Growth

13th percentile

-18%

Faster revenue growth than 13% of similar nonprofits.

2025 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2024 to 2025

Balance Sheet
Liabilities / Assets87th percentile

Assets

Down

$4,163,154

Down $456,517 (-9.9%) from 2023

Net Assets

Down

$1,486,650

Down $436,415 (-23%) from 2023

Liabilities

Down

$2,676,504

Down $20,102 (-0.7%) from 2023

Revenue And Expenses
Liabilities / Revenue77th percentileNet Margin20th percentile

Revenue

Down

$5,135,090

Down $2,070,178 (-29%) from 2023

Expenses

Down

$5,464,181

Down $1,480,442 (-21%) from 2023

Net Income

Down

-$329,091

Down $589,736 (-226%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth9th percentile

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

$8.0M$6.0M$4.0M$2.0M$0Assets 2016: $296,985Liabilities 2016: $34,957Net Assets 2016: $262,0282016Assets 2017: $2,919,164Liabilities 2017: $1,229,354Net Assets 2017: $1,689,8102017Assets 2018: $2,590,515Liabilities 2018: $1,107,784Net Assets 2018: $1,482,7312018Assets 2019: $3,221,806Liabilities 2019: $1,114,524Net Assets 2019: $2,107,2822019Assets 2020: $4,129,581Liabilities 2020: $1,002,038Net Assets 2020: $3,127,5432020Assets 2021: $7,174,281Liabilities 2021: $4,550,580Net Assets 2021: $2,623,7012021Assets 2022: $2,827,028Liabilities 2022: $1,164,608Net Assets 2022: $1,662,4202022Assets 2023: $4,619,671Liabilities 2023: $2,696,606Net Assets 2023: $1,923,0652023Assets 2025: $4,163,154Liabilities 2025: $2,676,504Net Assets 2025: $1,486,6502025

Highlighted filing

2025

Assets$4,163,154
Liabilities$2,676,504
Net Assets$1,486,650
Open 2025 Filing

Operations Trend

Revenue Growth13th percentile

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

$30M$20M$10M$0-$10MRevenue 2016: $500,000Expenses 2016: $237,972Net Income 2016: $262,0282016Revenue 2017: $4,478,475Expenses 2017: $3,050,693Net Income 2017: $1,427,7822017Revenue 2018: $5,030,563Expenses 2018: $5,237,642Net Income 2018: -$207,0792018Revenue 2019: $5,109,698Expenses 2019: $4,485,147Net Income 2019: $624,5512019Revenue 2020: $7,128,842Expenses 2020: $6,108,581Net Income 2020: $1,020,2612020Revenue 2021: $21,976,364Expenses 2021: $22,480,206Net Income 2021: -$503,8422021Revenue 2022: $7,933,113Expenses 2022: $8,894,394Net Income 2022: -$961,2812022Revenue 2023: $7,205,268Expenses 2023: $6,944,623Net Income 2023: $260,6452023Revenue 2025: $5,135,090Expenses 2025: $5,464,181Net Income 2025: -$329,0912025

Highlighted filing

2025

Revenue$5,135,090
Expenses$5,464,181
Net Income-$329,091
Open 2025 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2024 to Jun 30, 2025
Signed
Feb 28, 2026
Return Version
2024v5.5
Gross Receipts
$5,135,090
Mission and Program Overview

Mission

Marketing and business development to drive economic growth in montgomery county, maryland.

To advance equitable and inclusive economic growth, prosperity and sustainability in montgomery county through activities which accelerate the growth, retention and attraction of businesses in key industry sectors.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$1,492,972$1,780,816▲ $287,844
Investments Other Securities$1,252,960$1,264,081▲ $11,121
Savings and Temporary Cash Investments$272,182$280,090▲ $7,908
Land, Buildings, and Equipment, Net$273,935$175,340▼ $98,595
Accounts Receivable$524,243$109,266▼ $414,977
Prepaid Expenses and Deferred Charges$134,984$81,744▼ $53,240
Total Assets$4,665,093$4,163,154▼ $501,939
Other Assets Total$713,817$471,817▼ $242,000
Liabilities
Deferred Revenue$2,452,352$2,126,766▼ $325,586
Accounts Payable and Accrued Expenses$397,000$549,738▲ $152,738
Total Liabilities$2,849,352$2,676,504▼ $172,848
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,815,741$1,486,650▼ $329,091
Total Net Assets Fund Balance$1,815,741$1,486,650▼ $329,091
Total Liabilities and Net Assets / Fund Balance$4,665,093$4,163,154▼ $501,939

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$46,022$810,617$856,639
Equipment$129,318-$129,318
Other Assets Org$471,817--
Other Securities$1,264,081--
Compensation and Service Providers
Top Officer Pay91st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Bill TompkinsPresident and CEOFT$277,163$18,890$296,053
Michael MitchellVP of Marketing & CommunicationFT$171,880$33,493$205,373
Stacey HardyVP of OperationsFT$174,749$27,249$201,998
Laureen M BabbDirector of Economic DevelopmentFT$151,219$44,480$195,699
Lynne BenzionDirector of Economic DevelopmentFT$168,433$24,103$192,536
Prayas NeupaneDirector of Economic DevelopmentFT$153,547$17,193$170,740

Board Members and Trustees

NameTitle
Elana FineChair, Board of Directors
Kevin BeverlyImmediate Past Chair, Board of Directors
Dr Mukesh KumarVice-chair, Board of Directors
Anthony FeatherstonEx-officio Member, Board of Directors
Councilmember Marilyn BalcombeEx-officio Member, Board of Directors
Kevin AndersonEx-officio Member, Board of Directors
Richard MadalenoEx-officio Member, Board of Directors
Andy ChodMember, Board of Directors
Cherlyn Freeman-watkinsMember, Board of Directors
Dr Anne KhademianMember, Board of Directors
Jim SolteszMember, Board of Directors
Matthew LeeMember, Board of Directors
Pete BriskmanMember, Board of Directors
Silvana NaniMember, Board of Directors
Todd PearsonMember, Board of Directors
Devang ShahSecretary, Board of Directors
Jennifer HsinTreasurer, Board of Directors
Revenue and Support

Revenue Composition

Contributions and Grants
$4,989,640
Program Service Revenue
$110,953
Investment Income
$34,497
Other Revenue
$0
All Other Contributions
$84,360
Change in Net Assets
$-329,091

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,024,137
Revenue Not Reported on Financial Statements
$110,953
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$110,953
Total Revenue per Audited Statements
$5,024,137
Total Revenue per Form 990
$5,135,090
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$3,267,410
Other Expenses$2,196,771
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,871,874$475,049-$2,346,923
Advertising$498,994--$498,994
Fees for Services Other$286,713$106,058-$392,771
Current Officers, Directors, Trustees, and Key Employees$275,891$69,667-$345,558
Occupancy$257,743$36,240-$293,983
Other Employee Benefits$225,579$51,789-$277,368
Payroll Taxes$163,743$37,593-$201,336
Depreciation Depletion$79,074$19,521-$98,595
Pension Plan Contributions$78,258$17,967-$96,225
Other Expenses$67,729$12,000-$79,729
Information Technology$63,175$15,598-$78,773
Travel$73,989$1,546-$75,535
All Other Expenses$38,570$31,949-$70,519
Fees for Services Accounting-$50,627-$50,627
Insurance$16,680$4,116-$20,796
Office Expenses$10,329$4,516-$14,845
Fees for Services Legal-$9,066-$9,066
Total Functional Expenses$4,415,142$1,049,039$0$5,464,181

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$5,464,181
Total Expenses per Form 990$5,464,181
Total Expenses per Audited Statements$5,353,228
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$-110,953
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, Part VI, Section A, Line 7A

“The county executive appoints members to the board of directors. The county council confirms the appointments.”

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

“The return is prepared by the organization's auditors, and reviewed by its accounting partner, ceo and treasurer prior to filing. It is also provided to the board of directors.”

Form 990, Part VI, Section B, Line 12C

“Annually, each officer, director and committee member will complete a statement indicating whether they have any conflicts of interest or they or a family member does business with mcedc.”

Form 990, Part VI, Section B, Line 15

“The compensation of the president & ceo is based on comparable market data and is reviewed and approved by the board of directors.”

Form 990, Part VI, Section C, Line 19

“Mcedc's board of directors complies with the state of maryland's open meetings act. All meetings are properly noticed to the public, including a posting of meeting agendas and minutes on mcedc's website. The financial documents are available at the organizations office upon request.”

Filing and Contact Details

Filer

Filer Name
Montgomery County Economic Development C
EIN
81-0717388
Phone
2406416700
Address
1801 ROCKVILLE PIKE 320, ROCKVILLE, MD 20852

Signing Officer

Name
Phillip Jared Smith
Title
President & CEO
Phone
2406416700
Signed
2026-02-28
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Phillip Jared Smith
Formed
2015
Legal Domicile
Md
Voting Board Members
12
Independent Board Members
12
Employees
31
Volunteers
16

Preparer

Firm
Cohnreznick Advisory LLC
Address
500 EAST PRATT STREET 4TH FLOOR, BALTIMORE, MD 21202
Preparer
Lori Rothe Yokobosky
Phone
4107834900
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

“Mcedc is exempt from federal income tax in accordance with section 501(c)(3) of the internal revenue code, except for income taxed on "unrelated business income", if any. For the years ended june 30, 2025 and 2024, mcedc did not have any unrelated business income subject to income taxes; accordingly, no provision or benefit for income taxes has been recorded in the accompanying financial statements and mcedc has not identified any uncertain tax positions that qualify for recognition or disclosure in the notes to the financial statements. Mcedc is required to file and does file tax returns with the irs. While no tax returns of the organization are currently being examined by the irs, tax returns since 2021 remain open for examination.”

PART XI, LINE 4B - OTHER ADJUSTMENTS:

“Expense reimbursement 110,953.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Expense reimbursement -110,953.”

Raw XML AppendixShowing 400 of 658 raw XML fields

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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt21181081
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt22163197
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IRS990/Form990PartVIISectionAGrp/TitleTxt0MEMBER, BOARD OF DIRECTORS
IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE-CHAIR, BOARD OF DIRECTORS
IRS990/Form990PartVIISectionAGrp/TitleTxt2MEMBER, BOARD OF DIRECTORS
IRS990/Form990PartVIISectionAGrp/TitleTxt3IMMEDIATE PAST CHAIR, BOARD OF DIRECTORS
IRS990/Form990PartVIISectionAGrp/TitleTxt4MEMBER, BOARD OF DIRECTORS
IRS990/Form990PartVIISectionAGrp/TitleTxt5MEMBER, BOARD OF DIRECTORS
IRS990/Form990PartVIISectionAGrp/TitleTxt6MEMBER, BOARD OF DIRECTORS
IRS990/Form990PartVIISectionAGrp/TitleTxt7MEMBER, BOARD OF DIRECTORS
IRS990/Form990PartVIISectionAGrp/TitleTxt8MEMBER, BOARD OF DIRECTORS
IRS990/Form990PartVIISectionAGrp/TitleTxt9EX-OFFICIO MEMBER, BOARD OF DIRECTORS
IRS990/Form990PartVIISectionAGrp/TitleTxt10EX-OFFICIO MEMBER, BOARD OF DIRECTORS
IRS990/Form990PartVIISectionAGrp/TitleTxt11EX-OFFICIO MEMBER, BOARD OF DIRECTORS
IRS990/Form990PartVIISectionAGrp/TitleTxt12MEMBER, BOARD OF DIRECTORS
IRS990/Form990PartVIISectionAGrp/TitleTxt13TREASURER, BOARD OF DIRECTORS
IRS990/Form990PartVIISectionAGrp/TitleTxt14CHAIR, BOARD OF DIRECTORS
IRS990/Form990PartVIISectionAGrp/TitleTxt15EX-OFFICIO MEMBER, BOARD OF DIRECTORS
IRS990/Form990PartVIISectionAGrp/TitleTxt16SECRETARY, BOARD OF DIRECTORS
IRS990/Form990PartVIISectionAGrp/TitleTxt17PRESIDENT AND CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt18VP OF OPERATIONS
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR OF ECONOMIC DEVELOPMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt20VP OF MARKETING & COMMUNICATION
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR OF ECONOMIC DEVELOPMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt22DIRECTOR OF ECONOMIC DEVELOPMENT
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IRS990/FormationYr02015
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IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd00
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt012
IRS990/GovernmentGrantsAmt04905280
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossReceiptsAmt05135090
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd01
IRS990/IndependentAuditFinclStmtInd01
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IRS990/IndivRcvdGreaterThan100KCnt012
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartIIIInd0X
IRS990/InfoInScheduleOPartVIInd0X
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IRS990/InformationTechnologyGrp/ProgramServicesAmt063175
IRS990/InformationTechnologyGrp/TotalAmt078773
IRS990/InsuranceGrp/ManagementAndGeneralAmt04116
IRS990/InsuranceGrp/ProgramServicesAmt016680
IRS990/InsuranceGrp/TotalAmt020796
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IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt034497
IRS990/InvestmentInJointVentureInd00
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IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt01264081
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IRS990/IRPDocumentW2GCnt00
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IRS990/LandBldgEquipCostOrOtherBssAmt0985957
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IRS990/LoanOutstandingInd00
IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0MARKETING AND BUSINESS DEVELOPMENT TO DRIVE ECONOMIC GROWTH IN MONTGOMERY COUNTY, MARYLAND.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
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IRS990/OccupancyGrp/ProgramServicesAmt0257743
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IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt04516
IRS990/OfficeExpensesGrp/ProgramServicesAmt010329
IRS990/OfficeExpensesGrp/TotalAmt014845
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
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IRS990/OtherAssetsTotalGrp/EOYAmt0471817
IRS990/OtherChangesInNetAssetsAmt00
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IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt0225579
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IRS990/OtherExpensesGrp/Desc0DUES AND SUBSCRIPTIONS
IRS990/OtherExpensesGrp/Desc1EVENTS/SPONSORSHIPS
IRS990/OtherExpensesGrp/Desc2STRATEGIC INITITATIVE
IRS990/OtherExpensesGrp/Desc3BUSINESS DEVELOPMENT
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IRS990/OtherExpensesGrp/TotalAmt1204243
IRS990/OtherExpensesGrp/TotalAmt290072
IRS990/OtherExpensesGrp/TotalAmt379729
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IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd01
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
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IRS990/SavingsAndTempCashInvstGrp/EOYAmt0280090
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt06064607
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt07063105
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt07802426
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt021864639
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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt041843
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt09073
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt0723
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt0495
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IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt0619607

Document Assets

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Filings

Displayed year

2025 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,163,154
Liabilities
$2,676,504
Net assets
$1,486,650
Revenue
$5,135,090
Expenses
$5,464,181
Net income
-$329,091
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$4.16$2.68$1.49$5.14$5.46$0.33
2023Summary only. Only limited summary data is available for this year.$4.62$2.70$1.92$7.21$6.94$0.26
2022Summary only. Only limited summary data is available for this year.$2.83$1.16$1.66$7.93$8.89$0.96
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.17$4.55$2.62$22.0$22.5$0.50
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.13$1.00$3.13$7.13$6.11$1.02
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.22$1.11$2.11$5.11$4.49$0.62
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.59$1.11$1.48$5.03$5.24$0.21
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.92$1.23$1.69$4.48$3.05$1.43
2016Detailed filing. Detailed filing data is available for this year.$0.30$0.03$0.26$0.50$0.24$0.26