Civic Intelligence

Believe Memphis Academy Inc

990 • Fiscal year 2020 • EIN 81-3760198

Jul 01, 2019 to Jun 30, 2020 • Filed on Dec 17, 2020

Organization ProfileWWW.BELIEVEMEMPHISACADEMY.ORG
1250 Vollintine Avenue 2nd FloorMemphis, TN 38107

(901) 205-0484

Siviq Scores

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

Liabilities / Assets

83rd percentile

0.56x

Higher debt load relative to assets than 83% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

63rd percentile

0.24x

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

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Net Margin

28th percentile

-4.8%

Higher net margin than 28% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

67th percentile

$96,000

Higher top officer pay than 67% of similar nonprofits.

Top officer pay equals 3.0% of source-year revenue.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Asset Growth

89th percentile

67%

Faster asset growth than 89% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Revenue Growth

65th percentile

9.4%

Faster revenue growth than 65% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets83rd percentile

Assets

Up

$1,357,198

Up $544,257 (+67%) from 2019

Net Assets

Down

$595,652

Down $154,650 (-21%) from 2019

Liabilities

Up

$761,546

Up $698,907 (+1116%) from 2019

Revenue And Expenses
Liabilities / Revenue63rd percentileNet Margin28th percentile

Revenue

Up

$3,210,971

Up $275,948 (+9.4%) from 2019

Expenses

Up

$3,365,621

Up $671,696 (+25%) from 2019

Net Income

Down

-$154,650

Down $395,748 (-164%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth89th percentile

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

$10M$5.0M$0Assets 2018: $580,452Liabilities 2018: $71,248Net Assets 2018: $509,2042018Assets 2019: $812,941Liabilities 2019: $62,639Net Assets 2019: $750,3022019Assets 2020: $1,357,198Liabilities 2020: $761,546Net Assets 2020: $595,6522020Assets 2021: $2,457,072Liabilities 2021: $170,660Net Assets 2021: $2,286,4122021Assets 2022: $9,476,795Liabilities 2022: $5,501,140Net Assets 2022: $3,975,6552022Assets 2023: $8,390,818Liabilities 2023: $4,855,401Net Assets 2023: $3,535,4172023Assets 2024: $7,697,196Liabilities 2024: $4,765,092Net Assets 2024: $2,932,1042024Assets 2025: $7,851,699Liabilities 2025: $4,556,322Net Assets 2025: $3,295,3772025

Highlighted filing

2020

Assets$1,357,198
Liabilities$761,546
Net Assets$595,652
Open 2020 Filing

Operations Trend

Revenue Growth65th percentile

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

$10M$5.0M$0-$5.0MRevenue 2018: $878,399Expenses 2018: $369,195Net Income 2018: $509,2042018Revenue 2019: $2,935,023Expenses 2019: $2,693,925Net Income 2019: $241,0982019Revenue 2020: $3,210,971Expenses 2020: $3,365,621Net Income 2020: -$154,6502020Revenue 2021: $5,873,256Expenses 2021: $4,182,497Net Income 2021: $1,690,7592021Revenue 2022: $8,064,736Expenses 2022: $6,375,493Net Income 2022: $1,689,2432022Revenue 2023: $5,157,559Expenses 2023: $5,597,797Net Income 2023: -$440,2382023Revenue 2024: $5,833,604Expenses 2024: $6,436,917Net Income 2024: -$603,3132024Revenue 2025: $7,152,766Expenses 2025: $6,789,493Net Income 2025: $363,2732025

Highlighted filing

2020

Revenue$3,210,971
Expenses$3,365,621
Net Income-$154,650
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Dec 17, 2020
Return Version
2019v5.1
Gross Receipts
$3,210,971
Mission and Program Overview

Mission

Believe memphis academy charter school prepares scholars in grades 4 through 8 with the academic rigor, robust supports, and leadership development necessary to excel in high school, thrive in college, and lead lives full of opportunity.

Believe memphis academy charter school prepares scholars in grades 4 through 8 with the academic riogr, robust supports, and leadership development necessary to excel in high school, thrive in college, and lead lives full of opportunity.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$398,785$625,287▲ $226,502
Land, Buildings, and Equipment, Net$302,209$291,864▼ $10,345
Pledges and Grants Receivable$10,189$141,074▲ $130,885
Prepaid Expenses and Deferred Charges$60,519$115,285▲ $54,766
Investments Program Related$12,893$36,750▲ $23,857
Total Assets$812,941$1,357,198▲ $544,257
Other Assets Total$28,346$146,938▲ $118,592
Liabilities
Accounts Payable and Accrued Expenses$60,562$689,280▲ $628,718
Deferred Revenue$2,077$72,266▲ $70,189
Total Liabilities$62,639$761,546▲ $698,907
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$748,685$519,999▼ $228,686
Net Assets With Donor Restrictions$1,617$75,653▲ $74,036
Total Net Assets Fund Balance$750,302$595,652▼ $154,650
Total Liabilities and Net Assets / Fund Balance$812,941$1,357,198▲ $544,257

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$77,443$19,984-
Equipment$68,937$84,676-
Leasehold Improvements$145,484$39,980-
Other Assets Org$56,143--
Compensation and Service Providers
Top Officer Pay67th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Danny SongHead of SchoolFT$96,000$96,000
Jeff WarrenDirector of FinanceFT$80,000$80,000

Board Members and Trustees

NameTitle
Elana ColeChair
Thomas MarinoVice-chair
Al Bright JrBoard Member
Greg SpillyardsBoard Member
Jacque Rowe FieldsBoard Member
Lisa SettleBoard Member
Lori KirkpatrickBoard Member
Luke PruettBoard Member
Patrick HendricksBoard Member
Kacy CobleSecretary
Adam CrawfordTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$3,208,317
Program Service Revenue
$427
Investment Income
$2,227
Other Revenue
$0
All Other Contributions
$651,862
Change in Net Assets
$-154,650

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,210,971
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$3,210,971
Total Revenue per Form 990
$3,210,971
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,763,361
Other Expenses$1,602,260
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,236,673$350,688-$1,587,361
Current Officers, Directors, Trustees, and Key Employees-$176,000-$176,000
Fees for Services Other-$174,255-$174,255
Occupancy$122,171$40,724-$162,895
Other Expenses$120,647$21,802-$142,449
Depreciation Depletion$60,632$20,211-$80,843
Office Expenses$59,040$19,680-$78,720
Total Functional Expenses$2,387,436$978,185$0$3,365,621

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,365,621
Total Expenses per Audited Statements$3,365,621
Total Expenses per Form 990$3,365,621
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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
No
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 B, Line 11B

“Upon preparation by an independent accounting firm, the return is reviewed by the board of directors before submission to the irs.”

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

“The directors sign a statement annually confirming their compliance with the conflicts of interest policy.”

Form 990, Part VI, Section B, Line 15

“Compensation for a position is determined as to what is reasonable for the experience, expertise, geography, and needs of the organization. Compensation is reviewed by the board finance committee and discussed and voted on at board meetings. The resulting decision is recorded in the minutes.”

Form 990, Part VI, Section C, Line 18

“The organization's tax documents are available to the public upon request.”

Form 990, Part VI, Section C, Line 19

“The organization makes its governing documents and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Believe Memphis Academy Inc
EIN
81-3760198
Phone
9012050484
Address
1250 VOLLINTINE AVENUE 2ND FLOOR, MEMPHIS, TN 38107

Signing Officer

Name
Jeff Warren
Title
Director of Finance
Phone
9012050484
Signed
2020-12-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jeff Warren
Formed
2017
Legal Domicile
Tn
Voting Board Members
11
Independent Board Members
11
Employees
45
Volunteers
0

Preparer

Firm
The Marston Group Plc
Address
1661 INTERNATIONAL DRIVE SUITE 250, MEMPHIS, TN 38120
Preparer
Susan M Lattimore
Phone
9017613003
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IRS990/PartialLiquidationInd00
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt010189
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt0141074
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt060519
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0115285
IRS990/PrincipalOfficerNm0JEFF WARREN
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0611110
IRS990/ProgramServiceRevenueGrp/Desc0EDUCATION CHARGES
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0427
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0427
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt02931257
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt03766
IRS990/PYOtherExpensesAmt01549936
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt00
IRS990/PYRevenuesLessExpensesAmt0241098
IRS990/PYSalariesCompEmpBnftPaidAmt01143989
IRS990/PYTotalExpensesAmt02693925
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt02935023
IRS990/QuidProQuoContributionsInd00
IRS990/ReconcilationRevenueExpnssAmt0-154650
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd01
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt0427
IRS990ScheduleA/SchoolInd0X
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/EquipmentGrp/BookValueAmt068937
IRS990ScheduleD/EquipmentGrp/DepreciationAmt084676
IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt0153613
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt03365621
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt0145484
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt039980
IRS990ScheduleD/LeaseholdImprovementsGrp/InvestmentCostOrOtherBasisAmt0185464
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt090795
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt156143
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0CONSTRUCTION IN PROGRESS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1DEFERRED OUTFLOWS
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt077443
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt019984
IRS990ScheduleD/OtherLandBuildingsGrp/InvestmentCostOrOtherBasisAmt097427
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt03210971
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0291864
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0146938
IRS990ScheduleD/TotalExpensesPerForm990Amt03365621
IRS990ScheduleD/TotalRevenuePerForm990Amt03210971
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt03210971
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt03365621
IRS990ScheduleE/ComplianceWithRevProc7550Ind01
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd00
IRS990ScheduleE/DiscriminateRaceAthltProgInd00
IRS990ScheduleE/DiscriminateRaceEducPlcyInd00
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd00
IRS990ScheduleE/DiscriminateRaceOtherActyInd00
IRS990ScheduleE/DiscriminateRaceSchsInd00
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd00
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd00
IRS990ScheduleE/GovernmentFinancialAidRcvdInd01
IRS990ScheduleE/GovernmentFinancialAidRvkdInd00
IRS990ScheduleE/MaintainCpyOfAllSolInd01
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd01
IRS990ScheduleE/MaintainRacialCompRecsInd01
IRS990ScheduleE/MaintainScholarshipsRecsInd01
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd01
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd01
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd01
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0GRANTS RECEIVED FROM THE TENNESSEE CHARTER SCHOOL INCUBATOR.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE E, PART I, LINE 6
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0UPON PREPARATION BY AN INDEPENDENT ACCOUNTING FIRM, THE RETURN IS REVIEWED BY THE BOARD OF DIRECTORS BEFORE SUBMISSION TO THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE DIRECTORS SIGN A STATEMENT ANNUALLY CONFIRMING THEIR COMPLIANCE WITH THE CONFLICTS OF INTEREST POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2COMPENSATION FOR A POSITION IS DETERMINED AS TO WHAT IS REASONABLE FOR THE EXPERIENCE, EXPERTISE, GEOGRAPHY, AND NEEDS OF THE ORGANIZATION. COMPENSATION IS REVIEWED BY THE BOARD FINANCE COMMITTEE AND DISCUSSED AND VOTED ON AT BOARD MEETINGS. THE RESULTING DECISION IS RECORDED IN THE MINUTES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION'S TAX DOCUMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 18
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
IRS990/SchoolOperatingInd01
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0TN
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0812941
IRS990/TotalAssetsEOYAmt01357198
IRS990/TotalAssetsGrp/BOYAmt0812941
IRS990/TotalAssetsGrp/EOYAmt01357198
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt03208317
IRS990/TotalEmployeeCnt045
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0978185
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt02387436
IRS990/TotalFunctionalExpensesGrp/TotalAmt03365621
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt062639
IRS990/TotalLiabilitiesEOYAmt0761546
IRS990/TotalLiabilitiesGrp/BOYAmt062639
IRS990/TotalLiabilitiesGrp/EOYAmt0761546
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0750302
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0595652
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt02387436
IRS990/TotalProgramServiceRevenueAmt0427
IRS990/TotalReportableCompFromOrgAmt0176000
IRS990/TotalRevenueGrp/ExclusionAmt02227
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0427
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt03210971
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0812941
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01357198
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt01250 VOLLINTINE AVE 2ND FLOOR
IRS990/USAddress/CityNm0MEMPHIS
IRS990/USAddress/StateAbbreviationCd0TN
IRS990/USAddress/ZIPCd038107
IRS990/VotingMembersGoverningBodyCnt011
IRS990/VotingMembersIndependentCnt011
IRS990/WebsiteAddressTxt0HTTPS://WWW.BELIEVEMEMPHISACADEMY.ORG/

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,357,198
Liabilities
$761,546
Net assets
$595,652
Revenue
$3,210,971
Expenses
$3,365,621
Net income
-$154,650
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$7.85$4.56$3.30$7.15$6.79$0.36
2024Detailed filing. Detailed filing data is available for this year.$7.70$4.77$2.93$5.83$6.44$0.60
2023Detailed filing. Detailed filing data is available for this year.$8.39$4.86$3.54$5.16$5.60$0.44
2022Detailed filing. Detailed filing data is available for this year.$9.48$5.50$3.98$8.06$6.38$1.69
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.46$0.17$2.29$5.87$4.18$1.69
2020Detailed filing. Detailed filing data is available for this year.$1.36$0.76$0.60$3.21$3.37$0.15
2019Detailed filing. Detailed filing data is available for this year.$0.81$0.06$0.75$2.94$2.69$0.24
2018Detailed filing. Detailed filing data is available for this year.$0.58$0.07$0.51$0.88$0.37$0.51