Civic Intelligence

Visit Beloit Inc

990 • Fiscal year 2021 • EIN 84-3531670

Jan 01, 2021 to Dec 31, 2021 • Filed on Sep 29, 2022

Organization ProfileWWW.VISITBELOIT.COM
656 Pleasant StreetBeloit, WI 53511

(608) 365-4838

Siviq Scores

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

Liabilities / Assets

47th percentile

0.13x

Higher debt load relative to assets than 47% of similar nonprofits.

2021 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

40th percentile

0.12x

Higher debt load relative to revenue than 40% of similar nonprofits.

2021 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2021

Net Margin

86th percentile

31%

Higher net margin than 86% of similar nonprofits.

2021 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

34th percentile

$86,334

Higher top officer pay than 34% of similar nonprofits.

Top officer pay equals 8.1% of source-year revenue.

2021 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2021

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2021

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2021

Balance Sheet
Liabilities / Assets47th percentile

Assets

$992,430

No earlier filing loaded for comparison.

Net Assets

$862,593

No earlier filing loaded for comparison.

Liabilities

$129,837

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue40th percentileNet Margin86th percentile

Revenue

$1,062,612

No earlier filing loaded for comparison.

Expenses

$727,903

No earlier filing loaded for comparison.

Net Income

$334,709

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

$1.5M$1.0M$500K$0Assets 2021: $992,430Liabilities 2021: $129,837Net Assets 2021: $862,5932021Assets 2022: $1,248,407Liabilities 2022: $96,979Net Assets 2022: $1,151,4282022Assets 2023: $1,312,827Liabilities 2023: $102,680Net Assets 2023: $1,210,1472023Assets 2024: $1,415,103Liabilities 2024: $831,304Net Assets 2024: $583,7992024

Highlighted filing

2021

Assets$992,430
Liabilities$129,837
Net Assets$862,593
Open 2021 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$2.0M$1.0M$0-$1.0MRevenue 2021: $1,062,612Expenses 2021: $727,903Net Income 2021: $334,7092021Revenue 2022: $1,438,011Expenses 2022: $1,092,119Net Income 2022: $345,8922022Revenue 2023: $1,262,022Expenses 2023: $1,156,354Net Income 2023: $105,6682023Revenue 2024: $1,277,010Expenses 2024: $1,903,358Net Income 2024: -$626,3482024

Highlighted filing

2021

Revenue$1,062,612
Expenses$727,903
Net Income$334,709
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Sep 29, 2022
Return Version
2021v4.0
Gross Receipts
$1,063,219
Mission and Program Overview

Mission

To lead and coordinate the development, sales, marketing, and management of the tourism industry in the greater beloit region and to create positive economic impact, thus enhancing the quality of life for area residents and quality of place for visitors.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts-$372,705-
Savings and Temporary Cash Investments-$318,070-
Accounts Receivable-$235,995-
Land, Buildings, and Equipment, Net-$52,197-
Prepaid Expenses and Deferred Charges-$13,463-
Total Assets$0$992,430▲ $992,430
Liabilities
Accounts Payable and Accrued Expenses-$79,939-
Deferred Revenue-$49,898-
Total Liabilities$0$129,837▲ $129,837
Net Assets / Fund Balance
Net Assets Without Donor Restrictions-$532,559-
Net Assets With Donor Restrictions-$330,034-
Total Net Assets Fund Balance$0$862,593▲ $862,593
Total Liabilities and Net Assets / Fund Balance$0$992,430▲ $992,430

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$48,150$111,392$159,542
Other Land Buildings$4,047$42,449$46,496
Compensation and Service Providers
Top Officer Pay34th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Celestino RuffiniCEOFT$78,172$8,162$86,334

Board Members and Trustees

NameTitle
Spencer WaiteChair
Jennifer KodlVice Chair
Aimee ThurnerDirector
Ann Sitrick JoyceDirector
Erica DanielsDirector
Jackie JacksonDirector
Jeff GrayDirector
Jen HallDirector
Jessica SantillanDirector
Lori Curtis LutherDirector
Mark PreuschlDirector
Patricia DiduchDirector
Seth FrisbeeDirector
Ted RehlDirector
Jeff VohsSecretary
Jonathan WebsterTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$151,968
Program Service Revenue
$903,756
Investment Income
$161
Other Revenue
$6,727
All Other Contributions
$73,012
Change in Net Assets
$334,709
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$368,214
Salaries, Compensation, and Employee Benefits$359,557
Grants and Similar Amounts Paid$132
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$178,893$31,568-$210,461
Advertising$121,395$2,746-$124,141
Current Officers, Directors, Trustees, and Key Employees$66,446$11,726-$78,172
Occupancy$30,896$39,967-$70,863
Office Expenses$43,471$8,242-$51,713
Other Employee Benefits$44,432$4,938-$49,370
All Other Expenses$22,688$2,071-$24,759
Payroll Taxes$18,321$3,233-$21,554
Fees for Services Accounting$6,791$6,792-$13,583
Other Expenses$9,570$1,689-$11,259
Conferences and Meetings$7,779$865-$8,644
Depreciation Depletion$7,128$1,259-$8,387
Travel$7,424$600-$8,024
Insurance$4,625$2,284-$6,909
Interest$316$56-$372
Grants to Domestic Orgs$132--$132
Total Functional Expenses$609,867$118,036$0$727,903
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
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
Backup withholding compliance
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
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
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 the ceo, external accountant, and executive committee and is approved by the board prior to filing.”

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

“Board members submit a written statement describing any conflicts of interest prior to becoming a member of the board and annually review, update, and resubmit the conflict of interest statement.”

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

“The executive comittee meets, reviews the performance, and votes on the executive director's yearly increase in salary. Benchmarking is performed to ensure compensation is appropriate.”

Form 990, Page 6, Part VI, Line 19

“Governing documents are made available to interested parties upon request and are available for public inspection on the organization's website and guidestar.”

Filing and Contact Details

Filer

Filer Name
Visit Beloit Inc
EIN
84-3531670
Phone
6083654838
Address
656 PLEASANT STREET, BELOIT, WI 53511

Signing Officer

Name
Celestino Ruffini
Title
CEO
Phone
6083654838
Signed
2022-09-29

Organization Details

Principal Officer
Celestino Ruffini
Formed
2019
Legal Domicile
Wi
Voting Board Members
16
Independent Board Members
16
Employees
16
Volunteers
16

Preparer

Firm
Siepert & Co Llp
Address
1920 WEST HART ROAD, BELOIT, WI 53511
Preparer
Dennis E Hildebrandt
Phone
6083652266
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“To lead and coordinate the development, sales, marketing, and management of the tourism industry in the greater beloit region and to create positive economic impact, thus enhancing the quality of life for area residents and quality of place for visitors.”

Form 990, Part XI, Line 9

“Transfer to beloit cvb char fdn ein 39-1590764 0 transfer from beloit cvb char fdn ein 39-1590764 527,884 total 527,884”

Financial Statement Notes

Schedule D, Page 3, Part X

“Visit beloit, inc. Is a nonprofit organization exempt from federal and state income taxes under internal revenue code sections 501(c)(6) as other than a private foundation. As a result, there is no provision for income taxes in the consolidated financial statements. Management of visit beloit, inc. Has evaluated for and determined there are no uncertain tax positions as of december 31, 2021. Visit beloit, inc. Is subject to informational reporting requirements in the united states federal jurisdiction and the state of wisconsin. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. Tax returns remain open for federal examination for the past three years and state examination for the past four years. At december 31, 2021, there are no ongoing income tax audits or unresolved disputes with the various taxing authorities visit beloit, inc. Currently files, or have filed, with.”

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IRS990/OtherExpensesGrp/Desc2EVENT HOSTING
IRS990/OtherExpensesGrp/Desc3DUES & SUBSCRIPTIONS
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt01689
IRS990/OtherExpensesGrp/ProgramServicesAmt015624
IRS990/OtherExpensesGrp/ProgramServicesAmt112332
IRS990/OtherExpensesGrp/ProgramServicesAmt211604
IRS990/OtherExpensesGrp/ProgramServicesAmt39570
IRS990/OtherExpensesGrp/TotalAmt015624
IRS990/OtherExpensesGrp/TotalAmt112332
IRS990/OtherExpensesGrp/TotalAmt211604
IRS990/OtherExpensesGrp/TotalAmt311259
IRS990/OtherRevenueMiscGrp/Desc0PROMOTIONAL PARTICIPATION
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt04860
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt04860
IRS990/OtherRevenueTotalAmt04860
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt031568
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0178893
IRS990/OtherSalariesAndWagesGrp/TotalAmt0210461
IRS990/OtherWebsiteInd0X
IRS990/OwnWebsiteInd0X
IRS990/PartialLiquidationInd0false
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt03233
IRS990/PayrollTaxesGrp/ProgramServicesAmt018321
IRS990/PayrollTaxesGrp/TotalAmt021554
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt013463
IRS990/PrincipalOfficerNm0CELESTINO RUFFINI
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/Desc0ROOM TAX
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0903756
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0903756
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/ReconcilationRevenueExpnssAmt0334709
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0318070
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/EquipmentGrp/BookValueAmt048150
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0111392
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0159542
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt04047
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt042449
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt046496
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0VISIT BELOIT, INC. IS A NONPROFIT ORGANIZATION EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER INTERNAL REVENUE CODE SECTIONS 501(C)(6) AS OTHER THAN A PRIVATE FOUNDATION. AS A RESULT, THERE IS NO PROVISION FOR INCOME TAXES IN THE CONSOLIDATED FINANCIAL STATEMENTS. MANAGEMENT OF VISIT BELOIT, INC. HAS EVALUATED FOR AND DETERMINED THERE ARE NO UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2021. VISIT BELOIT, INC. IS SUBJECT TO INFORMATIONAL REPORTING REQUIREMENTS IN THE UNITED STATES FEDERAL JURISDICTION AND THE STATE OF WISCONSIN. TAX REGULATIONS WITHIN EACH JURISDICTION ARE SUBJECT TO THE INTERPRETATION OF THE RELATED TAX LAWS AND REGULATIONS AND REQUIRE SIGNIFICANT JUDGMENT TO APPLY. TAX RETURNS REMAIN OPEN FOR FEDERAL EXAMINATION FOR THE PAST THREE YEARS AND STATE EXAMINATION FOR THE PAST FOUR YEARS. AT DECEMBER 31, 2021, THERE ARE NO ONGOING INCOME TAX AUDITS OR UNRESOLVED DISPUTES WITH THE VARIOUS TAXING AUTHORITIES VISIT BELOIT, INC. CURRENTLY FILES, OR HAVE FILED, WITH.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
IRS990ScheduleD/TotalBookValueLandBuildingsAmt052197
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0TO LEAD AND COORDINATE THE DEVELOPMENT, SALES, MARKETING, AND MANAGEMENT OF THE TOURISM INDUSTRY IN THE GREATER BELOIT REGION AND TO CREATE POSITIVE ECONOMIC IMPACT, THUS ENHANCING THE QUALITY OF LIFE FOR AREA RESIDENTS AND QUALITY OF PLACE FOR VISITORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE FORM 990 IS REVIEWED BY THE CEO, EXTERNAL ACCOUNTANT, AND EXECUTIVE COMMITTEE AND IS APPROVED BY THE BOARD PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2BOARD MEMBERS SUBMIT A WRITTEN STATEMENT DESCRIBING ANY CONFLICTS OF INTEREST PRIOR TO BECOMING A MEMBER OF THE BOARD AND ANNUALLY REVIEW, UPDATE, AND RESUBMIT THE CONFLICT OF INTEREST STATEMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE EXECUTIVE COMITTEE MEETS, REVIEWS THE PERFORMANCE, AND VOTES ON THE EXECUTIVE DIRECTOR'S YEARLY INCREASE IN SALARY. BENCHMARKING IS PERFORMED TO ENSURE COMPENSATION IS APPROPRIATE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4GOVERNING DOCUMENTS ARE MADE AVAILABLE TO INTERESTED PARTIES UPON REQUEST AND ARE AVAILABLE FOR PUBLIC INSPECTION ON THE ORGANIZATION'S WEBSITE AND GUIDESTAR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5TRANSFER TO BELOIT CVB CHAR FDN EIN 39-1590764 0 TRANSFER FROM BELOIT CVB CHAR FDN EIN 39-1590764 527,884 TOTAL 527,884
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART XI, LINE 9
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0WI
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsEOYAmt0992430
IRS990/TotalAssetsGrp/BOYAmt00
IRS990/TotalAssetsGrp/EOYAmt0992430
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0151968
IRS990/TotalEmployeeCnt016
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0118036
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0609867
IRS990/TotalFunctionalExpensesGrp/TotalAmt0727903
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesEOYAmt0129837
IRS990/TotalLiabilitiesGrp/BOYAmt00
IRS990/TotalLiabilitiesGrp/EOYAmt0129837
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt00
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0862593
IRS990/TotalOtherCompensationAmt08162
IRS990/TotalProgramServiceExpensesAmt0609867
IRS990/TotalProgramServiceRevenueAmt0903756
IRS990/TotalReportableCompFromOrgAmt078172
IRS990/TotalRevenueGrp/ExclusionAmt0161
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0910483
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01062612
IRS990/TotalVolunteersCnt016
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt00
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0992430
IRS990/TravelGrp/ManagementAndGeneralAmt0600
IRS990/TravelGrp/ProgramServicesAmt07424
IRS990/TravelGrp/TotalAmt08024
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0656 PLEASANT STREET
IRS990/USAddress/CityNm0BELOIT
IRS990/USAddress/StateAbbreviationCd0WI
IRS990/USAddress/ZIPCd053511
IRS990/VotingMembersGoverningBodyCnt016
IRS990/VotingMembersIndependentCnt016
IRS990/WebsiteAddressTxt0WWW.VISITBELOIT.COM
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/PersonNm0CELESTINO RUFFINI
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum06083654838
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-09-29
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0VISIT BELOIT INC
ReturnHeader/Filer/BusinessNameControlTxt0VISI
ReturnHeader/Filer/EIN0843531670
ReturnHeader/Filer/PhoneNum06083654838
ReturnHeader/Filer/USAddress/AddressLine1Txt0656 PLEASANT STREET
ReturnHeader/Filer/USAddress/CityNm0BELOIT
ReturnHeader/Filer/USAddress/StateAbbreviationCd0WI
ReturnHeader/Filer/USAddress/ZIPCd053511
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0391224176
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0SIEPERT & CO LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt01920 WEST HART ROAD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0BELOIT
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0WI
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd053511
ReturnHeader/PreparerPersonGrp/PhoneNum06083652266
ReturnHeader/PreparerPersonGrp/PreparationDt02022-09-29
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0DENNIS E HILDEBRANDT
ReturnHeader/ReturnTs02022-09-29T10:52:00-04:00

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$992,430
Liabilities
$129,837
Net assets
$862,593
Revenue
$1,062,612
Expenses
$727,903
Net income
$334,709
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.42$0.83$0.58$1.28$1.90$0.63
2023Summary only. Only limited summary data is available for this year.$1.31$0.10$1.21$1.26$1.16$0.11
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.25$0.10$1.15$1.44$1.09$0.35
2021Detailed filing. Detailed filing data is available for this year.$0.99$0.13$0.86$1.06$0.73$0.33
Peer Organizations

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