Civic Intelligence

Uakronpark Inc

990 • Fiscal year 2023 • EIN 93-2495826

Aug 01, 2023 to Dec 31, 2023 • Filed on Nov 13, 2024

47 North Main St 407Akron, OH 44308

(330) 241-3077

Siviq Scores

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

Liabilities / Assets

94th percentile

1.00x

Higher debt load relative to assets than 94% of similar nonprofits.

2023 filings • 501(c)4 • $50M-$100M nonprofits • Source year 2023

Liabilities / Revenue

98th percentile

24.53x

Higher debt load relative to revenue than 98% of similar nonprofits.

2023 filings • 501(c)4 • $50M-$100M nonprofits • Source year 2023

Net Margin

20th percentile

-5.4%

Higher net margin than 20% of similar nonprofits.

2023 filings • 501(c)4 • $50M-$100M nonprofits • Source year 2023

Top Officer Pay

19th percentile

$16,199

Higher top officer pay than 19% of similar nonprofits.

Top officer pay equals 0.5% of source-year revenue.

2023 filings • 501(c)4 • $50M-$100M nonprofits • Source year 2023

Asset Growth

Score unavailable

No value available

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

Source year 2023

Revenue Growth

Score unavailable

No value available

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

Source year 2023

Assets

$82,771,692

No earlier filing loaded for comparison.

Net Assets

-$182,465

No earlier filing loaded for comparison.

Liabilities

$82,954,157

No earlier filing loaded for comparison.

Revenue

$3,381,858

No earlier filing loaded for comparison.

Expenses

$3,564,323

No earlier filing loaded for comparison.

Net Income

-$182,465

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

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

$100M$50M$0-$50MAssets 2023: $82,771,692Liabilities 2023: $82,954,157Net Assets 2023: -$182,4652023Assets 2024: $80,278,471Liabilities 2024: $82,550,207Net Assets 2024: -$2,271,7362024

Highlighted filing

2023

Assets$82,771,692
Liabilities$82,954,157
Net Assets-$182,465

Operations Trend

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

$15M$10M$5.0M$0-$5.0MRevenue 2023: $3,381,858Expenses 2023: $3,564,323Net Income 2023: -$182,4652023Revenue 2024: $8,952,051Expenses 2024: $11,041,322Net Income 2024: -$2,089,2712024

Highlighted filing

2023

Revenue$3,381,858
Expenses$3,564,323
Net Income-$182,465
Jump To
Filing Snapshot
Filing Period
Aug 1, 2023 to Dec 31, 2023
Signed
Nov 13, 2024
Return Version
2023v5.1
Gross Receipts
$3,381,858
Mission and Program Overview

Mission

The mission of uakronpark,inc. Is to partner with the university of akron for its reputational enhancement through the monetization of its parking facilities and the strategic management of these and related assets.

Balance Sheet Detail
LineBeginningEndChange
Assets
Intangible Assets$0$55,202,860▲ $55,202,860
Savings and Temporary Cash Investments$0$1,476,954▲ $1,476,954
Cash and Non-Interest-Bearing Accounts$0$472,370▲ $472,370
Accounts Receivable$0$170,165▲ $170,165
Land, Buildings, and Equipment, Net$0$134,638▲ $134,638
Prepaid Expenses and Deferred Charges$0$75,157▲ $75,157
Total Assets$0$82,771,692▲ $82,771,692
Other Assets Total$0$25,239,548▲ $25,239,548
Liabilities
Tax Exempt Bond Liabilities$0$81,023,771▲ $81,023,771
Other Liabilities$0$1,125,075▲ $1,125,075
Accounts Payable and Accrued Expenses$0$758,301▲ $758,301
Deferred Revenue$0$47,010▲ $47,010
Total Liabilities$0$82,954,157▲ $82,954,157
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$0$-182,465▼ $182,465
Total Net Assets Fund Balance$0$-182,465▼ $182,465
Total Liabilities and Net Assets / Fund Balance$0$82,771,692▲ $82,771,692

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$134,638-$134,638
Other Assets Org$107,559--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jared ColemanExecutive DirectorFT$14,798$1,401$16,199

Board Members and Trustees

NameTitle
Rachel BridenstinePresident
Daniel RiceVice President
Julie WeselSecretary and Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$3,289,278
Investment Income
$92,580
Other Revenue
$0
Change in Net Assets
$-182,465

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,381,858
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$3,381,858
Total Revenue per Form 990
$3,381,858
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,205,437
Salaries, Compensation, and Employee Benefits$358,886
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$402,964--$402,964
Other Salaries and Wages$171,989$53,913-$225,902
Fees for Services Management$72,917$103,167-$176,084
Depreciation Depletion$141,448--$141,448
Insurance$88,186$8,603-$96,789
Fees for Services Other$30,946$51,258-$82,204
Information Technology$69,502$9,235-$78,737
Other Employee Benefits$30,898$29,860-$60,758
All Other Expenses$41,537$18,593-$60,130
Current Officers, Directors, Trustees, and Key Employees$16,199$38,100-$54,299
Other Expenses$37,617$373,333-$37,617
Occupancy$32,899$1,058-$33,957
Fees for Services Accounting-$21,000-$21,000
Payroll Taxes$17,927--$17,927
Travel$4,863$3,385-$8,248
Advertising$387$64-$451
Total Functional Expenses$2,852,754$711,569$0$3,564,323

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,564,323
Total Expenses per Audited Statements$3,564,323
Total Expenses per Form 990$3,564,323
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
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
University of Akron Payables$1,125,075

Bond Issues

BondIssuerIssuedIssue PricePurpose
AThe Development Finance Authority of Summit County2023-11-01$86,265,000To finance the acquisition of interests in the parking system

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$86,265,000--$4,073,753

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
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

The development finance authority of summit county (dfa) is the sole member of uakronpark inc.

Form 990, Part VI, Section A, Line 7A

Dfa has the power to elect all members of the governing body.

Form 990, Part VI, Section A, Line 7B

Dfa, the sole member, must approve of any major decisions.

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

The organization's controller reviews a draft 990. After review, the controller makes a recommendation to the board of directors and circulates a copy of the 990 for final approval prior to filing.

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

The organization annually requires all board members to sign an acknowledgement that no conflicts exist which is reviewed by the executive management. In addition, all new board members are asked to sign when joining the board. If a conflict arises during the year, the board member is responsible for disclosing to the board. For those with conflicts, voting and participation restrictions are imposed.

Form 990, Part VI, Section C, Line 18

HTTPS://EMMA.MSRB.ORG/

Form 990, Part VI, Section C, Line 19

The organization has its form 990 available for review on the irs tax exempt organization search website. The form 990 as well as governing documents and select policies and financial statements are available upon request in writing by mail, fax, or telephone.

Filing and Contact Details

Filer

Filer Name
Uakronpark Inc
EIN
93-2495826
Phone
3302413077
Address
47 NORTH MAIN ST 407, AKRON, OH 44308

Signing Officer

Name
Rachel Bridenstine
Title
President
Phone
3302413077
Signed
2024-11-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Rachel Bridenstine
Formed
2023
Legal Domicile
Oh
Voting Board Members
3
Independent Board Members
3
Employees
3
Volunteers
0

Preparer

Firm
Rea & Associates Inc
Address
212 N WASHINGTON STREET, MILLERSBURG, OH 44654
Preparer
Chris Roush CPA
Phone
3306746055
Supplemental Narrative

Additional Explanations

Form 990. Part III, Line 1

The mission of uakronpark,inc. Is to partner with the university of akron for its reputational enhancement through the monetization of its parking facilities and the strategic management of these and related assets.

Form 990. Part XII, Line 2C

This is the initial year of the return, so the process has just been created.

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Desc0AS A NON-PROFIT ENTITY, UAKRONPARK IS DEDICATED TO THE LONG-TERM IMPROVEMENT AND SUSTAINABILITY OF THE UNIVERSITY'S PARKING FACILITIES. OVER THE COURSE OF THE CONCESSION, WE ARE COMMITTED TO INVESTING APPROXIMATELY $12 MILLION IN CAPITAL EXPENDITURES (CAPEX) WITHIN THE FIRST FIVE YEARS, FOCUSING ON SUBSTANTIAL UPGRADES AND ENHANCEMENTS TO THE PARKING INFRASTRUCTURE. THIS INITIAL INVESTMENT LAYS THE GROUNDWORK FOR ONGOING IMPROVEMENTS AND THE ADOPTION OF INNOVATIVE PARKING SOLUTIONS.
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IRS990ScheduleK/TaxExemptBondsArbitrageGrp/WrittenProcToMonitorReqsInd00
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt02023-11-01
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondReferenceCd0A
IRS990ScheduleK/TaxExemptBondsIssuesGrp/DefeasedInd00
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuePriceAmt086265000
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine1Txt0THE DEVELOPMENT FINANCE AUTHORITY OF SUMMIT COUNTY
IRS990ScheduleK/TaxExemptBondsIssuesGrp/OnBehalfOfIssuerInd00
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PoolFinancingInd00
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc0TO FINANCE THE ACQUISITION OF INTERESTS IN THE PARKING SYSTEM
IRS990ScheduleK/TaxExemptBondsProceedsGrp/AdequateBooksAndRecMaintInd01
IRS990ScheduleK/TaxExemptBondsProceedsGrp/BondReferenceCd0A
IRS990ScheduleK/TaxExemptBondsProceedsGrp/FinalAllocationMadeInd00
IRS990ScheduleK/TaxExemptBondsProceedsGrp/IssuanceCostsFromProceedsAmt04073753
IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxableBondsInd00
IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxExemptBondsInd00
IRS990ScheduleK/TaxExemptBondsProceedsGrp/SubstantialCompletionYr02043
IRS990ScheduleK/TaxExemptBondsProceedsGrp/TotalProceedsAmt086265000
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE MISSION OF UAKRONPARK,INC. IS TO PARTNER WITH THE UNIVERSITY OF AKRON FOR ITS REPUTATIONAL ENHANCEMENT THROUGH THE MONETIZATION OF ITS PARKING FACILITIES AND THE STRATEGIC MANAGEMENT OF THESE AND RELATED ASSETS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE DEVELOPMENT FINANCE AUTHORITY OF SUMMIT COUNTY (DFA) IS THE SOLE MEMBER OF UAKRONPARK INC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2DFA HAS THE POWER TO ELECT ALL MEMBERS OF THE GOVERNING BODY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3DFA, THE SOLE MEMBER, MUST APPROVE OF ANY MAJOR DECISIONS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION'S CONTROLLER REVIEWS A DRAFT 990. AFTER REVIEW, THE CONTROLLER MAKES A RECOMMENDATION TO THE BOARD OF DIRECTORS AND CIRCULATES A COPY OF THE 990 FOR FINAL APPROVAL PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE ORGANIZATION ANNUALLY REQUIRES ALL BOARD MEMBERS TO SIGN AN ACKNOWLEDGEMENT THAT NO CONFLICTS EXIST WHICH IS REVIEWED BY THE EXECUTIVE MANAGEMENT. IN ADDITION, ALL NEW BOARD MEMBERS ARE ASKED TO SIGN WHEN JOINING THE BOARD. IF A CONFLICT ARISES DURING THE YEAR, THE BOARD MEMBER IS RESPONSIBLE FOR DISCLOSING TO THE BOARD. FOR THOSE WITH CONFLICTS, VOTING AND PARTICIPATION RESTRICTIONS ARE IMPOSED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6HTTPS://EMMA.MSRB.ORG/
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7THE ORGANIZATION HAS ITS FORM 990 AVAILABLE FOR REVIEW ON THE IRS TAX EXEMPT ORGANIZATION SEARCH WEBSITE. THE FORM 990 AS WELL AS GOVERNING DOCUMENTS AND SELECT POLICIES AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST IN WRITING BY MAIL, FAX, OR TELEPHONE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8THIS IS THE INITIAL YEAR OF THE RETURN, SO THE PROCESS HAS JUST BEEN CREATED.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990. PART III, LINE 1
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION A, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART VI, SECTION C, LINE 18
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8FORM 990. PART XII, LINE 2C
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt0YES
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0DEVELOPMENT FINANCE AUTHORITY OF SUMMIT COUNTY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0OH
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0FINANCIAL SERVICES
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt01 CASCADE PLZ SUITE 1700
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0AKRON
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0OH
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd044308
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd00
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd00
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt086265000
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0FAIR MARKET VALUE
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0DEVELOPMENT FINANCE AUTHORITY OF SUMMIT COUNTY
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt0S
IRS990ScheduleR/TransferFromOtherOrgInd01
IRS990ScheduleR/TransferToOtherOrgInd00
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0OH
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondLiabilitiesGrp/BOYAmt00
IRS990/TaxExemptBondLiabilitiesGrp/EOYAmt081023771
IRS990/TaxExemptBondsInd01
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsEOYAmt082771692
IRS990/TotalAssetsGrp/BOYAmt00
IRS990/TotalAssetsGrp/EOYAmt082771692
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt03
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0711569
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt02852754
IRS990/TotalFunctionalExpensesGrp/TotalAmt03564323
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesEOYAmt082954157
IRS990/TotalLiabilitiesGrp/BOYAmt00
IRS990/TotalLiabilitiesGrp/EOYAmt082954157
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt00
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-182465
IRS990/TotalOtherCompensationAmt01401
IRS990/TotalProgramServiceExpensesAmt02852754
IRS990/TotalProgramServiceRevenueAmt03289278
IRS990/TotalReportableCompFromOrgAmt014798
IRS990/TotalRevenueGrp/ExclusionAmt092580
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt03289278
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt03381858
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt00
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt082771692
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ManagementAndGeneralAmt03385
IRS990/TravelGrp/ProgramServicesAmt04863
IRS990/TravelGrp/TotalAmt08248
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt01 CASCADE PLZ SUITE 1700
IRS990/USAddress/CityNm0AKRON
IRS990/USAddress/StateAbbreviationCd0OH
IRS990/USAddress/ZIPCd044308
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt03
IRS990/WebsiteAddressTxt0WWW.UAKRONPARK.COM
IRS990/WhistleblowerPolicyInd01
ReturnHeader/BuildTS02024-10-15 13:58:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0RACHEL BRIDENSTINE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum03302413077
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-11-13
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0UAKRONPARK INC
ReturnHeader/Filer/BusinessNameControlTxt0UAKR
ReturnHeader/Filer/EIN0932495826
ReturnHeader/Filer/PhoneNum03302413077
ReturnHeader/Filer/USAddress/AddressLine1Txt047 NORTH MAIN ST 407
ReturnHeader/Filer/USAddress/CityNm0AKRON
ReturnHeader/Filer/USAddress/StateAbbreviationCd0OH

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