2019-11-12T12:37:03-06:00 2018-12-31 521855942 TATE AND TRYON 2021 L STREET NW SUITE 400 WASHINGTON DC 20036 990 2018-01-01 521648942 INTERNATIONAL WOMEN'S MEDIA FOUNDATION INTE 2024961992 1625 K STREET NO 1275 WASHINGTON DC 20006 ELISA MUNOZ EXECUTIVE DIRECTOR 2024961992 2019-11-12 1 ELIZABETH W HELLER P00397829 2022932200 216.59.105.130 2019-11-12 12:37:00 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 8B6C6DF7A8E3B84B5AE7D1943EC3750B5C691B8F 2018 2020-03-31 21:24:44Z IWMF ELISA MUNOZ 1625 K STREET NO 1275 WASHINGTON DC 20006 4885010 0 X WWW.IMWF.ORG X 1989 DE PROMOTING FREEDOM OF THE PRESS AND SUPPORTING WOMEN JOURNALISTS WORLDWIDE THROUGH TRAINING, ADVOCACY AND RESEARCH. 21 21 14 21 0 0 1535090 4266300 0 0 89103 155813 -221524 -143452 1402669 4278661 448893 720641 0 0 620658 1175267 68327 142000 635893 1406609 3022773 2544487 5060681 -1141818 -782020 8901067 7899789 380697 337712 8520370 7562077 X THE INTERNATIONAL WOMEN'S MEDIA FOUNDATION IS THE WORLD'S LEADING ADVOCATE FOR FEMALE JOURNALISTS. WE SUPPORT FEMALE JOURNALISTS WHO ARE TARGETED FOR THEIR WORK, PROVIDE SAFETY TRAINING, INTERNATIONAL RECOGNITION, FELLOWSHIPS, AND EMERGENCY SUPPORT. AT THE CORE OF THE IWMF'S MISSION IS THE BELIEF THAT THE PRESS IS NOT TRULY FREE UNLESS WOMEN HAVE AN EQUAL VOICE. 0 0 1492753 18004 AFRICAN GREAT LAKES REPORTING INITIATIVE - THE AFRICAN GREAT LAKES REPORTING INITIATIVE WAS CREATED IN 2014, BUILDING ON THE SUCCESS OF EARLIER IWMF REPORTING TRIPS TO THE WESTERN SAHARA AND EASTERN DEMOCRATIC REPUBLIC OF CONGO (DRC). THE IWMF DESIGNED THIS PROGRAM TO SUPPORT JOURNALISTS INTERESTED IN PURSUING STORIES THAT GO BEYOND THE WELL-ESTABLISHED PATH OF POLITICAL INSTABILITY, ARMED CONFLICTS, AND HUMANITARIAN CRISES IN THE REGION. THIS INITIATIVE INCLUDES REPORTING FELLOWSHIPS FOR WOMEN JOURNALISTS TO THE CENTRAL AFRICAN REPUBLIC, THE DRC, RWANDA, SOUTH SUDAN, TANZANIA, AND UGANDA. WHILE THERE, THE IWMF TEAM ALSO PROVIDES SECURITY TRAINING AND SUPPORT FOR IN-COUNTRY JOURNALISTS. THROUGH THIS INITIATIVE, IWMF FELLOWS HAVE COVERED A WIDE RANGE OF UNDER-REPORTED ISSUES INCLUDING ISSUES OF EMPOWERMENT, DEMOCRACY, FOOD SECURITY, AND CONSERVATION EFFORTS. THEIR WORK HAS BEEN PRODUCED AND PUBLISHED BY LEADING MEDIA OUTLETS AROUND THE WORLD. 973362 35945 ADELANTE! LATIN AMERICAN REPORTING INITIATIVE - ADELANTE IS THE IWMF'S FIVE-YEAR REPORTING INITIATIVE (2015 TO 2020) TO RESHAPE TRADITIONAL MEDIA NARRATIVES, INCREASE REPORTING BY AND ABOUT WOMEN IN LATIN AMERICA, AND STRENGTHEN LATIN AMERICAN FEMALE JOURNALISTS' PROFESSIONAL DEVELOPMENT, IMPACT, AND SAFETY. ADELANTE IS MADE POSSIBLE BY A GRANT FROM THE HOWARD G. BUFFETT FOUNDATION. THE ADELANTE INITIATIVE PROVIDES UNIQUE OPPORTUNITIES, INCLUDING YEAR-LONG, IN-COUNTRY FELLOWSHIPS, INTERNATIONAL REPORTING TRIPS AND HOSTILE ENVIRONMENT & FIRST AID TRAINING (HEFAT) IN COLOMBIA, EL SALVADOR, GUATEMALA, HONDURAS, MEXICO, AND THE MEXICO-U.S. BORDER. ADELANTE ENABLES UNPRECEDENTED ACCESS TO SOURCES AND LOCATIONS IN TOUGH REPORTING ENVIRONMENTS, WHERE JOURNALISTS WORKING SOLO FACE MYRIAD LOGISTICAL AND SECURITY CHALLENGES. THE FELLOWSHIP IS STRUCTURED TO ALLOW FOR A MIX OF GROUP AND INDIVIDUAL REPORTING, WITH AN EMPHASIS ON PEER MENTORING. 442759 273839 HOWARD G. BUFFETT FUND FOR WOMEN JOURNALISTS - THE HOWARD G. BUFFETT FUND FOR WOMEN JOURNALISTS WAS LAUNCHED IN 2015 WITH THE GENEROUS SUPPORT OF THE HOWARD G. BUFFETT FOUNDATION TO PROMOTE THE WORK AND ADVANCE THE CONTRIBUTIONS OF WOMEN IN THE MEDIA WORKING AROUND THE WORLD. THROUGH THIS FUND, THE IWMF HAS PROVIDED CRITICAL PROJECT FUNDING SUPPORT IN A MEDIA LANDSCAPE THAT INCREASINGLY STRUGGLES WITH CHANGING REVENUE MODELS, LACK OF FUNDING FOR INDEPENDENT REPORTING, AND PROFESSIONAL DEVELOPMENT OPPORTUNITIES. THE HOWARD G. BUFFETT FUND FOR WOMEN JOURNALISTS IS THE ONLY FUNDING INITIATIVE OF ITS KIND WHICH HELPS FILL THIS VOID DUE TO THE FLEXIBLE NATURE OF ITS GRANT MAKING. THESE GRANTS PROVIDE THE INFRASTRUCTURE FOR WOMEN JOURNALISTS TO PURSUE CRITICALLY IMPORTANT PROFESSIONAL DEVELOPMENT OPPORTUNITIES LIKE SECURITY TRAININGS, DIGITAL JOURNALISM CONFERENCES, LANGUAGE CLASSES, AND TECHNICAL SKILLS-BUILDING WORKSHOPS. 67249 67249 THE COURAGE IN JOURNALISM AWARDS - THE COURAGE IN JOURNALISM AWARDS HONOR THE BRAVE FEMALE JOURNALISTS WHO REPORT ON TABOO TOPICS, WORK IN ENVIRONMENTS HOSTILE TO WOMEN, AND SHARE DIFFICULT TRUTHS. THESE WOMEN DEMONSTRATE A COMMITMENT TO PRESS FREEDOM AND EXTRAORDINARY STRENGTH OF CHARACTER, OVERCOMING UNJUST CONDITIONS TO BECOME LEADERS IN THEIR INDUSTRY. OVER THE PAST 30 YEARS, THE IWMF HAS HONORED MORE THAN 100 GROUNDBREAKING JOURNALISTS IN 56 COUNTRIES. THE COURAGE AWARDS ARE THE IWMF'S SIGNATURE EVENT AND TRULY REPRESENT A UNITED SISTERHOOD OF ACCOMPLISHED REPORTERS. EACH YEAR WE CELEBRATE HONOREES WITH EVENTS IN NEW YORK CITY; WASHINGTON, DC; AND LOS ANGELES. 112061 30919 ANJA NIEDRINGHAUS COURAGE IN PHOTOJOURNALISM AWARD - THE AWARD WAS CREATED TO HONOR THE LIFE AND WORK OF COURAGE HONOREE AND PULITZER PRIZEWINNING AP PHOTOGRAPHER ANJA NIEDRINGHAUS (1965-2014). THE AWARD CELEBRATES THE COURAGE OF WOMEN PHOTOJOURNALISTS WHO CAPTURE CONFLICT AND CRISIS WHILE SHARING MOMENTS OF HUMANITY. THEIR WORK AND PERSPECTIVE ARE ESSENTIAL, THEY INSPIRE US TO TAKE ACTION AND COMPEL US TO BETTER UNDERSTAND THE WORLD. IN 2018, AWARD WINNING PHOTOGRAPHER ANDREA BRUCE WAS SELECTED AS THE WINNER OF THIS AWARD. 167173 97421 IWMF EMERGENCY FUND - THROUGH OUR WORK TO MAKE THE STATE OF JOURNALISM STRONGER, ESPECIALLY FOR WOMEN, WE RECOGNIZE THAT THERE ARE JOURNALISTS WHO NEED OUR URGENT HELP. THE IWMF EMERGENCY FUND HAS DISTRIBUTED NEARLY $100,000 TO WOMEN WHO RISK THEIR SAFETY, WELFARE, AND FREEDOM TO REPORT THE NEWS AND IT IS BECAUSE OF THEIR SACRIFICES THAT WE ARE ABLE TO BETTER UNDERSTAND WORLD EVENTS. THE IWMF EMERGENCY FUND IS SUSTAINED WITH THE SUPPORT OF INDIVIDUAL SUPPORTERS. 72757 0 ELIZABETH NEUFFER FELLOWSHIP - NOW IN ITS 13TH YEAR, THE NEUFFER FELLOWSHIP PROVIDES A UNIQUE ACADEMIC AND PROFESSIONAL OPPORTUNITY FOR WOMEN JOURNALISTS FOCUSING ON HUMAN RIGHTS AND SOCIAL JUSTICE REPORTING. CREATED IN HONOR OF ELIZABETH NEUFFER,THE BOSTON GLOBE CORRESPONDENT AND 1998 IWMF COURAGE IN JOURNALISM AWARD WINNER. NEUFFER DIED WHILE REPORTING IN IRAQ IN 2003. THE EIGHT MONTH FELLOWSHIP COMBINES RESEARCH AT MIT WITH JOURNALISM INTERNSHIPS AT THE BOSTON GLOBE AND THE NEW YORK TIMES. 136859 104010 REPORTING GRANTS FOR WOMEN'S STORIES - THE IWMF'S REPORTING GRANTS FOR WOMEN'S STORIES, SPONSORED BY THE SECULAR SOCIETY, IS A NEW FUNDING INITIATIVE SUPPORTING JOURNALISM PRODUCED BY AND ABOUT WOMEN. IN AN ERA OF INCREASED GLOBALIZATION, THE NEED FOR VARIED COVERAGE OF GENDERED TOPICS IS CRITICAL TO A FREE AND REPRESENTATIVE PRESS. THESE GRANTS WILL BE A CATALYST FOR REPORTING ON UNTOLD STORIES SURROUNDING ISSUES THAT IMPACT WOMEN AND GIRLS' DAILY LIVES WORLDWIDE. 118260 88188 MCCAIN INSTITUTE/ASU FOUNDATION 116532 5066 OTHER PROGRAMS 790891 392853 3699765 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 0 1 0 0 0 1 0 1 1 1 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 74 0 1 14 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 21 21 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA DC NY X X THE ORGANIZATION 2024961992 1625 K STREET NW WASHINGTON DC 20006 LINDA DOUGLAS CO-CHAIR 3.00 X X 0 0 0 BRYAN MONROE CO-CHAIR 3.00 X X 0 0 0 SUZANNE MALVEAUX VICE CHAIR 3.00 X X 0 0 0 ERIC HARRIS TREASURER 2.00 X X 0 0 0 GEORGE A LEHNER GENERAL COUNCIL 2.00 X 0 0 0 HANNAH ALLAM DIRECTOR 1.00 X 0 0 0 INGRID CIPRIAN-MATTHEWS DIRECTOR 1.00 X 0 0 0 STEPHANIE KAUFFMAN DIRECTOR 1.00 X 0 0 0 MIKI TOLIVER KING DIRECTOR 1.00 X 0 0 0 ANNE KORNBLUT DIRECTOR 1.00 X 0 0 0 CINDI LEIVE DIRECTOR 1.00 X 0 0 0 LINDA MASON DIRECTOR 1.00 X 0 0 0 ANDREA MITCHELL DIRECTOR 1.00 X 0 0 0 NORAH O'DONNELL DIRECTOR 1.00 X 0 0 0 SUZANNE ALLEN REDPATH DIRECTOR 1.00 X 0 0 0 JENNIFER REINGOLD DIRECTOR 1.00 X 0 0 0 ANDREA B SMITH DIRECTOR 1.00 X 0 0 0 KERRY SMITH DIRECTOR 1.00 X 0 0 0 MARISA THALBERG DIRECTOR 1.00 X 0 0 0 ALEXANDRA TROWER DIRECTOR 1.00 X 0 0 0 MATT WINKLER DIRECTOR 1.00 X 0 0 0 ELISA LEES MUNOZ EXECUTIVE DIRECTOR 40.00 X 197007 0 32675 NADINE E HOFFMAN DEPUTY DIRECTOR 40.00 X 128639 0 6170 325646 0 38845 2 0 1 0 PROSOURCING PARTNERS LLC 8229 BOONE BLVD SUITE 300 VIENNA VA 22182 ACCOUNTING SERVICES 138502 1 1506550 2759750 76578 4266300 136682 136682 395028 375897 19131 19131 19131 87000 1506550 230452 -143452 -143452 4278661 0 0 12361 X 505682 505682 214959 214959 229682 162967 24703 42012 806634 577043 81710 147881 6731 4539 978 1214 59813 40335 8689 10789 72407 48828 10518 13061 97301 97301 176991 176991 142000 142000 24454 24454 757083 577311 139299 40473 5000 5000 144746 60044 29222 55480 135797 82316 25218 28263 158746 118638 17953 22155 813742 702019 70489 41234 575761 515697 7820 52244 31810 22565 3427 5818 12269 8703 1322 2244 MISCELLANEOUS 37863 26770 953 10140 DUES & SUBSCRIPTIONS 28343 14885 2802 10656 PERMIT FEES/TAXES 21467 15064 1174 5229 HONORARIUM 1400 1400 5060681 3699765 725023 635893 236804 378338 8350536 5934386 191723 1442396 36552 56875 480445 400057 78045 80388 7407 7406 8901067 7899789 188656 255018 142915 0 49126 82694 380697 337712 X -158326 165731 7278970 5653154 1399726 1743192 8520370 7562077 8901067 7899789 -782020 -176273 0 X X 0 1 X 1 0 X 10797502 7599147 947865 1535090 4266300 25145904 10797502 7599147 947865 1535090 4266300 25145904 14304354 10841550 22685 19784 126592 69482 136682 375225 13 13 25521142 475270 0.42480 0.35810 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME SCHEDULE A, PART II, SHORT YEAR EXPLANATION: THE 2017 COLUMN REPRESENTS A SHORT TAX YEAR FROM 7/1/2017 TO 12/31/2017. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1385054 343466 -19198 50742 24454 1634126 1385054 1385054 1407589 43345 50000 15880 1385054 1394990 51763 38135 1029 1407589 1394589 8974 8573 1394990 1.00000 0 0 116045 109012 7033 57297 27442 29855 307103 263603 43500 80388 DEFERRED RENT 82694 82694 6166982 -176273 96992 1992056 1912775 4254207 24454 24454 4278661 8253578 96992 3120359 3217351 5036227 24454 24454 5060681 PART V, LINE 4: ENDOWMENT TO REMAIN INTACT. INVESTMENT EARNINGS ARE PURPOSE RESTRICTED FOR AWARDS EXPENSE. PART XI, LINE 2D - OTHER ADJUSTMENTS: PY INCOME INCLUDED IN 18 MONTH AUDIT 1,761,604. FUNDRAISING EVENT EXPENSES 230,452. PART XII, LINE 2D - OTHER ADJUSTMENTS: PY EXPENSE INCLUDED IN 18 MONTH AUDIT 2,889,907. FUNDRAISING EVENT EXPENSES 230,452. PARTS XI AND XII: THE AUDITED FINANCIAL STATEMENTS COVER THE 18 MONTH PERIOD ENDED DECEMBER 31, 2018. 1 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 GRANTS TO RECIPIENTS LOCATED IN THE REGION 115219 MIDDLE EAST AND NORTH AFRICA 0 0 GRANTS TO RECIPIENTS LOCATED IN THE REGION 6500 NORTH AMERICA 0 0 GRANTS TO RECIPIENTS LOCATED IN THE REGION 8580 SOUTH AMERICA 0 0 GRANTS TO RECIPIENTS LOCATED IN THE REGION 51396 SOUTH ASIA 0 0 GRANTS TO RECIPIENTS LOCATED IN THE REGION 7470 SUB-SAHARAN AFRICA 0 0 GRANTS TO RECIPIENTS LOCATED IN THE REGION 20794 CENTRAL AMERICA AND THE CARIBBEAN 0 0 GRANTS TO RECIPIENTS LOCATED IN THE REGION 5000 0 0 0 0 0 0 214959 0 214959 BUFFETT - FUND FOR WOMEN JOURNALISTS, ADELANTE; SECULAR SOCIETY EUROPE (INCLUDING ICELAND & GREENLAND) 6 115219 BUFFETT - FUND FOR WOMEN JOURNALISTS, ADELANTE SUB-SAHARAN AFRICA 2 20794 NIEDRINGHAUS AWARDS NORTH AMERICA 1 8580 EMERGENCY FUND GRANT CENTRAL AMERICA AND THE CARIBBEAN 1 5000 EMERGENCY FUND GRANT MIDDLE EAST AND NORTH AFRICA 1 6500 BUFFETT - FUND FOR WOMEN JOURNALISTS, ADELANTE SOUTH AMERICA 4 51396 SECULAR SOCIETY SOUTH ASIA 1 7470 0 0 0 0 0 0 PART I, LINE 2: GRANTEES RECEIVE THE AWARD AFTER A THOROUGH SUBMISSIONS VETTING PROCESS. THE ORGANIZATION FOLLOWS ESTABLISHED DISBURSEMENT PROCEDURES THAT ENSURE ALL PAYMENTS ARE PROPERLY DOCUMENTED, SUPPORTED, RECORDED, AND APPROVED BY THE APPROPRIATE OFFICIALS AND MANAGEMENT, MADE FOR VALID PURPOSES THAT ARE REASONABLE AND NECESSARY, AND MADE IN COMPLIANCE WITH GOVERNMENT REGULATIONS. THE SUBMISSIONS ARE ANALYZED IN CONJUNCTION WITH ESTABLISHED CRITERIA WHICH IS PUBLISHED PRIOR TO APPLICATION TO ALL AWARD APPLICANTS. X X X X X 1 INEZ WEINSTEIN SPECIAL EVENTS 215 PARK AVE SOUTH SUITE 2014 NEW YORK NY 10003 COURAGE AWARDS FUNDRAISING IN NEW YORK 0 1593550 142000 1451550 1593550 142000 1451550 CA CT DC KY MA MD NJ NY PA VA COURAGE AWARDS 1593550 1506550 87000 144737 85715 1593550 1506550 87000 144737 85715 230452 -143452 1 COURAGE AWARDS 2 18000 EMERGENCY FUND 23 104451 NIEDRINGHAUS AWARDS 3 25750 BUFFETT - FUND FOR WOMEN JOURNALISTS 19 161968 BUFFETT - AFRICA GREAT LAKES 4 17181 SECULAR SOCIETY 15 88933 MCCAIN INSTITUTE/ASU FOUNDATION 7 84399 KIM WALL MEMORIAL FUND 1 5000 PART I, LINE 2: GRANTEES RECEIVE THE AWARD AFTER A THOROUGH SUBMISSIONS VETTING PROCESS. THE ORGANIZATION FOLLOWS ESTABLISHED DISBURSEMENT PROCEDURES THAT ENSURE ALL PAYMENTS ARE PROPERLY DOCUMENTED, SUPPORTED, RECORDED AND APPROVED BY THE APPROPRIATE OFFICIALS AND MANAGEMENT, MADE FOR VALID PURPOSES THAT ARE REASONABLE AND NECESSARY, AND MADE IN COMPLIANCE WITH GOVERNMENT REGULATIONS. THE SUBMISSIONS ARE ANALYZED IN CONJUNCTION WITH ESTABLISHED CRITERIA WHICH IS PUBLISHED PRIOR TO APPLICATION TO ALL AWARD APPLICANTS. X X 0 0 0 0 0 0 0 0 0 ELISA LEES MUNOZ EXECUTIVE DIRECTOR 167007 0 30000 0 0 0 24500 0 8175 0 229682 0 0 0 X 1 76578 FMV 0 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE TREASURER, THE EXECUTIVE DIRECTOR, AND BOARD OF DIRECTORS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST RULES ARE WRITTEN IN THE IWMF STAFF POLICY MANUAL AS WELL AS IN THE BOARD OF DIRECTORS HANDBOOK. THE BOARD REQUIRES EACH BOARD MEMBER AND SENIOR STAFF TO ANNUALLY A) BE FAMILIAR WITH THE TERMS OF THE CONFLICT OF INTEREST POLICY; B) TO DISCLOSE TO THE BOARD CO-CHAIRS ANY POSSIBLE PERSONAL, FAMILIAL, OR BUSINESS RELATIONSHIPS THAT REASONABLY MIGHT GIVE RISE TO A CONFLICT INVOLVING THE IWMF; AND C) TO ACKNOWLEDGE BY HER OR HIS SIGNATURE ON THE DISCLOSURE FORM THAT SHE OR HE IS IN ACCORDANCE WITH THE LETTER AND SPIRIT OF THE POLICY. THE BOARD CO-CHAIRS ARE RESPONSIBLE FOR THE APPLICATION AND IMPLEMENTATION OF THE POLICY AS IT RELATES TO BOARD MEMBERS AND THE EXECUTIVE DIRECTOR. THE EXECUTIVE DIRECTOR IS RESPONSIBLE FOR THE APPLICATION OF POLICY AS IT RELATES TO STAFF. INDIVIDUALS ARE EXPECTED TO REVEAL ANY CONFLICTS AND SHALL REFRAIN FROM PARTICIPATING IN CONSIDERATIONS OF PROPOSED TRANSACTIONS UNLESS THE BOARD REQUESTS INFORMATION OR INTERPRETATION FOR SPECIAL REASON. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD CO-CHAIRS CONDUCTED RESEARCH TO DETERMINE THE SALARY LEVEL OF SIMILAR ORGANIZATIONS. THEY DISCUSSED COMPENSATION AT A BOARD MEETING AND AT AN EXECUTIVE COMMITTEE MEETING. COMPENSATION IS COMMENSURATE WITH SIMILAR ORGANIZATIONS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS AUDITED FINANCIAL STATEMENTS AVAILABLE ON ITS WEBSITE AS PART OF ITS ANNUAL REPORT. OTHER DOCUMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL FEES: PROGRAM SERVICE EXPENSES 577,311. MANAGEMENT AND GENERAL EXPENSES 139,299. FUNDRAISING EXPENSES 40,473. TOTAL EXPENSES 757,083. FORM 990, PART XII, LINE 2B IWMF ISSUED AUDITED FINANCIAL STATEMENTS USING A LONG PERIOD AS OF AND FOR THE 18 MONTHS ENDED DECEMBER 31, 2018. FORM 990, PART XII, LINE 2C: THE AUDIT OVERSIGHT PROCESS HAS REMAINED UNCHANGED FROM THE PREVIOUS YEAR.