2026-08-23T07:53:29-05:00 2025-12-31 881478669 CBIZ ADVISORS LLC 1899 L STREET NW 850 WASHINGTON DC 20036 990 2025-01-01 840919612 INTERNATIONAL WOMEN'S FORUM INC INTE 2023871010 1155 15TH STREET NW 1000 WASHINGTON DC 20005 STEPHANIE O'KEEFE CEO 2024126010 2026-08-20 1 AARON FOX P01365820 2022274000 2026-08-20 2025 2025-03-06 01:10:19Z STEPHANIE O'KEEFE 1155 15TH STREET NW 1000 WASHINGTON DC 20005 13326078 0 X WWW.IWFORUM.ORG X 1982 DC ADVANCING WOMEN'S LEADERSHIP TODAY AND TOMORROW 19 19 18 25 0 0 3122756 2777096 6322038 5482584 972660 1030996 4490 5293 10421944 9295969 0 0 0 0 2296491 2676540 0 0 403067 7070744 6360563 9367235 9037103 1054709 258866 17754924 17707750 3303197 2926508 14451727 14781242 X THE MISSION OF THE INTERNATIONAL WOMEN'S FORUM IS TO ADVANCE WOMEN'S LEADERSHIP TODAY AND TOMORROW. IWF TAKES DIRECT ACTION TO ACHIEVE OUR MISSION IN 3 IMPORTANT WAYS. WE CONNECT WOMEN LEADERS THROUGH OUR CONVENINGS, PROVIDING NETWORKING AND CUTTING-EDGE CONTENT ESSENTIAL TO GLOBAL LEADERS. WE CATALYZE WOMEN'S LEADERSHIP THROUGH OUR LEADERSHIP DEVELOPMENT PROGRAMS FEATURE A WORLD CLASS CURRICULUM, MENTORING AND NETWORKING AND WE CELEBRATE EXCEPTIONAL WOMEN LEADERS THROUGH OUR HALL OF FAME AND WOMEN WHO MAKE A DIFFERENCE AWARDS. 0 0 4486246 2809783 CONNECT: OUR CONVENINGS PROVIDE NETWORKING AND CUTTING-EDGE CONTENT FOR GLOBAL LEADERS. IWF'S TWO ANNUAL CONFERENCES, THE WORLD LEADERSHIP CONFERENCE AND CORNERSTONE CONFERENCE, FEATURE SOME OF THE MOST AUTHORITATIVE AND TRENDSETTING VOICES ON ISSUES ESSENTIAL TO GLOBAL LEADERS IN A CHANGING WORLD. THE WORLD-CLASS CONTENT RIVALS THAT FOUND AT DAVOS AND THE ASPEN INSTITUTE AND IS DESIGNED TO INFORM LEADERS' DECISION MAKING AS THEY LEAD THEIR ORGANIZATIONS. OUR CONFERENCE CONTENT IS SUPPLEMENTED THROUGHOUT THE YEAR BY IWF ONLINE EXCLUSIVES, FEATURING IWF MEMBERS' INSIGHTS AND INNOVATIONS. 1767020 1026971 CATALYZE:IWF'S WORLD-CLASS LEADERSHIP FELLOWS PROGRAM ACCELERATES WOMEN'S PATH TO THE C-SUITE FOR WOMEN ACROSS ALL SECTORS. FOR MORE THAN 30 YEARS, THE PROGRAM HAS PROVIDED UNIQUE DEVELOPMENT EXPERIENCES CUSTOM-BUILT FOR WOMEN LEADERS 3-5 YEARS AWAY FROM THE MOST SENIOR ROLES IN PROFESSIONS. THE PROGRAM FEATURES CUSTOM CURRICULUM, BEST-IN-CLASS ONE-ON-ONE MENTORING BY IWF MEMBERS, GLOBAL NETWORKING OPPORTUNITIES AND A LEGACY PROJECT DESIGNED TO LEVERAGE THE FELLOWSHIP EXPERIENCE TO EXPAND THE CONTINUUM OF WOMEN'S LEADERSHIP.LEADERSHIP INTENSIVES: CORPORATIONS SEEKING TO DEVELOP HIGH POTENTIAL LEADERS OFTEN SEEK CONTENT TO SUPPLEMENT THEIR INTERNAL TRAINING PROGRAMS. IWF'S LEADERSHIP INTENSIVES ARE AN EXCELLENT WAY TO AUGMENT EXISTING PROGRAMS FOR MID-LEVEL LEADERS. THE INTENSIVES FEATURE IWF MEMBERS SHARING THEIR EXPERIENCE AND EXPERTISE ON LEADING THROUGH DIVERSE AND COMPLEX CHALLENGES. 1473084 1645830 MEMBERSHIP: THE INTERNATIONAL WOMEN'S FORUM WAS LAUNCHED IN NEW YORK CITY IN 1974, WHEN THE FIRST GENERATION OF WOMEN LEADERS WAS BREAKING THE GLASS CEILING IN PROFESSIONAL SECTORS FROM FINANCE TO FINE ARTS. FORUM FOUNDERS CREATED A NEW WOMEN'S NETWORK TO PROVIDE PROFESSIONAL AND PERSONAL SUPPORT, TO AID EACH MEMBER'S SUCCESS AND TO INSPIRE THE WOMEN WHO FOLLOW.THE INTERNATIONAL WOMEN'S FORUM NOW CONNECTS MORE THAN 8,400 PREEMINENT WOMEN LEADERS IN 77 FORUMS IN 36 COUNTRIES AROUND THE WORLD. WE ARE THE ONLY ORGANIZATION OF THIS SCALE THAT BUILDS SIGNIFICANT RELATIONSHIPS AMONG C-LEVEL WOMEN ACROSS CAREERS, CULTURES, AND CONTINENTS. OUR MEMBERS ARE NOBEL LAUREATES, OLYMPIC ATHLETES, CEOS, HEADS OF STATE, ACADEMICS, ARTISTS, ASTRONAUTS, LAWYERS, FINANCIERS, SCIENTISTS, ENTREPRENEURS, AND MORE. OUR MEMBERS BUILD, CREATE, AND TRANSFORM OUR BUSINESS, OUR SOCIETY AND OUR WORLD. 7726350 1 1 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 37 0 1 18 1 0 0 0 0 1 1 1 1 0 0 0 0 0 0 X 19 19 0 0 0 0 1 1 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 AL CA FL GA HI IL KS KY MD MA MI MN MS NM NY NC OR PA SC TN VA WI X STEPHANIE O'KEEFE 2023871010 1155 15TH STREET NW 1000 WASHINGTON DC 20005 KIMBERLY COOPER JAQUA GLOBAL BOARD CHAIR 4.00 X X 0 0 0 ELISABETH OURLIAC VICE PRESIDENT 2.00 X X 0 0 0 ROSEL MOXEY TREASURER 2.00 X X 0 0 0 ADRIANE BROWN DIRECTOR 1.00 X 0 0 0 BRENDA POPE DIRECTOR 1.00 X 0 0 0 DRINA RENDIC DIRECTOR 1.00 X 0 0 0 IRENE CHARNLEY DIRECTOR 1.00 X 0 0 0 JULIE GOLDSTEIN DIRECTOR 1.00 X 0 0 0 PILAR GIRON DIRECTOR 1.00 X 0 0 0 REEM ABU HASSAN DIRECTOR (UNTIL 10/25) 1.00 X 0 0 0 RUVENI KELLEHER DIRECTOR 1.00 X 0 0 0 SILVIA DAVILA DIRECTOR 1.00 X 0 0 0 TERRY AXELROD DIRECTOR 1.00 X 0 0 0 ANN DRAKE DIRECTOR 1.00 X 0 0 0 BETSY FISCHER MARTIN DIRECTOR 1.00 X 0 0 0 FUNDA SIVRIKAYA SERIFOGLU DIRECTOR 1.00 X 0 0 0 KATHLEEN ANDERSON DIRECTOR 1.00 X 0 0 0 LESLIE QUINTON DIRECTOR 1.00 X 0 0 0 DORIS MEISTER DIRECTOR 1.00 X 0 0 0 VIVIAN LAU DIRECTOR (AS OF 10/25) 1.00 X 0 0 0 STEPHANIE O'KEEFE CHIEF EXECUTIVE OFFICER 40.00 X 425673 0 38494 HEATH NASH CHIEF OPERATING OFFICER 40.00 X 276941 0 30736 CAROLYN CARTER EX OFFICIO (UNTIL 11/25) 1.00 X 0 0 0 LYNNE MANRIQUE VP, LEADERSHIP AND EDUCATION 40.00 X 190857 0 11721 RACHEL YOST VP, PARTNERSHIPS & PHILANTHROPY 40.00 X 163527 0 26989 LAINE FUNKHOUSER HEAD OF COMMUNICATIONS 40.00 X 158800 0 3779 KATYA WILDGEN VP, CREATIVE SERVICES & PRODUCTION 40.00 X 153536 0 22487 SABRINA WALLACH VP, FINANCE AND OPERATIONS 40.00 X 143073 0 41232 1512407 0 175438 9 0 1 0 PAUL JOHNSON 26 MENDELSSOHN ROAD ROOSEVELT PARK GAUTENG SF CONSULTANT FOR CONFERENCES 125760 1 2777096 11917 2777096 REGISTRATION 900099 2836763 2836763 MEMBERSHIP DUES 900099 1618850 1618850 FELLOWS TUITION 900099 1026971 1026971 5482584 359020 359020 4702085 4029984 125 672101 -125 671976 671976 OTHER INCOME 900099 5293 5293 5293 9295969 5482584 0 1036289 771844 624382 64543 82919 1595936 1291033 133449 171454 79092 63982 6613 8497 65211 52753 5452 7006 164457 133037 13752 17668 12493 6439 5922 132 79623 41038 37741 844 35154 18118 16663 373 498866 257324 236366 5176 40276 33008 1909 5359 200237 172283 16470 11484 210966 170669 17559 22738 643530 618863 8314 16353 3279160 3248243 3976 26941 176502 167484 4767 4251 70512 65847 2028 2637 TUITION 577310 577310 CREDIT CARD & BANK FEES 404203 92542 304350 7311 OTHER EXPENSES 96495 71530 19320 5645 MEALS & ENTERTAINMENT 32191 17420 8492 6279 3045 3045 9037103 7726350 907686 403067 544269 527416 520469 422405 2097926 2058552 38330 29511 29511 25466 626357 599526 988796 573479 541780 415317 11524779 11918339 149013 155373 1682490 1555845 17754924 17707750 210725 186693 1146909 930431 1945563 1809384 3303197 2926508 X 4179361 4062246 10272366 10718996 14451727 14781242 17754924 17707750 258866 82566 -11917 0 X X 0 1 X 1 0 X 1519169 1866880 2882204 3122756 2777096 12168105 2068424 4011770 4667495 6322638 5482584 22552911 3587593 5878650 7549699 9445394 8259680 34721016 95000 286530 272050 287819 196485 1137884 0 95000 286530 272050 287819 196485 1137884 33583132 143941 154001 243078 360793 359020 1260833 143941 154001 243078 360793 359020 1260833 391800 73267 1806 4432 5293 476598 4123334 6105918 7794583 9810619 8623993 36458447 0.92110 0.90250 0.03460 0.03110 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2021 AMOUNT: $ 364. 2022 AMOUNT: $ 3,628. 2023 AMOUNT: $ 1,806. 2024 AMOUNT: $ 4,432. 2025 AMOUNT: $ 5,293. EVENT CANCELLATION INSURANCE CLAIM - 2021 AMOUNT: $ 391,436. REBATE INCOME - 2022 AMOUNT: $ 69,639. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 8060168 50000 737757 363483 8484442 7487068 50000 742332 219232 8060168 6596676 11500 1004353 125461 7487068 7813146 55800 -1032031 240239 6596676 7109938 92150 895949 284891 7813146 0.66590 0.33410 0 0 251067 184473 66594 31806 22903 8903 705923 366103 339820 415317 OPERATING LEASE RIGHT-OF-USE ASSETS 1400305 LEASE INCENTIVE RECEIVABLE 155540 1555845 OPERATING LEASE LIABILITIES 1792255 FINANCE LEASE LIABILITIES 17129 1809384 X 9958218 82566 617881 -3045 697402 9260816 35153 35153 9295969 9628703 629798 629798 8998905 35153 3045 38198 9037103 PART V, LINE 4: IWF'S ENDOWMENT WAS ESTABLISHED TO SUPPORT OUR LEADERSHIP DEVELOPMENT PROGRAMS. PART X, LINE 2: IWF WAS EXEMPT FROM THE PAYMENT OF TAXES ON INCOME OTHER THAN UNRELATED BUSINESS INCOME (UBI) UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. NO PROVISION FOR INCOME TAXES WAS REQUIRED FOR THE YEAR ENDED DECEMBER 31, 2025, AS IWF HAD NO NET UNRELATED BUSINESS INCOME. IWF EVALUATED ITS UNCERTAINTY IN INCOME TAXES FOR THE YEAR ENDED DECEMBER 31, 2025, AND DETERMINED THAT THERE ARE NO MATTERS THAT WOULD REQUIRE RECOGNITION IN THE FINANCIAL STATEMENTS OR THAT MAY HAVE AN EFFECT ON ITS TAX-EXEMPT STATUS. AS OF DECEMBER 31, 2025, THE STATUTE OF LIMITATIONS REMAINED OPEN WITH THE U.S. FEDERAL JURISDICTION AND/OR THE VARIOUS STATES AND LOCAL JURISDICTIONS IN WHICH IWF FILES TAX RETURNS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS PENDING OR IN PROGRESS. IT IS IWF'S POLICY TO RECOGNIZE INTEREST AND PENALTIES RELATED TO UNCERTAINTY IN INCOME TAXES, IF ANY, IN INTEREST OR INCOME TAX EXPENSE. AS OF DECEMBER 31, 2025, IWF HAD NO ACCRUALS FOR INTEREST AND/OR PENALTIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: INVENTORY WRITE-OFF -3,045. PART XII, LINE 4B - OTHER ADJUSTMENTS: INVENTORY WRITE-OFF 3,045. SUB-SAHARAN AFRICA 0 1 PROGRAM SERVICES CORNERSTONE CONFERENCE 900000 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES EDUCATIONAL AND LEADERSHIP PROGRAM - INSEAD 340000 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES IWF SOUTH KOREA NEW FORUM LAUNCH 30000 SOUTH AMERICA 0 0 PROGRAM SERVICES IWF PERU NEW FORUM LAUNCH 20000 0 1 0 0 0 1 1290000 0 1290000 0 0 0 0 0 0 X 0 1 X X 0 0 0 0 0 0 0 0 0 STEPHANIE O'KEEFE CHIEF EXECUTIVE OFFICER 420183 0 0 0 5490 0 21000 0 17494 0 464167 0 0 0 HEATH NASH CHIEF OPERATING OFFICER 274609 0 0 0 2332 0 16449 0 14287 0 307677 0 0 0 LYNNE MANRIQUE VP, LEADERSHIP AND EDUCATION 190496 0 0 0 361 0 11446 0 275 0 202578 0 0 0 RACHEL YOST VP, PARTNERSHIPS & PHILANTHROPY 163451 0 0 0 76 0 10202 0 16787 0 190516 0 0 0 SABRINA WALLACH VP, FINANCE AND OPERATIONS 142712 0 0 0 361 0 9075 0 32157 0 184305 0 0 0 KATYA WILDGEN VP, CREATIVE SERVICES & PRODUCTION 153452 0 0 0 84 0 8200 0 14287 0 176023 0 0 0 LAINE FUNKHOUSER HEAD OF COMMUNICATIONS 158733 0 0 0 67 0 3779 0 0 0 162579 0 0 0 PART I, LINE 1A THE PERSONS STEPHANIE O'KEEFE, HEATH NASH AND KIMBERLY COOPER JAQUA RECEIVED THE BENEFIT OF BUSINESS CLASS TICKETS. PART I, LINE 1B OFFICERS AND BOARD CHAIR WHO TRAVEL MORE THAN 300 MILES ARE PERMITTED TO TRAVEL IN BUSINESS CLASS. FORM 990, PART VI, SECTION A, LINE 6 MEMBER FORUMS SHALL BE THOSE ORGANIZATIONS AT THE LOCAL AND NATIONAL LEVEL AROUND THE WORLD THAT APPLY FOR MEMBERSHIP, PAY DUES ON A SCHEDULE APPROVED BY THE BOARD, AND MEET ANY OTHER REQUIREMENTS AND CRITERIA APPROVED BY THE BOARD. THE INDIVIDUALS WHO COMPRISE EACH MEMBER FORUM WILL BE KNOWN WITHIN THE CORPORATION AS ASSOCIATES OR MEMBER FORUM ASSOCIATES. MEMBER FORUM ASSOCIATES SHALL NOT BE CONSIDERED MEMBERS OF THE CORPORATION OR EXERCISE VOTING RIGHTS WITHIN THE CORPORATION. MEMBERSHIP SHALL BE FOR ONE YEAR AT A TIME, WITH DUES PAYABLE ANNUALLY. ONLY ORGANIZATIONS, AND NOT INDIVIDUALS, CAN BE MEMBER FORUMS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERSHIP (THE FORUM PRESIDENTS AS WE ARE A CONFEDERATION OF AFFILIATED FORUMS) DIRECTLY ELECTS 6 DIRECTORS TO THE BOARD. THE MEMBERSHIP, REPRESENTED BY FORUM PRESIDENTS ALSO ELECTS 3 MEMBERS OF A 10 MEMBER NOMINATING COMMITTEE. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS COMPLETED BY THE ORGANIZATION'S PUBLIC ACCOUNTING FIRM BASED ON INFORMATION PROVIDED BY MANAGEMENT. ONCE A DRAFT OF THE RETURN IS AVAILABLE, A COMPLETED COPY OF FORM 990 IS FURNISHED TO AND REVIEWED BY THE CHIEF EXECUTIVE OFFICER AND THE TREASURER. FORM 990, PART VI, SECTION B, LINE 12C WHENEVER A DIRECTOR, OFFICER, OR COMMITTEE MEMBER BECOMES AWARE OF A POTENTIAL CONFLICT OF INTEREST, WHETHER FINANCIAL OR OTHERWISE, S/HE SHALL MAKE THE SITUATION KNOWN TO THE BOARD OR COMMITTEE (AS THE CASE MIGHT BE) AND PROVIDE ALL FACTS MATERIAL TO UNDERSTANDING THE NATURE AND SCOPE OF THE CONFLICT, INCLUDING WHETHER THE INTERESTED PERSON BELIEVES HIS OR HER ABILITY TO MAKE AN INDEPENDENT DECISION BASED SOLELY ON THE BEST INTEREST OF THE IWF HAS BEEN COMPROMISED. IF THE INTERESTED PERSON INVOLVED DOES NOT MAKE THIS DISCLOSURE, ANOTHER DIRECTOR OR COMMITTEE MEMBER WITH KNOWLEDGE OF THE POTENTIAL CONFLICT SHOULD DRAW IT TO THE BODY'S ATTENTION. THE INTERESTED PERSON WITH THE POTENTIAL CONFLICT MUST RETIRE FROM THE MEETING AND NOT PARTICIPATE IN FINAL DISCUSSION AND VOTING ON THE EXISTENCE OF THE CONFLICT. IF A CONFLICT IS FOUND TO EXIST, THE INTERESTED PERSON MAY BE INVITED TO PROVIDE ANY RELEVANT INFORMATION THAT COULD BE OF USE TO THE BOARD IN MAKING ITS DECISION, BUT SHALL AGAIN RETIRE AND NOT PARTICIPATE IN THE FINAL DISCUSSION AND VOTING REGARDING THE TRANSACTION. THE BOARD OR COMMITTEE'S DECISION SHALL BE BASED ON CONSIDERATION OF WHETHER THE TRANSACTION; A. IS IN THE IWF'S BEST INTEREST AND FOR ITS OWN BENEFIT; B. IS FAIR AND REASONABLE TO THE IWF; AND C. IS THE MOST ADVANTAGEOUS TRANSACTION OR ARRANGEMENT THE IWF CAN OBTAIN WITH REASONABLE EFFORTS UNDER THE CIRCUMSTANCES. PROCEDURE: STAFF WHENEVER A STAFF MEMBER BECOMES AWARE OF A POTENTIAL CONFLICT OF INTEREST IN AN AREA WHERE S/HE EXERCISES ANY DISCRETION IN CARRYING OUT HER/HIS DUTIES FOR THE IWF, S/HE SHALL PROMPTLY DISCLOSE THE POTENTIAL CONFLICT TO AN IMMEDIATE SUPERVISOR. THE SUPERVISOR SHALL GATHER PERTINENT INFORMATION AND REPORT THE POTENTIAL CONFLICT TO THE CHIEF OPERATING OFFICER, TOGETHER WITH A RECOMMENDATION FOR ACTION. THE CHIEF OPERATING OFFICER SHALL DETERMINE WHETHER A CONFLICT EXISTS THAT REQUIRES RECUSAL OF THE INTERESTED PERSON. WHEN A CONFLICT IS FOUND TO EXIST, THE INTERESTED PERSON SHALL PROVIDE THE SUPERVISOR WITH ALL INFORMATION S/HE HAS RELEVANT TO ANY DECISION TO BE MADE IN WHICH S/HE HAS AN INTEREST, AND THE FINAL DECISION SHALL BE MADE BY THE CHIEF EXECUTIVE OFFICER BASED ON A RECOMMENDATION FROM THE SUPERVISOR. IF THE CHIEF EXECUTIVE OFFICER HAS A POTENTIAL CONFLICT, S/HE SHALL DISCLOSE IT TO THE BOARD PRESIDENT OR HIS OR HER DESIGNEE WHO SHALL DETERMINE THE EXISTENCE OF A CONFLICT. AT HIS OR HER DISCRETION, THE PRESIDENT MAY REFER THE MATTER TO A COMMITTEE OF THE BOARD OR THE FULL BOARD. ANNUAL DISTRIBUTION, ACKNOWLEDGMENT, AND DISCLOSURE THIS CONFLICT OF INTEREST POLICY SHALL BE DISTRIBUTED ANNUALLY TO ALL DIRECTORS, OFFICERS, MEMBERS OF BOARD COMMITTEES, AND STAFF. ALL COVERED INDIVIDUALS SHALL SIGN AN ANNUAL ACKNOWLEDGMENT THAT THEY HAVE RECEIVED A COPY OF THIS POLICY, UNDERSTAND IT, AND AGREE TO ABIDE BY ITS TERMS. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR THE CEO AND MANAGEMENT TEAM ARE MEASURED AGAINST COMPENSATION IN NONPROFIT ORGANIZATIONS STUDIES WHOSE METRICS INCLUDE THE SIZE OF STAFF, BUDGET, INTERNATIONAL REACH AND AGAINST COST FACTORS FOR THE WASHINGTON, DC METROPOLITAN AREA. FOR THE CEO, COMPENSATION IS THEN REVIEWED AND SET BY THE IWF EXECUTIVE COMMITTEE; AND THEN INCLUDED IN THE BUDGET REVIEWED BY THE FINANCE COMMITTEE AND IWF BOARD. ADDITIONALLY, THE CEO UNDERGOES A REVIEW EVERY YEAR BY THE PRESIDENT, MEASURING THE CEO'S PERFORMANCE AGAINST THE STRATEGIC PLAN. THIS WAS MOST RECENTLY COMPLETED IN 2024. FORM 990, PART VI, SECTION C, LINE 19 THE INTERNATIONAL WOMEN'S FORUM MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.