2024-07-11T08:48:14-05:00 2023-11-30 351178661 BLUE & CO LLC 250 WEST MAIN STREET SUITE 2900 LEXINGTON KY 40507 990 2022-12-01 562350714 UNITED STATES EQUESTRIAN FEDERATION INC UNIT 8592582472 4001 WING COMMANDER WAY LEXINGTON KY 40511 WILLIAM J MORONEY CEO 8592582472 2024-07-10 1 WILLIAM MORONEY 999009999 0 ANGELA N CRAWFORD CPA P00573197 8592531100 2024-07-10 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z WILLIAM J MORONEY 4001 WING COMMANDER WAY LEXINGTON KY 40511 37114977 0 X WWW.USEF.ORG X 2003 NY THE FEDERATION PROVIDES LEADERSHIP FOR EQUESTRIAN SPORT IN THE UNITED STATES BY PROMOTING THE PURSUIT OF EXCELLENCE BASED ON A FOUNDATION OF FAIR, SAFE COMPETITION AND THE WELFARE OF ITS HUMAN AND EQUINE ATHLETES. 21 20 170 500 2242429 0 6335700 6367212 24793429 25305644 404040 670135 3046113 3401279 34579282 35744270 1645817 1312687 0 0 11545512 11991671 0 0 0 20843355 22409524 34034684 35713882 544598 30388 37043005 38343465 16460673 17032484 20582332 21310981 X THE UNITED STATES EQUESTRIAN FEDERATION'S MISSION IS TO PROVIDE ACCESS TO AND INCREASE PARTICIPATION IN EQUESTRIAN SPORTS AT ALL LEVELS BY ENSURING FAIRNESS, ENJOYMENT, SAFETY, AND WELFARE FOR BOTH HUMAN AND EQUINE ATHLETES.ADDITIONALLY, USEF PRIORITIZES COMPLIANCE WITH MANDATES AS AN NGB, IMPOSED BY THE TED STEVENS OLYMPIC AND AMATEUR SPORTS ACT AND THEREBY THE USOPC. 0 0 15656831 1295186 10142271 SPORT PROGRAMS AND SPORT MANAGEMENT - AS THE NATIONAL GOVERNING BODY FOR EQUESTRIAN SPORT IN THE UNITED STATES, THE UNITED STATES EQUESTRIAN FEDERATION (USEF) SUPPORTS COMPETITIVE, TRAINING AND EDUCATIONAL OPPORTUNITIES IN 29 BREEDS AND DISCIPLINES FOR ATHLETES AND THEIR EQUINE PARTNERS AT ALL LEVELS OF EXPERIENCE AND INTEREST. USEF OFFERS PROGRAMS ON A NATIONAL AND INTERNATIONAL LEVEL FOR EMERGING, DEVELOPING AND ELITE ATHLETES.CONTINUED IN SCHEDULE O.THESE SPORT PROGRAMS ARE SUPPORTED BY A FRAMEWORK OF RULES, POLICIES AND PROCEDURES INCLUDING CALENDAR MANAGEMENT, COMPETITION LICENSING AND STANDARDS, ANTI-DOPING, PROHIBITED PRACTICES, CONCUSSION AND RETURN-TO-PLAY PROTOCOLS, SAFE SPORT, SPORT REGULATION, LICENSED OFFICIALS, AND PREPARATION AND SELECTION OF TEAM AND INDIVIDUAL ATHLETES FOR MAJOR INTERNATIONAL COMPETITIONS INCLUDING OLYMPIC AND PARALYMPIC GAMES, PAN-AM GAMES AND WORLD CHAMPIONSHIPS. 7017086 17501 5997846 FAIRNESS, SAFETY AND WELFARE - THE USEF HORSE AND HUMAN SAFETY AND WELFARE EFFORTS ENCOMPASS A COMBINATION OF PROGRAMS FOCUSED ON THE SAFETY AND WELFARE OF HUMAN AND EQUINE ATHLETES. THESE PROGRAMS INVOLVE RESEARCH OF SUBSTANCES WHICH MAY AFFECT PERFORMANCE WHEN ADMINISTERED TO EQUINE ATHLETES COMPETING IN USEF LICENSED COMPETITIONS, EQUINE ANTI-DOPING INCLUDING THE COLLECTION AND TESTING OF SAMPLES, AND THE ENFORCEMENT OF RULES GOVERNING THE USE OF PROHIBITED SUBSTANCES DURING COMPETITION AS WELL AS THE TRAINING AND LICENSING OF COMPETITION OFFICIALS TASKED WITH ENSURING THE BEST INTERESTS OF USEF MEMBERS AND THEIR EQUINE PARTNERS. 5482752 10027720 MEMBER SERVICES - THE USEF'S MEMBER SERVICES PROGRAMS SERVE THE ENTIRETY OF THE MEMBERSHIP. MEMBER SERVICES DEPARTMENTS ARE RESPONSIBLE FOR DEVELOPING, IMPLEMENTING, AND ADMINISTERING THE FRAMEWORK OF RULES, POLICIES AND PROCEDURES THAT SUPPORT SPORT PROGRAMS, FAIRNESS, SAFETY, WELFARE AND ENJOYMENT. USEF PROVIDES EDUCATIONAL OPPORTUNITIES INCLUDING THE CARE AND TRAINING OF THE COMPETITIVE HORSE AND RIDER, MEDIA TRAINING AND HOW TO COMPETE IN FEDERATION LICENSED COMPETITIONS AS WELL AS LIVESTREAM AND VIDEO-ON-DEMAND SPORT COVERAGE. USEF ALSO OFFERS ANNUAL AWARDS AND RECOGNITION AND PROVIDES SAFE SPORT; RULES AND REGULATION SERVICES; COMPETITION LICENSING, STANDARDS, EVALUATION AND COMPLIANCE; ANTI-DOPING; HORSE AND HUMAN SAFETY AND WELFARE PROGRAMS; AND GENERAL SUPPORT OF THE EQUESTRIAN COMMUNITY. 28156669 1 1 0 0 0 0 0 1 0 0 1 0 0 0 1 1 1 0 0 0 1 1 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 1 324 0 1 170 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 21 20 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 0 0 AK AL AR CA CO IL KY MA MD ME MI MN MS NC ND NH NY SC WI CT DC FL GA HI KS NV NJ NM OH OK OR PA RI TN UT VA WA WV X X MIKE DELAHANTY 8592256935 4001 WING COMMANDER WAY LEXINGTON KY 40511 TOM O'MARA PRESIDENT 40.00 X X 150000 0 0 JUDY WERNER VICE PRESIDENT 1.00 X X 0 0 0 JUDY SLOAN SECRETARY/TREASURER 1.00 X X 0 0 0 JON KREITZ DIRECTOR 1.00 X 0 0 0 DIANE PITTS DIRECTOR 1.00 X 0 0 0 PHILIP RICHTER DIRECTOR 1.00 X 0 0 0 LISA GORRETTA DIRECTOR 1.00 X 0 0 0 CAROL KOZLOWSKI DIRECTOR 1.00 X 0 0 0 MAX AMAYA DIRECTOR 1.00 X 0 0 0 MELISSA MOORE DIRECTOR 1.00 X 0 0 0 LING FU WYLIE DIRECTOR 1.00 X 0 0 0 DEBORAH JOHNSON DIRECTOR 1.00 X 0 0 0 MARY KNOWLTON DIRECTOR 1.00 X 0 0 0 ALEX BOONE DIRECTOR 1.00 X 0 0 0 JACOB ARNOLD DIRECTOR 1.00 X 0 0 0 ELEANOR BRIMMER DIRECTOR 1.00 X 0 0 0 MATT BROWN DIRECTOR 1.00 X 0 0 0 ALLISON BROCK DIRECTOR 1.00 X 0 0 0 JOE MATTINGLEY DIRECTOR 1.00 X 0 0 0 LAUREN NICHOLSON DIRECTOR 1.00 X 0 0 0 CHESTER WEBER DIRECTOR 1.00 X 0 0 0 WILLIAM MORONEY CEO 40.00 X 451241 0 14106 MICHAEL DELAHANTY CFO 40.00 X 166554 0 12822 SONJA KEATING SR VICE PRESIDENT & GENERA 40.00 X 299159 0 17462 WILLIAM CONNELL END 113022 DIRECTOR OF SPORTS 40.00 X 254550 0 6444 VICTORIA LOWELL CHIEF MARKETING & CONTENT 40.00 X 363809 0 17860 TERRI DOLAN DIRECTOR, NAT. BREEDS & NO 40.00 X 161210 0 6110 STEPHEN SCHUMACHER CHIEF VETERINARY OFFICER 40.00 X 194137 0 21326 KELLY BOLTON CHIEF HUMAN RESOURCES OFFI 40.00 X 155483 0 2702 2196143 0 98832 12 0 1 0 NBC UNIVERSAL LLC NBC NETWORK C/O NBC UNIVERSAL LLC ATLANTA GA 30384 BROADCASTING SERVICES 230000 BRYAN CAVE LEIGHTON PAISNER LLP PO BOX 503089 ST LOUIS MO 63150 LEGAL SERVICES 148050 TRYON EQUESTRIAN PROPERTIES LLC 25 INTERNATIONAL BOULEVARD MILL SPRING NC 28756 COMPETITION FACILITIES & SERVICES 129239 MICHEL ASSOULINE NIGHTINGALE BARN BRICKHOUSE ROAD COLNE ENGAINE CO6 2HJ UK COACHING 123700 ROBERT COSTELLO PO BOX 1951 SOUTHERN PINES NC 28388 COACHING 118167 8 6367212 467509 6367212 MEMBERSHIP DUES 813990 10027720 10027720 DRUG & MEDICATION FEES 900099 5997846 5997846 COMPETITION FEES 711219 5357560 5357560 INTERNATIONAL COMPETITION 711219 2970451 2970451 SPORTS PROGRAMS 711219 627172 627172 324895 324895 25305644 550711 550711 296657 296657 1490131 1370707 119424 119424 119424 619073 0 619073 619073 ADVERTISING 513120 2116554 2116554 MISCELLANEOUS INCOME 900099 243120 243120 IT SERVICES 541519 125875 125875 2485549 35744270 26167837 2242429 966792 236101 236101 1038698 1038698 37888 37888 1372338 1010897 361441 8701609 6409811 2291798 217852 160475 57377 1007609 742229 265380 692263 509937 182326 757764 399595 358169 70586 70586 80261 80261 499100 310633 188467 2598889 482837 2116052 742467 524341 218126 675068 492363 182705 366871 264739 102132 2453542 1875974 577568 471706 471706 180890 135667 45223 694181 516430 177751 420221 374998 45223 INTERNATIONAL HIGH PERF 7131284 7131284 DRUGS & TESTING 3383765 3383765 OTHER ADMIN & FINANCE C 923881 751067 172814 SPORTS PROGRAMS 698544 698544 260504 196690 63814 35713882 28156669 7557213 0 4095 273333 9729629 6566343 1150000 1600000 608135 970750 351173 453099 762659 1346614 13610143 5161302 9096259 8448841 14815645 17424995 525410 1259490 37043005 38343465 3260612 2545926 7068606 7913033 5732254 5547757 399201 1025768 16460673 17032484 X 5287523 20618680 15294809 692301 20582332 21310981 37043005 38343465 X 30388 631359 66902 X X 0 1 X 1 0 X 6961558 6156405 9599800 6335700 6367212 35420675 6961558 6156405 9599800 6335700 6367212 35420675 35420675 352772 275753 308668 675607 847368 2460168 76531 76531 19065 9804 890 233146 243121 506026 38463400 113079408 0.92090 0.94320 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 516172 0 9138865 1413245 7725620 31950 31950 0 4439328 3716107 723221 8448841 DERIVATIVE LIABILITY 332299 RIGHT OF USE LIABILITIES 693469 1025768 X 36732531 631359 290000 66902 988261 35744270 0 35744270 36003882 290000 290000 35713882 0 35713882 PART X, LINE 2: USEF IS EXEMPT FROM INCOME TAXES ON INCOME FROM RELATED ACTIVITIES UNDER SECTION 501(C)(3) OF THE U.S. INTERNAL REVENUE CODE AND CORRESPONDING STATE TAX LAW. ACCORDINGLY, NO PROVISION HAS BEEN MADE FOR FEDERAL OR STATE INCOME TAXES. ADDITIONALLY, USEF HAS BEEN DETERMINED NOT TO BE A PRIVATE FOUNDATION UNDER SECTION 509(A) OF THE INTERNAL REVENUE CODE. SINCE USEF IS PUBLICLY-SUPPORTED, CONTRIBUTIONS TO USEF QUALIFY FOR THE MAXIMUM CHARITABLE CONTRIBUTION DEDUCTION UNDER THE INTERNAL REVENUE CODE. USEF IS ALSO EXEMPT FROM STATE AND LOCAL INCOME TAXES. CURRENT ACCOUNTING STANDARDS REQUIRE USEF TO DISCLOSE THE AMOUNT OF POTENTIAL BENEFIT OR OBLIGATION TO BE REALIZED AS A RESULT OF AN EXAMINATION PERFORMED BY A TAXING AUTHORITY. FOR THE YEARS ENDED NOVEMBER 30, 2023 AND 2022, MANAGEMENT HAS DETERMINED THAT USEF DOES NOT HAVE ANY TAX POSITIONS THAT RESULT IN ANY UNCERTAINTIES REGARDING THE POSSIBLE IMPACT ON USEF'S FINANCIAL STATEMENTS. THERE WAS NO CHANGE IN THIS DETERMINATION DURING THE 2023 FISCAL YEAR. USEF RECORDS ANY INTEREST AND PENALTIES AS EXPENSE IN THE PERIOD INCURRED AND NO AMOUNTS HAVE BEEN RECORDED FOR THE YEARS ENDED NOVEMBER 30, 2023 AND 2022, RESPECTIVELY. PART XI, LINE 2D - OTHER ADJUSTMENTS: GAIN ON INTEREST RATE SWAP 66,902. SCHEDULE D, PART III, LINE 4 - COLLECTIONS OF ART USEF HAS AN EXTENSIVE COLLECTION OF TROPHIES WHICH HAVE BEEN CONTRIBUTED TO OR PURCHASED BY THE ORGANIZATION. THIS TROPHY COLLECTION IS MAINTAINED BY THE ORGANIZATION FOR PUBLIC EXHIBITION IN FURTHERANCE OF MEMBERSHIP SERVICE. 0 EUROPE (INCLUDING ICELAND AND GREENLAND) 0 0 PROGRAM SERVICES INTERNATIONAL TRAINING AND COMPETITION 2925523 NORTH AMERICA (CANADA & MEXICO ONLY) 0 0 PROGRAM SERVICES INTERNAIIONAL TRAINING AND COMPETITION 3131 0 0 0 0 0 0 2928654 0 2928654 SOUTH AMERICA OPPORTUNITY GRANT 10000 0 EUROPE (INCLUDING ICELAND & GREENLAND) DISASTER RELIEF FUND PAYMENTS 27888 0 2 0 0 0 0 0 0 PART III ACCOUNTING METHOD: 0 THE OHIO STATE UNIVERSITY 901 WOODY HAYES DR COLUMBUS OH 43210 316025986 GOVT 100000 0 DRUG ADMINISTRATION STUDIES UNITED STATES EVENTING ASSOCIATION 525 OLD WATERFORD RD LEESBURG VA 20176 226071187 501(C)(3) 16000 0 AFFILIATE SUPPORT GIVING ALTERNATIVE LEARNERS UPLIFTING OPPORTUNITIES 88-03 70TH ROAD FOREST HILLS NY 11375 050615968 501(C)(3) 10000 0 OPPORTUNITY GRANT KINDLE HILL FOUNDATION PO BOX 559 GWYNEDD VALLEY PA 19437 881644015 501(C)(3) 10000 0 OPPORTUNITY GRANT LITTLE BIT THERAPEUTIC RIDING CENTER 18675 NE 106TH ST REDMOND WA 98052 911012131 501(C)(3) 10000 0 OPPORTUNITY GRANT BEACHWOOD CENTER FOR WELLBEING PO BOX 5386 WAKEFIELD RI 02880 812937112 501(C)(3) 10000 0 OPPORTUNITY GRANT EBONY HORSEWOMEN INC 337 VINE STREET HARTFORD CT 06112 061268874 501(C)(3) 10000 0 OPPORTUNITY GRANT LUCKY ORPHANS HORSE RESCUE INC 2699 ROUTE 22 DOVER PLAINS NY 12522 262729197 501(C)(3) 10000 0 OPPORTUNITY GRANT HORSES N HEROES OF MARION COUNTY INC 12680 N US HWY 441 CITRA FL 32113 311548627 501(C)(3) 10000 0 OPPORTUNITY GRANT KENTUCKY HORSE PARK FOUNDATION INC 4075 IRON WORKS PARKWAY LEXINGTON KY 40511 621257717 501(C)(3) 10000 0 OPPORTUNITY GRANT MANES FOR MOVEMENT INC PO BOX 1587 TORRANCE CA 90505 842971941 501(C)(3) 10000 0 OPPORTUNITY GRANT TAKING THE REINS 4004 VERDANT STREET LOS ANGELES CA 90039 954688657 501(C)(3) 10000 0 OPPORTUNITY GRANT MARYLAND THERAPEUTIC RIDING INC 1141 SUNRISE BEACH ROAD CROWNSVILLE MD 21032 522035698 501(C)(3) 10000 0 OPPORTUNITY GRANT WILDSTAR EQUINE-ASSISTED ACTIVITIES AND THERAPY INC 16 NASON HILL LANE SHERBORN MA 01770 822801705 501(C)(3) 8600 0 OPPORTUNITY GRANT 14 0 EQUESTRIAN EDUCATION 88 85181 DIRECT ATHLETE SUPPORT 278 905517 PART I, LINE 2: THE ORGANIZATION REQUIRES ORGANIZATION RECIPIENTS TO PROVIDE ANNUAL RECONCILIATIONS DETAILING THE EXPENDITURES ASSOCIATED WITH THE GRANTS RECEIVED. THE ORGANIZATION SPONSORS TUITION REIMBURSEMENT FOR JUNIOR ATHLETES WHO CHOOSE TO FURTHER THEIR EDUCATION. THE SCHOLARSHIP MAY BE USED TO PURSUE THEIR ACADEMIC OR EQUESTRIAN EDUCATION IN ORDER TO RECEIVE THE SCHOLARSHIP. THE REQUEST FOR REIMBURSEMENT MUST BE PAYABLE TO AN ACADEMIC INSTITUTION ALL RECIPIENTS ARE JUDGED BASED ON WRITTEN EXAM OR ESSAY SCORES DISPLAYING THE GREATEST UNDERSTANDING OF EQUESTRIAN KNOWLEDGE. DIRECT ATHLETE TRAINING GRANTS ARE AWARDED BASED ON THE SELECTION CRITERIA FOR EACH DISCIPLINE. X 1 0 X X 0 0 0 0 0 0 0 0 0 WILLIAM MORONEY CEO 423241 0 28000 0 0 0 8100 0 6006 0 465347 0 0 0 VICTORIA LOWELL CHIEF MARKETING & CONTENT 356709 0 7100 0 0 0 8100 0 9760 0 381669 0 0 0 SONJA KEATING SR VICE PRESIDENT & GENERA 288035 0 11124 0 0 0 8100 0 9362 0 316621 0 0 0 WILLIAM CONNELL END 113022 DIRECTOR OF SPORTS 249638 0 4912 0 0 0 4569 0 1875 0 260994 0 0 0 STEPHEN SCHUMACHER CHIEF VETERINARY OFFICER 194037 0 100 0 0 0 6618 0 14708 0 215463 0 0 0 MICHAEL DELAHANTY CFO 161734 0 4820 0 0 0 1027 0 11795 0 179376 0 0 0 TERRI DOLAN DIRECTOR, NAT. BREEDS & NO 158120 0 3090 0 0 0 971 0 5139 0 167320 0 0 0 KELLY BOLTON CHIEF HUMAN RESOURCES OFFI 149715 0 5768 0 0 0 167 0 2535 0 158185 0 0 0 A KENTUCKY BOND DEVELOPMENT CORPORATION 472650498 2017-12-21 6400000 SEE PART VI 0 0 0 A 184497 6400000 95234 6304766 2019 0 0 1 1 A 0 0 0 0 0.01600 0.01600 0 0 1 A 0 1 0 0 1 1 PNC BANK 10.000000000000 0 0 0 0 1 A 1 SCHEDULE K, PART I, COLUMN F FUNDING CONSTRUCTION OF APPROXIMATELY 35,000 SQUARE FOOT OFFICE BUILDING IN LEXINGTON, KENTUCKY. CHESTER WEBER BOARD MEMBER 5000 ATHLETE GRANT ASSIST ATHLETES TO COMPETE AT THE HIGHEST LEVEL OF EQUESTRIAN SPORTS JACOB ARNOLD BOARD MEMBER 13200 ATHLETE GRANT ASSIST ATHLETES TO COMPETE AT THE HIGHEST LEVEL OF EQUESTRIAN SPORTS LAUREN NICHOLSON BOARD MEMBER 10000 ATHLETE GRANT ASSIST ATHLETES TO COMPETE AT THE HIGHEST LEVEL OF EQUESTRIAN SPORTS X EQUESTRIAN SUPPLIES 19 467509 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 THE UNITED STATES EQUESTRIAN FEDERATION HAS TWO CATEGORIES OF MEMBERS: COMPETING MEMBERS AND NON-COMPETING MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS WHO MEET THE DEFINITION OF "10-YEAR ATHLETE REPRESENTATIVE" UNDER THE US OLYMPIC & PARALYMPIC COMMITTEE BYLAWS ARE ELIGIBLE TO ELECT ATHLETE REPRESENTATIVES TO THE DESIGNATED SEATS ON THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS REVIEWED BY THE CHIEF FINANCIAL OFFICER, CHIEF EXECUTIVE OFFICER, GENERAL COUNSEL, TREASURER, AND AUDIT COMMITTEE. ADDITIONALLY, THE GOVERNING BODY REVIEWS AND APPROVES THE 990 PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, OFFICERS, BOARD MEMBERS, COMMITTEE MEMBERS, STAFF MEMBERS, AND CONTRACTORS PROVIDING SUBSTANTIAL SERVICES TO USEF MUST COMPLETE THE CONFLICT OF INTEREST DISCLOSURES. THE LEGAL DEPARTMENT AND AUDIT COMMITTEE REVIEW ALL RESPONSES AND DETERMINE WHETHER DISQUALIFYING CONFLICTS EXIST AND IF NOT, DETERMINE HOW DISCLOSED CONFLICTS WILL BE MANAGED. ANYONE WITH AN ACTUAL, PERCEIVED, OR POTENTIAL CONFLICT OF INTEREST MUST NOT BE PRESENT FOR DELIBERATIONS OR DECISION-MAKING. FORM 990, PART VI, SECTION B, LINE 15A A COMPENSATION COMMITTEE UTILIZES COMPENSATION SURVERYS WHEN APPROVING CEO COMPENSATION. ALL USEF SALARIES HAVE BEEN REVIEWED BY THE CHIEF HUMAN RESOURCES OFFICER. THE CHIEF HUMAN RESOURCES OFFICER UTILIZED AN INDUSTRY COMPARISON SALARY ANALYSIS OF BOTH FOR-PROFIT AND EXEMPT ORGANIZATIONS TO ANALYZE THE SALARIES. THE ORGANIZATION WAS PROVIDED A COPY OF THE ANALYSIS FOR THEIR RECORDS. FORM 990, PART VI, SECTION C, LINE 19 USEF BYLAWS, CONFLICT OF INTEREST POLICY, BOARD OF DIRECTORS MEETING MINUTES, ANNUAL AUDIT REPORTS, ANNUAL TAX FILINGS, AND THE IRS DETERMINATION LETTER ARE POSTED AT WWW.UWEF.ORG FORM 990, PART XI, LINE 9: UNREALIZED GAIN/LOSS ON VALUE OF INTEREST RATE SWAP CONTRACT 66,902. FORM 990, PART XII, LINE 2C THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.