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Nonprofiteer
← FIAT LUX RISK AND INSURANCE COMPANY

Form 990 for tax year 2022

Filed by FIAT LUX RISK AND INSURANCE COMPANY.

Totals

Total revenue
$538,359,834
Total expenses
$386,766,449
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$513,517,033
Investment income
$24,842,801
Other revenue
$0
Total assets, end of year
$1,796,549,488
Total liabilities, end of year
$1,330,899,601
Net assets or fund balances, end of year
$465,649,887
Program services expenses (Part IX)
$385,408,432
Management and general expenses
$1,358,017
Fundraising expenses
$0
Program service expenses (Part III)
$385,408,432

Program services were 99.6% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: Net Earned Premiums

    total $513,517,033 · related or exempt $513,517,033

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $24,842,801 · unrelated business $615,000 · excluded $24,227,801

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $1,527,543 · program services $1,023,454 · management and general $504,089

  • 11b · Fees: legal

    total $60,233 · management and general $60,233

  • 11c · Fees: accounting

    total $455,000 · management and general $455,000

  • 11g · Fees: other

    total $276,750 · program services $276,750 · management and general $0 · fundraising $0

  • 17 · Travel

    total $93,456 · management and general $93,456

  • 23 · Insurance

    total $43,122 · management and general $43,122

  • 24a · Other expenses: LOSSES AND LOSS ADJ EXP

    total $383,929,763 · program services $383,929,763

  • 24b · Other expenses: PREMIUM TAXES

    total $178,465 · program services $178,465

  • 24c · Other expenses: FEDERAL INCOME TAXES

    total $117,517 · management and general $117,517

  • 24d · Other expenses: STATE TAX EXPENSE

    total $68,278 · management and general $68,278

  • 24e · All other expenses

    total $16,322 · program services $0 · management and general $16,322 · fundraising $0

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $842,157,877 · end of year $404,282,393

  • 4 · Accounts receivable

    beginning of year $13,988,522 · end of year $34,171,998

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $12,300,000 · end of year $10,200,000

  • 9 · Prepaid expenses and deferred charges

    beginning of year $420,569 · end of year $4,583,165

  • 10a · Land, buildings and equipment: cost or other basis

    $0

  • 10b · Land, buildings and equipment: accumulated depreciation

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year -$647 · end of year -$647

  • 12 · Investments: other securities

    beginning of year $980,236,111 · end of year $1,061,549,583

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $326,567,359 · end of year $281,762,996

  • 17 · Accounts payable and accrued expenses

    beginning of year $662,567 · end of year $635,376

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $1,898,825,204 · end of year $1,330,264,225

  • 29 · Capital stock, trust principal or current funds

    beginning of year $276,182,020 · end of year $465,649,887

Mission and programs · 2022

Mission

THE ORGANIZATION'S PRIMARY MISSION IS TO OPERATE FOR THE BENEFIT OF AND TO PROMOTE AND SUPPORT, DIRECTLY OR INDIRECTLY, THE INTERESTS AND PURPOSES OF THE REGENTS OF THE UNIVERSITY OF CALIFORNIA.

Activities or mission (Part I)

The purpose of Fiat Lux is to finance the University of California's self insured retentions, to purchase reinsurance directly, and to issue to the university of California's certain bespoke insurance policies.

  • The purpose of Fiat Lux is to finance the University of California's self insured retentions, to purchase reinsurance directly, and to issue to the University of California's certain bespoke insurance policies. IN FURTHERANCE OF THIS PURPOSE, THE ORGANIZATION PROVIDES: (A) IMPROVED RISK MANAGEMENT PRICING PREDICTABILITY AND COST STABILITY; (B) ENHANCED RISK MANAGEMENT, AND PROTECTION AND COVERAGE OF LESS TRADITIONAL RISKS AND ESOTERIC RISKS; (C) A FOUNDATION FOR DEVELOPMENT AND IMPLEMENTATION WITHIN THE REGENTS OF MORE FORMALIZED RISK FINANCING POLICIES AND PROCEDURES; AND (D) INSURANCE COVERAGE FOR EXTERNAL THIRD PARTIES, INCLUDING BUT NOT LIMITED TO, AGENTS, AFFILIATES, ASSOCIATIONS, JOINT VENTURES, AND PARTNERSHIPS OF OR IN WHICH THE REGENTS OF THE UNIVERSITY OF CALIFORNIA PARTICIPATES OR OWNS AN INTEREST PROVIDED THAT SUCH THIRD PARTY COVERAGE IS NO MORE THAN AN INSUBSTANTIAL PORTION OF THE ORGANIZATION'S OVERALL ACTIVITIES. To date and in total the organization provides over 40 different coverages and risk financing arrangements to the University of California.

    Expenses $385,408,432 · Revenue $513,517,033

As filed on the 2022 return.

Listed in Part VII

  • Charles F Robinson

    Director/SECRETARY (Until 9/15/22)

    Total calculated
    $634,788
    From this org
    $0
    From related orgs
    $513,964
    Other
    $120,824
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $462,313 related
    Bonus
    $0 + $8,916 related
    Other
    $0 + $42,735 related
    Deferred
    $0 + $88,407 related
    Nontaxable benefits
    $0 + $32,417 related
    Filer's total
    $0 + $634,788 related
  • Kevin A Confetti

    President

    Total calculated
    $361,892
    From this org
    $0
    From related orgs
    $277,657
    Other
    $84,235
    Hours/week
    4 + 36 related

    Schedule J breakdown matched by us

    Base
    $0 + $235,959 related
    Bonus
    $0
    Other
    $0 + $41,698 related
    Deferred
    $0 + $60,117 related
    Nontaxable benefits
    $0 + $24,118 related
    Filer's total
    $0 + $361,892 related
  • Nathan Brostrom

    Director/Chair/CFO

    Total calculated
    $580,847
    From this org
    $0
    From related orgs
    $477,600
    Other
    $103,247
    Hours/week
    3 + 37 related

    Schedule J breakdown matched by us

    Base
    $0 + $425,899 related
    Bonus
    $0 + $8,916 related
    Other
    $0 + $42,785 related
    Deferred
    $0 + $79,129 related
    Nontaxable benefits
    $0 + $24,118 related
    Filer's total
    $0 + $580,847 related
  • Norman L Hamill

    Director/ASST. SECRETARY

    Total calculated
    $358,078
    From this org
    $0
    From related orgs
    $293,478
    Other
    $64,600
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $250,741 related
    Bonus
    $0
    Other
    $0 + $42,737 related
    Deferred
    $0 + $61,883 related
    Nontaxable benefits
    $0 + $2,717 related
    Filer's total
    $0 + $358,078 related
  • Erin Gore

    Director (UNTIL 10/01/22)

    Total calculated
    $0
    Hours/week
    1
  • Jarid Beck

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1
  • Michael Beck

    Director

    Total calculated
    $0
    Hours/week
    4
  • Michael Drake

    DIRECTOR

    Total calculated
    $1,033,517
    From this org
    $0
    From related orgs
    $943,384
    Other
    $90,133
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $908,009 related
    Bonus
    $0
    Other
    $0 + $35,375 related
    Deferred
    $0 + $66,771 related
    Nontaxable benefits
    $0 + $23,362 related
    Filer's total
    $0 + $1,033,517 related
  • Rachael Nava

    Director

    Total calculated
    $501,397
    From this org
    $0
    From related orgs
    $414,276
    Other
    $87,121
    Hours/week
    4 + 36 related

    Schedule J breakdown matched by us

    Base
    $0 + $362,483 related
    Bonus
    $0 + $8,916 related
    Other
    $0 + $42,877 related
    Deferred
    $0 + $63,003 related
    Nontaxable benefits
    $0 + $24,118 related
    Filer's total
    $0 + $501,397 related
  • Ron Cortez

    Director

    Total calculated
    $0
    Hours/week
    1
  • Chris C Harrington

    ASST. SECRETARY

    Total calculated
    $0
    Hours/week
    2

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings

The filer's explanations (Part III)

Schedule J, Part I, Line 3 COMPENSATION OF TOP MANAGEMENT OFFICIAL
THE TOP MANAGEMENT OFFICIAL IS COMPENSATED BY A RELATED ORGANIZATION, THE REGENTS OF THE UNIVERSITY OF CALIFORNIA, FOR THEIR SERVICES TO THE RELATED ORGANIZATION AND THE FILING ORGANIZATION. THE PROCESS BY THE RELATED ORGANIZATION TO DETERMINE COMPENSATION include a review and approval by independent persons, comparability data, and contemporaneous substantiation of the deliberation and decision.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • REGENTS OF THE UNIVERSITY OF CALIFORNIA

    501(c)(3) · Public Educational Institution · CA

    Directly controlled by NA

  • University of California Berkeley Foundation

    501(c)(3) · Educational Foundation · CA

    Directly controlled by NA

  • The UCLA Foundation

    501(c)(3) · Educational Foundation · CA

    Directly controlled by NA

  • UC Santa Barbara Foundation

    501(c)(3) · Educational Foundation · CA

    Directly controlled by NA

  • UC Santa Cruz Foundation

    501(c)(3) · Educational Foundation · CA

    Directly controlled by NA

  • University of California San Francisco Foundation

    501(c)(3) · Educational Foundation · CA

    Directly controlled by NA

  • University of California Merced Foundation

    501(c)(3) · Educational Foundation · CA

    Directly controlled by NA

  • University of California Irvine Foundation

    501(c)(3) · Educational Foundation · CA

    Directly controlled by NA

  • The UC Davis Foundation

    501(c)(3) · Educational Foundation · CA

    Directly controlled by NA

  • UC San Diego Foundation

    501(c)(3) · Educational Foundation · CA

    Directly controlled by NA

  • UC Riverside Foundation

    501(c)(3) · Educational Foundation · CA

    Directly controlled by NA

  • Berkeley Lab Foundation

    501(c)(3) · To support scientific and educational purposes · CA

    Directly controlled by The Regents of the University of California

  • UCLA Technology Development Corporation (formerly Westwood Technology Trans fer)

    501(c)(3) · To manage intellectual property on behalf of the UCLA campus · CA

    Directly controlled by The Regents of the University of California

  • La Casa de California en Mexico AC

    To serve the expanding missions of the UC in Mexico · MX

    Directly controlled by The Regents of the University of California

  • University of California Foundation Limited

    To promote higher education at UC in Hong Kong · HK

    Directly controlled by The Regents of the University of California

  • University of California Trust (UK) Limited

    To promote the UC and its mission in Europe · UK

    Directly controlled by The Regents of the University of California

  • Fundacion UC Davis-Chile Life Sciences Innovation Center

    To conduct scientific research in Chile · CI

    Directly controlled by The Regents of the University of California

  • Childrens Hospital & Research Center at Oakland

    501(c)(3) · Healthcare · CA

    Directly controlled by The Regents of the University of California

  • Baychildrens Physicians

    501(c)(3) · Medical Foundation · CA

    Directly controlled by The Regents of the University of California

  • Regency Broadway Properties Inc

    501(c)(3) · Title Holding · CA

    Directly controlled by The Regents of the University of California

  • Global Programs

    Scientific Research and Training · TZ

    Directly controlled by The Regents of the University of California

  • Global Programs for Research and Training

    Scientific Research and Training · KE

    Directly controlled by The Regents of the University of California

  • Global Programs for Research and Training

    Scientific Research and Training · UG

    Directly controlled by The Regents of the University of California

  • Global Programs for Research and Training

    Scientific Research and Training · MZ

    Directly controlled by The Regents of the University of California

  • Global Programs for Research and Training

    Scientific Research and Training · WA

    Directly controlled by The Regents of the University of California

  • Global Programs for Research and Training

    Scientific Research and Training · SF

    Directly controlled by The Regents of the University of California

  • Global Programs for Research and Training

    Scientific Research and Training · LA

    Directly controlled by The Regents of the University of California

  • Berkeley Education Alliance for Research in Singapore Limited

    Scientific Research · SN

    Directly controlled by The Regents of the University of California

  • Associao da Universidade da Califrnia no Brasil

    Operation of Study Abroad Programs · BR

    Directly controlled by The Regents of the University of California

  • Centre Etudes de lUniversite de Californie

    Operation of Study Abroad Program · FR

    Directly controlled by The Regents of the University of California

  • Association Californie Rhone-Alpes

    Operation of Study Abroad Program · FR

    Directly controlled by The Regents of the University of California

  • The University of California Home Loan Program Corporation

    501(c)(3) · Mortgage loan assistance in support of the recruitment & retention of UC faculty & senior managers · CA

    Directly controlled by The Regents of the University of California

  • The U Holding Company Inc

    501(c)(2) · Holding title to real property · CA

    Directly controlled by The Regents of the University of California

  • The Regents of the University of California (UCLA) (Cameroon)

    Research and educational efforts · CM

    Directly controlled by NA

  • Fundacion UC Davis-Chile Life Sciences Innovation Center

    501(c)(3) · To manage and self-fund terrorism and other liability losses for the Regents of UC · DC

    Directly controlled by NA

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • UCSD Garden View LLC

    Own and Lease Real Estate · DE · income $0 · assets $0

    Directly controlled by The Regents of the University of California

  • UC Health Ventures LLC

    Asset Holding · CA · income $0 · assets $0

    Directly controlled by The Regents of the University of California

  • Peyto LLC

    Asset Holding · DE · income $0 · assets $0

    Directly controlled by The Regents of the University of California

  • UCFI LLC

    Asset Holding · DE · income $0 · assets $0

    Directly controlled by The Regents of the University of California

  • Lake Merritt LLC

    Asset Holding · DE · income $0 · assets $0

    Directly controlled by The Regents of the University of California

  • Joshua Tree Holdings LLC

    Asset Holding · DE · income $0 · assets $0

    Directly controlled by The Regents of the University of California

  • Stockbridge SIV OP GP LLC

    Asset Holding · DE · income $0 · assets $0

    Directly controlled by Stockbridge Strategic Industrial Venture LLC

  • Ultracore Strategic Industrial Venture LLC

    Asset Holding · DE · income $0 · assets $0

    Directly controlled by Strategic Industrial Venture OP LP

  • University Community Land Company LLC

    Hold real estate · CA · income $0 · assets $0

    Directly controlled by The Regents of the University of California

  • Ruette Nice LLC

    Hold real estate · CA · income $0 · assets $0

    Directly controlled by The Regents of the University of California

  • Glenwick Place LLC

    Hold real estate · CA · income $0 · assets $0

    Directly controlled by The Regents of the University of California

  • U Leverage Lender LLC

    Obtain/administer funds to be used in furtherance of the purpose of the Regents · CA · income $0 · assets $0

    Directly controlled by The Regents of the University of California

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • Regency Valley Center LLC

    N/A · Hold and manage real estate · DE

    Directly controlled by NA

  • Regency Lakewood LLC

    N/A · Hold and manage real estate · DE

    Directly controlled by NA

  • Regency Evans Ranch LLC

    N/A · Hold and manage real estate · DE

    Directly controlled by NA

  • Regency Wood South LLC

    N/A · Hold and manage real estate · DE

    Directly controlled by NA

  • Regency Lion LLC

    N/A · Hold and manage real estate · DE

    Directly controlled by NA

  • Regency Sandy Springs LLC

    N/A · Hold and manage real estate · DE

    Directly controlled by NA

  • Regency Coral Gables LLC

    N/A · Hold and manage real estate · DE

    Directly controlled by NA

  • Regency Bressi LLC

    N/A · Hold and manage real estate · DE

    Directly controlled by NA

  • Regency Meridian Holding LLC

    N/A · Hold and manage real estate · DE

    Directly controlled by NA

  • Regency Gaslamp Square Retail Owner LLC

    N/A · Hold and manage real estate · DE

    Directly controlled by NA

  • Regency Portrait LLC

    N/A · Hold and manage real estate · DE

    Directly controlled by NA

  • Regency Phase II Oak Park LLC

    N/A · Hold and manage real estate · DE

    Directly controlled by NA

  • Regency Phase I Oak Park LLC

    N/A · Hold and manage real estate · DE

    Directly controlled by NA

  • Regency 411 D St LLC

    N/A · Hold and manage real estate · DE

    Directly controlled by NA

  • Regency 701 B Street LLC

    N/A · Hold and manage real estate · DE

    Directly controlled by NA

  • Regency 44th Street LLC

    N/A · Hold and manage real estate · DE

    Directly controlled by NA

  • University Associates Silicon Valley LLC

    N/A · To design and build a sustainable educational · DE

    Directly controlled by NA

  • UCSD Ambulatory Surgery Center LLC

    N/A · To serve as an ambulatory surgery center · DE

    Directly controlled by UCSD-SCA Holdings II LLC

  • Regency Columbia Center LLC

    N/A · Hold and manage real estate · DE

    Directly controlled by NA

  • Regency Columbia Square LLC

    N/A · Hold and manage real estate · DE

    Directly controlled by NA

  • Regency Indigo Austin LLC

    N/A · Hold and manage real estate · DE

    Directly controlled by NA

  • Broadway Franklin LLC

    N/A · Hold and manage real estate · DE

    Directly controlled by NA

  • Regency Tropicana LLC

    N/A · Hold and manage real estate · DE

    Directly controlled by NA

  • Regency TriPacific LLC

    N/A · Hold and manage real estate · DE

    Directly controlled by NA

  • Regency Arborpoint LLC

    N/A · Hold and manage real estate · DE

    Directly controlled by NA

  • Regency Oakland A LLC

    N/A · Hold and Manage Real Estate · DE

    Directly controlled by NA

  • Regency Oakland B LLC

    N/A · Hold and Manage Real Estate · DE

    Directly controlled by NA

  • Regency Main Plaza LLC

    N/A · Hold and Manage Real Estate · DE

    Directly controlled by NA

  • Regency Redwood Center LLC

    N/A · Hold and Manage Real Estate · DE

    Directly controlled by NA

  • Tahoe Ltd

    N/A · Asset Holding · MP

    Directly controlled by NA

  • Regency Chatsworth

    N/A · Hold and Manage Real Estate · DE

    Directly controlled by NA

  • Regency Cherry Hill LLC

    N/A · Hold and Manage Real Estate · DE

    Directly controlled by NA

  • Regency Bluecore

    N/A · Hold and manage real estate · DE

    Directly controlled by NA

  • Regency Westloop

    N/A · Hold and manage real estate · DE

    Directly controlled by NA

  • Regency Vista Park

    N/A · Hold and manage real estate · DE

    Directly controlled by NA

  • UCLASP Holdings LLC aka SCOI

    N/A · Owns and operates ambulatory surgery centers · DE

    Directly controlled by NA

  • Stockbridge SIV Reno LLC

    N/A · Asset Holding · DE

    Directly controlled by The Regents of the University of California

  • Strategic Industrial Venture OP LP

    N/A · Asset Holding · DE

    Directly controlled by Stockbridge Strategic Industrial Venture LLC

  • Regency Gardens Pointe LLC

    N/A · Hold and manage real estate · CA

    Directly controlled by NA

  • Regency Dulles

    N/A · Hold and manage real estate · DE

    Directly controlled by NA

  • 636 Sixth Avenue Owner LLC

    N/A · Hold and manage real estate · DE

    Directly controlled by NA

  • UCSD-SCA Holdings I LLC

    N/A · Owns ambulatory surgery centers · DE

    Directly controlled by NA

  • UCSD-SCA Holdings II LLC

    N/A · Owns ambulatory surgery centers · DE

    Directly controlled by NA

  • UCSD Center for Surgery of Encinitas LP

    N/A · Ambulatory surgery center · CA

    Directly controlled by UCSD-SCA Holdings I LLC

  • UCSD Surgical Center of San Diego LLC

    N/A · Ambulatory surgery center · CA

    Directly controlled by UCSD-SCA Holdings I LLC

  • Regency Mission Hills LLC

    N/A · Hold and manage real estate · DE

    Directly controlled by NA

  • CP Redlands III LLC

    N/A · Hold and manage real estate · DE

    Directly controlled by NA

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • UC HEALTH RRG

    C Corporation · INSURANCE · DC · 0% owned · share of income $0 · share of assets $0

    Directly controlled by Na

  • Eureka Insurance Company PCC

    C Corporation · Insurance · DC · 0% owned · share of income $0 · share of assets $0

    Directly controlled by Na

  • Eureka One IC

    C Corporation · Insurance · DC · 0% owned · share of income $0 · share of assets $0

    Directly controlled by Na

  • SEQUOIA IC AN INCORPORATED CELL OF EUREKA INSURANCE COMPANY PCC

    C Corporation · INSURANCE · DC · 0% owned · share of income $0 · share of assets $0

    Directly controlled by Na

  • Regency 44TH Property Inc

    C Corporation · Hold and manage real estate · DE · 0% owned · share of income $0 · share of assets $0

    Directly controlled by Na

  • UC San Diego Health Accountable Care Network Inc

    C Corporation · Medical services · CA · 0% owned · share of income $0 · share of assets $0

    Directly controlled by Na

  • Azure Lake (Cayman LLC)

    C Corporation · Asset Holding · CJ · 0% owned · share of income $0 · share of assets $0

    Directly controlled by Na

  • Stockbridge Strategic Industrial Venture LLC

    C Corporation · Asset Holding · DE · 0% owned · share of income $0 · share of assets $0

    Directly controlled by Na

Provenance

Return type
form_990
Tax year
2022
Filed
15 May 2024
IRS schema version
2022v5.0
Source object
202401369349308480

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