Caravel Academy Inc
- Assets
- $15.9m
- Revenue
- $11.3m
- Investments
- $0.0
- Employees
- 279
- Location
- Bear, DE
- Founding
- 05/1985
- Data as of
- 08/2023
- EIN
- 22-2602110
Organization Overview
Caravel Academy Inc is located in Bear, DE. The organization was established in 1985. According to its NTEE Classification (B20) the organization is classified as: Elementary & Secondary Schools, under the broad grouping of Education and related organizations. As of 08/2023, Caravel Academy Inc employed 279 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Caravel Academy Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 08/2023, Caravel Academy Inc generated $11.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.6% each year. All expenses for the organization totaled $10.8m during the year ending 08/2023. While expenses have increased by 1.3% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
CARAVEL ACADEMY, A PRIVATE COLLEGE PREPARATORY SCHOOL, UPHOLDS THE VALUES OF HONESTY, PERSONAL INTEGRITY AND GOOD SPORTSMANSHIP. CARAVEL ACADEMY IS A COEDUCATIONAL NON-PROFIT SCHOOL OF APPROXIMATELY 1200 PUPILS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PRIVATE SCHOOL EDUCATION. GRADES PN-12. 1164 STUDENTS IN 2022-2023 SCHOOL YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
George G Lamey Head Of School | Officer | 40 | $114,333 |
Carol P Manubay Finofficer/sect | OfficerTrustee | 50 | $71,066 |
Dorothy M Peoples President | OfficerTrustee | 10 | $0 |
Robert C Peoples Vice President | OfficerTrustee | 10 | $0 |
Harrison B Peoples Vice President | OfficerTrustee | 10 | $0 |
Paul S Manubay Vice President | OfficerTrustee | 10 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Commercial Cleaning Services Inc Janitorial | 8/30/23 | $255,866 |
Absolute Lawn Care Inc Lawn Care | 8/30/23 | $118,727 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $21,650 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $21,650 |
| Total Program Service Revenue | $11,286,786 |
| Investment income | $32,111 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $11,340,547 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $185,419 |
| Compensation of current officers, directors, key employees. | $71,086 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,988,827 |
| Pension plan accruals and contributions | $109,744 |
| Other employee benefits | $518,725 |
| Payroll taxes | $489,499 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $220 |
| Fees for services: Accounting | $16,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $9,817 |
| Fees for services: Other | $520 |
| Advertising and promotion | $667 |
| Office expenses | $34,981 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,493,816 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $607,077 |
| Insurance | $136,992 |
| All other expenses | $38,028 |
| Total functional expenses | $10,820,072 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,858,491 |
| Savings and temporary cash investments | $4,731,802 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $27,798 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $29,144 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $606,830 |
| Net Land, buildings, and equipment | $5,136,633 |
| Investments—publicly traded securities | $3,498,060 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $15,888,758 |
| Accounts payable and accrued expenses | $344,070 |
| Grants payable | $0 |
| Deferred revenue | $1,653,238 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,997,308 |
| Net assets without donor restrictions | $13,891,450 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $15,888,758 |