Caravel Academy Inc

Nonprofit profile at a glance

EIN
222602110
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Bear, DE, USA
Phone
3028348938
Rating
79
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Elementary, Secondary Education, K - 12

Official website

Reported finances

Revenue
$13,546,152
Expenses
$12,574,849
Assets
$20,298,101
Liabilities
$2,340,933

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

7 people listed

Executive titles in this filing

  • Dorothy M Peoples (President)
  • Robert C Peoples (Vice President)
  • Harrison B Peoples (Vice President)
  • Paul S Manubay (Vice President)
  • W Thomas Peoples (Vice President)

Highest reported compensation

  • George G Lamey (Head of School): $134,333 total reported compensation
  • Carol P Manubay (FinOfficer/SecT): $86,459 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

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.

What it reported doing in 2024

Private school education. Grades PN-12. 1198 students in 2024-2025 school year.

Operating model

Revenue model
Earned-program. 98% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 80
  • Transparency & Controls: 90
  • Accountability: 59
  • Sustainability: 62
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 87.1%; rating input score 87
  • Program expense ratio: 95.2%; rating input score 95
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 83.3%; rating input score 83; 17th percentile among comparable filings
  • Governance controls: 2 of 8 controls in place; rating input score 25
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 7.2%; rating input score 60; 60th percentile among comparable filings
  • Total-asset coverage ratio: 1.61; rating input score 54; 54th percentile among comparable filings
  • Liabilities to assets ratio: 0.12; rating input score 71; 71st percentile among comparable filings
  • Officer compensation ratio: 1.8%; rating input score 79; 79th percentile among comparable filings

Growth

  • Program expense growth: 1.8% per year; rating input score 100; 18th percentile among comparable filings
  • Revenue growth: 2.4% per year; rating input score 100; 21st percentile among comparable filings
  • Asset growth: 2.5% per year; rating input score 100; 20th percentile among comparable filings

Details

  • Where the money goes: 87.1% of revenue deployed · 95.2% of spending went to programs
  • Governance: 5 of 6 board members independent · 2 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $12M in reported program spending
  • Leadership: top reported pay $134K · 7 people listed
  • Highest-paid contractors: 1 contractor listed · $274K reported
  • Consistency: 25 of 25 current checks pass
  • Schedules: 5 filed schedules
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Accountability: Governance controls: 6 of 8 not reported.
  • Review — Sustainability: Total-asset coverage ratio scored 54/100.