Civic Intelligence

Caravel Academy Inc

EIN 22-2602110 • 501(c)3 • Bear, DE

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Profile

CARAVEL ACADEMY, a private

2801 Del Laws RoadBear, DE 19701

www.caravel.org/pages/Caravel_Academy

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

42nd percentile

0.12x

Higher debt load relative to assets than 42% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2025

Liabilities / Revenue

44th percentile

0.17x

Higher debt load relative to revenue than 44% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2025

Net Margin

57th percentile

7.2%

Higher net margin than 57% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2025

Top Officer Pay

31st percentile

$134,333

Higher top officer pay than 31% of similar nonprofits.

Top officer pay equals 1.0% of source-year revenue.

501(c)3 • $10M-$25M nonprofits • Source year 2025

Asset Growth

78th percentile

16%

Faster asset growth than 78% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2024 to 2025

Revenue Growth

56th percentile

9.8%

Faster revenue growth than 56% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2024 to 2025

Balance Sheet
Liabilities / Assets42nd percentile

Assets

Up

$20,298,101

Up $2,827,594 (+16%) from 2024

Liabilities

Up

$2,340,933

Up $234,898 (+11%) from 2024

Net Assets

Up

$17,957,168

Up $2,592,696 (+17%) from 2024

Operations
Liabilities / Revenue44th percentileNet Margin57th percentile

Revenue

Up

$13,546,152

Up $1,211,483 (+9.8%) from 2024

Expenses

Up

$12,574,849

Up $896,187 (+7.7%) from 2024

Net Income

Up

$971,303

Up $315,296 (+48%) from 2024

Trend Graphs

Balance Sheet Trend

Asset Growth78th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$30M$20M$10M$0Assets 2011: $13,625,636Liabilities 2011: $2,607,189Net Assets 2011: $11,018,4472011Assets 2012: $13,326,315Liabilities 2012: $2,862,784Net Assets 2012: $10,463,5312012Assets 2013: $13,177,180Liabilities 2013: $3,145,175Net Assets 2013: $10,032,0052013Assets 2014: $13,139,143Liabilities 2014: $3,232,732Net Assets 2014: $9,906,4112014Assets 2015: $12,698,155Liabilities 2015: $2,718,611Net Assets 2015: $9,979,5442015Assets 2016: $13,213,700Liabilities 2016: $2,779,827Net Assets 2016: $10,433,8732016Assets 2017: $13,739,132Liabilities 2017: $2,841,272Net Assets 2017: $10,897,8602017Assets 2018: $13,371,854Liabilities 2018: $2,892,699Net Assets 2018: $10,479,1552018Assets 2019: $14,575,988Liabilities 2019: $3,596,089Net Assets 2019: $10,979,8992019Assets 2020: $15,275,543Liabilities 2020: $3,474,085Net Assets 2020: $11,801,4582020Assets 2021: $15,134,520Liabilities 2021: $1,899,213Net Assets 2021: $13,235,3072021Assets 2022: $14,425,391Liabilities 2022: $1,706,687Net Assets 2022: $12,718,7042022Assets 2023: $15,888,758Liabilities 2023: $1,997,308Net Assets 2023: $13,891,4502023Assets 2024: $17,470,507Liabilities 2024: $2,106,035Net Assets 2024: $15,364,4722024Assets 2025: $20,298,101Liabilities 2025: $2,340,933Net Assets 2025: $17,957,1682025

Highlighted filing

2025

Assets$20,298,101
Liabilities$2,340,933
Net Assets$17,957,168
Open 2025 Filing

Operations Trend

Revenue Growth56th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$15M$10M$5.0M$0-$5.0MExpenses 2011: $8,075,6372011Expenses 2012: $8,668,3372012Revenue 2013: $9,499,599Expenses 2013: $9,253,227Net Income 2013: $246,3722013Revenue 2014: $9,868,509Expenses 2014: $9,637,089Net Income 2014: $231,4202014Revenue 2015: $10,026,828Expenses 2015: $9,480,950Net Income 2015: $545,8782015Revenue 2016: $9,969,699Expenses 2016: $9,758,455Net Income 2016: $211,2442016Revenue 2017: $9,937,320Expenses 2017: $9,580,396Net Income 2017: $356,9242017Revenue 2018: $9,771,594Expenses 2018: $9,869,327Net Income 2018: -$97,7332018Revenue 2019: $10,147,667Expenses 2019: $10,215,992Net Income 2019: -$68,3252019Revenue 2020: $9,885,781Expenses 2020: $10,157,612Net Income 2020: -$271,8312020Revenue 2021: $11,726,062Expenses 2021: $9,838,068Net Income 2021: $1,887,9942021Revenue 2022: $10,540,566Expenses 2022: $10,523,627Net Income 2022: $16,9392022Revenue 2023: $11,340,547Expenses 2023: $10,820,072Net Income 2023: $520,4752023Revenue 2024: $12,334,669Expenses 2024: $11,678,662Net Income 2024: $656,0072024Revenue 2025: $13,546,152Expenses 2025: $12,574,849Net Income 2025: $971,3032025

Highlighted filing

2025

Revenue$13,546,152
Expenses$12,574,849
Net Income$971,303
Open 2025 Filing

Filings

Most recent year

2025 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$20,298,101
Liabilities
$2,340,933
Net assets
$17,957,168
Revenue
$13,546,152
Expenses
$12,574,849
Net income
$971,303
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$20.3$2.34$18.0$13.5$12.6$0.97
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$17.5$2.11$15.4$12.3$11.7$0.66
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$15.9$2.00$13.9$11.3$10.8$0.52
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$14.4$1.71$12.7$10.5$10.5$0.02
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$15.1$1.90$13.2$11.7$9.84$1.89
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$15.3$3.47$11.8$9.89$10.2$0.27
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$14.6$3.60$11.0$10.1$10.2$0.07
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$13.4$2.89$10.5$9.77$9.87$0.10
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$13.7$2.84$10.9$9.94$9.58$0.36
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$13.2$2.78$10.4$9.97$9.76$0.21
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$12.7$2.72$9.98$10.0$9.48$0.55
2014Detailed filing. Detailed filing data is available for this year.$13.1$3.23$9.91$9.87$9.64$0.23
2013Summary only. Only limited summary data is available for this year.$13.2$3.15$10.0$9.50$9.25$0.25
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$13.3$2.86$10.5$8.67
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$13.6$2.61$11.0$8.08
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Sep 1, 2024 to Aug 31, 2025
Signed
Feb 10, 2026
Return Version
2024v5.2
Gross Receipts
$13,546,152
Mission and Program 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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$6,018,420$6,480,412▲ $461,992
Investments in Publicly Traded Securities$4,325,259$5,962,141▲ $1,636,882
Land, Buildings, and Equipment, Net$5,221,768$5,399,004▲ $177,236
Cash and Non-Interest-Bearing Accounts$1,195,595$1,662,312▲ $466,717
Prepaid Expenses and Deferred Charges$653,343$726,477▲ $73,134
Accounts Receivable$27,922$37,780▲ $9,858
Other Notes and Loans Receivable, Net$28,200$29,975▲ $1,775
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$17,470,507$20,298,101▲ $2,827,594
Other Assets Total-$0-
Liabilities
Deferred Revenue$1,709,861$1,812,651▲ $102,790
Accounts Payable and Accrued Expenses$396,174$528,282▲ $132,108
Total Liabilities$2,106,035$2,340,933▲ $234,898
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$15,364,472$17,957,168▲ $2,592,696
Total Net Assets Fund Balance$15,364,472$17,957,168▲ $2,592,696
Total Liabilities and Net Assets / Fund Balance$17,470,507$20,298,101▲ $2,827,594

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$5,291,187$4,565,533$9,856,720
Buildings$107,817$8,196,549$8,304,366
Compensation and Service Providers
Top Officer Pay31st percentile

Employees

NameTitleFull / Part TimeBaseTotal
George G LameyHead of SchoolFT$134,333$134,333
Carol P ManubayFinOfficer/SecTFT$86,459$86,459

Board Members and Trustees

NameTitle
Dorothy M PeoplesPresident
Harrison B PeoplesVice President
Paul S ManubayVice President
Robert C PeoplesVice President
W Thomas PeoplesVice President

Highest Paid Contractors

ContractorServicesLocationCompensation
Commercial Cleaning Services INCJanitorialPO BOX 3318, Wilmington, DE 19804$273,542
Revenue and Support

Revenue Composition

Contributions and Grants
$41,450
Program Service Revenue
$13,306,865
Investment Income
$197,837
Other Revenue
$0
All Other Contributions
$41,450
Change in Net Assets
$971,303
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$8,470,002
Other Expenses$4,104,847
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$6,416,735$352,183-$6,768,918
Occupancy$1,693,551--$1,693,551
Other Employee Benefits$759,232$50,295-$809,527
Depreciation Depletion$666,025--$666,025
Payroll Taxes$500,636$33,556-$534,192
Current Officers, Directors, Trustees, and Key Employees$134,333$86,459-$220,792
Insurance$214,503--$214,503
Pension Plan Contributions$125,072$11,501-$136,573
Other Expenses$86,226--$86,226
Office Expenses$10,505$36,616-$47,121
All Other Expenses$36,949--$36,949
Fees for Services Accounting-$28,762-$28,762
Advertising$2,091--$2,091
Fees for Services Legal-$990-$990
Total Functional Expenses$11,974,487$600,362$0$12,574,849
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-Owned by DirRental of PropertyNo$350,000
-Owned by DirectoRepairsNo$130,624

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Audit committee
No
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

“Dorothy m peoples, president is mother of robert c peoples, vice president, harrison b peoples, vice president, w. Thomas peoples, vice president, and carol manubay, secretary-treasurer. Paul manubay, vice president and carol manubay are married.”

Form 990, Part VI, Section B, Line 11B

“A pdf file of the 990 is sent to the board to review and approve before filing”

Form 990, Part VI, Section C, Line 18

“Documents are available upon request with advance notice from carol manubay during regular school hours @ 2801 del laws road bear de 19701”

Form 990, Part VI, Section C, Line 19

“No documents available to the public.”

Filing and Contact Details

Filer

Filer Name
Caravel Academy Inc
EIN
22-2602110
Phone
3028348938
Address
2801 DEL LAWS ROAD, BEAR, DE 19701

Signing Officer

Name
Carol Manubay
Title
Finance Officer
Signed
2026-02-10
Discuss with paid preparer
Yes

Organization Details

Formed
1979
Legal Domicile
De
Voting Board Members
6
Independent Board Members
5
Employees
277

Preparer

Firm
Gitomer & Berenholz PC
Address
445 Shady Lane, Huntingdon Valley, PA 19006
Preparer
Alan J Gross CPA
Phone
2153793500
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

“Management evaluated the organization's tax positions and concluded that the association had maintained its tax exempt status and had taken no uncertain tax positions that require adjustment to the financial statements. Therefore, no provision or liability for income taxes has been included in the financial statements. At the present time, the organization is no longer subject to income tax examinations by the u.s. Federal, state or local tax authorities for years before 2021.”

Raw XML AppendixShowing 400 of 440 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

Path#Value
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IRS990/Form990PartVIISectionAGrp/TitleTxt6Vice President
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IRS990/MissionDesc0Caravel 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.
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0MANAGEMENT EVALUATED THE ORGANIZATION'S TAX POSITIONS AND CONCLUDED THAT THE ASSOCIATION HAD MAINTAINED ITS TAX EXEMPT STATUS AND HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS. THEREFORE, NO PROVISION OR LIABILITY FOR INCOME TAXES HAS BEEN INCLUDED IN THE FINANCIAL STATEMENTS. AT THE PRESENT TIME, THE ORGANIZATION IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR YEARS BEFORE 2021.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
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IRS990ScheduleE/DiscriminateRaceEducPlcyInd0false
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IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule E, Line 3 - Racially Nondiscriminatory Policy Publicized
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1Schedule E, Line 4 - Explanation of Records and Materials Not Maintained
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc2Schedule E, Line 5 - Explanation of Organization Discrimination by Race
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/BusinessName/BusinessNameLine1Txt0DM PEOPLES INVESTMENT C
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/BusinessName/BusinessNameLine1Txt1ROBERT C PEOPLES INC
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt0OWNED BY DIR
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt1OWNED BY DIRECTO
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt1130624
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0RENTAL OF PROPERTY
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc1REPAIRS
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0DOROTHY M PEOPLES, PRESIDENT IS MOTHER OF ROBERT C PEOPLES, VICE PRESIDENT, HARRISON B PEOPLES, VICE PRESIDENT, W. THOMAS PEOPLES, VICE PRESIDENT, AND CAROL MANUBAY, SECRETARY-TREASURER. PAUL MANUBAY, VICE PRESIDENT AND CAROL MANUBAY ARE MARRIED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1A PDF FILE OF THE 990 IS SENT TO THE BOARD TO REVIEW AND APPROVE BEFORE FILING
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2DOCUMENTS ARE AVAILABLE UPON REQUEST WITH ADVANCE NOTICE FROM CAROL MANUBAY DURING REGULAR SCHOOL HOURS @ 2801 DEL LAWS ROAD BEAR DE 19701
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3No documents available to the public.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, Line 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section C, Line 18
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section C, Line 19
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