Civic Intelligence

Galaxy Education Inc.

990 • Fiscal year 2024 • EIN 45-3533747

Jul 01, 2023 to Jun 30, 2024 • Filed on Feb 18, 2025

1380 Pinehurst RoadDunedin, FL 34698

(727) 330-2424

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

91st percentile

0.89x

Higher debt load relative to assets than 91% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2024

Liabilities / Revenue

89th percentile

2.05x

Higher debt load relative to revenue than 89% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2024

Net Margin

49th percentile

3.9%

Higher net margin than 49% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2024

Top Officer Pay

48th percentile

$179,400

Higher top officer pay than 48% of similar nonprofits.

Top officer pay equals 2.3% of source-year revenue.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2024

Asset Growth

99th percentile

518%

Faster asset growth than 99% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Revenue Growth

80th percentile

36%

Faster revenue growth than 80% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Assets

Up

$17,661,814

Up $14,801,957 (+518%) from 2023

Net Assets

Up

$1,885,651

Up $298,341 (+19%) from 2023

Liabilities

Up

$15,776,163

Up $14,503,616 (+1140%) from 2023

Revenue

Up

$7,678,201

Up $2,032,778 (+36%) from 2023

Expenses

Up

$7,379,860

Up $1,612,734 (+28%) from 2023

Net Income

Up

$298,341

Up $420,044 (+345%) from 2023

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$20M$15M$10M$5.0M$0-$5.0MAssets 2014: $29,754Liabilities 2014: $30,241Net Assets 2014: -$4872014Assets 2015: $84,144Liabilities 2015: $58,030Net Assets 2015: $26,1142015Assets 2016: $222,978Liabilities 2016: $119,609Net Assets 2016: $103,3692016Assets 2017: $340,833Liabilities 2017: $150,851Net Assets 2017: $189,9822017Assets 2018: $824,307Liabilities 2018: $144,875Net Assets 2018: $679,4322018Assets 2019: $940,750Liabilities 2019: $134,853Net Assets 2019: $805,8972019Assets 2020: $1,551,931Liabilities 2020: $632,136Net Assets 2020: $919,7952020Assets 2021: $1,791,975Liabilities 2021: $219,941Net Assets 2021: $1,572,0342021Assets 2022: $1,906,413Liabilities 2022: $197,400Net Assets 2022: $1,709,0132022Assets 2023: $2,859,857Liabilities 2023: $1,272,547Net Assets 2023: $1,587,3102023Assets 2024: $17,661,814Liabilities 2024: $15,776,163Net Assets 2024: $1,885,6512024Assets 2025: $17,902,829Liabilities 2025: $15,588,978Net Assets 2025: $2,313,8512025

Highlighted filing

2024

Assets$17,661,814
Liabilities$15,776,163
Net Assets$1,885,651

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$10M$5.0M$0-$5.0MRevenue 2014: $815,445Expenses 2014: $815,932Net Income 2014: -$4872014Revenue 2015: $1,104,224Expenses 2015: $1,077,623Net Income 2015: $26,6012015Revenue 2016: $1,185,901Expenses 2016: $1,108,646Net Income 2016: $77,2552016Revenue 2017: $2,283,860Expenses 2017: $2,197,247Net Income 2017: $86,6132017Revenue 2018: $3,409,607Expenses 2018: $2,920,157Net Income 2018: $489,4502018Revenue 2019: $3,682,339Expenses 2019: $3,555,874Net Income 2019: $126,4652019Revenue 2020: $4,024,640Expenses 2020: $3,910,742Net Income 2020: $113,8982020Revenue 2021: $5,006,406Expenses 2021: $4,354,167Net Income 2021: $652,2392021Revenue 2022: $4,731,890Expenses 2022: $4,594,911Net Income 2022: $136,9792022Revenue 2023: $5,645,423Expenses 2023: $5,767,126Net Income 2023: -$121,7032023Revenue 2024: $7,678,201Expenses 2024: $7,379,860Net Income 2024: $298,3412024Revenue 2025: $8,693,506Expenses 2025: $8,265,306Net Income 2025: $428,2002025

Highlighted filing

2024

Revenue$7,678,201
Expenses$7,379,860
Net Income$298,341
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Feb 18, 2025
Return Version
2023v6.0
Gross Receipts
$7,678,201
Mission and Program Overview

Mission

To operate a charter school in pinellas county, florida.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$212,022$15,658,036▲ $15,446,014
Rtn Earn Endowment Incm Other Fnds$1,375,288$1,715,094▲ $339,806
Cash and Non-Interest-Bearing Accounts$2,563,631$1,516,728▼ $1,046,903
Pledges and Grants Receivable-$373,557-
Pd in Cap Srpls Land Bldg Eqp Fund$212,022$170,557▼ $41,465
Accounts Receivable$45,754$75,043▲ $29,289
Prepaid Expenses and Deferred Charges$38,450$38,450→ $0
Total Assets$2,859,857$17,661,814▲ $14,801,957
Liabilities
Other Liabilities$0$15,487,479▲ $15,487,479
Accounts Payable and Accrued Expenses$1,272,547$288,684▼ $983,863
Total Liabilities$1,272,547$15,776,163▲ $14,503,616
Net Assets / Fund Balance
Total Net Assets Fund Balance$1,587,310$1,885,651▲ $298,341
Total Liabilities and Net Assets / Fund Balance$2,859,857$17,661,814▲ $14,801,957

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$15,487,479$180,302$15,667,781
Leasehold Improvements$143,849$189,104$332,953
Equipment$15,708$146,070$161,778
Other Land Buildings$11,000-$11,000
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Dr Emre AkbabaPrincipalFT$179,400$179,400
Dr Emre Akbaba--$179,400$179,400

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$6,442,686
Investment Income
$0
Other Revenue
$1,235,515
Change in Net Assets
$298,341

Audited Revenue Reconciliation

Revenue per Audited Statements
$7,678,201
Total Revenue per Audited Statements
$7,678,201
Total Revenue per Form 990
$7,678,201
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$7,379,860
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
All Other Expenses$2,326,399$38,260$0$2,364,659
Interest$817,858$0$0$817,858
Depreciation Depletion$236,712$0$0$236,712
Other Expenses$0$150,488$0$150,488
Total Functional Expenses$7,191,112$188,748$0$7,379,860

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$7,379,860
Total Expenses per Audited Statements$7,379,860
Total Expenses per Form 990$7,379,860
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Long-term Lease Payable$15,487,479
Uncertain Tax Positions$0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No
Filing and Contact Details

Filer

Filer Name
Galaxy Education Inc
EIN
45-3533747
Phone
7273302424
Address
1380 PINEHURST ROAD, DUNEDIN, FL 34698
Doing Business As
Discovery Academy of Science

Signing Officer

Name
Fatih Demir
Title
President
Phone
7273302424
Signed
2025-02-18
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Fatih Demir
Formed
2011
Legal Domicile
Fl
Voting Board Members
4
Independent Board Members
4
Employees
103
Volunteers
10

Preparer

Firm
Robert I Walker CPA
Address
2803 W BUSCH BLVD SUITE 106, TAMPA, FL 33618
Preparer
Robert Walker CPA
Phone
8136248643
Supplemental Narrative

Additional Explanations

Pt VI, Line 11B

The 990 is prepared by an independent cpa firm and a draft is provided to the finance committee for review. The final 990 is provided to the board for approval.

Pt VI, Line 12C

At each noard meeting, the agenda is notated to remind board members to recuse from voting on any item that may be a conflict of interest.

Pt VI, Line 15B

The principal is paid in accordance with the school districts pay scale.

Form 990, Part IX, Line 24E

General administration 38260. 0. 38260. 0.

Form 990, Part IX, Line 24E

School administration 1018623. 1018623. 0. 0.

Form 990, Part IX, Line 24E

Facilities 432348. 432348. 0. 0.

Form 990, Part IX, Line 24E

Fiscal services 151744. 151744. 0. 0.

Form 990, Part IX, Line 24E

Food services 5451. 5451. 0. 0.

Form 990, Part IX, Line 24E

Central services 43024. 43024. 0. 0.

Form 990, Part IX, Line 24E

Operation of plant 451221. 451221. 0. 0.

Form 990, Part IX, Line 24E

Maintenance of plant 108006. 108006. 0. 0.

Form 990, Part IX, Line 24E

Community services 115861. 115861. 0. 0.

Form 990, Part IX, Line 24E

Instructional staff training 121. 121. 0. 0.

Financial Statement Notes

Pt X, Line 2

The School is exempt from Federal tax under Section 501(c)(3) of the Internal Revenue Code. Accordingly, no provision for income taxes has been included in the accompanying financial statements. Additionally, no uncertain tax positions have been made requiring disclosure in the related note to financial statements. The Schools income tax returns for the past three years are subject to examination by tax authorities and may change upon examination.

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IRS990ScheduleD/TotalExpensesPerForm990Amt07379860
IRS990ScheduleD/TotalLiabilityAmt015487479
IRS990ScheduleD/TotalRevenuePerForm990Amt07678201
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt07678201
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt07379860
IRS990ScheduleE/ComplianceWithRevProc7550Ind0true
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd0false
IRS990ScheduleE/DiscriminateRaceAthltProgInd0false
IRS990ScheduleE/DiscriminateRaceEducPlcyInd0false
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd0false
IRS990ScheduleE/DiscriminateRaceOtherActyInd0false
IRS990ScheduleE/DiscriminateRaceSchsInd0false
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IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd0false
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IRS990ScheduleE/GovernmentFinancialAidRvkdInd0false
IRS990ScheduleE/MaintainCpyOfAllSolInd0true
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd0true
IRS990ScheduleE/MaintainRacialCompRecsInd0true
IRS990ScheduleE/MaintainScholarshipsRecsInd0true
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd0true
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd0true
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd0true
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0RECEIVES GRANTS THROUGH THE FLORIDA DEPT OF EDUCATION.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1STATES EQUAL OPPORTUNITY ON WEBSITE AND BROCHURE. NA
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0Line 6b
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1Line 3
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IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd0false
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd0false
IRS990ScheduleJ/EquityBasedCompArrngmInd0false
IRS990ScheduleJ/InitialContractExceptionInd0false
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0DR EMRE AKBABA
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0179400
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt00
IRS990ScheduleJ/SeverancePaymentInd0false
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE 990 IS PREPARED BY AN INDEPENDENT CPA FIRM AND A DRAFT IS PROVIDED TO THE FINANCE COMMITTEE FOR REVIEW. THE FINAL 990 IS PROVIDED TO THE BOARD FOR APPROVAL.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1AT EACH NOARD MEETING, THE AGENDA IS NOTATED TO REMIND BOARD MEMBERS TO RECUSE FROM VOTING ON ANY ITEM THAT MAY BE A CONFLICT OF INTEREST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE PRINCIPAL IS PAID IN ACCORDANCE WITH THE SCHOOL DISTRICTS PAY SCALE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3GENERAL ADMINISTRATION 38260. 0. 38260. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4SCHOOL ADMINISTRATION 1018623. 1018623. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5FACILITIES 432348. 432348. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6FISCAL SERVICES 151744. 151744. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7FOOD SERVICES 5451. 5451. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8CENTRAL SERVICES 43024. 43024. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt9OPERATION OF PLANT 451221. 451221. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt10MAINTENANCE OF PLANT 108006. 108006. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt11COMMUNITY SERVICES 115861. 115861. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt12INSTRUCTIONAL STAFF TRAINING 121. 121. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Pt VI, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Pt VI, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Pt VI, Line 15b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc9Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc10Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc11Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc12Form 990, Part IX, Line 24e
IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingEntityName/BusinessNameLine1Txt0GALAXY EDUCATION INC
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt0GALAXY EDUCATION PROPERTY HOLDINGS LLC
IRS990ScheduleR/IdDisregardedEntitiesGrp/EIN0453533747
IRS990ScheduleR/IdDisregardedEntitiesGrp/EndOfYearAssetsAmt018146488
IRS990ScheduleR/IdDisregardedEntitiesGrp/LegalDomicileStateCd0FL
IRS990ScheduleR/IdDisregardedEntitiesGrp/PrimaryActivitiesTxt0BOND/FACILITY LEASE
IRS990ScheduleR/IdDisregardedEntitiesGrp/TotalIncomeAmt02104884
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/AddressLine1Txt01380 PINEHURST ROAD
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/CityNm0DUNEDIN
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/StateAbbreviationCd0FL
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/ZIPCd034698
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IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalFunctionalExpensesGrp/TotalAmt07379860
IRS990/TotalGrossUBIAmt00
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IRS990/TotalLiabilitiesEOYAmt015776163
IRS990/TotalLiabilitiesGrp/BOYAmt01272547
IRS990/TotalLiabilitiesGrp/EOYAmt015776163
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01587310
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01885651
IRS990/TotalProgramServiceExpensesAmt07191112
IRS990/TotalProgramServiceRevenueAmt06442686
IRS990/TotalReportableCompFromOrgAmt0179400
IRS990/TotalRevenueGrp/ExclusionAmt00
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IRS990/TotalRevenueGrp/TotalRevenueColumnAmt07678201
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt010
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IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt017661814
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
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IRS990/USAddress/CityNm0DUNEDIN
IRS990/USAddress/StateAbbreviationCd0FL
IRS990/USAddress/ZIPCd034698
IRS990/VotingMembersGoverningBodyCnt04
IRS990/VotingMembersIndependentCnt04
IRS990/WebsiteAddressTxt0WWW.DISCOVERYACADEMY.INFO
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0FATIH DEMIR
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum07273302424
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-02-18
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0GALAXY EDUCATION INC
ReturnHeader/Filer/BusinessNameControlTxt0GALA

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$17.9$15.6$2.31$8.69$8.27$0.43
2024Detailed filing. Detailed filing data is available for this year.$17.7$15.8$1.89$7.68$7.38$0.30
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.86$1.27$1.59$5.65$5.77$0.12
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.91$0.20$1.71$4.73$4.59$0.14
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.79$0.22$1.57$5.01$4.35$0.65
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.55$0.63$0.92$4.02$3.91$0.11
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.94$0.13$0.81$3.68$3.56$0.13
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.82$0.14$0.68$3.41$2.92$0.49
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.34$0.15$0.19$2.28$2.20$0.09
2016Detailed filing. Detailed filing data is available for this year.$0.22$0.12$0.10$1.19$1.11$0.08
2015Detailed filing. Detailed filing data is available for this year.$0.08$0.06$0.03$1.10$1.08$0.03
2014Detailed filing. Detailed filing data is available for this year.$0.03$0.03$0.00$0.82$0.82$0.00