Odyssey Charter School Incorporated, Odyssey Charter School in Wilmington, Delaware (DE)

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Odyssey Charter School Incorporated, Odyssey Charter School
Employer Identification Number (EIN)201787299
Name of OrganizationOdyssey Charter School Incorporated
Secondary NameOdyssey Charter School
In Care of NameTheodore Nannas
Address201 Bayard Ave, Wilmington, DE 19805-3331
SubsectionEducational Organization
Ruling Date03/2012
DeductibilityContributions are deductible
FoundationSchool
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period06/2014
Assets$1,000,000 to $4,999,999
Income$5,000,000 to $9,999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$4,588,970
Amount of Income$9,754,944
Form 990 Revenue Amount$7,673,442
National Taxonomy of Exempt Entities (NTEE)Educational Institutions and Related Activities:


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Amount of income in 2014: $9,754,944 (it was $6,618,778 in 2013)
This organization: 

 $9,754,944
Other organizations performing similar types of work: 

 $2,542,338

Assets in 2014: $4,588,970 (it was $7,070,935 in 2013)
This organization: 

 $4,588,970
Other organizations performing similar types of work: 

 $807,636

Expenses in 2014: $8,974,018
Odyssey Charter School Incorporated, Odyssey Charter School: 

 $8,974,018
Other organizations performing similar types of work: 

 $2,510,452

Income to expenses ratio in 2014: 1.1
Odyssey Charter School Incorporated, Odyssey Charter School: 

 1.1
Other organizations performing similar types of work: 

 1.0

Grants share in income in 2014: 98.3%
This organization: 

 98.3%
Other organizations performing similar types of work: 

 1.6%

Financial snapshot ($)

Revenue for 2014

Assets at the end of 2014

Functional expenses for 2014

Checklist
201220132014
Is the organization described in section 501(c)(3) or 4947(a)(1) (other than a private foundation)?YesYes
Is the organization required to complete Schedule B, Schedule of Contributors?YesYes
Did the organization engage in direct or indirect political campaign activities on behalf of or in opposition to candidates for public office?NoNo
Did the organization engage in lobbying activities, or have a section 501(h) election in effect during the tax year?NoNo
Is the organization a section 501(c)(4), 501(c)(5), or 501(c)(6) organization that receives membership dues, assessments, or similar amounts as defined in Revenue Procedure 98-19?NoNo
Did the organization maintain any donor advised funds or any similar funds or accounts for which donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts?NoNo
Did the organization receive or hold a conservation easement, including easements to preserve open space, the environment, historic land areas, or historic structures?NoNo
Did the organization maintain collections of works of art, historical treasures, or other similar assets?NoNo
Did the organization report an amount for escrow or custodial account liability; serve as a custodian or provide credit counseling, debt management, credit repair, or debt negotiation services?NoNo
Did the organization, directly or through a related organization, hold assets in temporarily restricted endowments, permanent endowments, or quasi-endowments?NoNo
Did the organization report an amount for land, buildings, and equipment?YesYes
Did the organization report an amount for investments-other securities that is 5% or more of its total assets?NoNo
Did the organization report an amount for investments-program related that is 5% or more of its total assets?NoNo
Did the organization report an amount for other assets that is 5% or more of its total assets?NoNo
Did the organization report an amount for other liabilities?YesYes
Did the organization's separate or consolidated financial statements for the tax year include a footnote that addresses the organization's liability for uncertain tax positions under FIN 48 (ASC 740)?YesYes
Did the organization obtain separate, independent audited financial statements for the tax year?YesYes
Was the organization included in consolidated, independent audited financial statements for the tax year?NoNo
Is the organization a school described in section 170(b)(1)(A)(ii)?YesYes
Did the organization maintain an office, employees, or agents outside of the United States?NoNo
Did the organization have aggregate revenues or expenses of more than $10,000 from grantmaking, fundraising, business, investment, and program service activities outside the United States, or aggregate foreign investments valued at $100,000 or more?NoNo
Did the organization report more than $5,000 of grants or other assistance to or for any foreign organization?NoNo
Did the organization report more than $5,000 of aggregate grants or other assistance to or for foreign individuals?NoNo
Did the organization report a total of more than $15,000 of expenses for professional fundraising services?NoNo
Did the organization report more than $15,000 total of fundraising event gross income and contributions?NoNo
Did the organization report more than $15,000 of gross income from gaming activities?NoNo
Did the organization operate one or more hospital facilities?NoNo
Did the organization attach a copy of its audited financial statements?NoNo
Did the organization report more than $5,000 of grants or other assistance to any domestic organization or domestic government?NoNo
Did the organization report more than $5,000 of grants or other assistance to or for domestic individuals?NoNo
Did the organization answer 'Yes' about compensation of the organization's current and former officers, directors, trustees, key employees, and highest compensated employees?NoNo
Did the organization have a tax-exempt bond issue with an outstanding principal amount of more than $100,000 as of the last day of the year, that was issued after December 31, 2002?NoNo
Did the organization invest any proceeds of tax-exempt bonds beyond a temporary period exception?NoNo
Did the organization maintain an escrow account other than a refunding escrow at any time during the year to defease any tax-exempt bonds?NoNo
Did the organization act as an 'on behalf of' issuer for bonds outstanding at any time during the year?NoNo
Did the organization engage in an excess benefit transaction with a disqualified person during the year?NoNo
Is the organization aware that it engaged in an excess benefit transaction with a disqualified person in a prior year, and that the transaction has not been reported on any of the organization's prior Forms 990 or 990-EZ?NoNo
Did the organization report any amount for receivables from or payables to any current or former officers, directors, trustees, key employees, highest compensated employees, or disqualified persons?NoNo
Did the organization provide a grant or other assistance to an officer, director, trustee, key employee, substantial contributor or employee thereof, a grant selection committee member, or to a 35% controlled entity or family member of any of these persons?NoNo
Was the organization a party to a business transaction with one of the following parties
A current or former officer, director, trustee, or key employee?NoNo
A family member of a current or former officer, director, trustee, or key employee?NoNo
An entity of which a current or former officer, director, trustee, or key employee (or a family member thereof) was an officer, director, trustee, or direct or indirect owner?NoNo
Did the organization receive more than $25,000 in non-cash contributions?NoNo
Did the organization receive contributions of art, historical treasures, or other similar assets, or qualified conservation contributions?NoNo
Did the organization liquidate, terminate, or dissolve and cease operations?NoNo
Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets?NoNo
Did the organization own 100% of an entity disregarded as separate from the organization under Regulations sections 301.7701-2 and 301.7701-3?NoNo
Was the organization related to any tax-exempt or taxable entity?NoNo
Did the organization have a controlled entity within the meaning of section 512(b)(13)?NoNo
Did the organization make any transfers to an exempt non-charitable related organization?NoNo
Did the organization conduct more than 5% of its activities through an entity that is not a related organization and that is treated as a partnership for federal income tax purposes?NoNo
Statements Regarding Other IRS Filings and Tax Compliance
200920102011201220132014
The number reported in Box 3 of Form 109600000
The number of Forms W-2G00000
Did the organization comply with backup withholding rules for reportable payments to vendors and reportable gaming (gambling) winnings to prize winners?NoNoNoNoNo
The number of employees reported on Form W-3, Transmittal of Wage and Tax Statements, filed for the calendar year ending with or within the year covered by this return00000
Did the organization file all required federal employment tax returns?NoNoNoNoNo
Did the organization have unrelated business gross income of $1,000 or more during the year?NoNoNoNoNoNo
Has it filed a Form 990-T for this year?NoNoNoNoNo
At any time during the calendar year, did the organization have an interest in, or a signature or other authority over, a financial account in a foreign country (such as a bank account, securities account, or other financial account)?NoNoNoNoNo
Was the organization a party to a prohibited tax shelter transaction at any time during the tax year?NoNoNoNoNo
Did any taxable party notify the organization that it was or is a party to a prohibited tax shelter transaction?NoNoNoNoNo
Did the organization file Form 8886-T?NoNoNoNoNo
Does the organization have annual gross receipts that are normally greater than $100,000, and did the organization solicit any contributions that were not tax deductible as charitable contributions?NoNoNoNoNo
Did the organization include with every solicitation an express statement that such contributions or gifts were not tax deductible?NoNoNoNoNo
Did the organization receive a payment in excess of $75 made partly as a contribution and partly for goods and services provided to the payor?NoNoNoNoNo
Did the organization notify the donor of the value of the goods or services provided?NoNoNoNoNo
Did the organization sell, exchange, or otherwise dispose of tangible personal property for which it was required to file Form 8282?NoNoNoNoNo
Did the organization receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?NoNoNoNoNo
Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract?NoNoNoNoNo
If the organization received a contribution of qualified intellectual property, did the organization file Form 8899 as required?NoNoNoNoNo
If the organization received a contribution of cars, boats, airplanes, or other vehicles, did the organization file a Form 1098-C?NoNoNoNoNo
Did a donor advised fund maintained by the sponsoring organization have excess business holdings at any time during the year?NoNoNoNoNo
Did the sponsoring organization make any taxable distributions under section 4966?NoNoNoNoNo
Did the sponsoring organization make a distribution to a donor, donor advisor, or related person?NoNoNoNoNo
Initiation fees and capital contributions$0$0$0$0$0$0
Gross receipts for public use of club facilities $0$0$0$0$0$0
Gross income from members or shareholders$0$0$0$0$0$0
Gross income from other sources$0$0$0$0$0$0
Is the organization filing Form 990 in lieu of Form 1041?NoNoNoNoNo
The amount of tax-exempt interest received or accrued during the year$0$0$0$0$0
Is the organization licensed to issue qualified health plans in more than one state?NoNoNoNoNo
The amount of reserves the organization is required to maintain by the states in which the organization is licensed to issue qualified health plans$0$0$0$0$0
The amount of reserves on hand$0$0$0$0$0
Did the organization receive any payments for indoor tanning services during the tax year?NoNoNoNoNo
Has it filed a Form 720 to report these payments?NoNoNoNoNo
Compensation of Officers, Directors, Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors
201220132014
Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees
Total reportable compensation from the organization$0$118,048
Total reportable compensation from related organizations$0$0
Total estimated amount of other compensation from the organization and related organizations$0$7,903
Total number of individuals who received more than $100,000 of reportable compensation from the organization01
Total number of independent contractors who received more than $100,000 of compensation from the organization01
Statement of Revenue
200920102011201220132014
Total revenue$2,951,546$3,941,168$4,435,864$5,473,560$6,618,778$7,673,442
Contributions, Gifts, Grants and Other Similar Amounts$2,931,467$3,926,225$4,349,604$5,243,928$6,379,887$7,546,457
Program Service Revenue$9,674$9,751$74,839$133,531$221,542$272,050
Educational Support Services$4,331$5,606$69,751$191,145$230,105
Educational Support Services$3,548$4,145$4,959$22,851$21,059
Educational Support Services$1,795$0$129$6,271$15,201
Educational Support Services$0$0$0$1,275$4,485
Educational Support Services$0$0$0$0$721
All other program service revenue$0$0$0$0$479
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$8,166$5,192$5,772$6,676$8,900$0
Income from investment of tax-exempt bond proceeds$0$0$0$0$0$0
Royalties$0$0$0$0$0$0
Net rental income$0$0$0$0$0$0
Net gain/loss from sales of assets other than inventory$0$0$0$0$0$-181,502
Gross amount from sales of assets other than inventory (Securities / Other)$0 / $0$0 / $0$0 / $0$0 / $0$0 / $0$0 / $1,900,000
Less: cost or other basis and sales expenses (Securities / Other)$0 / $0$0 / $0$0 / $0$0 / $0$0 / $0$0 / $2,081,502
Gain or (loss) (Securities / Other)$0 / $0$0 / $0$0 / $0$0 / $0$0 / $0$0 / $-181,502
Net income/loss from fundraising events$0$0$5,649$12,872$4,769$8,969
Gross income from fundraising events$0$0$5,649$12,872$4,769$8,969
Less: direct expenses$0$0$0$0$0$0
Net income/loss from gaming activities$0$0$0$0$0$0
Net income/loss from sales of inventory$0$0$0$0$0$0
Miscellaneous Revenue$2,239$0$0$76,553$3,680$27,468
900099$2,239$0$0$3,385$15,572
900099$0$0$0$295$11,896
All other revenue$0$0$0$0$0
Statement of Functional Expenses
200920102011201220132014
Total functional expenses$2,897,148$3,966,010$4,354,223$5,089,336$6,318,572$8,974,018
Grants and other assistance to domestic organizations and domestic governments$0$0$0$0$0
Grants and other assistance to domestic individuals$0$0$0$0$0
Grants and other assistance to foreign organizations, foreign governments, and foreign individuals$0$0$0$0$0
Benefits paid to or for members$0$0$0$0$0
Compensation of current officers, directors, trustees, and key employees$0$0$0$0$0$0
Compensation not included above, to disqualified persons$0$0$0$0$0
Other salaries and wages$1,125,868$1,533,321$1,862,496$2,244,345$2,995,437$4,055,006
Pension plan accruals and contributions$180,081$219,281$278,378$529,872$57,691
Other employee benefits$253,544$295,508$384,153$490,141$1,756,356
Payroll taxes$92,248$114,193$137,427$163,111$207,585$14,521
Fees for services (non-employees)
Management$0$0$0$0$0
Legal$0$0$3,336$15,378$19,930
Accounting$0$0$9,100$10,750$11,000
Lobbying$0$0$0$0$0
Professional fundraising services$0$0$0$0$0$0
Investment management fees$0$0$0$0$0
Other$181,398$204,711$253,485$303,013$254,258
Advertising and promotion$3,920$1,894$2,031$8,595$5,990
Office expenses$44,171$65,764$68,105$0$0
Information technology$0$0$0$0$0
Royalties$0$0$0$0$0
Occupancy$450,071$565,791$450,300$627,543$1,008,482
Travel$1,455$1,970$8,804$1,799$5,776
Payments of travel or entertainment expenses for any federal, state, or local public officials$0$0$0$0$0
Conferences, conventions, and meetings$7,245$7,482$907$0$0
Interest$72,038$292,085$185,187$133,498$187,461
Payments to affiliates$0$0$0$0$0
Depreciation, depletion, and amortization$91,519$224,190$272,308$267,562$459,545
Insurance$13,076$22,229$21,877$31,189$29,669
Other expenses$292,197$248,467$248,682$274,634$431,589
Other expenses$86,501$151,782$90,443$219,727$374,847
Other expenses$1,816$17,342$54,207$112,707$142,343
Other expenses$0$0$22,997$54,300$97,515
Other expenses$0$0$0$34,842$62,039
Balance Sheet
200920102011201220132014
Total assets$4,325,864$4,315,394$4,514,635$4,793,106$7,070,935$4,588,970
Cash - non-interest-bearing$543,583$476,734$721,640$1,363,532$414,634
Savings and temporary cash investments$0$0$0$0$0
Pledges and grants receivable, net$0$0$0$0$0
Accounts receivable, net$0$0$2,537$31,471$13,874
Loans and other receivables from current and former officers, directors, trustees, key employees, and highest compensated employees$0$0$0$0$0
Loans and other receivables from other disqualified persons, persons described in section 4958(c)(3)(B), and contributing employers and sponsoring organizations of section 501(c)(9) voluntary employees' beneficiary organizations$0$0$0$0$0
Notes and loans receivable, net$0$0$0$0$0
Inventories for sale or use$0$0$0$0$0
Prepaid expenses and deferred charges$35,113$34,885$37,554$48,198$260,491
Land, buildings, and equipment: cost or other basis$3,747,168$3,801,104$3,752,904$5,627,046$3,898,524
Investments - publicly traded securities$0$0$0$0$0
Investments - other securities$0$0$0$0$0
Investments - program-related$0$0$0$0$0
Intangible assets$0$2,671$0$0$0
Other assets$0$0$0$688$1,447
Total liabilities$3,551,532$3,565,904$3,683,504$3,577,751$5,555,374$4,373,985
Accounts payable and accrued expenses$258,552$324,231$392,064$791,008$1,227,936
Grants payable$0$0$0$0$0
Deferred revenue$123,146$624$112,499$76,891$70,894
Tax-exempt bond liabilities$0$0$0$0$0$0
Escrow or custodial account liability$0$0$0$0$0
Loans and other payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified persons$0$0$0$0$0
Secured mortgages and notes payable to unrelated third parties$3,098,687$3,068,900$3,006,920$2,938,009$4,640,213$3,067,509
Unsecured notes and loans payable to unrelated third parties$65,591$65,591$65,591$0$0$0
Other liabilities (including federal income tax, payables to related third parties, and other liabilities)$5,556$106,558$106,430$47,262$7,646
Total net assets or fund balances$774,332$749,490$831,131$1,215,355$1,515,561$214,985
Unrestricted net assets$0$0$0$0$0
Temporarily restricted net assets$0$0$0$0$0
Permanently restricted net assets$0$0$0$0$0
Capital stock or trust principal, or current funds$-127,037$-229,091$-158,641$300,277$-616,030
Paid-in or capital surplus, or land, building, or equipment fund$901,369$978,581$989,772$1,215,284$831,015
Retained earnings, endowment, accumulated income, or other funds$0$0$0$0$0$0
Reason for Public Charity Status (for 2014)
The organization is not a private foundation because it is:A school described in section 170(b)(1)(A)(ii)
Number of organizations supported0
Sum of amounts of support$0
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IdNameAddressStateEstablishedTotal Income
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2Peabody Charter School Inc3018 Calle Noguera, Santa Barbara, CA 93105-2848CA2009-08$6,466,030
3The Highlander Charter School42 Lexington Ave, Providence, RI 02907-1716RI2003-07$6,404,245
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5Odyssey Charter School Incorporated, Odyssey Charter School201 Bayard Ave, Wilmington, DE 19805-3331DE2012-03$9,754,944
6Family Foundations Academy Inc1101 Delaware St, New Castle, DE 19720-6033DE2006-05$8,048,438
7Providence Creek Academy Charter SchoolPO BOX 265, Clayton, DE 19938-0265DE2003-05$6,788,470
8Delaware Military Academy Inc112 Middleboro Rd, Wilmington, DE 19804-1621DE2002-04$6,327,212
9Aspira Of Delaware Charter Operations326 Ruthar Dr, Newark, DE 19711-8017DE2011-05$4,998,798
10Kuumba Academy Charter School Inc1200 N French St, Wilmington, DE 19801-3239DE2014-07$3,856,060
11Delaware College Preparatoryacademy510 W 28th St, Wilmington, DE 19802DE2015-01$2,835,824
12First State Military Academy3 Shinnecock Rd, Dover, DE 19904DE2012-12$325,018
13Academia Antonia Alonso403 N Van Buren St, Wilmington, DE 19805-3243DE2014-09$250,000
14Delaware Met Charter School100 W 10th St Ste 403, Wilmington, DE 19801-1643DE2014-07$0
15Delaware Stem Academy2409 Larchwood Rd, Wilmington, DE 19810-3819DE2014-07$0
16Freire Charter School Wilmington Inc300 W 9th St, Wilmington, DE 19801-1502DE2014-11$0
17Mapleton Charter School402 Whitby Dr, Wilmington, DE 19803-2216DE2014-10$0
18Maurice J Moyer Academy Inc610 E 17th St, Wilmington, DE 19802-5031DE2006-03$0
19Pike Creek Charter School Inc34 Rankin Rd, Newark, DE 19711-4851DE2014-07$0
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Number of organizations performing similar types of work
Alaska3
Arkansas13
Arizona190
California466
Colorado91
Connecticut15
District of Columbia51
Delaware19
Florida310
Georgia65
Hawaii6
Idaho37
Illinois40
Indiana69
Kansas2
Kentucky2
Louisiana69
Massachusetts12
Maryland35
Maine7
Michigan25
Minnesota131
Missouri28
Mississippi2
North Carolina76
Nebraska1
New Hampshire11
New Jersey55
New Mexico3
Nevada5
New York215
Ohio238
Oklahoma10
Oregon91
Pennsylvania126
Rhode Island14
South Carolina51
Tennessee43
Texas181
Utah75
Virginia5
Washington12
Wisconsin52
Wyoming4
Total2,956

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