Civic Intelligence

Rocketship Education

990 • Fiscal year 2014 • EIN 20-4040597

Jul 01, 2013 to Jun 30, 2014 • Filed on Apr 21, 2015

350 Twin Dolphin DriveRoom/Suite 10994065

(877) 806-0920

Siviq Scores

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

Liabilities / Assets

74th percentile

0.59x

Higher debt load relative to assets than 74% of similar nonprofits.

2014 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2014

Liabilities / Revenue

47th percentile

0.40x

Higher debt load relative to revenue than 47% of similar nonprofits.

2014 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2014

Net Margin

21st percentile

-2.2%

Higher net margin than 21% of similar nonprofits.

2014 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2014

Top Officer Pay

42nd percentile

$283,379

Higher top officer pay than 42% of similar nonprofits.

Top officer pay equals 0.5% of source-year revenue.

2014 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2014

Asset Growth

99th percentile

127%

Faster asset growth than 99% of similar nonprofits.

2014 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2013 to 2014

Revenue Growth

94th percentile

99%

Faster revenue growth than 94% of similar nonprofits.

2014 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2012 to 2014

Assets

Up

$34,855,538

Up $19,493,064 (+127%) from 2013

Net Assets

Up

$14,146,560

Up $3,245,762 (+30%) from 2013

Liabilities

Up

$20,708,978

Up $16,247,302 (+364%) from 2013

Revenue

$51,673,472

No earlier filing loaded for comparison.

Expenses

Up

$52,834,999

Up $37,528,788 (+245%) from 2013

Net Income

-$1,161,527

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

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

$300M$200M$100M$0Assets 2011: $12,127,397Liabilities 2011: $5,733,225Net Assets 2011: $6,394,1722011Assets 2012: $12,696,428Liabilities 2012: $3,678,693Net Assets 2012: $9,017,7352012Assets 2013: $15,362,474Liabilities 2013: $4,461,676Net Assets 2013: $10,900,7982013Assets 2014: $34,855,538Liabilities 2014: $20,708,978Net Assets 2014: $14,146,5602014Assets 2015: $24,286,360Liabilities 2015: $10,317,478Net Assets 2015: $13,968,8822015Assets 2016: $34,089,356Liabilities 2016: $13,483,870Net Assets 2016: $20,605,4862016Assets 2017: $38,324,635Liabilities 2017: $13,695,029Net Assets 2017: $24,629,6062017Assets 2018: $43,045,014Liabilities 2018: $14,028,267Net Assets 2018: $29,016,7472018Assets 2019: $51,425,468Liabilities 2019: $16,061,479Net Assets 2019: $35,363,9892019Assets 2020: $56,664,135Liabilities 2020: $17,932,984Net Assets 2020: $38,731,1512020Assets 2021: $74,871,482Liabilities 2021: $23,893,017Net Assets 2021: $50,978,4652021Assets 2022: $74,996,773Liabilities 2022: $22,037,389Net Assets 2022: $52,959,3842022Assets 2023: $251,235,558Liabilities 2023: $182,992,218Net Assets 2023: $68,243,3402023Assets 2024: $271,375,549Liabilities 2024: $187,943,541Net Assets 2024: $83,432,0082024

Highlighted filing

2014

Assets$34,855,538
Liabilities$20,708,978
Net Assets$14,146,560

Operations Trend

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

$200M$150M$100M$50M$0-$50MRevenue 2011: $12,922,526Expenses 2011: $7,545,732Net Income 2011: $5,376,7942011Revenue 2012: $13,092,650Expenses 2012: $10,562,837Net Income 2012: $2,529,8132012Expenses 2013: $15,306,2112013Revenue 2014: $51,673,472Expenses 2014: $52,834,999Net Income 2014: -$1,161,5272014Revenue 2015: $63,358,795Expenses 2015: $63,415,729Net Income 2015: -$56,9342015Revenue 2016: $82,957,671Expenses 2016: $76,195,779Net Income 2016: $6,761,8922016Revenue 2017: $91,449,291Expenses 2017: $87,624,693Net Income 2017: $3,824,5982017Revenue 2018: $98,757,579Expenses 2018: $94,370,438Net Income 2018: $4,387,1412018Revenue 2019: $109,048,247Expenses 2019: $102,701,005Net Income 2019: $6,347,2422019Revenue 2020: $111,342,099Expenses 2020: $107,974,937Net Income 2020: $3,367,1622020Revenue 2021: $120,667,231Expenses 2021: $108,334,421Net Income 2021: $12,332,8102021Revenue 2022: $138,926,108Expenses 2022: $136,945,189Net Income 2022: $1,980,9192022Revenue 2023: $173,897,710Expenses 2023: $158,613,754Net Income 2023: $15,283,9562023Revenue 2024: $187,005,475Expenses 2024: $171,816,807Net Income 2024: $15,188,6682024

Highlighted filing

2014

Revenue$51,673,472
Expenses$52,834,999
Net Income-$1,161,527
Jump To
Filing Snapshot
Filing Period
Jul 1, 2013 to Jun 30, 2014
Signed
Apr 21, 2015
Return Version
2013v4.0
Gross Receipts
$51,673,472
Mission and Program Overview

Mission

Rocketship education is a national non-profit network of public elementary charter schools serving low-income communities with limited access to excellent schools. Founded in 2006, rocketship education is a 501 (c)(3) non-profit corporation whose mission is to eliminate the achievement gap in underserved communities across the country. The core of rocketship's instructional model is a teacher-led, technology supported approach to personalized learning that matches each student with the right content at the right time utilizing the right method of instruction. By deeply engaging parents in their student's learning and the school community, rocketship develops parents who become lifelong advocates for their children and their community. Working alongside parents, community organizations, districts, and other charter schools, rocketship is catalizing a movement to eliminate the achievement gap in our lifetime.

Founded in 2006, rocketship education (www.rsed.org), a non-profit corporation, is building a national network of public elementary charter schools. Rocketship's mission is to eliminate the achievement gap in public education by creating a network of k-5 elementary charter schools in high need neighborhoods in major cities in the united states over the next decade. Each rocketship school operates in an academically underserved community, with a clear and simple goal: that its students achieve grade level proficiency by the time they graduate from elementary school. Rocketship focuses on its three pillars to ensure the success of all of its schools: excellent teachers and leaders, personalized learning, and engaged parents. Rocketship has pioneered a transformative instructional model that combines classroom teaching with tutors and technology to meet each student with the right lesson at the right time.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$8,889,871$15,138,570▲ $6,248,699
Accounts Receivable$2,939,608$12,744,429▲ $9,804,821
Land, Buildings, and Equipment, Net$330,695$2,296,993▲ $1,966,298
Prepaid Expenses and Deferred Charges$852,174$1,354,471▲ $502,297
Pledges and Grants Receivable$1,296,451$1,293,716▼ $2,735
Other Notes and Loans Receivable, Net-$650,000-
Savings and Temporary Cash Investments$527,127$527,359▲ $232
Total Assets$15,362,474$34,855,538▲ $19,493,064
Other Assets Total$526,548$850,000▲ $323,452
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,225,000$14,460,295▲ $13,235,295
Accounts Payable and Accrued Expenses$1,611,676$3,802,851▲ $2,191,175
Other Liabilities-$1,822,948-
Deferred Revenue$1,625,000$622,884▼ $1,002,116
Total Liabilities$4,461,676$20,708,978▲ $16,247,302
Net Assets / Fund Balance
Unrestricted Net Assets$8,506,077$12,879,464▲ $4,373,387
Temporarily Rstr Net Assets$2,394,721$1,267,096▼ $1,127,625
Total Net Assets Fund Balance$10,900,798$14,146,560▲ $3,245,762
Total Liabilities and Net Assets / Fund Balance$15,362,474$34,855,538▲ $19,493,064

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,079,988$96,357$2,176,345
Other Land Buildings$188,760$177,851$366,611
Equipment$28,245$85,889$114,134
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Andrew SternCBOFT$266,732$16,647$283,379
Laura KozelCPOFT$208,353$14,086$223,616
Kate MehrCSO 8/13FT$209,681$15,263$212,181
Kristoffer HainesV.p. FacilitFT$189,069$14,086$203,155
Kristoffer HainesV.p. Facilities-$189,069$8,766$203,155
Preston SmithCEO and PresFT$168,291$15,638$183,929
Preston SmithCEO and President-$168,291$15,638$183,929
-ControllerFT$150,316$16,308$166,624
Margaret DieselSr.VP GrowthFT$156,089$6,266$162,355
Margaret DieselSr.VP Growth & Devel-$156,089$16,308$162,355

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Revolution Foods INCFood Service-$2,317,282
Robert A Bothman INCContractor-$906,089
YmcaAfter School-$557,550
Jumpstart Technology INCIt-$551,836
One WorkplaceConstruction-$368,345
Revenue and Support

Revenue Composition

Contributions and Grants
$50,948,420
Program Service Revenue
$0
Investment Income
$31,815
Other Revenue
$693,237
All Other Contributions
$7,581,197
Change in Net Assets
$-1,161,527

Audited Revenue Reconciliation

Revenue per Audited Statements
$51,673,472
Revenue Not Reported on Form 990
$1,295,070
Total Revenue per Audited Statements
$52,968,542
Total Revenue per Form 990
$51,673,472
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$28,115,544
Other Expenses$23,594,455
Grants and Similar Amounts Paid$1,125,000
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$21,343,500$1,738,332-$23,081,832
Occupancy$8,923,862$67,925-$8,991,787
Fees for Services Other$3,441,500$149,150-$3,590,650
Other Employee Benefits$2,208,939$153,461-$2,362,400
Other Expenses$1,350,644$63,652-$1,414,296
Information Technology$985,587$217,310-$1,202,897
Office Expenses$1,032,302$111,395-$1,143,697
Pension Plan Contributions$1,087,337$41,413-$1,128,750
Grants to Domestic Orgs$1,125,000--$1,125,000
Payroll Taxes$939,949$142,709-$1,082,658
Travel$491,934$144,040-$635,974
Current Officers, Directors, Trustees, and Key Employees-$459,904-$459,904
Fees for Services Accounting-$216,496-$216,496
Fees for Services Legal-$204,372-$204,372
Depreciation Depletion$139,648$29,105-$168,753
Insurance$115,189$7,364-$122,553
Interest$77,158$20,617-$97,775
Conferences and Meetings$61,280$18,034-$79,314
Fees for Services Lobbying$61,000--$61,000
Advertising$13,414$4,320-$17,734
Total Functional Expenses$48,982,630$3,852,369$0$52,834,999

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$54,251,763
Expenses per Audited Statements$52,834,999
Total Expenses per Form 990$52,834,999
Expenses Not Reported on Form 990$1,416,764
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
27-1813337-501c3Staff Support$1,100,000
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
Yes
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Deferred Rent Liability$1,822,948
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
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
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

Rocketship's board reviews the completed form.

Form 990, Page 6, Part VI, Line 12C

All designated employees must file conflict of interest disclsoures by april 1st of each year. Conflict of interest disclosure statements are then forwarded to the county board of supervisors. Conflicts are reviewed and determined by rocketship's board of directors. Designated employees include employees of rocketship and ca public charter schools it operates

Form 990, Page 6, Part VI, Line 15A

For the ceo, cbo, and cso, rocketship received compensation data for comparable organizations from two industry sources. These sources were consulted in making compensation decisions throughout the year.

Form 990, Page 6, Part VI, Line 19

Our governing documents, conflict of interest policy, and board financial reports are available upon request. Our annual audited financial statements are posted on our website.

Filing and Contact Details

Filer

EIN
20-4040597
Phone
8778060920

Signing Officer

Name
Andrew Stern
Title
CBO
Phone
8778060920
Signed
2015-04-21
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Andrew Stern
Formed
2006
Legal Domicile
CA
Voting Board Members
12
Independent Board Members
12
Employees
833
Volunteers
1,012

Preparer

Preparer
Wade Mcmullen CPA
Phone
6268577300
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

Founded in 2006, rocketship education (www.rsed.org), a non-profit corporation, is building a national network of public elementary charter schools. Rocketship's mission is to eliminate the achievement gap in public education by creating a network of k-5 elementary charter schools in high need neighborhoods in major cities in the united states over the next decade. Each rocketship school operates in an academically underserved community, with a clear and simple goal: that its students achieve grade level proficiency by the time they graduate from elementary school. Rocketship focuses on its three pillars to ensure the success of all of its schools: excellent teachers and leaders, personalized learning, and engaged parents. Rocketship has pioneered a transformative instructional model that combines classroom teaching with tutors and technology to meet each student with the right lesson at the right time.

Form 990, Page 2, Part III, Line 4D

Provides staff and other support to launchpad development company and rocketship education wisconsin which operates a public charter school in milwaukee,wisconsin.

Form 990, Part XI, Line 9

Rocketship two net assets transfer 1,173,523 rocketship three net assets transfer 1,104,010 rocketship four net assets transfer 463,794 rocketship five net assets transfer 601,037 rocketship six net assets transfer 378,624 rocketship seven net assets transfer 758,887 transfer deficit to rocketship education wisconsin 49,108

Financial Statement Notes

Schedule D, Page 3, Part X

Rocketship education is exempt from the payment of income taxes under internal revenue code section 501(c)(3) and california revenue and taxation code section 23701d. Accordingly, no provision has been made for income taxes related to these entities. Management has determined that all income tax positions are more likely than not (>50%) of being sustained upon potential audit or examination; therefore, no disclosures of uncertain income tax positions are required. The organization files all appropriate tax returns in the u.s. Federal jurisdiction, and the state of california.

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IRS990/Form990PartVIISectionAGrp/PersonNm7JENNIFER NILES
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IRS990/Form990PartVIISectionAGrp/PersonNm9LOUIS JORDAN
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IRS990/Form990PartVIISectionAGrp/TitleTxt0BOARD PRESID
IRS990/Form990PartVIISectionAGrp/TitleTxt1BOARD TREASU
IRS990/Form990PartVIISectionAGrp/TitleTxt2BOARD SECRET
IRS990/Form990PartVIISectionAGrp/TitleTxt3MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt4MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt5MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt6MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt7MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt8MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt9MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt10MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt11MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt12CBO
IRS990/Form990PartVIISectionAGrp/TitleTxt13CEO AND PRES
IRS990/Form990PartVIISectionAGrp/TitleTxt14CSO 8/13
IRS990/Form990PartVIISectionAGrp/TitleTxt15CPO
IRS990/Form990PartVIISectionAGrp/TitleTxt16V.P. FACILIT
IRS990/Form990PartVIISectionAGrp/TitleTxt17SR.VP GROWTH
IRS990/Form990PartVIISectionAGrp/TitleTxt18CONTROLLER
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IRS990/FormationYr02006
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IRS990/InsuranceGrp/ManagementAndGeneralAmt07364
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IRS990/MembersOrStockholdersInd0false
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IRS990/MiscellaneousRevenueGrp/RelatedOrExemptFuncIncomeAmt093435
IRS990/MiscellaneousRevenueGrp/TotalRevenueColumnAmt093435
IRS990/MissionDesc0FOUNDED IN 2006, ROCKETSHIP EDUCATION (WWW.RSED.ORG), A NON-PROFIT CORPORATION, IS BUILDING A NATIONAL NETWORK OF PUBLIC ELEMENTARY CHARTER SCHOOLS. ROCKETSHIP'S MISSION IS TO ELIMINATE THE ACHIEVEMENT GAP IN PUBLIC EDUCATION BY CREATING A NETWORK OF K-5 ELEMENTARY CHARTER SCHOOLS IN HIGH NEED NEIGHBORHOODS IN MAJOR CITIES IN THE UNITED STATES OVER THE NEXT DECADE. EACH ROCKETSHIP SCHOOL OPERATES IN AN ACADEMICALLY UNDERSERVED COMMUNITY, WITH A CLEAR AND SIMPLE GOAL: THAT ITS STUDENTS ACHIEVE GRADE LEVEL PROFICIENCY BY THE TIME THEY GRADUATE FROM ELEMENTARY SCHOOL. ROCKETSHIP FOCUSES ON ITS THREE PILLARS TO ENSURE THE SUCCESS OF ALL OF ITS SCHOOLS: EXCELLENT TEACHERS AND LEADERS, PERSONALIZED LEARNING, AND ENGAGED PARENTS. ROCKETSHIP HAS PIONEERED A TRANSFORMATIVE INSTRUCTIONAL MODEL THAT COMBINES CLASSROOM TEACHING WITH TUTORS AND TECHNOLOGY TO MEET EACH STUDENT WITH THE RIGHT LESSON AT THE RIGHT TIME.
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IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt01225000
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt014460295
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IRS990/OtherExpensesGrp/Desc1BOOKS AND SUPPLIES
IRS990/OtherExpensesGrp/Desc2OTHER EXPENSES
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt163652
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IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt1162949
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IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt1162949
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt2100000
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IRS990/PensionPlanContributionsGrp/ProgramServicesAmt01087337
IRS990/PensionPlanContributionsGrp/TotalAmt01128750
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt01296451
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt01293716
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0852174
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt01354471
IRS990/PrincipalOfficerNm0ANDREW STERN
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgSrvcAccomActyOtherGrp/Desc0PROVIDES STAFF AND OTHER SUPPORT TO LAUNCHPAD DEVELOPMENT COMPANY AND ROCKETSHIP EDUCATION WISCONSIN WHICH OPERATES A PUBLIC CHARTER SCHOOL IN MILWAUKEE,WISCONSIN.
IRS990/ProgSrvcAccomActyOtherGrp/ExpenseAmt01125000
IRS990/ProgSrvcAccomActyOtherGrp/GrantAmt01125000
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt013331182
IRS990/PYExcessBenefitTransInd0false
IRS990/PYGrantsAndSimilarPaidAmt025000
IRS990/PYInvestmentIncomeAmt059992
IRS990/PYOtherExpensesAmt06097495
IRS990/PYOtherRevenueAmt013320
IRS990/PYProgramServiceRevenueAmt03253337
IRS990/PYRevenuesLessExpensesAmt01351620
IRS990/PYSalariesCompEmpBnftPaidAmt09183716
IRS990/PYTotalExpensesAmt015306211
IRS990/PYTotalRevenueAmt016657831
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt0-1161527
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0true
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$271$188$83.4$187$172$15.2
2023Detailed filing. Detailed filing data is available for this year.$251$183$68.2$174$159$15.3
2022Detailed filing. Detailed filing data is available for this year.$75.0$22.0$53.0$139$137$1.98
2021Detailed filing. Detailed filing data is available for this year.$74.9$23.9$51.0$121$108$12.3
2020Detailed filing. Detailed filing data is available for this year.$56.7$17.9$38.7$111$108$3.37
2019Detailed filing. Detailed filing data is available for this year.$51.4$16.1$35.4$109$103$6.35
2018Detailed filing. Detailed filing data is available for this year.$43.0$14.0$29.0$98.8$94.4$4.39
2017Detailed filing. Detailed filing data is available for this year.$38.3$13.7$24.6$91.4$87.6$3.82
2016Detailed filing. Detailed filing data is available for this year.$34.1$13.5$20.6$83.0$76.2$6.76
2015Detailed filing. Detailed filing data is available for this year.$24.3$10.3$14.0$63.4$63.4$0.06
2014Detailed filing. Detailed filing data is available for this year.$34.9$20.7$14.1$51.7$52.8$1.16
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$15.4$4.46$10.9$15.3
2012Summary only. Only limited summary data is available for this year.$12.7$3.68$9.02$13.1$10.6$2.53
2011Summary only. Only limited summary data is available for this year.$12.1$5.73$6.39$12.9$7.55$5.38