Civic Intelligence

Launchpad Development Company

990 • Fiscal year 2014 • EIN 27-1813337

Jul 01, 2013 to Jun 30, 2014 • Filed on Feb 11, 2015

350 Twin Dolphin Drive SuiteRoom/Suite 10994065

(877) 806-0920

Siviq Scores

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

Liabilities / Assets

93rd percentile

1.00x

Higher debt load relative to assets than 93% of similar nonprofits.

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

Liabilities / Revenue

97th percentile

11.06x

Higher debt load relative to revenue than 97% of similar nonprofits.

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

Net Margin

13th percentile

-7.6%

Higher net margin than 13% 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 3.8% of source-year revenue.

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

Asset Growth

97th percentile

60%

Faster asset growth than 97% of similar nonprofits.

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

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2014

Assets

Up

$82,212,193

Up $30,859,394 (+60%) from 2013

Net Assets

Down

-$61,767

Down $562,306 (-112%) from 2013

Liabilities

Up

$82,273,960

Up $31,421,700 (+62%) from 2013

Revenue

$7,438,137

No earlier filing loaded for comparison.

Expenses

Up

$8,000,443

Up $2,727,054 (+52%) from 2013

Net Income

-$562,306

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$0-$100MAssets 2012: $48,625,847Liabilities 2012: $48,368,348Net Assets 2012: $257,4992012Assets 2013: $51,352,799Liabilities 2013: $50,852,260Net Assets 2013: $500,5392013Assets 2014: $82,212,193Liabilities 2014: $82,273,960Net Assets 2014: -$61,7672014Assets 2015: $74,153,509Liabilities 2015: $75,665,572Net Assets 2015: -$1,512,0632015Assets 2016: $105,660,145Liabilities 2016: $106,935,513Net Assets 2016: -$1,275,3682016Assets 2017: $133,167,452Liabilities 2017: $137,366,234Net Assets 2017: -$4,198,7822017Assets 2018: $131,780,984Liabilities 2018: $136,512,293Net Assets 2018: -$4,731,3092018Assets 2019: $160,138,338Liabilities 2019: $167,603,695Net Assets 2019: -$7,465,3572019Assets 2021: $184,902,715Liabilities 2021: $197,528,304Net Assets 2021: -$12,625,5892021Assets 2022: $179,580,617Liabilities 2022: $197,413,068Net Assets 2022: -$17,832,4512022Assets 2024: $265,216,358Liabilities 2024: $275,695,334Net Assets 2024: -$10,478,9762024

Highlighted filing

2014

Assets$82,212,193
Liabilities$82,273,960
Net Assets-$61,767

Operations Trend

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

$30M$20M$10M$0-$10MExpenses 2012: $4,453,8312012Expenses 2013: $5,273,3892013Revenue 2014: $7,438,137Expenses 2014: $8,000,443Net Income 2014: -$562,3062014Revenue 2015: $8,921,054Expenses 2015: $8,555,632Net Income 2015: $365,4222015Revenue 2016: $10,565,059Expenses 2016: $10,328,364Net Income 2016: $236,6952016Revenue 2017: $14,444,119Expenses 2017: $17,367,533Net Income 2017: -$2,923,4142017Revenue 2018: $18,589,442Expenses 2018: $19,121,969Net Income 2018: -$532,5272018Revenue 2019: $18,158,774Expenses 2019: $20,892,822Net Income 2019: -$2,734,0482019Revenue 2021: $19,513,288Expenses 2021: $22,032,722Net Income 2021: -$2,519,4342021Revenue 2022: $19,660,045Expenses 2022: $24,866,907Net Income 2022: -$5,206,8622022Revenue 2024: $20,978,225Expenses 2024: $20,948,509Net Income 2024: $29,7162024

Highlighted filing

2014

Revenue$7,438,137
Expenses$8,000,443
Net Income-$562,306
Jump To
Filing Snapshot
Filing Period
Jul 1, 2013 to Jun 30, 2014
Signed
Feb 11, 2015
Return Version
2013v4.0
Gross Receipts
$7,438,137
Mission and Program Overview

Mission

Launchpad development company is a supporting organization of rocketship education, a california nonprofit public benefit corporation.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$43,842,594$56,689,778▲ $12,847,184
Savings and Temporary Cash Investments$2,769,233$19,901,935▲ $17,132,702
Cash and Non-Interest-Bearing Accounts$1,716,495$2,640,920▲ $924,425
Other Notes and Loans Receivable, Net$560,000$560,000→ $0
Accounts Receivable$435,161$368,766▼ $66,395
Prepaid Expenses and Deferred Charges$501,531$317,355▼ $184,176
Total Assets$51,352,799$82,212,193▲ $30,859,394
Other Assets Total$1,527,785$1,733,439▲ $205,654
Liabilities
Tax Exempt Bond Liabilities$18,705,000$50,640,000▲ $31,935,000
Mortgage Notes Payable Secured by Investment Property$30,122,788$26,685,775▼ $3,437,013
Accounts Payable and Accrued Expenses$509,500$3,590,855▲ $3,081,355
Other Liabilities$1,514,972$1,357,330▼ $157,642
Total Liabilities$50,852,260$82,273,960▲ $31,421,700
Net Assets / Fund Balance
Unrestricted Net Assets$500,539$-61,767▼ $562,306
Total Net Assets Fund Balance$500,539$-61,767▼ $562,306
Total Liabilities and Net Assets / Fund Balance$51,352,799$82,212,193▲ $30,859,394

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$30,649,117$4,339,613$34,988,730
Other Land Buildings$17,563,018$446,752$18,009,770
Land$8,244,960-$8,244,960
Equipment$232,683$177,186$409,869
Compensation and Service Providers

Employees

NameTitleFull / Part TimeOtherTotal
Andrew SternRsed CBO/boaFT$283,379$283,379

Board Members and Trustees

NameTitle
Andrew SternRsed CBO/board Chair
Cam TurnerMember
Jeffrey WinakerMember
Tadd MillerMember

Highest Paid Contractors

ContractorServicesLocationCompensation
Robert A Bothman INCContractor-$1,465,048
Enviroplex INCConstruction-$803,020
Artik Arts And ArchitectureArchitect-$572,837
One Work PlaceConstruction-$325,696
Hilbers INCConstruction-$283,389
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$7,425,749
Investment Income
$12,388
Other Revenue
$0
Change in Net Assets
$-562,306

Audited Revenue Reconciliation

Revenue per Audited Statements
$7,438,137
Revenue Not Reported on Form 990
$25,000
Total Revenue per Audited Statements
$7,463,137
Total Revenue per Form 990
$7,438,137
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$8,000,443
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
Interest$3,765,583$16,443-$3,782,026
Occupancy$1,414,706--$1,414,706
Other Expenses$1,357,556--$1,357,556
Depreciation Depletion$1,273,058$9,250-$1,282,308
Insurance$79,032$21,957-$100,989
Fees for Services Legal-$35,043-$35,043
Fees for Services Accounting-$17,850-$17,850
Office Expenses-$5,066-$5,066
Fees for Services Other$3,483--$3,483
Travel-$1,416-$1,416
Total Functional Expenses$7,893,418$107,025$0$8,000,443

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$8,025,443
Expenses per Audited Statements$8,000,443
Total Expenses per Form 990$8,000,443
Expenses Not Reported on Form 990$25,000
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
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Security Deposits$850,000
Deferred Rent Liability$507,330

Bond Issues

BondIssuerIssuedIssue PricePurpose
D-2014-02-10$10,930,000SEE PT VI
A68-01646102011-09-08$9,600,000SEE PT VI
B-2012-09-25$9,105,000SEE PT VI
C-2014-02-10$3,365,000SEE PT VI

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
D$10,930,000--$216,063
A$9,600,000--$192,000
B$9,105,000--$182,100
C$3,365,000--$66,519

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
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
No
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 8B

There are no committees delegated by the board

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

The organization's board will review the 990 before it is submitted to the irs.

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 the organization's board of directors. Designated employees include employees of rocketship and ca public charter schools it operates, including governing board members and candidates, who hold positions that involve the making or participation in the making, of decisions that may foreseeably have a material effect on any financial interest.

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 available upon request.

Filing and Contact Details

Filer

EIN
27-1813337
Phone
8778060920

Signing Officer

Name
Andrew Stern
Title
Board Chair
Phone
8778060920
Signed
2015-02-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Andrew Stern
Formed
2009
Legal Domicile
CA
Voting Board Members
4
Independent Board Members
3
Employees
0
Volunteers
3

Preparer

Preparer
Wade Mcmullen CPA
Phone
6268577300
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 3, Part X

Launchpad development company is comprised of various non-profit entities 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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IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt018009770
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0SECURITY DEPOSITS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1DEFERRED RENT LIABILITY
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0LAUNCHPAD DEVELOPMENT COMPANY IS COMPRISED OF VARIOUS NON-PROFIT ENTITIES 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.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleK/SupplementalInformationDetail/ExplanationTxt0CALIFORNIA STATEWIDE COMMUNITIES FROM PT 1 COLUMN F: FINANCING OF THE ACQUISITION, CONSTRUCTION, IMPROVEMENT AND EQUIPPING OF CERTAIN EDUCATIONAL FACILITIES. CA. MUNICIPAL FINANCE AUTHORITY FROM PT 1 COLUMN F: FINANCING OF THE ACQUISITION, CONSTRUCTION, IMPROVEMENT AND EQUIPPING OF CERTAIN EDUCATIONAL FACILITIES. CA. MUNICIPAL FINANCE AUTHORITY FROM PT 1 COLUMN F: FINANCING OF THE ACQUISITION, CONSTRUCTION, IMPROVEMENT AND EQUIPPING OF CERTAIN EDUCATIONAL FACILITIES. CA. MUNICIPAL FINANCE AUTHORITY FROM PT 1 COLUMN F: FINANCING OF THE ACQUISITION, CONSTRUCTION, IMPROVEMENT AND EQUIPPING OF CERTAIN EDUCATIONAL FACILITIES. CA. MUNICIPAL FINANCE AUTHORITY FROM PT 1 COLUMN F: FINANCING OF THE ACQUISITION, CONSTRUCTION, IMPROVEMENT AND EQUIPPING OF CERTAIN EDUCATIONAL FACILITIES.
IRS990ScheduleK/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE K - ADDITIONAL INFORMATION
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt12012-09-25
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt22014-02-10
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt32014-02-10
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine10CALIFORNIA STATEWIDE COMMUNITIES
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine11CA MUNICIPAL FINANCE AUTHORITY
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine12CA MUNICIPAL FINANCE AUTHORITY
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine13CA MUNICIPAL FINANCE AUTHORITY
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine20DEVELOPMENT AUTHORITY
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc0SEE PT VI
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc1SEE PT VI
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc2SEE PT VI
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc3SEE PT VI
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