Civic Intelligence

Launchpad Development Company

990 • Fiscal year 2017 • EIN 27-1813337

Jul 01, 2016 to Jun 30, 2017 • Filed on May 10, 2018

350 Twin Dolphin Drive Suite 109Redwood City, CA 94065

(877) 806-0920

Siviq Scores

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

Liabilities / Assets

93rd percentile

1.03x

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

2017 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2017

Liabilities / Revenue

96th percentile

9.51x

Higher debt load relative to revenue than 96% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2017

Net Margin

8th percentile

-20%

Higher net margin than 8% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2017

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2017

Asset Growth

91st percentile

26%

Faster asset growth than 91% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2016 to 2017

Revenue Growth

87th percentile

37%

Faster revenue growth than 87% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2016 to 2017

Assets

Up

$133,167,452

Up $27,507,307 (+26%) from 2016

Net Assets

Down

-$4,198,782

Down $2,923,414 (-229%) from 2016

Liabilities

Up

$137,366,234

Up $30,430,721 (+28%) from 2016

Revenue

Up

$14,444,119

Up $3,879,060 (+37%) from 2016

Expenses

Up

$17,367,533

Up $7,039,169 (+68%) from 2016

Net Income

Down

-$2,923,414

Down $3,160,109 (-1335%) from 2016

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

2017

Assets$133,167,452
Liabilities$137,366,234
Net Assets-$4,198,782

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

2017

Revenue$14,444,119
Expenses$17,367,533
Net Income-$2,923,414
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
May 10, 2018
Return Version
2016v3.0
Gross Receipts
$14,444,119
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$83,880,130$94,703,092▲ $10,822,962
Savings and Temporary Cash Investments$13,369,266$30,516,585▲ $17,147,319
Cash and Non-Interest-Bearing Accounts$4,071,485$3,052,301▼ $1,019,184
Other Notes and Loans Receivable, Net$560,000$560,000→ $0
Prepaid Expenses and Deferred Charges$578,689$339,508▼ $239,181
Accounts Receivable$54,296$17,202▼ $37,094
Total Assets$105,660,145$133,167,452▲ $27,507,307
Other Assets Total$3,146,279$3,978,764▲ $832,485
Liabilities
Tax Exempt Bond Liabilities$84,225,000$121,790,034▲ $37,565,034
Mortgage Notes Payable Secured by Investment Property$18,132,668$11,175,000▼ $6,957,668
Other Liabilities$1,389,815$2,293,838▲ $904,023
Accounts Payable and Accrued Expenses$2,861,066$1,328,403▼ $1,532,663
Deferred Revenue$326,964$778,959▲ $451,995
Total Liabilities$106,935,513$137,366,234▲ $30,430,721
Net Assets / Fund Balance
Unrestricted Net Assets$-1,275,368$-4,198,782▼ $2,923,414
Total Net Assets Fund Balance$-1,275,368$-4,198,782▼ $2,923,414
Total Liabilities and Net Assets / Fund Balance$105,660,145$133,167,452▲ $27,507,307

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$77,071,420$10,221,202$87,292,622
Land$16,291,010-$16,291,010
Other Land Buildings$1,315,527$118,704$1,434,231
Equipment$25,135$396,995$422,130
Compensation and Service Providers

Board Members and Trustees

NameTitle
Keysha BaileyRsed CFO/board Chair
Cam TurnerMember
Jeffrey WinakerMember
Ron DuncansonMember
Tadd MillerMember

Highest Paid Contractors

ContractorServicesLocationCompensation
K S Mattson Partners LPProperty Managment Services7385 GREENHAVEN DR, Sacramento, CA 95831$250,000
K2a LLPArchitecture555 DE HARO SUITE 300, San Francisco, CA 94107$110,404
Revenue and Support

Revenue Composition

Contributions and Grants
$25,000
Program Service Revenue
$14,388,051
Investment Income
$31,068
Other Revenue
$0
All Other Contributions
$25,000
Change in Net Assets
$-2,923,414

Audited Revenue Reconciliation

Revenue per Audited Statements
$14,444,119
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$14,444,119
Total Revenue per Form 990
$14,444,119
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$17,292,533
Grants and Similar Amounts Paid$75,000
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$6,892,448--$6,892,448
Occupancy$5,259,895$106,631-$5,366,526
Depreciation Depletion$2,790,383--$2,790,383
Other Expenses$1,332,645--$1,332,645
Fees for Services Other$529,156--$529,156
Office Expenses$94,557$49,056-$143,613
Insurance$114,772$26,922-$141,694
Fees for Services Legal-$75,578-$75,578
Grants to Domestic Orgs$75,000--$75,000
Fees for Services Accounting-$20,490-$20,490
Total Functional Expenses$17,088,856$278,677$0$17,367,533

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$17,367,533
Total Expenses per Audited Statements$17,367,533
Total Expenses per Form 990$17,367,533
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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
Deferred Rent Liability$1,893,838
Security Deposits$400,000

Bond Issues

BondIssuerIssuedIssue PricePurpose
ACA Municipal Finance Authority2014-02-10$17,640,000To finance the acquisition, construction, improve and equip school facility
CCA Municipal Finance Authority2016-02-05$14,365,000To finance the acquisition, construction, improve and equip school facility
DCA Municipal Finance Authority2014-02-10$10,930,000To finance the acquisition, construction, improve and equip school facility
ACalifornia Statewide Communities2011-09-08$9,600,000To finance the acquisition, construction, improve and equip school facility
BCA Municipal Finance Authority2012-09-25$9,105,000To finance the acquisition, construction, improve and equip school facility
CCA Municipal Finance Authority2015-08-07$6,135,000To finance the acquisition, construction, improve and equip school facility
BCA Municipal Finance Authority2016-02-05$4,945,000To finance the acquisition, construction, improve and equip school facility
ACA Municipal Finance Authority2016-02-05$3,870,000To finance the acquisition, construction, improve and equip school facility
CCA Municipal Finance Authority2014-02-10$3,365,000To finance the acquisition, construction, improve and equip school facility
DCA Municipal Finance Authority2016-02-05$3,035,000To finance the acquisition, construction, improve and equip school facility
BCA Municipal Finance Authority2016-02-05$1,865,000To finance the acquisition, construction, improve and equip school facility

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$17,640,000--$348,706
C$14,365,000--$276,427
D$10,930,000--$216,063
A$9,600,000--$192,000
B$9,105,000--$182,100
C$6,105,245--$60,243
B$5,104,430--$98,206
A$4,061,941--$78,164
C$3,365,000--$66,519
D$3,220,220--$61,967
B$1,958,608--$37,690

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
Corrective action procedures
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, Part VI, Section A, Line 8B

There are no committees delegated by the board.

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

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

Form 990, Part VI, Section B, 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, Part VI, Section C, 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

Filer Name
Launchpad Development Company
EIN
27-1813337
Phone
8778060920
Address
350 TWIN DOLPHIN DRIVE SUITE 109, REDWOOD CITY, CA 94065

Signing Officer

Name
Keysha Bailey
Title
CFO
Phone
8778060920
Signed
2018-05-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Keysha Bailey
Formed
2009
Legal Domicile
CA
Voting Board Members
5
Independent Board Members
4
Employees
0
Volunteers
4

Preparer

Firm
Cliftonlarsonallen Llp
Address
2210 EAST ROUTE 66, GLENDORA, CA 91740
Preparer
Wade Mcmullen CPA
Phone
6268577300
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

Launchpad 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 237041d. 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/SupplementalInformationDetail/ExplanationTxt0LAUNCHPAD 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 237041D. 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/FormAndLineReferenceDesc0PART X, LINE 2:
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