Civic Intelligence

Launchpad Development Company

990 • Fiscal year 2021 • EIN 27-1813337

Jul 01, 2020 to Jun 30, 2021 • Filed on May 08, 2022

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

95th percentile

1.07x

Higher debt load relative to assets than 95% of similar nonprofits.

2021 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2021

Liabilities / Revenue

96th percentile

10.12x

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

2021 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2021

Net Margin

9th percentile

-13%

Higher net margin than 9% of similar nonprofits.

2021 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2021

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2021

Asset Growth

37th percentile

7.5%

Faster asset growth than 37% of similar nonprofits.

2021 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2019 to 2021

Revenue Growth

34th percentile

3.7%

Faster revenue growth than 34% of similar nonprofits.

2021 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2019 to 2021

Assets

Up

$184,902,715

Up $24,764,377 (+15%) from 2019

Net Assets

Down

-$12,625,589

Down $5,160,232 (-69%) from 2019

Liabilities

Up

$197,528,304

Up $29,924,609 (+18%) from 2019

Revenue

Up

$19,513,288

Up $1,354,514 (+7.5%) from 2019

Expenses

Up

$22,032,722

Up $1,139,900 (+5.5%) from 2019

Net Income

Up

-$2,519,434

Up $214,614 (+7.8%) from 2019

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

2021

Assets$184,902,715
Liabilities$197,528,304
Net Assets-$12,625,589

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

2021

Revenue$19,513,288
Expenses$22,032,722
Net Income-$2,519,434
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
May 8, 2022
Return Version
2020v4.2
Gross Receipts
$19,513,288
Mission and Program Overview

Mission

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

Launchpad development company is a supporting organization of rocketship education.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$132,752,345$157,332,385▲ $24,580,040
Cash and Non-Interest-Bearing Accounts$17,957,384$19,521,125▲ $1,563,741
Accounts Receivable$429,148$550,263▲ $121,115
Prepaid Expenses and Deferred Charges$679,531$337,414▼ $342,117
Total Assets$158,767,739$184,902,715▲ $26,134,976
Other Assets Total$6,949,331$7,161,528▲ $212,197
Liabilities
Tax Exempt Bond Liabilities$161,050,991$189,848,203▲ $28,797,212
Other Liabilities$6,805,646$7,380,801▲ $575,155
Accounts Payable and Accrued Expenses$1,005,914$287,957▼ $717,957
Deferred Revenue$11,343$11,343→ $0
Total Liabilities$168,873,894$197,528,304▲ $28,654,410
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-10,106,155$-12,625,589▼ $2,519,434
Total Net Assets Fund Balance$-10,106,155$-12,625,589▼ $2,519,434
Total Liabilities and Net Assets / Fund Balance$158,767,739$184,902,715▲ $26,134,976

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$130,225,689$24,181,908$154,407,597
Land$25,347,995-$25,347,995
Other Land Buildings$1,740,393-$1,740,393
Equipment$18,308$424,723$443,031
Compensation and Service Providers

Board Members and Trustees

NameTitle
Keysha BaileyRsed CFO/board Chair
Tadd MillerMember
Jeffrey WinakerSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$19,483,728
Investment Income
$5,662
Other Revenue
$23,898
Change in Net Assets
$-2,519,434

Audited Revenue Reconciliation

Revenue per Audited Statements
$19,513,288
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$19,513,288
Total Revenue per Form 990
$19,513,288
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$22,032,722
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$9,841,459--$9,841,459
Occupancy$5,658,295--$5,658,295
Depreciation Depletion$4,583,070--$4,583,070
Fees for Services Other$937,037--$937,037
Insurance-$259,167-$259,167
Fees for Services Legal-$132,293-$132,293
Fees for Services Accounting-$64,339-$64,339
Office Expenses-$45,499-$45,499
All Other Expenses$41,703--$41,703
Other Expenses$7,854--$7,854
Information Technology$4,500--$4,500
Total Functional Expenses$21,531,424$501,298$0$22,032,722

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$22,032,722
Total Expenses per Audited Statements$22,032,722
Total Expenses per Form 990$22,032,722
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$6,214,765
Accrued Interest$766,036
Security Deposits$400,000

Bond Issues

BondIssuerIssuedIssue PricePurpose
DCA Municipal Finance Authority2019-12-01$27,140,000To finance the acquisition, construction, improve and equip school facility
ACA Municipal Finance Authority2021-02-01$27,135,000To finance the acquisition, construction, improve and equip school facility
DCA Municipal Finance Authority2017-02-22$23,095,000To finance the acquisition, construction, improve and equip school facility
ACA Municipal Finance Authority2014-02-10$17,640,000To finance the acquisition, construction, improve and equip school facility
CCA Municipal Finance Authority2017-12-18$15,560,000To 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
BCA Municipal Finance Authority2017-02-22$7,740,000To finance the acquisition, construction, improve and equip school facility
ACA Municipal Finance Authority2017-02-22$7,160,000To 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$30,667,593--$542,019
D$28,062,185--$537,517
D$22,903,871--$459,869
A$17,640,000-$2,300,000$348,706
C$16,205,299--$299,399
C$14,365,000--$276,427
D$10,930,000-$2,390,000$216,063
A$9,600,000-$400,000$192,000
B$9,105,000-$780,000$182,100
B$7,543,434--$124,660
A$7,055,321--$113,777
C$6,238,733--$65,511
B$5,104,430--$98,206
A$4,060,941--$78,164
C$3,365,000-$2,095,000$66,519
D$3,220,220--$61,967
B$1,958,608-$9,160,000$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
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
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 7A

The founder, rocketship education inc., has the power to appoint the board of directors of the organization and prescribe their terms of office as well as remove a director from office.

Form 990, Part VI, Section A, Line 8B

There are no committee's that have the authority to act on behalf of the board

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

The form 990 is prepared by the organization's outside public accounting firm based on information provided by management. Once a draft of the return is available, it is reviewed by management with any changes or revisions incorporated into the filing. The revised return is then submitted to the board of directors for their review and approval prior to submitting 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
Matthew Shaw
Title
CFO
Phone
8778060920
Signed
2022-05-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Matthew Shaw
Formed
2009
Legal Domicile
CA
Voting Board Members
3
Independent Board Members
2
Employees
0
Volunteers
2

Preparer

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

Additional Explanations

Form 990. Part XII, Line 2C

This process has not changed from the prior year.

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 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/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 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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