Civic Intelligence

Launchpad Development Company

990 • Fiscal year 2024 • EIN 27-1813337

Jul 01, 2023 to Jun 30, 2024 • Filed on May 04, 2025

2001 Gateway Place 230ESan Jose, CA 95110

(877) 806-0920

Siviq Scores

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

Liabilities / Assets

93rd percentile

1.04x

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

2024 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2024

Liabilities / Revenue

98th percentile

13.14x

Higher debt load relative to revenue than 98% of similar nonprofits.

2024 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2024

Net Margin

36th percentile

0.1%

Higher net margin than 36% of similar nonprofits.

2024 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2024

Top Officer Pay

13th percentile

$323,249

Higher top officer pay than 13% of similar nonprofits.

Top officer pay equals 1.5% of source-year revenue.

2024 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2024

Asset Growth

17th percentile

-1.2%

Faster asset growth than 17% of similar nonprofits.

2024 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Revenue Growth

6th percentile

-19%

Faster revenue growth than 6% of similar nonprofits.

2024 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Assets

Up

$265,216,358

Up $85,635,741 (+48%) from 2022

Net Assets

Up

-$10,478,976

Up $7,353,475 (+41%) from 2022

Liabilities

Up

$275,695,334

Up $78,282,266 (+40%) from 2022

Revenue

Up

$20,978,225

Up $1,318,180 (+6.7%) from 2022

Expenses

Down

$20,948,509

Down $3,918,398 (-16%) from 2022

Net Income

Up

$29,716

Up $5,236,578 (+101%) from 2022

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

2024

Assets$265,216,358
Liabilities$275,695,334
Net Assets-$10,478,976

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

2024

Revenue$20,978,225
Expenses$20,948,509
Net Income$29,716
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
May 4, 2025
Return Version
2023v6.0
Gross Receipts
$20,978,225
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$148,460,811$168,656,127▲ $20,195,316
Savings and Temporary Cash Investments$17,429,081$20,866,083▲ $3,437,002
Cash and Non-Interest-Bearing Accounts$1,069,202$590,381▼ $478,821
Prepaid Expenses and Deferred Charges$386,818$142,491▼ $244,327
Accounts Receivable$374,018$11,987▼ $362,031
Total Assets$268,472,972$265,216,358▼ $3,256,614
Other Assets Total$100,753,042$74,949,289▼ $25,803,753
Liabilities
Tax Exempt Bond Liabilities$169,919,515$193,694,026▲ $23,774,511
Other Liabilities$92,525,027$65,996,760▼ $26,528,267
Mortgage Notes Payable Secured by Investment Property$12,167,980$13,395,000▲ $1,227,020
Deferred Revenue$3,462,468$1,701,518▼ $1,760,950
Accounts Payable and Accrued Expenses$906,674$908,030▲ $1,356
Total Liabilities$278,981,664$275,695,334▼ $3,286,330
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-10,508,692$-10,478,976▲ $29,716
Total Net Assets Fund Balance$-10,508,692$-10,478,976▲ $29,716
Total Liabilities and Net Assets / Fund Balance$268,472,972$265,216,358▼ $3,256,614

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$144,277,560$38,206,760$182,484,320
Land$24,367,995-$24,367,995
Equipment$10,572$446,960$457,532
Other Assets Org$59,605,266--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Tadd MillerPresident
Abraham LeeDirector
Charmaine DetweilerDirector
Derwin SisnettDirector
Jeffrey WinakerDirector
Marcus GoodwinDirector
Benjamin CarsonExecutive Director
Matthew ShawCFO
Laura KozelSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$19,668,518
Investment Income
$1,043,725
Other Revenue
$265,982
Change in Net Assets
$29,716

Audited Revenue Reconciliation

Revenue per Audited Statements
$20,978,225
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$20,978,225
Total Revenue per Form 990
$20,978,225
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$20,948,509
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$9,126,246--$9,126,246
Depreciation Depletion$5,306,601--$5,306,601
Occupancy$4,804,753--$4,804,753
Fees for Services Other$727,108$22,594-$749,702
Insurance-$275,308-$275,308
Fees for Services Accounting-$36,649-$36,649
Office Expenses$27,616--$27,616
Fees for Services Legal-$18,822-$18,822
Other Expenses$11,382--$11,382
Travel$1,810--$1,810
Total Functional Expenses$20,595,136$353,373$0$20,948,509

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$20,948,509
Total Expenses per Audited Statements$20,948,509
Total Expenses per Form 990$20,948,509
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
Lease Liabilities - Operating$61,851,359
Deferred Rent Liability$2,915,163
Accrued Interest$830,238
Security Deposits$400,000

Bond Issues

BondIssuerIssuedIssue PricePurpose
DDistrict of Columbia2021-02-11$30,667,593To finance the construction, improve, and equip school facility
BCalifornia School Finance Authority2016-02-05$28,709,198To finance the construction, improve, and equip school facility
CDistrict of Columbia2024-02-29$28,586,999To finance the construction, improve, and equip school facility
BCalifornia Enterprise Development Authority2022-03-24$28,292,057To finance the construction, improve, and equip school facility
CDistrict of Columbia2019-05-01$28,062,185To finance the construction, improve, and equip school facility
CCalifornia School Finance Authority2017-02-22$22,903,872To finance the construction, improve, and equip school facility
ACalifornia Enterprise Development Authority2021-09-03$16,577,544To finance the construction, improve, and equip school facility
BCalifornia School Finance Authority2017-12-18$16,205,299To finance the construction, improve, and equip school facility
AThe Health and Educational Facilities Board of the Metropolitan Government2017-02-22$7,543,434To finance the construction, improve, and equip school facility
DWisconsin Health and Educational Facilities Authority2017-02-22$7,055,321To finance the construction, improve, and equip school facility
ACalifornia School Finance Authority2015-08-07$6,105,245To finance the construction, improve, and equip school facility

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
D$30,667,593--$473,999
B$28,709,198$2,736,563$3,595,000$569,184
C$28,586,998--$569,294
B$28,292,057--$369,238
C$28,062,185--$537,517
C$22,903,872$13,583,218$6,725,000$447,134
A$16,577,544--$291,158
B$16,205,299$27,922,819$1,195,000$297,900
A$7,543,434$16,286,385$2,175,000$124,660
D$7,055,321$1,203,300$475,000$113,777
A$6,105,245$5,559,717$3,870,000$65,578

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 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
2001 GATEWAY PLACE 230E, SAN JOSE, CA 95110

Signing Officer

Name
Benjamin Carson
Title
Executive Director
Phone
5012587831
Signed
2025-05-04
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Benjamin Carson
Formed
2009
Legal Domicile
CA
Voting Board Members
7
Independent Board Members
7
Employees
0
Volunteers
7

Preparer

Firm
Cliftonlarsonallen Llp
Address
2210 EAST ROUTE 66, GLENDORA, CA 91740
Preparer
Derrick Debruyne
Phone
6268577300
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

The 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.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990ScheduleK/TaxExemptBondsArbitrageGrp/BondReferenceCd7D
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/BondReferenceCd8A

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