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Nonprofiteer
← ROCKETSHIP EDUCATION WISCONSIN INC

Form 990 for tax year 2022

Filed by ROCKETSHIP EDUCATION WISCONSIN INC.

Totals

Total revenue
$9,134,078
Total expenses
$10,394,235
Contributions and grants received
$9,115,069
Grants paid
$0
Program service revenue
$0
Investment income
$0
Other revenue
$19,009
Total assets, end of year
$8,726,935
Total liabilities, end of year
$12,267,655
Net assets or fund balances, end of year
-$3,540,720
Program services expenses (Part IX)
$9,029,326
Management and general expenses
$1,364,909
Fundraising expenses
$0
Program service expenses (Part III)
$9,029,326

Program services were 86.9% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $9,018,564

  • 1f · All other contributions, gifts and grants

    $96,505

  • 11a · Other revenue: LOCAL REVENUE

    total $19,009 · related or exempt $19,009

  • 11e · Other revenue, total

    $19,009

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $3,775,131 · program services $3,775,131

  • 8 · Pension plan contributions

    total $49,144 · program services $49,144

  • 9 · Other employee benefits

    total $601,391 · program services $601,391

  • 10 · Payroll taxes

    total $302,483 · program services $302,483

  • 11a · Fees: management

    total $1,249,279 · management and general $1,249,279

  • 11c · Fees: accounting

    total $4,562 · management and general $4,562

  • 11g · Fees: other

    total $1,203,642 · program services $1,203,642

  • 12 · Advertising and promotion

    total $850 · management and general $850

  • 13 · Office expenses

    total $289,968 · program services $289,669 · management and general $299

  • 14 · Information technology

    total $242,664 · program services $242,664

  • 16 · Occupancy

    total $1,216,458 · program services $1,216,458

  • 17 · Travel

    total $135,054 · program services $135,054

  • 20 · Interest

    total $60,000 · management and general $60,000

  • 22 · Depreciation, depletion and amortization

    total $46,065 · management and general $46,065

  • 23 · Insurance

    total $48,146 · program services $48,146

  • 24a · Other expenses: STUDENT FOOD SERVICES

    total $519,903 · program services $519,903

  • 24b · Other expenses: INSTRUCTIONAL MATERIALS

    total $347,381 · program services $347,381

  • 24c · Other expenses: DISTRICT FEES

    total $90,909 · program services $90,909

  • 24d · Other expenses: PRINTING AND POSTAGE

    total $3,854 · management and general $3,854

  • 24e · All other expenses

    total $207,351 · program services $207,351

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $802,497 · end of year $195,583

  • 2 · Savings and temporary cash investments

    beginning of year $4,197

  • 4 · Accounts receivable

    beginning of year $1,407,454 · end of year $343,044

  • 9 · Prepaid expenses and deferred charges

    beginning of year $24,659 · end of year $291,029

  • 10a · Land, buildings and equipment: cost or other basis

    $391,068

  • 10b · Land, buildings and equipment: accumulated depreciation

    $72,022

  • 10c · Land, buildings and equipment, net

    beginning of year $88,809 · end of year $319,046

  • 15 · Other assets

    beginning of year $0 · end of year $7,578,233

  • 17 · Accounts payable and accrued expenses

    beginning of year $297,273 · end of year $159,996

  • 25 · Other liabilities

    beginning of year $4,310,906 · end of year $12,107,659

  • 27 · Net assets without donor restrictions

    beginning of year -$2,364,421 · end of year -$3,579,174

  • 28 · Net assets with donor restrictions

    beginning of year $83,858 · end of year $38,454

Mission and programs · 2022

Mission

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.

Activities or mission (Part I)

ROCKETSHIP EDUCATION WISCONSIN OPERATES CHARTER SCHOOLS IN LOW-INCOME COMMUNITIES.

  • ROCKETSHIP EDUCATION WISCONSIN OPERATES ROCKETSHIP EDUCATION PUBLIC SCHOOLS. THESE SCHOOLS SERVE APPROXIMATELY 700 STUDENTS IN THE MILWAUKEE REGION.

    Expenses $9,029,326 · Revenue $19,009

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • BRIAN KILB

    CHAIR

    Total calculated
    $0
    Hours/week
    2

  • RALPH WEBER

    MEMBER

    Total calculated
    $0
    Hours/week
    2

  • TIM SHEEHY

    MEMBER

    Total calculated
    $0
    Hours/week
    2

  • KAMILAH WILLIAMS-KEMP

    MEMBER

    Total calculated
    $0
    Hours/week
    2

  • KRISTEN LOZADA MORGAN

    MEMBER

    Total calculated
    $0
    Hours/week
    2

  • KEN KUMBER

    MEMBER

    Total calculated
    $0
    Hours/week
    2

  • QUENTIN PRINCE

    MEMBER

    Total calculated
    $0
    Hours/week
    2

  • SKIP MCGREGOR

    MEMBER

    Total calculated
    $0
    Hours/week
    2

  • MIKE NGUYEN

    MEMBER

    Total calculated
    $0
    Hours/week
    2

  • CHRISTIE CARRINO

    MEMBER

    Total calculated
    $0
    Hours/week
    2

  • PRESTON SMITH

    CEO

    Total calculated
    $343,763
    From this org
    $0
    From related orgs
    $324,947
    Other
    $18,816
    Hours/week
    5 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $324,947 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $2,500 related
    Nontaxable benefits
    $0 + $16,316 related
    Filer's total
    $0 + $343,763 related

  • MATT SHAW

    CFO

    Total calculated
    $229,167
    From this org
    $0
    From related orgs
    $226,667
    Other
    $2,500
    Hours/week
    5 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $226,667 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $2,500 related
    Nontaxable benefits
    $0
    Filer's total
    $0 + $229,167 related

  • KATIE TOWNSEL

    REGIONAL DIRECTOR OF OPERATIONS

    Total calculated
    $104,465
    From this org
    $104,465
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 3
THE ORGANIZATION HAS A SERVICE AGREEMENT WITH ROCKETSHIP EDUCATION, RELATED ENTITY, AND THE CEO IS COMPENSATED BY THE RELATED ENTITY. THE METHODS USED BY THE RELATED ENTITY TO ESTABLISH COMPENSATION INCLUDE A WRITTEN EMPLOYMENT CONTRACT, COMPENSATION STUDY, AND APPROVAL BY THE BOARD.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2022
Filed
12 May 2024
IRS schema version
2022v5.0
Source object
202441359349305984

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