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← LAUNCHPAD DEVELOPMENT COMPANY

Form 990 for tax year 2022

Filed by LAUNCHPAD DEVELOPMENT COMPANY.

Totals

Total revenue
$25,920,179
Total expenses
$18,596,420
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$23,142,078
Investment income
$614,461
Other revenue
$2,163,640
Total assets, end of year
$268,472,972
Total liabilities, end of year
$278,981,664
Net assets or fund balances, end of year
-$10,508,692
Program services expenses (Part IX)
$18,107,047
Management and general expenses
$489,373
Fundraising expenses
$0
Program service expenses (Part III)
$18,107,047

Program services were 97.4% 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.

  • 2a · Program service revenue: FACILITY FEE INCOME

    total $23,142,078 · related or exempt $23,142,078

  • 3 · Investment income

    total $614,461 · excluded $614,461

  • 11a · Other revenue: OTHER INCOME

    total $2,163,640 · excluded $2,163,640

  • 11e · Other revenue, total

    $2,163,640

Functional expenses

Part IX, the statement of functional expenses.

  • 11b · Fees: legal

    total $175,751 · management and general $175,751

  • 11c · Fees: accounting

    total $17,291 · management and general $17,291

  • 11g · Fees: other

    total $743,807 · program services $743,057 · management and general $750

  • 13 · Office expenses

    total $24,847 · program services $24,847

  • 16 · Occupancy

    total $3,404,455 · program services $3,404,455

  • 17 · Travel

    total $1,229 · program services $1,229

  • 20 · Interest

    total $8,501,798 · program services $8,501,798

  • 22 · Depreciation, depletion and amortization

    total $5,395,115 · program services $5,395,115

  • 23 · Insurance

    total $295,581 · management and general $295,581

  • 24a · Other expenses: BANK CHARGES

    total $24,046 · program services $24,046

  • 24b · Other expenses: CAPITAL EXPENSES

    total $12,500 · program services $12,500

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,673,869 · end of year $1,069,202

  • 2 · Savings and temporary cash investments

    beginning of year $13,130,958 · end of year $17,429,081

  • 4 · Accounts receivable

    beginning of year $857,591 · end of year $374,018

  • 9 · Prepaid expenses and deferred charges

    beginning of year $314,000 · end of year $386,818

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

    $182,394,945

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

    $33,934,134

  • 10c · Land, buildings and equipment, net

    beginning of year $152,071,180 · end of year $148,460,811

  • 15 · Other assets

    beginning of year $9,533,019 · end of year $100,753,042

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,454,703 · end of year $906,674

  • 19 · Deferred revenue

    beginning of year $11,343 · end of year $3,462,468

  • 20 · Tax-exempt bond liabilities

    beginning of year $185,100,270 · end of year $182,087,495

  • 25 · Other liabilities

    beginning of year $8,846,752 · end of year $92,525,027

  • 27 · Net assets without donor restrictions

    beginning of year -$17,832,451 · end of year -$10,508,692

Mission and programs · 2022

Mission

LAUNCHPAD DEVELOPMENT COMPANY IS A SUPPORTING ORGANIZATION OF ROCKETSHIP EDUCATION, A CALIFORNIA NONPROFIT PUBLIC BENEFIT CORPORATION.

Activities or mission (Part I)

LAUNCHPAD DEVELOPMENT COMPANY IS A SUPPORTING ORGANIZATION OF ROCKETSHIP EDUCATION.

  • LAUNCHPAD DEVELOPMENT COMPANY PROVIDES FACILITIES AND DEVELOPMENT SERVICES FOR ROCKETSHIP EDUCATION. THE ORGANIZATION IS SOLE MEMBER OF TWENTY-THREE MANAGED LLCS. EACH LLC IS ORGANIZED TO CONSTRUCT, HOLD, AND MANAGE SCHOOL FACILITIES FOR ROCKETSHIP EDUCATION.

    Expenses $18,107,047 · Revenue $23,142,078

As filed on the 2022 return.

Listed in Part VII

  • Ben Carson

    EXECUTIVE DIRECTOR

    Total calculated
    $83,333
    From this org
    $0
    From related orgs
    $83,333
    Other
    $0
    Hours/week
    4 + 40 related

  • Matthew Shaw

    CFO

    Total calculated
    $229,167
    From this org
    $0
    From related orgs
    $226,667
    Other
    $2,500
    Hours/week
    4 + 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

  • Tadd Miller

    PRESIDENT

    Total calculated
    $0
    Hours/week
    0.5

  • Laura Kozel

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.5

  • Keysha Bailey

    MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • Jeffrey Winaker

    MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • Derwin Sissnet

    MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • Abraham Lee

    MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • Marcus Goodwin

    MEMBER

    Total calculated
    $0
    Hours/week
    0.5

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

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • LAUNCHPAD DEVELOPMENT ONE LLC

    SCHOOL FACILITY · CA · income $1,054,030 · assets $7,877,566

    Directly controlled by LAUNCHPAD DEVELOPMENT CORP

  • LAUNCHPAD DEVELOPMENT TWO LLC

    SCHOOL FACILITY · CA · income $513,558 · assets $6,813,217

    Directly controlled by LAUNCHPAD DEVELOPMENT CORP

  • LAUNCHPAD DEVELOPMENT THREE LLC

    SCHOOL FACILITY · CA · income $875,767 · assets $8,018,777

    Directly controlled by LAUNCHPAD DEVELOPMENT CORP

  • LAUNCHPAD DEVELOPMENT FOUR LLC

    SCHOOL FACILITY · CA · income $703,075 · assets $6,043,154

    Directly controlled by LAUNCHPAD DEVELOPMENT CORP

  • LAUNCHPAD DEVELOPMENT FIVE LLC

    SCHOOL FACILITY · CA · income $1,297,142 · assets $7,932,512

    Directly controlled by LAUNCHPAD DEVELOPMENT CORP

  • LAUNCHPAD DEVELOPMENT EIGHT LLC

    SCHOOL FACILITY · CA · income $692,340 · assets $5,879,239

    Directly controlled by LAUNCHPAD DEVELOPMENT CORP

  • LAUNCHPAD DEVELOPMENT TEN LLC

    SCHOOL FACILITY · CA · income $963,545 · assets $9,730,111

    Directly controlled by LAUNCHPAD DEVELOPMENT CORP

  • LAUNCHPAD DEVELOPMENT ELEVEN LLC

    SCHOOL FACILITY · CA · income $741,734 · assets $9,640,271

    Directly controlled by LAUNCHPAD DEVELOPMENT CORP

  • LAUNCHPAD DEVELOPMENT TWELVE LLC

    SCHOOL FACILITY · CA · income $1,002,855 · assets $13,841,893

    Directly controlled by LAUNCHPAD DEVELOPMENT CORP

  • LAUNCHPAD DEVELOPMENT FIFTEEN LLC

    SCHOOL FACILITY · CA · income $2,221,307 · assets $0

    Directly controlled by LAUNCHPAD DEVELOPMENT CORP

  • LAUNCHPAD DEVELOPMENT SIXTEEN LLC

    SCHOOL FACILITY · CA · income $1,223,816 · assets $11,941,113

    Directly controlled by LAUNCHPAD DEVELOPMENT CORP

  • LAUNCHPAD DEVELOPMENT SEVENTEEN LLC

    SCHOOL FACILITY · CA · income $4,444

    Directly controlled by LAUNCHPAD DEVELOPMENT CORP

  • LAUNCHPAD DEVELOPMENT EIGHTEEN LLC

    SCHOOL FACILITY · CA · income $1,114,194 · assets $14,565,099

    Directly controlled by LAUNCHPAD DEVELOPMENT CORP

  • LAUNCHPAD DVMPT MILWAUKEE ONE LLC

    SCHOOL FACILITY · CA · income $454,678 · assets $6,224,453

    Directly controlled by LAUNCHPAD DEVELOPMENT CORP

  • LAUNCHPAD DVMPT MILWAUKEE TWO LLC

    SCHOOL FACILITY · CA · income $178,865 · assets $3,125,335

    Directly controlled by LAUNCHPAD DEVELOPMENT CORP

  • LAUNCHPAD DVMPT ONE NASHVILLE LLC

    SCHOOL FACILITY · CA · income $733,098 · assets $6,977,308

    Directly controlled by LAUNCHPAD DEVELOPMENT CORP

  • LAUNCHPAD DVMPT TWO NASHVILLE LLC

    SCHOOL FACILITY · CA · income $601,835 · assets $6,675,788

    Directly controlled by LAUNCHPAD DEVELOPMENT CORP

  • LAUNCHPAD DVPMT ONE DC LLC

    SCHOOL FACILITY · CA · income $3,538,463 · assets $27,632,169

    Directly controlled by LAUNCHPAD DEVELOPMENT CORP

  • LAUNCHPAD DVMPT TWO DC LLC

    SCHOOL FACILITY · CA · income $4,319,152 · assets $32,389,481

    Directly controlled by LAUNCHPAD DEVELOPMENT CORP

  • LAUNCHPAD DVMPT THREE DC LLC

    SCHOOL FACILITY · CA · income $3,398,199 · assets $58,916,303

    Directly controlled by LAUNCHPAD DEVELOPMENT CORP

  • LAUNCHPAD DVMPT THREE NASHVILLE LLC

    SCHOOL FACILITY · TN · income $1,251,298 · assets $23,548,163

    Directly controlled by LAUNCHPAD DEVELOPMENT CORP

  • LAUNCHPAD DVPMT ONE TEXAS LLC

    SCHOOL FACILITY · TX

    Directly controlled by LAUNCHPAD DEVELOPMENT CORP

  • LAUNCHPAD DVPMT TWO TEXAS LLC

    SCHOOL FACILITY · TX · income $2,828

    Directly controlled by LAUNCHPAD DEVELOPMENT CORP

Provenance

Return type
form_990
Tax year
2022
Filed
11 May 2024
IRS schema version
2022v5.0
Source object
202431359349312333

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