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Launchpad Development Five LLC

San Jose, CAMutual-benefit / member-servingSince 2009 EIN 27-5083413Revenue $687K in FY2025

On file with the IRS2001 Gateway Pl Ste 230e, 95110-3719 · San Jose, CATax-exempt since Mar 2012

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To construct, hold, and manage the facility used in the school operations of rocketship discovery prep.

100¢ of each $1 spent went to programs.
Run by 7 volunteers.
Mission: Form 990 Part I, line 1 · Programs: Part IX · People: Part I, lines 5–6

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FY2025 · Form 990Independent: from IRS data, not the org
Download 990
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 6
filings with a surplus
Average surplus $94K a year · 11% of revenue · last 6 filings
Worth a look: a surplus in 3 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
17 mo
of spending, in cash
Looks good: 17.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$10.5M
134% of total assets
Concern: liabilities are 134% of assets; over 80%.
Pt X · Ln 26
Independent board members
7
of 7 voting members
Looks good: 7 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$687K
+0.1% vs prior year
Spent
$646K
To programs
100%
Net assets
−$2.7M
By yearFY2020–FY2025
Revenue
$687K
FY2025+0.1%
Tap a bar for its year
Revenue by fiscal year
FY2020$767K
FY2021$747K
FY2022$748K
FY2023$1.3M
FY2024$686K
FY2025$687K
Expenses
$646K
FY2025▲ +7%
Tap a bar for its year
Expenses by fiscal year
FY2020$795K
FY2021$794K
FY2022$778K
FY2023$755K
FY2024$602K
FY2025$646K
Net assets
−$2.7M
FY2025▲ +2%
Tap a bar for its year
Net assets by fiscal year
FY2020−$2.9M
FY2021−$3.3M
FY2022−$3.3M
FY2023−$2.8M
FY2024−$2.7M
FY2025−$2.7M

From the FY2025 Form 990 (year ending June 2025) · figures checked against the IRS filing · see the original

990 PDF Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Mar 2012.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $646K

Form 990 Part IX, line 25. Every line is in By the numbers.

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Who runs it and what they're paid

8 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII
Benjamin Carson
Executive Director
$0Pt VII · Sec A
Tadd Miller
President
$0Pt VII · Sec A
Laura Kozel
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Abraham Lee
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Launchpad Development Five LLC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Builds, maintains, and manages the school facility for Rocketship Five Elementary.

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Provided by the organization

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1 program · $646K · in their own filed words · FY2024
01

To construct, hold, and manage the facility used in the school operations of rocketship discovery prep.

$646Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

By the numbers

The FY2025 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$687K
Ln 12
Fees for servicesLn 2g$646K
Investment incomeLn 3$41K
Money outPt IX
$646K
Ln 25
Programscol B$646K
Owns and owesPt X
−$2.7M
net assets · Ln 32
Cash and savingsLn 1–2$928K
Total assetsLn 16$7.8M
LiabilitiesLn 26$10.5M
PeoplePt VI, VII
8
listed · VII A
PaidVII A0
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$646K
Investment incomeLn 3$41K
Total revenueLn 12$687K
Assets in detailPt X, end of year
CashLn 1$33K
SavingsLn 2$895K
Cash and savings togetherLn 1–2$928K
Land, buildings, equipmentLn 10c$6.2M
Other assetsLn 15$618K
Total assetsLn 16$7.8M
LiabilitiesLn 26$10.5M
Net assetsLn 32−$2.7M
OperationsPt I, VI
EmployeesI 50
VolunteersI 67
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY25End FY25
Cash and savingsLn 1–2$961K$928K
Land, buildings, equipmentLn 10c$6.4M$6.2M
Total assetsLn 16$8.0M$7.8M
LiabilitiesLn 26$10.7M$10.5M
Net assetsLn 32−$2.7M−$2.7M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$3K$3K
Other fees for servicesLn 11g$5K$5K
OccupancyLn 16$4K$4K
InterestLn 20$389K$389K
Depreciation, depletion and amortizationLn 22$236K$236K
InsuranceLn 23$9K$9K
Total functional expensesLn 25$646K$646K$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $687K$646K$41K−$2.7M 990 PDF
FY2024 $686K$602K$84K−$2.7M 990 PDF
FY2023 $1.3M$755K$542K−$2.8M 990 PDF
FY2022 $748K$778K−$30K−$3.3M 990 PDF
FY2021 $747K$794K−$47K−$3.3M 990 PDF
FY2020 $767K$795K−$28K−$2.9M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2025 990 (6 parts)
Part I · Summary $687,085 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $640,872$645,863
I-10 Investment incomePrior year $45,359$41,222
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $686,231$687,085
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $602,055$646,034
I-18 Total expensesPrior year $602,055$646,034
I-19 Revenue less expensesPrior year $84,176$41,051
Part VI · Governance 7 of 7 board members independent, 3 to look at
VI-1a Voting members of the governing body7
VI-1b Independent voting members7
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
Part VIII · Statement of revenue $687,085 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $645,863$645,863
VIII-3 Investment incomeExcluded from tax $41,222$41,222
VIII-12 Total revenueRelated to mission $645,863 · Unrelated business $0 · Excluded from tax $41,222$687,085
Part IX · Statement of functional expenses $646,034 across 6 lines filed
IX-11c Accounting feesPrograms $2,730$2,730
IX-11g Other fees for servicesPrograms $5,253$5,253
IX-16 OccupancyPrograms $4,173$4,173
IX-20 InterestPrograms $389,034$389,034
IX-22 Depreciation, depletion and amortizationPrograms $236,002$236,002
IX-23 InsurancePrograms $8,842$8,842
IX-25 Total functional expensesPrograms $646,034 · Management $0 · Fundraising $0$646,034
Part X · Balance sheet $7,815,703 assets, 14 lines filed
X-1 Cash, non-interest-bearingStart of year $152,097$32,844
X-2 Savings and temporary cash investmentsStart of year $809,229$895,253
X-4 Accounts receivableStart of year $0$36,705
X-9 Prepaid expenses and deferred chargesStart of year $1,306$6,651
X-10c Land, buildings and equipment, netStart of year $6,406,449$6,225,838
X-15 Other assetsStart of year $581,534$618,412
X-16 Total assetsStart of year $7,950,615$7,815,703
X-17 Accounts payable and accrued expensesStart of year $623$0
X-20 Tax-exempt bond liabilitiesStart of year $8,782,951$8,673,760
X-25 Other liabilitiesStart of year $1,872,494$1,806,345
X-26 Total liabilitiesStart of year $10,656,068$10,480,105
X-27 Net assets without donor restrictionsStart of year −$2,705,453−$2,664,402
X-32 Total net assets or fund balancesStart of year −$2,705,453−$2,664,402
X-33 Total liabilities and net assetsStart of year $7,950,615$7,815,703
Part XI · Reconciliation of net assets −$2,664,402 net assets at year end
XI-1 Total revenue$687,085
XI-2 Total expenses$646,034
XI-3 Revenue less expenses$41,051
XI-4 Net assets at start of year−$2,705,453
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$2,664,402

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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