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Launchpad Development Five LLC FY2023 filing

San Jose, CAMutual-benefit / member-servingSince 2009 EIN 27-5083413Revenue $1.3M in FY2023

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.
Mission: Form 990 Part I, line 1 · Programs: Part IX

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FY2023 · 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
15 mo
of spending, in cash
Looks good: 14.9 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$10.7M
135% of total assets
Concern: liabilities are 135% 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
$1.3M
+73% vs prior year
Spent
$755K
To programs
100%
Net assets
−$2.8M
By yearFY2020–FY2025
Revenue
$1.3M
FY2023▲ +73%
Tap a bar for its year
Revenue by fiscal year
FY2020$767K
FY2021$747K
FY2022$748K
FY2023$1.3M
FY2024$686K
FY2025$687K
Expenses
$755K
FY2023▼ -3%
Tap a bar for its year
Expenses by fiscal year
FY2020$795K
FY2021$794K
FY2022$778K
FY2023$755K
FY2024$602K
FY2025$646K
Net assets
−$2.8M
FY2023▲ +16%
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 FY2023 Form 990 (year ending June 2023) · figures checked against the IRS filing · see the original

990 PDF Claim
You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2025) →

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% · $755K

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

9 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
Ben Carson
Executive Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Tadd Miller
President
$0Pt VII · Sec A
Laura Kozel
Secretary
$0Pt VII · Sec A
Keysha Bailey
Board Member
$0Pt VII · Sec A
Jeffrey Winaker
Board Member
$0Pt VII · Sec A
Derwin Sissnete
Board Member
$0Pt VII · Sec A
Abraham Lee
Board Member
$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 · $755K · in their own filed words · FY2022
01

To construct, hold, and manage the facility used in the school operations of rocketship five elementary school.

$755Kprogram expense

Funders

Who pays for it.

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

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.3M
Ln 12
Fees for servicesLn 2g$697K
Other incomeLn 4–11$563K
Investment incomeLn 3$37K
Money outPt IX
$755K
Ln 25
Programscol B$755K
Owns and owesPt X
−$2.8M
net assets · Ln 32
Cash and savingsLn 1–2$938K
Total assetsLn 16$7.9M
LiabilitiesLn 26$10.7M
PeoplePt VI, VII
9
listed · VII A
PaidVII A0
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$697K
Investment incomeLn 3$37K
Other incomeLn 4–11$563K
Total revenueLn 12$1.3M
Assets in detailPt X, end of year
CashLn 1$141K
SavingsLn 2$797K
Cash and savings togetherLn 1–2$938K
Land, buildings, equipmentLn 10c$6.5M
Other assetsLn 15$497K
Total assetsLn 16$7.9M
LiabilitiesLn 26$10.7M
Net assetsLn 32−$2.8M
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 FY23End FY23
Cash and savingsLn 1–2$858K$938K
Land, buildings, equipmentLn 10c$6.7M$6.5M
Total assetsLn 16$7.9M$7.9M
LiabilitiesLn 26$11.3M$10.7M
Net assetsLn 32−$3.3M−$2.8M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$2K$2K
Other fees for servicesLn 11g$150$150
Office expensesLn 13$4K$4K
InterestLn 20$499K$499K
Depreciation, depletion and amortizationLn 22$235K$235K
InsuranceLn 23$15K$15K
Total functional expensesLn 25$755K$755K$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $687K$646K$41K−$2.7M 990 PDF
FY2024 $686K$602K$84K−$2.7M 990 PDF
FY2023 Viewing $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 FY2023 990 (6 parts)
Part I · Summary $1,297,142 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $746,525$697,489
I-10 Investment incomePrior year $1,280$36,852
I-11 Other revenuePrior year $9$562,801
I-12 Total revenuePrior year $747,814$1,297,142
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 $778,107$754,745
I-18 Total expensesPrior year $778,107$754,745
I-19 Revenue less expensesPrior year −$30,293$542,397
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 $1,297,142 across 4 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $697,489$697,489
VIII-3 Investment incomeExcluded from tax $36,852$36,852
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $562,801$562,801
VIII-12 Total revenueRelated to mission $697,489 · Unrelated business $0 · Excluded from tax $599,653$1,297,142
Part IX · Statement of functional expenses $754,745 across 6 lines filed
IX-11c Accounting feesPrograms $2,100$2,100
IX-11g Other fees for servicesPrograms $150$150
IX-13 Office expensesPrograms $3,783$3,783
IX-20 InterestPrograms $499,010$499,010
IX-22 Depreciation, depletion and amortizationPrograms $235,170$235,170
IX-23 InsurancePrograms $14,532$14,532
IX-25 Total functional expensesPrograms $754,745 · Management $0 · Fundraising $0$754,745
Part X · Balance sheet $7,932,512 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $86,160$140,789
X-2 Savings and temporary cash investmentsStart of year $771,748$797,132
X-10c Land, buildings and equipment, netStart of year $6,677,436$6,497,136
X-15 Other assetsStart of year $408,831$497,455
X-16 Total assetsStart of year $7,944,175$7,932,512
X-17 Accounts payable and accrued expenses$624
X-25 Other liabilitiesStart of year $2,324,100$1,818,810
X-26 Total liabilitiesStart of year $11,276,201$10,722,141
X-27 Net assets without donor restrictionsStart of year −$3,332,026−$2,789,629
X-32 Total net assets or fund balancesStart of year −$3,332,026−$2,789,629
X-33 Total liabilities and net assetsStart of year $7,944,175$7,932,512
Part XI · Reconciliation of net assets −$2,789,629 net assets at year end
XI-1 Total revenue$1,297,142
XI-2 Total expenses$754,745
XI-3 Revenue less expenses$542,397
XI-4 Net assets at start of year−$3,332,026
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$2,789,629

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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