Rocketship Education
- Assets
- $75.0m
- Revenue
- $138.9m
- Investments
- $0.0
- Employees
- 1,294
- Location
- Redwood City, CA
- Founding
- 12/2006
- Data as of
- 06/2022
- EIN
- 20-4040597
Organization Overview
Rocketship Education is located in Redwood City, CA. The organization was established in 2006. According to its NTEE Classification (B29) the organization is classified as: Charter Schools, under the broad grouping of Education and related organizations. As of 06/2022, Rocketship Education employed 1,294 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rocketship Education is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Rocketship Education generated $138.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.6% each year. All expenses for the organization totaled $136.9m during the year ending 06/2022. While expenses have increased by 8.7% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
ROCKETSHIP EDUCATION IS A NATIONAL NON-PROFIT NETWORK OF PUBLIC ELEMENTARY CHARTER SCHOOLS SERVING LOW-INCOME COMMUNITIES WITH LIMITED ACCESS TO EXCELLENT SCHOOLS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ROCKETSHIP EDUCATION MANAGES, OPERATES, AND PROMOTES A NETWORK OF PUBLIC ELEMENTARY CHARTER SCHOOLS SERVING APPROXIMATELY 10,000 STUDENTS IN HIGH NEED COMMUNITIES. ROCKETSHIP EDUCATION DIRECTLY OPERATES SCHOOLS IN CALIFORNIA AND TENNESSEE WITH APPROXIMATELY 7,600 STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Preston Smith CEO | Officer | 40 | $293,518 |
Yunglynn Liao Chief Talent Officer | 40 | $250,282 | |
Maricela Guerrero Executive Director | 40 | $225,274 | |
Christopher Murphy Chief Communications Officer | 40 | $214,548 | |
Carolyn Lynch VP Operations | 40 | $211,222 | |
Keysha Bailey CFO (term End 07/21) | Officer | 40 | $204,406 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Miguel's Landscaping And Maintenance Landscaping | 6/29/22 | $502,458 |
Digicorp Information Systems Llc Software Web App Development Services | 6/29/22 | $292,762 |
Rlcl Acquisition Llc Student Transport | 6/29/22 | $784,241 |
The Stepping Stones Group Llc Sped Consultants | 6/29/22 | $173,728 |
Attuned Education Partners Educational Consultants | 6/29/22 | $159,425 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $126,387,856 |
| All other contributions, gifts, grants, and similar amounts not included above | $6,268,952 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $132,656,808 |
| Total Program Service Revenue | $0 |
| Investment income | $172,161 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $138,926,108 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $431,766 |
| Compensation of current officers, directors, key employees. | $431,766 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $64,553,900 |
| Pension plan accruals and contributions | $6,255,366 |
| Other employee benefits | $7,252,763 |
| Payroll taxes | $3,038,892 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $492,206 |
| Fees for services: Accounting | $733,726 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $14,089,834 |
| Advertising and promotion | $209,336 |
| Office expenses | $2,657,996 |
| Information technology | $4,842,808 |
| Royalties | $0 |
| Occupancy | $14,795,327 |
| Travel | $2,430,410 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $24,616 |
| Interest | $162,330 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $273,988 |
| Insurance | $603,956 |
| All other expenses | $4,871,453 |
| Total functional expenses | $136,945,189 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,665,490 |
| Savings and temporary cash investments | $21,310,014 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $18,921,957 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $9,733,322 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $6,134,827 |
| Net Land, buildings, and equipment | $4,777,866 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $453,297 |
| Total assets | $74,996,773 |
| Accounts payable and accrued expenses | $10,164,608 |
| Grants payable | $0 |
| Deferred revenue | $5,669,362 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $1,450,296 |
| Other liabilities | $4,753,123 |
| Total liabilities | $22,037,389 |
| Net assets without donor restrictions | $52,609,384 |
| Net assets with donor restrictions | $350,000 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $74,996,773 |