Rocketship Education
- Assets
- $74.9m
- Revenue
- $120.7m
- Investments
- $0.0
- Employees
- 1,172
- Location
- Redwood City, CA
- Founding
- 12/2006
- Data as of
- 06/2021
- 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 06/2021, Rocketship Education employed 1,172 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 06/2021, Rocketship Education generated $120.7m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 6.4% each year. All expenses for the organization totaled $108.3m during the year ending 06/2021. While expenses have increased by 6.0% per year over the past 6 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
2021
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 7,960 STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Keysha Bailey CFO | Officer | 40 | $310,284 |
Preston Smith CEO | Officer | 40 | $276,502 |
Yunglynn Liao Chief Talent Officer | 40 | $235,735 | |
Cheye Calvo Chief Growth And Community Engagement | 40 | $225,909 | |
Christopher Murphy VP Marketing & Communications | 40 | $201,139 | |
Carolyn Lynch VP Operations | 40 | $198,977 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Rlcl Acquisition Llc Student Transport | 6/29/21 | $531,048 |
Miguel's Landscaping And Maintenance Landscaping | 6/29/21 | $200,682 |
Be Glad Llc Professional Development & Traning | 6/29/21 | $183,450 |
Digicorp Information Systems Llc Software Web App Development Services | 6/29/21 | $176,077 |
Legility Llc Professional Services | 6/29/21 | $163,725 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $110,827,244 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,580,388 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $115,407,632 |
| Total Program Service Revenue | $0 |
| Investment income | $162,180 |
| 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 | $120,667,231 |
| 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. | $619,102 |
| Compensation of current officers, directors, key employees. | $619,102 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $53,898,947 |
| Pension plan accruals and contributions | $5,352,116 |
| Other employee benefits | $7,677,632 |
| Payroll taxes | $2,532,204 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $739,619 |
| Fees for services: Accounting | $129,538 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $7,324,470 |
| Advertising and promotion | $78,819 |
| Office expenses | $1,576,355 |
| Information technology | $5,944,110 |
| Royalties | $0 |
| Occupancy | $13,991,651 |
| Travel | $767,764 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $21,273 |
| Interest | $245,001 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $322,610 |
| Insurance | $317,931 |
| All other expenses | $3,265,199 |
| Total functional expenses | $108,334,421 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $22,010,245 |
| Savings and temporary cash investments | $10,617,224 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $24,944,005 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $7,094,138 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $5,338,341 |
| Net Land, buildings, and equipment | $4,417,820 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $449,709 |
| Total assets | $74,871,482 |
| Accounts payable and accrued expenses | $10,109,854 |
| Grants payable | $0 |
| Deferred revenue | $2,930,710 |
| 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 | $6,567,842 |
| Other liabilities | $4,284,611 |
| Total liabilities | $23,893,017 |
| Net assets without donor restrictions | $50,978,465 |
| Net assets with donor restrictions | $0 |
| 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 | $74,871,482 |
Grants Recieved
Over the last fiscal year, we have identified 16 grants that Rocketship Education has recieved totaling $2,876,306.
| Awarding Organization | Amount |
|---|---|
City Fund Beaverton, OR PURPOSE: OPERATING SUPPORT | $480,000 |
Kleinheinz Family Foundation For The Arts And Education Fort Worth, TX PURPOSE: CASH GRANT TO THE GENERAL FUND | $476,554 |
Charter Fund Inc Broomfield, CO PURPOSE: CHARTER SCHOOL GROWTH | $450,000 |
Charles And Helen Schwab Foundation San Francisco, CA PURPOSE: K-12 EDUCATION | $400,000 |
Charles And Helen Schwab Foundation San Francisco, CA PURPOSE: K-12 EDUCATION | $400,000 |
Fort Worth Education Partnership Inc Fort Worth, TX PURPOSE: EDUCATION MODEL | $227,831 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Alliance College-Ready Public Schools Pasadena, CA | $359,823,324 | $218,694,003 |
Green Dot Public Schools Los Angeles, CA | $273,836,453 | $189,732,727 |
Kipp Socal Public Schools Los Angeles, CA | $124,148,972 | $140,910,132 |
Rocketship Education Redwood City, CA | $74,871,482 | $120,667,231 |
American Leadership Academy Inc Mesa, AZ | $282,415,478 | $95,654,658 |
Five Keys Schools And Programs San Francisco, CA | $50,545,317 | $97,031,582 |
Inspire Charter Schools Duarte, CA | $15,814,456 | $76,018,441 |
Edkey Inc Mesa, AZ | $135,819,543 | $83,812,049 |
River Springs Charter School Inc Temecula, CA | $93,652,592 | $73,899,584 |
Granada Hills Charter Granada Hills, CA | $124,597,337 | $79,128,584 |
California Online Public Schools San Juan Capistrano, CA | $32,661,705 | $70,303,969 |
Camino Nuevo Charter Academy Los Angeles, CA | $62,441,915 | $60,583,098 |