Challenge Fund
- Assets
- $4.8m
- Revenue
- $438.8k
- Investments
- $4.7m
- Employees
- 0
- Location
- Chapel Hill, NC
- Founding
- 09/1964
- Data as of
- 12/2021
- EIN
- 56-6059951
Organization Overview
Challenge Fund is located in Chapel Hill, NC. The organization was established in 1964. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Challenge Fund 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 12/2021, Challenge Fund generated $438.8k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 14.7% each year . All expenses for the organization totaled $286.5k during the year ending 12/2021. While expenses have increased by 0.4% 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.
Since 2015, Challenge Fund has awarded 178 individual grants totaling $1,778,808. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
H Smith Richardson III Director | 0.5 | $5,880 | |
Cary R Paynter Director | 0.5 | $0 | |
Ann Page Richardson Director | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $133,820 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $304,939 |
| Capital Gain Net Income | $304,939 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $438,759 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $5,880 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $1,907 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $15,794 |
| Total operating and administrative expenses | $31,528 |
| Contributions, gifts, grants paid | $255,000 |
| Total expenses and disbursements | $286,528 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $109,166 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $834 |
| Total assets | $4,804,239 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Challenge Fund has awarded $255,000 in support to 15 organizations.
| Grant Recipient | Amount |
|---|---|
RAINFOREST TRUST PURPOSE: TO CARRY OUT THE GENERAL TAX EXEMPT PURPOSE OF THE RECIPIENT ORGANIZATION | $50,000 |
Montgomery, AL PURPOSE: TO CARRY OUT THE GENERAL TAX EXEMPT PURPOSE OF THE RECIPIENT ORGANIZATION | $25,000 |
Santa Barbara, CA PURPOSE: TO CARRY OUT THE GENERAL TAX EXEMPT PURPOSE OF THE RECIPIENT ORGANIZATION | $25,000 |
Santa Barbara, CA PURPOSE: TO CARRY OUT THE GENERAL TAX EXEMPT PURPOSE OF THE RECIPIENT ORGANIZATION | $25,000 |
Santa Barbara, CA PURPOSE: TO CARRY OUT THE GENERAL TAX EXEMPT PURPOSE OF THE RECIPIENT ORGANIZATION | $25,000 |
BRENNAN CENTER FOR JUSTICE PURPOSE: TO CARRY OUT THE GENERAL TAX EXEMPT PURPOSE OF THE RECIPIENT ORGANIZATION | $20,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Trousdale Foundation Inc Cleveland, TN | $157,578,588 | $76,137,385 |
The United Methodist Retirement Homes Inc Durham, NC | $351,992,425 | $85,120,969 |
The Murray & Sydell Rosenberg Foundation Inc Atlanta, GA | $5,561,714 | $74,985,544 |
Joseph B Whitehead Foundation Atlanta, GA | $148,285,590 | $58,163,845 |
Winshape Foundation Inc Atlanta, GA | $1,733,664,901 | $22,099,572 |
A Good Name Foundation Inc Atlanta, GA | $709,299,721 | $33,917,740 |
Jane Woodruff Foundation Inc Atlanta, GA | $0 | $54,999,988 |
Ups Foundation Inc Atlanta, GA | $8,317,427 | $54,799,163 |
Claws Foundation Reston, VA | $37,055,234 | $1,734,426 |
Dogwood Health Trust Asheville, NC | $1,386,374,836 | $630,200,598 |
Jack Kent Cooke Foundation Lansdowne, VA | $883,502,508 | $42,942,790 |
O Wayne Rollins Foundation Atlanta, GA | $468,654,801 | $21,609,282 |