Challenge Foundation Properties Inc
- Assets
- $25.4m
- Revenue
- $749.1k
- Investments
- $0.0
- Employees
- 16
- Location
- Forest City, NC
- Founding
- 08/2016
- Data as of
- 06/2022
- EIN
- 81-1808142
Organization Overview
Challenge Foundation Properties Inc is located in Forest City, NC. The organization was established in 2016. According to its NTEE Classification (B02) the organization is classified as: Management & Technical Assistance, under the broad grouping of Education and related organizations. As of 06/2022, Challenge Foundation Properties Inc employed 16 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Challenge Foundation Properties Inc 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, Challenge Foundation Properties Inc generated $749.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (61.6%) each year. All expenses for the organization totaled $3.5m during the year ending 06/2022. 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
TO SUPPORT START-UP CHARTER SCHOOLS THROUGH BUILDING FACILITIES WHICH ARE LEASE TO THE SCHOOL UNTIL THE SCHOOL IS ABLE TO SECURE FINANCING AND PURCHASE THE SCHOOL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FINANCE THE CONSTRUCTION OF BUILDINGS FOR STARTUP CHARTER SCHOOLS IN NC THEN LEASE THE BUILDINGS TO THE SCHOOLS UNTIL THEY ARE ABLE TO SECURE FINANCING TO PURCHASE THE BUILDINGS FROM CF PROPERTIES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Philip Byers President/execdir | OfficerTrustee | 40 | $285,629 |
Michael Harrington Vice-President | OfficerTrustee | 40 | $228,526 |
Gary Gammon Treasurer | OfficerTrustee | 5 | $0 |
Tommy Luckadoo Member | Trustee | 2 | $0 |
Tim Smith Member | Trustee | 2 | $0 |
Tracy Banker Secretary | OfficerTrustee | 40 | $210,486 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $903,676 |
| Investment income | $207,899 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$392,573 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $749,090 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $514,949 |
| 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. | $805,438 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $179,748 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $141,905 |
| Payroll taxes | $66,307 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $59,187 |
| Fees for services: Accounting | $98,788 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $12,074 |
| Office expenses | $64,756 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $19,916 |
| Travel | $22,227 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $132,143 |
| Insurance | $30,201 |
| All other expenses | $337,324 |
| Total functional expenses | $3,488,355 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,316,566 |
| Savings and temporary cash investments | $9,111,580 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $102,244 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $860,550 |
| Inventories for sale or use | $41,138 |
| Prepaid expenses and deferred charges | $26,601 |
| Net Land, buildings, and equipment | $5,592,902 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $7,396,689 |
| Total assets | $25,448,270 |
| Accounts payable and accrued expenses | $22,888 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Other liabilities | $0 |
| Total liabilities | $22,888 |
| Net assets without donor restrictions | $19,791,342 |
| Net assets with donor restrictions | $5,634,040 |
| 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 | $25,448,270 |
Grants Awarded
Over the last fiscal year, Challenge Foundation Properties Inc has awarded $514,949 in support to 9 organizations.
| Grant Recipient | Amount |
|---|---|
VERITAS COMMUNITY PURPOSE: General support | $100,000 |
BREVARD ACADEMY PURPOSE: Gen support | $50,000 |
DAVIDSON CHARTER ACAD PURPOSE: Gen support | $75,000 |
ETHOS ACADEMY PURPOSE: Gen support | $39,949 |
EXCELSIOR CLASSICAL PURPOSE: Gen support | $50,000 |
HIRSCH ACADEMY PURPOSE: Gen support | $50,000 |