Challenge Foundation Inc
- Assets
- $5.7m
- Revenue
- $5.0m
- Investments
- $4.0m
- Employees
- 5
- Location
- Englewood, CO
- Founding
- 04/1999
- Data as of
- 05/2023
- EIN
- 84-1480014
Organization Overview
Challenge Foundation Inc is located in Englewood, CO. The organization was established in 1999. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 05/2023, Challenge Foundation Inc employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Challenge Foundation 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 05/2023, Challenge Foundation Inc generated $5.0m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 15.6% each year . All expenses for the organization totaled $1.6m during the year ending 05/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO HELP ECONOMICALLY DISADVANTAGED CHILDREN ATTAIN COLLEGE READINESS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CHALLENGE SUMMER PROGRAM:THE CHALLENGE SUMMER PROGRAM IS HELD AT ST MARYU'S ACADEMY FOR APPROXIMATELY SIX WEEKS. STUDENTS ARE RISING 6TH, 7TH, 8TH AND 9TH GRADERS. THE STUDENTS MUST HAVE FINANCIAL NEED AND HAVE DEMONSTRATED ACADEMIC SUCCESS. THE SUMMER STAFF CONSISTS OF TEACHERS, CO-TEACHERS AND YEAR ROUND CHALLENGE FOUNDATION STAFF MEMBERS. SUMMER PROGRAM CLASSES ARE LANGUAGE ARTS, MATH AND SCIENCE. ENRICHMENT ACTIVITIES INCLUDE PUBLIC SPEAKING, SCUBA DIVING, SWIMMING LESSONS, HIGH ROPES COURSE, RAFTING, HORSEBACK RIDING, DANCE, SPORTS AND MUSIC. BREAKFAST, LUNCH AND SNACKS ARE SERVED. TRANSPORTATION IS PROVIDED.
TUTORING AND MENTORING:THE PROGRAM FLOURISHED DURING THE SCHOOL YEAR WITH ONCE A WEEK TUTORING AND INDIVIDUAL MENTORING. STUDENTS PARTICIPATED IN THE SUMMER PROGRAM AND RECEIVED TUTORING THROUGHOUT THE SCHOOL YEAR AT COLLEGE PREP HIGH SCHOOLS. INTERESTED MEN AND WOMEN FROM THE PROFESSIONAL AND BUSINESS COMMUNITY SERVED AS MENTORS TO THE INDIVIDUAL STUDENTS THROUGHOUT THE YEAR. THEY PROVIDED ENCOURAGEMENT AND ENRICHMENT TO THE STUDENTS IN THEIR ACADEMIC AND SOCIAL SKILLS.
SCHOLARSHIPS:WITH SUCCESSFUL PARTICIPATION IN THE SUMMER PROGRAM AND YEAR ROUND ACADEMIC SUCCESS, STUDENTS WILL BE ELIGIBLE FOR SCHOLARSHIPS TO A COLLEGE PREP HIGH SCHOOL AND MIDDLE SCHOOL. THIS INSURES THE MISSION OF THE FOUNDATION OF HELPING DISADVANTAGED YOUTH ACHIEVE ACADEMIC SUCCESS AND BECOME CANDIDATES FOR COLLEGE ADMISSION. THE CHALLENGE FOUNDATION WILL IMPACT APPROXIMATELY 69 MIDDLE SCHOOL AND HIGH SCHOOL STUDENTS OPERATING ON AN ANNUAL BUDGET OF APPROXIMATELY $1,500,000 PER YEAR. ITS UNIQUE MISSION IS TO FOLLOW THE SELECTED CHILDREN FROM SIXTH GRADE THROUGH COLLEGE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mary Ellen Dalton Board Member | Trustee | 1 | $0 |
Gene Myers President | OfficerTrustee | 5 | $0 |
Erin Verneris Secretary | OfficerTrustee | 1 | $0 |
Michael Brown Treasurer | OfficerTrustee | 1 | $0 |
John Birkelbach Board Member | Trustee | 1 | $0 |
Kari Davis Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $3,296,230 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,710,099 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,006,329 |
| Total Program Service Revenue | $0 |
| Investment income | $3,917 |
| 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 | $5,010,246 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $479,788 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $587,588 |
| Pension plan accruals and contributions | $13,757 |
| Other employee benefits | $57,733 |
| Payroll taxes | $44,129 |
| Fees for services: Management | $20,805 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $18,366 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $52,552 |
| Information technology | $760 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $17,601 |
| 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 | $3,533 |
| Insurance | $15,580 |
| All other expenses | $0 |
| Total functional expenses | $1,642,014 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $494,734 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,609 |
| Net Land, buildings, and equipment | $11,924 |
| Investments—publicly traded securities | $1,088,546 |
| Investments—other securities | $4,042,040 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $21,032 |
| Total assets | $5,661,885 |
| Accounts payable and accrued expenses | $68,435 |
| 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 | $68,435 |
| Net assets without donor restrictions | $1,573,941 |
| Net assets with donor restrictions | $4,019,509 |
| 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 | $5,661,885 |
Grants Awarded
Over the last fiscal year, Challenge Foundation Inc has awarded $0 in support to 3 organizations.
| Grant Recipient | Amount |
|---|