Challenge Industries Inc

Analysis

Challenge Industries Inc is a registered charity in United States, based in Ithaca, NY. It received its IRS tax-exemption ruling in June 1968, 58 years ago. Its declared purposes cover employment, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Challenge Industries Inc reported income of $3.4m and spending of $3.4m, spending 100% of its income. Across the 5 years on record, from December 2019 to December 2023, income fell from $5.4m to $3.4m (-38%), an average of -11% a year. The sharpest change came in the year to December 2023, when income dropped by 24%. Over the whole period it spent 91% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Challenge Industries Inc sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 90th percentile, and in the 87th percentile within NY. Charities of a similar size with the same main cause include Marie Mills Center Inc ($3.4m), New Ventures Inc ($3.4m) and Blue Hills Civic Association Incorporated ($3.4m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 3.3% and program service revenue 93% of the total. Compensation of current officers, directors and key employees was $231k (6.9% of expenses). Other salaries and wages came to $1.7m. At year end it held assets of $4.1m against liabilities of $1.7m, net assets of $2.4m. It reported 199 employees.