Challenge Foundation Properties Inc

Analysis

Challenge Foundation Properties Inc is a registered charity in United States, based in Forest City, NC. It received its IRS tax-exemption ruling in August 2016, 10 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Challenge Foundation Properties Inc reported income of $842k and spending of $2.9m, spending 347% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $34.4m to $842k (-98%), an average of -60% a year. The sharpest change came in the year to June 2020, when income dropped by 92%. Over the whole period it spent 41% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Challenge Foundation Properties Inc sits at the 74th percentile: it is larger than about 74% of them. Against every charity in United States with reported income it ranks in the 77th percentile, and in the 78th percentile within NC. Charities of a similar size with the same main cause include Our Lady of the Hills Regional Catholic High School Inc ($842k), Yotzer Ohr Inc ($842k) and The Algebra Project Inc ($842k).

On its Form 990 for the period ending June 2023, revenue came from program service revenue 94% of the total. Compensation of current officers, directors and key employees was $671k (23% of expenses). Other salaries and wages came to $263k. At year end it held assets of $23.7m against liabilities of $5,850, net assets of $23.7m. It reported 5 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.