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← CHALLENGE FOUNDATION PROPERTIES INC

Form 990 for tax year 2022

Filed by CHALLENGE FOUNDATION PROPERTIES INC.

Totals

Total revenue
$842,174
Total expenses
$2,918,264
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$794,776
Investment income
$30,780
Other revenue
$16,618
Total assets, end of year
$23,726,858
Total liabilities, end of year
$5,850
Net assets or fund balances, end of year
$23,721,008
Program services expenses (Part IX)
$2,412,810
Management and general expenses
$505,454
Fundraising expenses
$0
Program service expenses (Part III)
$2,412,810

Program services were 82.7% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: Management Fees

    total $21,395 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: School Lease Revenue

    total $296,394 · unrelated business $0 · excluded $0

  • 2c · Program service revenue: School financing interest

    total $476,987 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $30,780 · unrelated business $0 · excluded $0

  • 11a · Other revenue: Miscellaneous

    total $16,618 · related or exempt $16,618 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $16,618

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $671,328 · program services $671,328 · management and general $0 · fundraising $0

  • 7 · Other salaries and wages

    total $263,445 · program services $216,706 · management and general $46,739 · fundraising $0

  • 9 · Other employee benefits

    total $144,583 · program services $137,354 · management and general $7,229 · fundraising $0

  • 10 · Payroll taxes

    total $66,201 · program services $62,891 · management and general $3,310 · fundraising $0

  • 11b · Fees: legal

    total $19,894 · program services $0 · management and general $19,894 · fundraising $0

  • 11c · Fees: accounting

    total $30,000 · program services $0 · management and general $30,000 · fundraising $0

  • 12 · Advertising and promotion

    total $1,669 · program services $0 · management and general $1,669 · fundraising $0

  • 13 · Office expenses

    total $51,305 · program services $0 · management and general $51,305 · fundraising $0

  • 14 · Information technology

    total $95,039 · program services $0 · management and general $95,039 · fundraising $0

  • 16 · Occupancy

    total $19,854 · program services $0 · management and general $19,854 · fundraising $0

  • 17 · Travel

    total $42,453 · program services $0 · management and general $42,453 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $167,674 · program services $137,493 · management and general $30,181 · fundraising $0

  • 23 · Insurance

    total $20,835 · program services $15,844 · management and general $4,991 · fundraising $0

  • 24a · Other expenses: Repairs/Maintenance

    total $100,418 · program services $99,875 · management and general $543 · fundraising $0

  • 24b · Other expenses: Contracted Services

    total $211,319 · program services $148,319 · management and general $63,000 · fundraising $0

  • 24c · Other expenses: Taxes

    total $6,946 · program services $6,946 · management and general $0 · fundraising $0

  • 24d · Other expenses: Donations

    total $409,094 · program services $409,094 · management and general $0 · fundraising $0

  • 24e · All other expenses

    total $596,207 · program services $506,960 · management and general $89,247 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,316,566 · end of year $1,191,533

  • 2 · Savings and temporary cash investments

    beginning of year $8,511,580 · end of year $9,914,165

  • 4 · Accounts receivable

    beginning of year $102,244 · end of year $24,223

  • 7 · Other notes and loans receivable

    beginning of year $860,550 · end of year $516,025

  • 8 · Inventories for sale or use

    beginning of year $41,138 · end of year $26,710

  • 9 · Prepaid expenses and deferred charges

    beginning of year $26,601 · end of year $20,283

  • 10a · Land, buildings and equipment: cost or other basis

    $6,150,485

  • 10b · Land, buildings and equipment: accumulated depreciation

    $675,256

  • 10c · Land, buildings and equipment, net

    beginning of year $5,592,902 · end of year $5,475,229

  • 15 · Other assets

    beginning of year $7,996,689 · end of year $6,558,690

  • 17 · Accounts payable and accrued expenses

    beginning of year $22,888 · end of year $5,850

  • 27 · Net assets without donor restrictions

    beginning of year $25,425,382 · end of year $23,721,008

Mission and programs · 2022

Mission

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.

  • 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

    Expenses $2,412,810 · Grants $409,094 · Revenue $842,174

As filed on the 2022 return.

Listed in Part VII

  • Philip Byers

    President/ExecDir

    Total calculated
    $230,368
    From this org
    $230,368
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $230,368
    Bonus
    $6,911
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $237,279

  • Michael Harrington

    Vice-President

    Total calculated
    $200,340
    From this org
    $200,340
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $200,340
    Bonus
    $6,010
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $206,350

  • Gary Gammon

    Treasurer

    Total calculated
    $0
    Hours/week
    5

  • Tommy Luckadoo

    Member

    Total calculated
    $0
    Hours/week
    2

  • Tim Smith

    Member

    Total calculated
    $0
    Hours/week
    2

  • Tracy Banker

    Secretary

    Total calculated
    $173,644
    From this org
    $173,644
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $173,644
    Bonus
    $5,209
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $178,853

  • Jennifer McCluney

    Finance Officer

    Total calculated
    $66,976
    From this org
    $66,976
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2022
Filed
15 May 2024
IRS schema version
2022v5.0
Source object
202401369349315315

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