Totals
- Total revenue
- $1,612,896
- Total expenses
- $1,974,034
- Contributions and grants received
- $1,931,314
- Grants paid
- $604,255
- Program service revenue
- $0
- Investment income
- -$350,760
- Other revenue
- $32,342
- Total assets, end of year
- $5,434,171
- Total liabilities, end of year
- $24,521
- Net assets or fund balances, end of year
- $5,409,650
- Program services expenses (Part IX)
- $1,883,455
- Management and general expenses
- $90,157
- Fundraising expenses
- $422
- Program service expenses (Part III)
- $1,883,455
Program services were 95.4% 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.
-
1f · All other contributions, gifts and grants
$1,931,314
-
1g · Noncash contributions included above
$127,004
-
3 · Investment income
total $135,327 · excluded $135,327
-
7a · Gross sales of assets other than inventory
securities $187,768
-
7b · Less cost or other basis and sales expenses
securities $673,855
-
7c · Gain or loss
securities -$486,087
-
7d · Net gain or loss
total -$486,087 · excluded -$486,087
-
11a · Other revenue: K1 INVESTMENT PASS-THRU
total $32,342 · excluded $32,342
-
11e · Other revenue, total
$32,342
Functional expenses
Part IX, the statement of functional expenses.
-
2 · Grants to domestic individuals
total $604,255 · program services $604,255
-
7 · Other salaries and wages
total $647,605 · program services $647,605
-
8 · Pension plan contributions
total $12,550 · program services $12,550
-
9 · Other employee benefits
total $80,204 · program services $80,204
-
10 · Payroll taxes
total $46,669 · program services $46,669
-
11a · Fees: management
total $56,289 · program services $56,289
-
11b · Fees: legal
total $328 · management and general $328
-
11c · Fees: accounting
total $26,763 · program services $2,479 · management and general $24,284
-
11f · Fees: investment management
total $2,587 · management and general $2,587
-
11g · Fees: other
total $12,334 · management and general $12,334
-
13 · Office expenses
total $24,776 · program services $1,549 · management and general $23,227
-
14 · Information technology
total $18,896 · program services $18,896
-
17 · Travel
total $9,020 · program services $2,398 · management and general $6,622
-
19 · Conferences, conventions and meetings
total $6,645 · program services $6,645
-
22 · Depreciation, depletion and amortization
total $3,533 · management and general $3,533
-
23 · Insurance
total $17,242 · management and general $17,242
-
24a · Other expenses: SUMMER PROGRAM/CHILD CA
total $285,288 · program services $285,288
-
24b · Other expenses: FAMILY SUPPORT
total $54,086 · program services $54,086
-
24c · Other expenses: STUDENT SUPPORT
total $45,992 · program services $45,992
-
24d · Other expenses: RECRUITMENT/MENTOR EXPE
total $18,550 · program services $18,550
-
24e · All other expenses
total $422 · fundraising $422
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $1,120,150 · end of year $1,680,699
-
10a · Land, buildings and equipment: cost or other basis
$57,580
-
10b · Land, buildings and equipment: accumulated depreciation
$52,722
-
10c · Land, buildings and equipment, net
beginning of year $8,391 · end of year $4,858
-
11 · Investments: publicly traded securities
beginning of year $2,083,804 · end of year $3,635,383
-
12 · Investments: other securities
beginning of year $2,515,064 · end of year $103,257
-
15 · Other assets
beginning of year $17,722 · end of year $9,974
-
17 · Accounts payable and accrued expenses
beginning of year $50,557 · end of year $24,521
-
27 · Net assets without donor restrictions
beginning of year $2,697,628 · end of year $3,500,469
-
28 · Net assets with donor restrictions
beginning of year $2,996,946 · end of year $1,909,181
Mission and programs · 2024
Mission
THE CHALLENGE FOUNDATION EMPOWERS STUDENTS TO REACH THEIR FULL POTENTIAL THROUGH ACADEMIC SCHOLARSHIPS AND COMPREHENSIVE SUPPORT, BRIDGING THE GAP TO AN EXTRAORDINARY EDUCATION AND LIFELONG SUCCESS.
Activities or mission (Part I)
TO HELP ECONOMICALLY DISADVANTAGED CHILDREN ATTAIN COLLEGE READINESS.
-
CHALLENGE SUMMER PROGRAM:THE CHALLENGE SUMMER PROGRAM IS HELD AT ST MARY'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, SWIMMING LESSONS, HIGH ROPES COURSE, DANCE, SPORTS, COLLEGE VISITS, CAREER DAY, FINANCIAL LITERACY AND MUSIC. BREAKFAST, LUNCH AND SNACKS ARE SERVED. TRANSPORTATION IS PROVIDED.
Expenses $285,288
-
TUTORING, MENTORING AND ADVISING:THE CHALLENGE FOUNDATION MATCHES STUDENTS WITH A VOLUNTEER MENTOR WHO PARTNERS WITH THE FAMILY AND THE STAFF TO PROVIDE ON-GOING SUPPORT, ENCOURAGEMENT AND MEANINGFUL EDUCATIONAL EXPERIENCES. THE MENTOR IS A PROFESSIONAL IN OUR COMMUNITY WHO IS TRAINED TO SERVE AS A ROLE MODEL AND TEAM MEMBER IN THE SCHOLARS' EDUCATIONAL JOURNEY. TUTORING IS OFFERED AND ACCESSED AS NEEDED AT EVERY LEVEL OF THE SCHOLARS' EXPERIENCE, FROM 6TH GRADE THROUGH COLLEGE, INCLUDING ACT/SAT PREP. ALL OF THESE SUPPORTS ARE MANAGED BY A CHALLENGE ADVISOR ON STAFF WHO HELPS STUDENTS OVERCOME OBSTACLES IN THEIR PERSONAL AND ACADEMIC LIVES. ADVISORS ATTEND TEACHER CONFERENCES, OBTAIN COMPUTERS, SCHOOL SUPPLIES, ATHLETIC EQUIPMENT, MUSICAL INSTRUMENTS AND COUNSEL THEM THROUGHOUT THE COLLEGE AND FINANCIAL AID APPLICATION PROCESS.
Expenses $993,912
-
SCHOLARSHIPS:THE CHALLENGE FOUNDATION PARTNERS WITH COLLEGE PREPARATORY SCHOOLS TO AWARD SCHOLARSHIPS TO QUALIFIED STUDENTS FROM SIXTH THROUGH TWELFTH GRADES. TO BE ELIGIBLE, FAMILIES DEMONSTRATE FINANCIAL NEED AND STUDENTS DEMONSTRATE YEAR-ROUND ACADEMIC SUCCESS AND COMMITMENT. THE PROGRAM WILL IMPACT APPROXIMATELY 160 STUDENTS.
Expenses $604,255 · Grants $604,255
As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Mary Ellen DaltonMARY ELLEN DALTON
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Gene MyersGENE MYERS
PRESIDENT
- Total calculated
- $0
- Hours/week
- 5
-
Erin VernerisERIN VERNERIS
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
John BirkelbachJOHN BIRKELBACH
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Kari DavisKARI DAVIS
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Latrice Lee McInerneyLATRICE LEE MCINERNEY
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Mark LivingstonMARK LIVINGSTON
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Alan SmileyALAN SMILEY
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Ben Valore-CaplanBEN VALORE-CAPLAN
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
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.
Grants on this return
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 11 December 2025
- IRS schema version
- 2024v5.2
- Source object
- 202543519349301039
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