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← CHALLENGE FOUNDATION PROPERTIES INC

Form 990 for tax year 2024

Filed by CHALLENGE FOUNDATION PROPERTIES INC.

Totals

Total revenue
$949,707
Total expenses
$2,287,890
Contributions and grants received
$0
Grants paid
$321,394
Program service revenue
$731,783
Investment income
$214,285
Other revenue
$3,639
Total assets, end of year
$21,959,681
Total liabilities, end of year
$1,871
Net assets or fund balances, end of year
$21,957,810
Program services expenses (Part IX)
$1,938,809
Management and general expenses
$349,081
Fundraising expenses
$0
Program service expenses (Part III)
$1,938,809

Program services were 84.7% 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: School Lease Revenue

    total $334,560 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: School financing interest

    total $397,223 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $214,285 · unrelated business $0 · excluded $0

  • 11a · Other revenue: Miscellaneous

    total $3,639 · related or exempt $3,639 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $3,639

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $321,394 · program services $321,394

  • 5 · Compensation of officers, directors and key employees

    total $341,020 · program services $323,969 · management and general $17,051 · fundraising $0

  • 7 · Other salaries and wages

    total $302,454 · program services $287,331 · management and general $15,123 · fundraising $0

  • 8 · Pension plan contributions

    total $23,641 · program services $22,459 · management and general $1,182 · fundraising $0

  • 9 · Other employee benefits

    total $127,632 · program services $121,250 · management and general $6,382 · fundraising $0

  • 10 · Payroll taxes

    total $62,178 · program services $59,069 · management and general $3,109 · fundraising $0

  • 11b · Fees: legal

    total $3,884 · program services $0 · management and general $3,884 · fundraising $0

  • 11c · Fees: accounting

    total $15,027 · program services $0 · management and general $15,027 · fundraising $0

  • 13 · Office expenses

    total $20,037 · program services $0 · management and general $20,037 · fundraising $0

  • 14 · Information technology

    total $24,905 · program services $24,905 · management and general $0 · fundraising $0

  • 16 · Occupancy

    total $25,413 · program services $0 · management and general $25,413 · fundraising $0

  • 17 · Travel

    total $57,754 · program services $0 · management and general $57,754 · fundraising $0

  • 19 · Conferences, conventions and meetings

    total $33,379 · program services $0 · management and general $33,379 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $167,539 · program services $118,978 · management and general $48,561 · fundraising $0

  • 23 · Insurance

    total $25,888 · program services $0 · management and general $25,888 · fundraising $0

  • 24a · Other expenses: Repairs/Maintenance

    total $23,754 · program services $7,200 · management and general $16,554 · fundraising $0

  • 24b · Other expenses: Contracted Services

    total $361,169 · program services $361,169 · management and general $0 · fundraising $0

  • 24c · Other expenses: Taxes

    total $15,157 · program services $15,157 · management and general $0 · fundraising $0

  • 24d · Other expenses: Donations, Scholarships

    total $272,906 · program services $272,906 · management and general $0 · fundraising $0

  • 24e · All other expenses

    total $62,759 · program services $3,022 · management and general $59,737 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $117,400 · end of year $426,232

  • 2 · Savings and temporary cash investments

    beginning of year $10,722,773 · end of year $10,370,833

  • 4 · Accounts receivable

    beginning of year $610 · end of year $1,000

  • 7 · Other notes and loans receivable

    beginning of year $347,490 · end of year $33,996

  • 8 · Inventories for sale or use

    beginning of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $13,871 · end of year $15,629

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

    $6,150,485

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

    $1,010,471

  • 10c · Land, buildings and equipment, net

    beginning of year $5,307,553 · end of year $5,140,014

  • 15 · Other assets

    beginning of year $5,912,758 · end of year $5,971,977

  • 17 · Accounts payable and accrued expenses

    beginning of year $8,648 · end of year $1,871

  • 27 · Net assets without donor restrictions

    beginning of year $22,413,807 · end of year $21,957,810

Mission and programs · 2024

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 $1,938,809 · Grants $321,394 · Revenue $949,707

As filed on the 2024 return.

Listed in Part VII

  • Philip Byers

    President/ExecDir

    Total calculated
    $346,494
    From this org
    $346,494
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $346,494
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $346,494

  • Michael Harrington

    Vice-President

    Total calculated
    $217,950
    From this org
    $217,950
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $217,950
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $217,950

  • 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
    $195,253
    From this org
    $195,253
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $195,253
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $195,253

  • Jennifer McCluney

    Finance Officer

    Total calculated
    $75,569
    From this org
    $75,569
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Jason Cole

    Member

    Total calculated
    $0
    Hours/week
    2

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

Provenance

Return type
form_990
Tax year
2024
Filed
13 May 2026
IRS schema version
2024v5.2
Source object
202611359349310256

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