Civic Intelligence

Challenge Foundation Group Inc

EIN 81-1808142 • 501(c)3 • Forest City, NC

Profile

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.

132 E Main StreetForest City, NC 28043

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

6th percentile

0.00x

Higher debt load relative to assets than 6% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2022

Liabilities / Revenue

12th percentile

0.03x

Higher debt load relative to revenue than 12% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2022

Net Margin

1st percentile

-366%

Higher net margin than 1% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2022

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

7th percentile

-13%

Faster asset growth than 7% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2021 to 2022

Revenue Growth

2nd percentile

-73%

Faster revenue growth than 2% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets6th percentile

Assets

Down

$22,422,455

Down $1,304,403 (-5.5%) from 2023

Liabilities

Up

$8,648

Up $2,798 (+48%) from 2023

Net Assets

Down

$22,413,807

Down $1,307,201 (-5.5%) from 2023

Operations
Liabilities / Revenue12th percentileNet Margin1st percentile

Revenue

Up

$846,793

Up $4,619 (+0.5%) from 2023

Expenses

Down

$2,739,585

Down $178,679 (-6.1%) from 2023

Net Income

Up

-$1,892,792

Up $183,298 (+8.8%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth7th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$40M$30M$20M$10M$0Assets 2019: $30,356,367Liabilities 2019: $8,269Net Assets 2019: $30,348,0982019Assets 2020: $29,620,732Liabilities 2020: $9,073Net Assets 2020: $29,611,6592020Assets 2021: $29,091,994Liabilities 2021: $80,263Net Assets 2021: $29,011,7312021Assets 2022: $25,448,270Liabilities 2022: $22,888Net Assets 2022: $25,425,3822022Assets 2023: $23,726,858Liabilities 2023: $5,850Net Assets 2023: $23,721,0082023Assets 2024: $22,422,455Liabilities 2024: $8,648Net Assets 2024: $22,413,8072024

Highlighted filing

2024

Assets$22,422,455
Liabilities$8,648
Net Assets$22,413,807
Open 2024 Filing

Operations Trend

Revenue Growth2nd percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$40M$30M$20M$10M$0-$10MRevenue 2019: $34,420,580Expenses 2019: $4,072,482Net Income 2019: $30,348,0982019Revenue 2020: $2,879,288Expenses 2020: $3,615,727Net Income 2020: -$736,4392020Revenue 2021: $2,761,233Expenses 2021: $3,050,715Net Income 2021: -$289,4822021Revenue 2022: $749,090Expenses 2022: $3,488,355Net Income 2022: -$2,739,2652022Revenue 2023: $842,174Expenses 2023: $2,918,264Net Income 2023: -$2,076,0902023Revenue 2024: $846,793Expenses 2024: $2,739,585Net Income 2024: -$1,892,7922024

Highlighted filing

2024

Revenue$846,793
Expenses$2,739,585
Net Income-$1,892,792
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$22,422,455
Liabilities
$8,648
Net assets
$22,413,807
Revenue
$846,793
Expenses
$2,739,585
Net income
-$1,892,792
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$22.4$0.01$22.4$0.85$2.74$1.89
2023Detailed filing. Detailed filing data is available for this year.$23.7$0.01$23.7$0.84$2.92$2.08
2022Detailed filing. Detailed filing data is available for this year.$25.4$0.02$25.4$0.75$3.49$2.74
2021Detailed filing. Detailed filing data is available for this year.$29.1$0.08$29.0$2.76$3.05$0.29
2020Detailed filing. Detailed filing data is available for this year.$29.6$0.01$29.6$2.88$3.62$0.74
2019Detailed filing. Detailed filing data is available for this year.$30.4$0.01$30.3$34.4$4.07$30.3
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
May 13, 2025
Return Version
2023v6.0
Gross Receipts
$1,266,562
Mission and Program Overview

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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$9,914,165$10,722,773▲ $808,608
Land, Buildings, and Equipment, Net$5,475,229$5,307,553▼ $167,676
Other Notes and Loans Receivable, Net$516,025$347,490▼ $168,535
Cash and Non-Interest-Bearing Accounts$1,191,533$117,400▼ $1,074,133
Inventories for Sale or Use$26,710$0▼ $26,710
Prepaid Expenses and Deferred Charges$20,283$13,871▼ $6,412
Accounts Receivable$24,223$610▼ $23,613
Total Assets$23,726,858$22,422,455▼ $1,304,403
Other Assets Total$6,558,690$5,912,758▼ $645,932
Liabilities
Accounts Payable and Accrued Expenses$5,850$8,648▲ $2,798
Total Liabilities$5,850$8,648▲ $2,798
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$23,721,008$22,413,807▼ $1,307,201
Total Net Assets Fund Balance$23,721,008$22,413,807▼ $1,307,201
Total Liabilities and Net Assets / Fund Balance$23,726,858$22,422,455▼ $1,304,403

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$5,016,053$842,932$5,858,985
Land$291,500-$291,500
Other Assets Org$609,074--
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseTotal
Michael HarringtonVice-PresidentFT$160,200$160,200
Philip ByersPresident/ExecDirFT$160,200$160,200
Tracy BankerSecretaryFT$160,200$160,200
Michael Harrington--$160,200$160,200
Philip Byers--$160,200$160,200
Tracy Banker--$160,200$160,200
Jennifer McCluneyFinance OfficerFT$74,917$74,917

Board Members and Trustees

NameTitle
Jason ColeMember
Tim SmithMember
Tommy LuckadooMember
Gary GammonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$764,382
Investment Income
$80,495
Other Revenue
$1,916
Change in Net Assets
$-1,892,792

Audited Revenue Reconciliation

Revenue per Audited Statements
$846,793
Revenue Not Reported on Form 990
$590,957
Total Revenue per Audited Statements
$1,437,750
Total Revenue per Form 990
$846,793
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,331,318
Salaries, Compensation, and Employee Benefits$1,183,267
Grants and Similar Amounts Paid$225,000
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$440,548$48,481$0$489,029
Current Officers, Directors, Trustees, and Key Employees$480,600$0$0$480,600
Other Expenses$311,208$0$0$311,208
Grants to Domestic Orgs$225,000--$225,000
Depreciation Depletion$119,058$48,616$0$167,674
Other Employee Benefits$138,455$7,287$0$145,742
All Other Expenses$68,314$56,171$0$124,485
Fees for Services Accounting$0$73,871$0$73,871
Payroll Taxes$64,501$3,395$0$67,896
Travel$0$49,570$0$49,570
Conferences and Meetings$0$41,781$0$41,781
Office Expenses$0$37,881$0$37,881
Occupancy$0$34,813$0$34,813
Insurance$15,933$14,176$0$30,109
Fees for Services Legal$0$5,012$0$5,012
Total Functional Expenses$2,224,913$514,672$0$2,739,585

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,739,585
Total Expenses per Audited Statements$2,739,585
Total Expenses per Form 990$2,739,585
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Brevard AcademyPisgah Forest, NC501(c)(3)Gen Support$25,000
Davidson Charter AcadLexington, NC501(c)(3)Gen Support$25,000
Ethos AcademyGlendale, AZ501(c)(3)Gen Support$25,000
Excelsior ClassicalDurham, NC501(c)(3)Gen Support$25,000
Hirsch AcademyDecatur, GA501(c)(3)Gen Support$25,000
Pioneer PreparatoryCharlotte, NC501(c)(3)Gen Support$25,000
Thomas JeffersonMooresboro, NC501(c)(3)Gen Support$25,000
Unity ClassicalCharlotte, NC501(c)(3)Gen Support$25,000
Veritas CommunityCharlotte, NC501(c)(3)Gen Support$25,000
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No
Filing and Contact Details

Filer

Filer Name
Challenge Foundation Group Inc
EIN
81-1808142
Phone
7048137919
Address
132 E Main Street, Forest City, NC 28043

Signing Officer

Name
Philip Byers
Title
Executive Director
Phone
7048137919
Signed
2025-05-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Philip Byers
Formed
2016
Legal Domicile
Nc
Voting Board Members
6
Independent Board Members
3
Employees
13
Volunteers
10

Preparer

Firm
Darrell L Keller CPA PA
Address
105 S City Street, Kings Mountain, NC 28086
Preparer
Darrell L Keller
Phone
7047390771
Supplemental Narrative

Additional Explanations

Pt VI, Line 11B

“Board members review and approve Form 990 prior to filing.”

Pt VI, Line 19

“Documents are available to the public upon request.”

Pt VI, Line 12C

“Board members disclose annually”

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IRS990/OtherExpensesGrp/FundraisingAmt30
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt018418
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt175200
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt20
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt30
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IRS990/OtherExpensesGrp/ProgramServicesAmt212937
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IRS990/OtherSalariesAndWagesGrp/FundraisingAmt00
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IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0440548
IRS990/OtherSalariesAndWagesGrp/TotalAmt0489029
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IRS990/PayrollTaxesGrp/FundraisingAmt00
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IRS990/PayrollTaxesGrp/ProgramServicesAmt064501
IRS990/PayrollTaxesGrp/TotalAmt067896
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IRS990/PrincipalOfficerNm0Philip Byers
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IRS990/ProgramServiceRevenueGrp/Desc0Management Fees
IRS990/ProgramServiceRevenueGrp/Desc1School Lease Revenue
IRS990/ProgramServiceRevenueGrp/Desc2School financing interest
IRS990/ProgramServiceRevenueGrp/ExclusionAmt00
IRS990/ProgramServiceRevenueGrp/ExclusionAmt10
IRS990/ProgramServiceRevenueGrp/ExclusionAmt20
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1347490
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt2416892
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt00
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IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYExcessBenefitTransInd0false
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IRS990ScheduleD/BuildingsGrp/BookValueAmt05016053
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0842932
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt05858985
IRS990ScheduleD/ExpensesSubtotalAmt02739585
IRS990ScheduleD/LandGrp/BookValueAmt0291500
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0291500
IRS990ScheduleD/NetUnrealizedGainsInvstAmt0590957
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt00
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IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt25302884
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt3609074
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Land held for sale
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1Security Deposit
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2Notes Receivable - Noncurrent
IRS990ScheduleD/OtherAssetsOrgGrp/Desc3Long-term Investment
IRS990ScheduleD/RevenueNotReportedAmt0590957
IRS990ScheduleD/RevenueSubtotalAmt0846793
IRS990ScheduleD/TotalBookValueLandBuildingsAmt05307553
IRS990ScheduleD/TotalBookValueOtherAssetsAmt05912758
IRS990ScheduleD/TotalExpensesPerForm990Amt02739585
IRS990ScheduleD/TotalRevenuePerForm990Amt0846793
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01437750
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IRS990ScheduleI/RecipientTable/CashGrantAmt025000
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IRS990ScheduleI/RecipientTable/CashGrantAmt225000
IRS990ScheduleI/RecipientTable/CashGrantAmt325000
IRS990ScheduleI/RecipientTable/CashGrantAmt425000
IRS990ScheduleI/RecipientTable/CashGrantAmt525000
IRS990ScheduleI/RecipientTable/CashGrantAmt625000
IRS990ScheduleI/RecipientTable/CashGrantAmt725000
IRS990ScheduleI/RecipientTable/CashGrantAmt825000
IRS990ScheduleI/RecipientTable/IRCSectionDesc0501(c)(3)
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IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt2Gen Support
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt3Gen Support
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt4Gen Support
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt5Gen Support
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt6Gen Support
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt7Gen Support
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt8Gen Support
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0Veritas Community
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt1Brevard Academy
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt2Davidson Charter Acad
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt3Ethos Academy
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt4Excelsior Classical
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt5Hirsch Academy
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt6Pioneer Preparatory

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