Civic Intelligence

Challenge Foundation Properties Inc.

990 • Fiscal year 2019 • EIN 81-1808142

Jul 01, 2018 to Jun 30, 2019 • Filed on May 14, 2021

Organization ProfileN/A
152 E Main StreetForest City, NC 28043

(828) 980-2025

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

8th percentile

0.00x

Higher debt load relative to assets than 8% of similar nonprofits.

2019 filings • NTEE B • $25M-$50M nonprofits • Source year 2019

Liabilities / Revenue

4th percentile

0.00x

Higher debt load relative to revenue than 4% of similar nonprofits.

2019 filings • NTEE B • $25M-$50M nonprofits • Source year 2019

Net Margin

98th percentile

88%

Higher net margin than 98% of similar nonprofits.

2019 filings • NTEE B • $25M-$50M nonprofits • Source year 2019

Top Officer Pay

45th percentile

$216,250

Higher top officer pay than 45% of similar nonprofits.

Top officer pay equals 0.6% of source-year revenue.

2019 filings • NTEE B • $25M-$50M nonprofits • Source year 2019

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2019

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2019

Balance Sheet
Liabilities / Assets8th percentile

Assets

$30,356,367

No earlier filing loaded for comparison.

Net Assets

$30,348,098

No earlier filing loaded for comparison.

Liabilities

$8,269

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue4th percentileNet Margin98th percentile

Revenue

$34,420,580

No earlier filing loaded for comparison.

Expenses

$4,072,482

No earlier filing loaded for comparison.

Net Income

$30,348,098

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$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

2019

Assets$30,356,367
Liabilities$8,269
Net Assets$30,348,098
Open 2019 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income across loaded years, with this 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

2019

Revenue$34,420,580
Expenses$4,072,482
Net Income$30,348,098
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
May 14, 2021
Return Version
2018v3.1
Gross Receipts
$35,426,062
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.

To support start-up charter schools through building facilities which are leased to the schools until the school is able to secure financing and purchase the school.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net-$17,924,326-
Other Notes and Loans Receivable, Net-$6,522,683-
Cash and Non-Interest-Bearing Accounts-$4,622,412-
Accounts Receivable-$710,298-
Inventories for Sale or Use-$401,143-
Prepaid Expenses and Deferred Charges-$135,372-
Total Assets$0$30,356,367▲ $30,356,367
Other Assets Total-$40,133-
Liabilities
Accounts Payable and Accrued Expenses-$8,269-
Total Liabilities$0$8,269▲ $8,269
Net Assets / Fund Balance
Temporarily Rstr Net Assets-$17,924,326-
Unrestricted Net Assets-$12,423,772-
Total Net Assets Fund Balance$0$30,348,098▲ $30,348,098
Total Liabilities and Net Assets / Fund Balance$0$30,356,367▲ $30,356,367

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$16,264,811$1,659,796$17,924,607
Land$1,659,515-$1,659,515
Compensation and Service Providers
Top Officer Pay45th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Charles P ByersPresident/Executive DirectorFT$216,250$216,250
Charles P Byers--$216,250$216,250
Michael HarringtonV PresidentFT$178,528$178,528
Michael Harrington--$178,528$178,528

Board Members and Trustees

NameTitle
Tim SmithDirector
Tommy LuckadooDirector
Gary GammonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$31,916,780
Program Service Revenue
$697,296
Investment Income
$83,533
Other Revenue
$1,722,971
All Other Contributions
$31,916,780
Change in Net Assets
$30,348,098

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Real Estate Commercial1$18,385,484Fair Market Value (FMV)
Total Noncash Contributions1$18,385,484-

Audited Revenue Reconciliation

Revenue per Audited Statements
$34,420,580
Total Revenue per Audited Statements
$34,420,580
Total Revenue per Form 990
$34,420,580
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$2,164,300
Other Expenses$1,064,856
Salaries, Compensation, and Employee Benefits$843,326
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$2,164,300--$2,164,300
Depreciation Depletion$690,722$0$0$690,722
Current Officers, Directors, Trustees, and Key Employees$394,778$0$0$394,778
Other Salaries and Wages$266,925$34,826$0$301,751
Other Employee Benefits$92,271$4,856$0$97,127
Fees for Services Accounting$0$84,979$0$84,979
Travel$79,292$4,173$0$83,465
Other Expenses$0$61,659$0$61,659
Payroll Taxes$47,186$2,484$0$49,670
Occupancy$29,680$6,000$0$35,680
All Other Expenses$32,002$0$0$32,002
Office Expenses$0$23,536$0$23,536
Insurance$2,025$4,070$0$6,095
Total Functional Expenses$3,836,181$236,301$0$4,072,482

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$4,072,482
Total Expenses per Audited Statements$4,072,482
Total Expenses per Form 990$4,072,482
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
TeamCFAForest City, NC-Program Support$2,164,300
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
No
Annual disclosure for covered persons
Yes
Audit committee
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 Properties Inc
EIN
81-1808142
Phone
8289802025
Address
152 E Main Street, Forest City, NC 28043

Signing Officer

Name
Charles P Byers
Title
Chair
Phone
8289802025
Signed
2021-05-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Charles P Byers
Formed
2016
Legal Domicile
Nc
Voting Board Members
5
Independent Board Members
3
Employees
3
Volunteers
0

Preparer

Firm
Darrell L Keller CPA PA
Address
PO Box 1028, Kings Mountain, NC 28086
Preparer
Darrell L Keller
Phone
7047390771
Supplemental Narrative

Additional Explanations

Pt VI, Line 11B

“Board reviews and approves prior to filing.”

Pt VI, Line 19

“Upon request at the business office.”

Pt VI, Line 12C

“Board members must disclose annually”

Form 990, Part IX, Line 24E

“Operating Expenses 5840. 5840. 0. 0.”

Form 990, Part IX, Line 24E

“Feasibility Study 23600. 23600. 0. 0.”

Form 990, Part IX, Line 24E

“Miscellaneous 2562. 2562. 0. 0.”

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IRS990ScheduleD/BuildingsGrp/BookValueAmt016264811
IRS990ScheduleD/BuildingsGrp/DepreciationAmt01659796
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt017924607
IRS990ScheduleD/ExpensesSubtotalAmt04072482
IRS990ScheduleD/LandGrp/BookValueAmt01659515
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt01659515
IRS990ScheduleD/RevenueSubtotalAmt034420580
IRS990ScheduleD/TotalBookValueLandBuildingsAmt017924326
IRS990ScheduleD/TotalExpensesPerForm990Amt04072482
IRS990ScheduleD/TotalRevenuePerForm990Amt034420580
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt034420580
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt04072482
IRS990ScheduleI/GrantRecordsMaintainedInd0true
IRS990ScheduleI/RecipientTable/CashGrantAmt02164300
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0Program Support
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0TeamCFA
IRS990ScheduleI/RecipientTable/RecipientEIN0262778821
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt0152 E Main Street
IRS990ScheduleI/RecipientTable/USAddress/CityNm0Forest City
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0NC
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd028043
IRS990ScheduleI/RecipientTable/ValuationMethodUsedDesc0FMV
IRS990ScheduleJ/AnyNonFixedPaymentsInd0false
IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd0false
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd0false
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd0false
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd0false
IRS990ScheduleJ/EquityBasedCompArrngmInd0false
IRS990ScheduleJ/InitialContractExceptionInd0false
IRS990/ScheduleJRequiredInd0true
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0216250
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt1178528
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Charles P Byers
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1Michael Harrington
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0216250
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt1178528
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt10
IRS990ScheduleJ/SeverancePaymentInd0false
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd0false
IRS990ScheduleM/AnyPropertyThatMustBeHeldInd0false
IRS990ScheduleM/RealEstateCommercialGrp/ContributionCnt01
IRS990ScheduleM/RealEstateCommercialGrp/MethodOfDeterminingRevenuesTxt0FMV
IRS990ScheduleM/RealEstateCommercialGrp/NonCashCheckboxInd0X
IRS990ScheduleM/RealEstateCommercialGrp/NoncashContributionsRptF990Amt018385484
IRS990ScheduleM/ReviewProcessUnusualNCGiftsInd0false
IRS990ScheduleM/ThirdPartiesUsedInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Board reviews and approves prior to filing.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Upon request at the business office.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Board members must disclose annually
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Operating Expenses 5840. 5840. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Feasibility Study 23600. 23600. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Miscellaneous 2562. 2562. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Pt VI, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Pt VI, Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Pt VI, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part IX, Line 24e
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TemporarilyRstrNetAssetsGrp/EOYAmt017924326
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsEOYAmt030356367
IRS990/TotalAssetsGrp/BOYAmt00
IRS990/TotalAssetsGrp/EOYAmt030356367
IRS990/TotalCompGreaterThan150KInd0true
IRS990/TotalContributionsAmt031916780
IRS990/TotalEmployeeCnt03
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0236301
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt03836181
IRS990/TotalFunctionalExpensesGrp/TotalAmt04072482
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesEOYAmt08269
IRS990/TotalLiabilitiesGrp/BOYAmt00
IRS990/TotalLiabilitiesGrp/EOYAmt08269
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt00
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt030348098
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt03836181
IRS990/TotalProgramServiceRevenueAmt0697296
IRS990/TotalReportableCompFromOrgAmt0394778
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt02503800
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt034420580
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt00
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt030356367

Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$30,356,367
Liabilities
$8,269
Net assets
$30,348,098
Revenue
$34,420,580
Expenses
$4,072,482
Net income
$30,348,098
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