Civic Intelligence

Challenge Foundation Properties Inc.

990 • Fiscal year 2021 • EIN 81-1808142

Jul 01, 2020 to Jun 30, 2021 • Filed on May 14, 2022

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

(704) 813-7919

Siviq Scores

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

Liabilities / Assets

9th percentile

0.00x

Higher debt load relative to assets than 9% of similar nonprofits.

2021 filings • NTEE B • $25M-$50M nonprofits • Source year 2021

Liabilities / Revenue

14th percentile

0.03x

Higher debt load relative to revenue than 14% of similar nonprofits.

2021 filings • NTEE B • $25M-$50M nonprofits • Source year 2021

Net Margin

16th percentile

-10%

Higher net margin than 16% of similar nonprofits.

2021 filings • NTEE B • $25M-$50M nonprofits • Source year 2021

Top Officer Pay

67th percentile

$285,629

Higher top officer pay than 67% of similar nonprofits.

Top officer pay equals 10.3% of source-year revenue.

2021 filings • NTEE B • $25M-$50M nonprofits • Source year 2021

Asset Growth

18th percentile

-1.8%

Faster asset growth than 18% of similar nonprofits.

2021 filings • NTEE B • $25M-$50M nonprofits • Annualized from 2020 to 2021

Revenue Growth

21st percentile

-4.1%

Faster revenue growth than 21% of similar nonprofits.

2021 filings • NTEE B • $25M-$50M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets9th percentile

Assets

Down

$29,091,994

Down $528,738 (-1.8%) from 2020

Net Assets

Down

$29,011,731

Down $599,928 (-2.0%) from 2020

Liabilities

Up

$80,263

Up $71,190 (+785%) from 2020

Revenue And Expenses
Liabilities / Revenue14th percentileNet Margin16th percentile

Revenue

Down

$2,761,233

Down $118,055 (-4.1%) from 2020

Expenses

Down

$3,050,715

Down $565,012 (-16%) from 2020

Net Income

Up

-$289,482

Up $446,957 (+61%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth18th percentile

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

2021

Assets$29,091,994
Liabilities$80,263
Net Assets$29,011,731
Open 2021 Filing

Operations Trend

Revenue Growth21st percentile

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

2021

Revenue$2,761,233
Expenses$3,050,715
Net Income-$289,482
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
May 14, 2022
Return Version
2020v4.1
Gross Receipts
$8,702,208
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-$9,232,947-
Land, Buildings, and Equipment, Net$11,709,073$6,983,791▼ $4,725,282
Cash and Non-Interest-Bearing Accounts$8,555,070$2,715,114▼ $5,839,956
Prepaid Expenses and Deferred Charges$5,918$148,096▲ $142,178
Accounts Receivable$41,360$121,906▲ $80,546
Other Notes and Loans Receivable, Net$128,552$27,715▼ $100,837
Total Assets$29,096,557$29,091,994▼ $4,563
Other Assets Total$8,656,584$9,862,425▲ $1,205,841
Liabilities
Accounts Payable and Accrued Expenses$44,754$80,263▲ $35,509
Total Liabilities$44,754$80,263▲ $35,509
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$17,342,730$22,027,940▲ $4,685,210
Net Assets With Donor Restrictions$11,709,073$6,983,791▼ $4,725,282
Total Net Assets Fund Balance$29,051,803$29,011,731▼ $40,072
Total Liabilities and Net Assets / Fund Balance$29,096,557$29,091,994▼ $4,563

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$5,457,504$729,949$6,187,453
Other Land Buildings$1,526,287$0$1,526,287
Land$0-$0
Other Assets Org$2,215,073--
Compensation and Service Providers
Top Officer Pay67th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Philip ByersPresident/ExecDirPT$285,629$285,629
Philip Byers--$285,629$285,629
Michael HarringtonVice-PresidentPT$228,526$228,526
Michael Harrington--$228,526$228,526
Tracy BankerSecretaryPT$210,486$210,486
Tracy Banker--$210,486$210,486

Board Members and Trustees

NameTitle
Tim SmithMember
Tommy LuckadooMember
Gary GammonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$1,919,845
Other Revenue
$841,388
Change in Net Assets
$-289,482

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,761,233
Total Revenue per Audited Statements
$2,761,233
Total Revenue per Form 990
$2,761,233
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,236,070
Salaries, Compensation, and Employee Benefits$1,172,722
Grants and Similar Amounts Paid$641,923
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$724,641$0$0$724,641
Grants to Domestic Orgs$641,923--$641,923
Depreciation Depletion$283,559$0$0$283,559
Comp Disqual Persons$0$235,373$0$235,373
Other Employee Benefits$92,416$30,805$0$123,221
Other Expenses$102,532$0$0$102,532
Payroll Taxes$49,802$16,601$0$66,403
Advertising$0$59,761$0$59,761
Office Expenses$19,947$38,123$0$58,070
Travel$0$42,484$0$42,484
Fees for Services Accounting$0$35,355$0$35,355
Insurance$0$35,112$0$35,112
Occupancy$0$28,412$0$28,412
Pension Plan Contributions$17,313$5,771$0$23,084
Fees for Services Management$0$18,719$0$18,719
Information Technology$16,327$0$0$16,327
Fees for Services Legal$16,191$0$0$16,191
All Other Expenses$0$14,005$0$14,005
Total Functional Expenses$2,353,054$697,661$0$3,050,715

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,050,715
Total Expenses per Audited Statements$3,050,715
Total Expenses per Form 990$3,050,715
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 Properties 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
2022-05-14
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
16
Volunteers
10

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 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/PensionPlanContributionsGrp/TotalAmt023084
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt05918
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0148096
IRS990/PrincipalOfficerNm0Philip Byers
IRS990/ProfessionalFundraisingInd0false
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYExcessBenefitTransInd0false
IRS990/PYGrantsAndSimilarPaidAmt01302627
IRS990/PYInvestmentIncomeAmt01868718
IRS990/PYOtherExpensesAmt01303112
IRS990/PYOtherRevenueAmt0542841
IRS990/PYRevenuesLessExpensesAmt0-1296295
IRS990/PYSalariesCompEmpBnftPaidAmt01102115
IRS990/PYTotalExpensesAmt03707854
IRS990/PYTotalRevenueAmt02411559
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt0-289482
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RentalIncomeOrLossGrp/RealAmt0835722
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt02761233
IRS990/SavingsAndTempCashInvstGrp/EOYAmt09232947
IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/TotalAmt00
IRS990ScheduleA/First5Years509Ind0X
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/TotalAmt00
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearAmt01265942
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt01875975
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt01892506
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt05034423
IRS990ScheduleA/GrossReceiptsNonUnrltBusGrp/TotalAmt00
IRS990ScheduleA/InvestmentIncomeCYPct00
IRS990ScheduleA/OtherSupportSumAmt00
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00
IRS990ScheduleA/PublicSupportCY509Pct00
IRS990ScheduleA/PublicSupportTotal509Amt05034423
IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/TotalAmt00
IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt00
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft509Grp/TotalAmt00
IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt01265942
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt01875975
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt01892506
IRS990ScheduleA/Total509Grp/TotalAmt05034423
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt05034423
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt05457504
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0729949
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt06187453
IRS990ScheduleD/ExpensesSubtotalAmt03050715
IRS990ScheduleD/LandGrp/BookValueAmt00
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt00
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt0401143
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt10
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt20
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt3644719
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt4303737
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt5125000
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt62700000
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt71501256
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt8205000
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt91566497
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt10200000
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt112215073
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Land held for sale
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1Security Deposit
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2Notes Receivable - Noncurrent
IRS990ScheduleD/OtherAssetsOrgGrp/Desc3N/R Bonnie Cone
IRS990ScheduleD/OtherAssetsOrgGrp/Desc4N/R Veritas
IRS990ScheduleD/OtherAssetsOrgGrp/Desc5N/R Re-Release
IRS990ScheduleD/OtherAssetsOrgGrp/Desc6N/R Pioneer Prep
IRS990ScheduleD/OtherAssetsOrgGrp/Desc7N/R Shining Rock
IRS990ScheduleD/OtherAssetsOrgGrp/Desc8N/R BCHL
IRS990ScheduleD/OtherAssetsOrgGrp/Desc9N/R Community Public Charter
IRS990ScheduleD/OtherAssetsOrgGrp/Desc10N/R Encuentro
IRS990ScheduleD/OtherAssetsOrgGrp/Desc11N/R Western Science
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt01526287
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt01526287
IRS990ScheduleD/RevenueSubtotalAmt02761233
IRS990ScheduleD/TotalBookValueLandBuildingsAmt06983791
IRS990ScheduleD/TotalBookValueOtherAssetsAmt09862425
IRS990ScheduleD/TotalExpensesPerForm990Amt03050715
IRS990ScheduleD/TotalRevenuePerForm990Amt02761233
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt02761233
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt03050715
IRS990ScheduleJ/AnyNonFixedPaymentsInd0false
IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd0false
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd0false
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd0false
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd0false
IRS990ScheduleJ/EquityBasedCompArrngmInd0false
IRS990ScheduleJ/InitialContractExceptionInd0false
IRS990/ScheduleJRequiredInd0true
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0285629
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt1228526
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt2210486
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt00

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$29,091,994
Liabilities
$80,263
Net assets
$29,011,731
Revenue
$2,761,233
Expenses
$3,050,715
Net income
-$289,482
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