Civic Intelligence

Challenge Foundation Properties Inc.

990 • Fiscal year 2022 • EIN 81-1808142

Jul 01, 2021 to Jun 30, 2022 • Filed on Apr 07, 2023

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

7th percentile

0.00x

Higher debt load relative to assets than 7% of similar nonprofits.

2022 filings • NTEE B • $25M-$50M nonprofits • Source year 2022

Liabilities / Revenue

16th percentile

0.03x

Higher debt load relative to revenue than 16% of similar nonprofits.

2022 filings • NTEE B • $25M-$50M nonprofits • Source year 2022

Net Margin

2nd percentile

-366%

Higher net margin than 2% of similar nonprofits.

2022 filings • NTEE B • $25M-$50M nonprofits • Source year 2022

Top Officer Pay

63rd percentile

$285,629

Higher top officer pay than 63% of similar nonprofits.

Top officer pay equals 38.1% of source-year revenue.

2022 filings • NTEE B • $25M-$50M nonprofits • Source year 2022

Asset Growth

12th percentile

-13%

Faster asset growth than 12% of similar nonprofits.

2022 filings • NTEE B • $25M-$50M nonprofits • Annualized from 2021 to 2022

Revenue Growth

5th percentile

-73%

Faster revenue growth than 5% of similar nonprofits.

2022 filings • NTEE B • $25M-$50M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets7th percentile

Assets

Down

$25,448,270

Down $3,643,724 (-13%) from 2021

Net Assets

Down

$25,425,382

Down $3,586,349 (-12%) from 2021

Liabilities

Down

$22,888

Down $57,375 (-71%) from 2021

Revenue And Expenses
Liabilities / Revenue16th percentileNet Margin2nd percentile

Revenue

Down

$749,090

Down $2,012,143 (-73%) from 2021

Expenses

Up

$3,488,355

Up $437,640 (+14%) from 2021

Net Income

Down

-$2,739,265

Down $2,449,783 (-846%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth12th 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

2022

Assets$25,448,270
Liabilities$22,888
Net Assets$25,425,382
Open 2022 Filing

Operations Trend

Revenue Growth5th 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

2022

Revenue$749,090
Expenses$3,488,355
Net Income-$2,739,265
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Apr 7, 2023
Return Version
2021v4.1
Gross Receipts
$2,741,663
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$9,111,580▼ $121,367
Land, Buildings, and Equipment, Net$6,983,791$5,592,902▼ $1,390,889
Cash and Non-Interest-Bearing Accounts$2,715,114$2,316,566▼ $398,548
Other Notes and Loans Receivable, Net$27,715$860,550▲ $832,835
Accounts Receivable$121,906$102,244▼ $19,662
Inventories for Sale or Use-$41,138-
Prepaid Expenses and Deferred Charges$148,096$26,601▼ $121,495
Total Assets$29,091,994$25,448,270▼ $3,643,724
Other Assets Total$9,862,425$7,396,689▼ $2,465,736
Liabilities
Accounts Payable and Accrued Expenses$80,263$22,888▼ $57,375
Total Liabilities$80,263$22,888▼ $57,375
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$22,027,940$19,791,342▼ $2,236,598
Net Assets With Donor Restrictions$6,983,791$5,634,040▼ $1,349,751
Total Net Assets Fund Balance$29,011,731$25,425,382▼ $3,586,349
Total Liabilities and Net Assets / Fund Balance$29,091,994$25,448,270▼ $3,643,724

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$5,080,193$491,639$5,571,832
Leasehold Improvements$271,209$15,944$287,153
Other Land Buildings$241,500$0$241,500
Land$0--
Other Assets Org$0--
Compensation and Service Providers
Top Officer Pay63rd percentile

Employees

NameTitleFull / Part TimeBaseTotal
Philip ByersPresident/ExecDirFT$285,629$285,629
Philip Byers--$285,629$285,629
Michael HarringtonVice-PresidentFT$228,526$228,526
Michael Harrington--$228,526$228,526
Tracy BankerSecretaryFT$210,486$210,486
Tracy Banker--$210,486$210,486
Jennifer McCluneyFinance OfficerFT$80,797$80,797

Board Members and Trustees

NameTitle
Tim SmithMember
Tommy LuckadooMember
Gary GammonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$903,676
Investment Income
$-184,674
Other Revenue
$30,088
Change in Net Assets
$-2,739,265

Audited Revenue Reconciliation

Revenue per Audited Statements
$749,090
Total Revenue per Audited Statements
$749,090
Total Revenue per Form 990
$749,090
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,780,008
Salaries, Compensation, and Employee Benefits$1,193,398
Grants and Similar Amounts Paid$514,949
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$805,438$0$0$805,438
Grants to Domestic Orgs$514,949--$514,949
Other Expenses$398,310$0$0$398,310
All Other Expenses$83,771$253,553$0$337,324
Other Salaries and Wages$130,489$49,259$0$179,748
Other Employee Benefits$134,810$7,095$0$141,905
Depreciation Depletion$107,835$24,308$0$132,143
Fees for Services Accounting$0$98,788$0$98,788
Payroll Taxes$62,992$3,315$0$66,307
Office Expenses$47,438$17,318$0$64,756
Fees for Services Legal$0$59,187$0$59,187
Insurance$23,895$6,306$0$30,201
Travel$0$22,227$0$22,227
Occupancy$0$19,916$0$19,916
Advertising$0$12,074$0$12,074
Total Functional Expenses$2,867,466$620,889$0$3,488,355

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$3,488,355
Expenses per Audited Statements$3,423,626
Total Expenses per Audited Statements$3,423,626
Expenses Not Reported on Financial Statements$64,729
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Veritas CommunityCharlotte, NC501(c)(3)General support$100,000
Davidson Charter AcadLexington, NC501(c)(3)Gen support$75,000
Brevard AcademyPisgah Forest, NC501(c)(3)Gen support$50,000
Excelsior ClassicalDurham, NC501(c)(3)Gen support$50,000
Hirsch AcademyDecatur, GA501(c)(3)Gen support$50,000
Pioneer PreparatoryCharlotte, NC501(c)(3)Gen support$50,000
Thomas JeffersonMooresboro, NC501(c)(3)Gen support$50,000
Unity ClassicalCharlotte, NC501(c)(3)Gen support$50,000
Ethos AcademyGlendale, AZ501(c)(3)Gen support$39,949
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
2023-04-07
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/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt049259
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0130489
IRS990/OtherSalariesAndWagesGrp/TotalAmt0179748
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt027715
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt0860550
IRS990/PartialLiquidationInd0false
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/FundraisingAmt00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt03315
IRS990/PayrollTaxesGrp/ProgramServicesAmt062992
IRS990/PayrollTaxesGrp/TotalAmt066307
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0148096
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt026601
IRS990/PrincipalOfficerNm0Philip Byers
IRS990/PriorPeriodAdjustmentsAmt01516
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0900099
IRS990/ProgramServiceRevenueGrp/BusinessCd1900099
IRS990/ProgramServiceRevenueGrp/BusinessCd2900099
IRS990/ProgramServiceRevenueGrp/Desc0Management Fees
IRS990/ProgramServiceRevenueGrp/Desc1School Lease Revenue
IRS990/ProgramServiceRevenueGrp/Desc2School financing interest
IRS990/ProgramServiceRevenueGrp/ExclusionAmt00
IRS990/ProgramServiceRevenueGrp/ExclusionAmt10
IRS990/ProgramServiceRevenueGrp/ExclusionAmt20
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt021395
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1283531
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt2598750
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt10
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt20
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYExcessBenefitTransInd0false
IRS990/PYGrantsAndSimilarPaidAmt0641923
IRS990/PYInvestmentIncomeAmt01919845
IRS990/PYOtherExpensesAmt01236070
IRS990/PYOtherRevenueAmt0841388
IRS990/PYRevenuesLessExpensesAmt0-289482
IRS990/PYSalariesCompEmpBnftPaidAmt01172722
IRS990/PYTotalExpensesAmt03050715
IRS990/PYTotalRevenueAmt02761233
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt0-2739265
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt0-164239
IRS990/SavingsAndTempCashInvstGrp/BOYAmt09232947
IRS990/SavingsAndTempCashInvstGrp/EOYAmt09111580
IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/TotalAmt00
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/TotalAmt00
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt01265942
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt01875975
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt01892506
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt05034423
IRS990ScheduleA/GrossReceiptsNonUnrltBusGrp/TotalAmt00
IRS990ScheduleA/InvestmentIncomeCYPct00.00000
IRS990ScheduleA/OtherSupportSumAmt00
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00
IRS990ScheduleA/PublicSupportCY509Pct01.00000
IRS990ScheduleA/PublicSupportTotal509Amt05034423
IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/TotalAmt00
IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt00
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft509Grp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY509Ind0X
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt01265942
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt01875975
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt01892506
IRS990ScheduleA/Total509Grp/TotalAmt05034423
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt05034423
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt05080193
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0491639
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt05571832
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt064729
IRS990ScheduleD/ExpensesSubtotalAmt03423626
IRS990ScheduleD/InvestmentExpensesNotIncld2Amt064729
IRS990ScheduleD/LandGrp/BookValueAmt00
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt0271209
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt015944
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0287153
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt0401143
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt1800
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt26994746
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt30
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt40
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt50
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt60
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt70
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt80
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt90
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt100
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt110
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/BookValueAmt0241500
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0241500
IRS990ScheduleD/RevenueSubtotalAmt0749090
IRS990ScheduleD/TotalBookValueLandBuildingsAmt05592902
IRS990ScheduleD/TotalBookValueOtherAssetsAmt07396689
IRS990ScheduleD/TotalExpensesPerForm990Amt03488355
IRS990ScheduleD/TotalRevenuePerForm990Amt0749090
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0749090
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt03423626
IRS990ScheduleI/GrantRecordsMaintainedInd0true
IRS990ScheduleI/RecipientTable/CashGrantAmt0100000
IRS990ScheduleI/RecipientTable/CashGrantAmt150000
IRS990ScheduleI/RecipientTable/CashGrantAmt275000
IRS990ScheduleI/RecipientTable/CashGrantAmt339949
IRS990ScheduleI/RecipientTable/CashGrantAmt450000
IRS990ScheduleI/RecipientTable/CashGrantAmt550000
IRS990ScheduleI/RecipientTable/CashGrantAmt650000
IRS990ScheduleI/RecipientTable/CashGrantAmt750000
IRS990ScheduleI/RecipientTable/CashGrantAmt850000
IRS990ScheduleI/RecipientTable/IRCSectionDesc0501(c)(3)
IRS990ScheduleI/RecipientTable/IRCSectionDesc1501(c)(3)
IRS990ScheduleI/RecipientTable/IRCSectionDesc2501(c)(3)
IRS990ScheduleI/RecipientTable/IRCSectionDesc3501(c)(3)
IRS990ScheduleI/RecipientTable/IRCSectionDesc4501(c)(3)
IRS990ScheduleI/RecipientTable/IRCSectionDesc5501(c)(3)
IRS990ScheduleI/RecipientTable/IRCSectionDesc6501(c)(3)
IRS990ScheduleI/RecipientTable/IRCSectionDesc7501(c)(3)
IRS990ScheduleI/RecipientTable/IRCSectionDesc8501(c)(3)
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0General support

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$25,448,270
Liabilities
$22,888
Net assets
$25,425,382
Revenue
$749,090
Expenses
$3,488,355
Net income
-$2,739,265
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