Challenge Fund
- Assets
- $4.5m
- Revenue
- $62.8k
- Investments
- $4.4m
- Employees
- 0
- Location
- Chapel Hill, NC
- Founding
- 09/1964
- Data as of
- 12/2022
- EIN
- 56-6059951
Organization Overview
Challenge Fund is located in Chapel Hill, NC. The organization was established in 1964. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Challenge Fund is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Challenge Fund generated $62.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (11.6%) each year. All expenses for the organization totaled $327.5k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Challenge Fund has awarded 183 individual grants totaling $1,827,018. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
H Smith Richardson III Director | 0.5 | $6,040 | |
Ann Page Richardson Director | 0.5 | $0 | |
Cary R Paynter Director | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $1 |
| Dividends & Interest | $77,575 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$14,778 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $62,798 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $6,040 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $9,460 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $14,724 |
| Total operating and administrative expenses | $37,981 |
| Contributions, gifts, grants paid | $289,500 |
| Total expenses and disbursements | $327,481 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $122,151 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $360 |
| Total assets | $4,539,556 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Challenge Fund has awarded $289,500 in support to 16 organizations.
| Grant Recipient | Amount |
|---|---|
DIRECT RELIEF PURPOSE: TO CARRY OUT THE GENERAL TAX EXEMPT PURPOSE OF THE RECIPIENT ORGANIZATION | $25,500 |
ENVIRONMENTAL DEFENSE CENTER PURPOSE: TO CARRY OUT THE GENERAL TAX EXEMPT PURPOSE OF THE RECIPIENT ORGANIZATION | $10,000 |
EQUAL JUSTICE INITIATIVE PURPOSE: TO CARRY OUT THE GENERAL TAX EXEMPT PURPOSE OF THE RECIPIENT ORGANIZATION | $21,500 |
CLUB NOVA PURPOSE: TO CARRY OUT THE GENERAL TAX EXEMPT PURPOSE OF THE RECIPIENT ORGANIZATION | $40,000 |
FOOD BANK OF CENTRAL & EASTERN NC PURPOSE: TO CARRY OUT THE GENERAL TAX EXEMPT PURPOSE OF THE RECIPIENT ORGANIZATION | $4,500 |
FOODBANK OF SANTA BARBARA COUNTY PURPOSE: TO CARRY OUT THE GENERAL TAX EXEMPT PURPOSE OF THE RECIPIENT ORGANIZATION | $25,500 |