Overview
What is Challenge Foundation Group Inc?
Challenge Foundation Group Inc, based in Forest City, North Carolina, is a nonprofit organization with a mission to aid start-up charter schools. They accomplish this by financing the construction of necessary buildings and leasing them to the schools until they can secure financing to purchase the buildings from their subsidiary, CF Properties. This initiative allows charter schools to focus on their educational mission without the burden of securing property financing initially. The organization employs 16 individuals, working diligently to support and empower these educational institutions.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 78% (Three-Star out of Four Star rating)
Challenge Foundation Group Inc has received a 78% score from Charity Navigator, which reflects a solid performance in terms of accountability and finance. The rating is derived entirely from the Accountability & Finance beacon, indicating a strong emphasis on financial practices. The charity scored well in various areas such as the material diversion of assets and the program expense ratio, which shows that a significant majority of its spending goes directly to its programs.
The organization benefits from an independent board size, which scored the full 7 out of 7 points, indicating a commitment to governance. However, there are areas that could use improvement, particularly concerning its whistleblower and document retention policies, where it received no points. This absence of policies may raise concerns about transparency and accountability in certain operational aspects.
Overall, while Challenge Foundation Group Inc demonstrates strengths in financial health and governance structure, addressing the noted limitations may further enhance its credibility and effectiveness as a nonprofit organization. Stakeholders might consider these factors when evaluating the charity's performance and trustworthiness.
This AI summary has been generated from information found on Charity Navigator.
Is Challenge Foundation Group Inc legitimate?
Challenge Foundation Group Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Challenge Foundation Group Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $805,438
Professional Fundraising Fees: $0
Other Salaries and Wages: $179,748
For more financial information, click here
What is the mission statement of Challenge Foundation Group Inc?
The Challenge Foundation Group Inc's mission is centered around supporting start-up charter schools. They accomplish this by financing the construction of necessary facilities and leasing these buildings to the schools until they are financially capable of purchasing the properties from their subsidiary, CF Properties. This strategy aids in the establishment and growth of charter schools, providing them with essential infrastructure until they can secure long-term financing. The group's ultimate goal is to contribute to the success and sustainability of these educational institutions.
Who is the CEO of Challenge Foundation Group Inc?
Philip Byers is the President/Execdir of Challenge Foundation Group Inc.
What is the revenue of Challenge Foundation Group Inc?
Challenge Foundation Group Inc's revenue in 2022 was $749,090.
Who are the executives of Challenge Foundation Group Inc and what are their salaries?
The average compensation at Challenge Foundation Group Inc during 2022 was $61,574. There are 16 employees and 10 volunteers at Challenge Foundation Group Inc.
Here are 7 key members and their salaries:
- Compensation: $285,629
- Related: $0
- Other: $0
- Compensation: $228,526
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $210,486
- Related: $0
- Other: $0
- Compensation: $80,797
- Related: $0
- Other: $0
Where can I find the form 990 for Challenge Foundation Group Inc?
Challenge Foundation Group Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Challenge Foundation Group Inc
Challenge Foundation Group Inc, a nonprofit organization, is dedicated to supporting the growth of start-up charter schools. Their mission is to provide financial assistance for the construction of school facilities. Once the buildings are completed, Challenge Foundation Group leases these structures to the charter schools until they are financially capable of purchasing the properties themselves, through their subsidiary, CF Properties. This enabling strategy allows start-up charter schools to focus on their core educational objectives without being burdened by the initial and substantial costs of facility acquisition.
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Impact
July, 2024
Challenge Foundation Group Inc's impact lies in providing crucial support to start-up charter schools by financing the construction of buildings necessary for their operations. By leasing these facilities to the schools until they can secure financing to purchase the buildings, Challenge Foundation Group Inc plays a vital role in enabling these educational institutions to establish themselves and thrive. This support ultimately contributes to the growth and success of charter schools in North Carolina, benefiting the students, teachers, and communities involved in the educational process.
This information is meant to be a general summary of Challenge Foundation Group Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: -$184,674
- Program Service Revenue: $903,676
- Gross Receipts: $2,741,663
Assets and Liabilities:
- Total Assets: $25,448,270
- Total Liabilities: $22,888
- Net Assets: $25,425,382
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Management Fees
Revenue
$21,395
School Lease Revenue
Revenue
$283,531
School financing interest
Revenue
$598,750
Organization Details
Founding Year
2016
Phone
(704) 813-7919Principal Officer
Philip Byers
Main Address
132 E Main Street, Forest City, NC, 28043
NTEE Category
Code: B02 - Education
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