Challenge Foundation Group Inc

EIN: 811808142 501(c)(3) Education

Forest City, NC

Total Revenue
$949,707
Total Expenses
$2,287,890
Total Assets
$21,959,681
Net Assets
$21,957,810
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2016
Legal Domicile
NC
Principal Officer
Philip Byers
Phone
7048137919
Tax Period
2024-07-01 to 2025-06-30

Challenge Foundation Group Inc, founded in 2016, is a small nonprofit in the Education sector that reported $950K in total revenue in fiscal year 2024. Revenue grew 12% year-over-year, indicating healthy expansion. Expenses of $2.3M exceeded revenue, resulting in a 141% operating deficit.

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.

Program Service Accomplishments

Program 1
Expenses: $1,938,809 Revenue: $949,707

Finance the construction of buildings for startup charter schools in NC then lease the buildings to the schools until they are able to secure financing to purchase the buildings from CF Properties

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $731,783
Investment Income $214,285
Other Revenue $3,639
TOTAL REVENUE $949,707

Expense Breakdown

Grants Paid $321,394
Salaries & Benefits $856,925
Fundraising Expenses $0
Program Expenses $1,938,809
Other Expenses $1,109,571
TOTAL EXPENSES $2,287,890

Year-over-Year Comparison

2024 2023 Change
Revenue $949,707 $846,793 +0.1%
Expenses $2,287,890 $2,739,585 -0.2%
Net Income $-1,338,183 $-1,892,792 -0.3%
Key Indicators
✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
6
Independent Members
3
Employees
14
Volunteers
10

Governance Policies

✗ Conflict of Interest Policy
✗ Whistleblower Policy
✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
4
$759,697
Total Directors
8
$835,266
Key Employees
4
$835,266
Highest Compensated
1
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Philip Byers President/ExecDir 40.00
Officer Director Key Emp Highest
$346,494 $0 $346,494
Michael Harrington Vice-President 40.00
Officer Director Key Emp
$217,950 $0 $217,950
Gary Gammon Treasurer 5.00
Officer Director
$0 $0 $0
Tommy Luckadoo Member 2.00
Director
$0 $0 $0
Tim Smith Member 2.00
Director
$0 $0 $0
Tracy Banker Secretary 40.00
Officer Director Key Emp
$195,253 $0 $195,253
Jennifer McCluney Finance Officer 40.00
Director Key Emp
$75,569 $0 $75,569
Jason Cole Member 2.00
Director
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 $949,707 $2,287,890 $21,959,681 $-1,338,183
2024 $846,793 $2,739,585 $22,422,455 $-1,892,792
2023 $842,174 $2,918,264 $23,726,858 $-2,076,090
2022 $749,090 $3,488,355 $25,448,270 $-2,739,265
2021 $2,761,233 $3,050,715 $29,091,994 $-289,482
2020 $2,879,288 $3,615,727 $29,620,732 $-736,439
2019 $34,420,580 $4,072,482 $30,356,367 $30,348,098
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