Challenge Fund is a private foundation focused on Arts and culture, based in CHAPEL HILL, NC. IRS filing data is available from 2020 through 2024. As of 2024, the organization holds $4.2M in total assets. In 2024, it awarded 18 grants totaling $255K. Net investment income was $311K.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$4.2M
+1.1% YoY
Annual Giving
$255K
-2.9% YoY
Grant Count
18
+63.6% YoY
Avg Grant Size
$14K
-40.7% YoY
Under IRS private-foundation payout rules, Challenge Fund reported a distributable amount of $279K for 2024 — the minimum it must pay out in qualifying distributions.
About Challenge Fund
Based on IRS filings
Challenge Fund is a private foundation focused on Arts and culture, based in CHAPEL HILL, NC. IRS filing data is available from 2020 through 2024. As of 2024, the organization holds $4.2M in total assets. In 2024, it awarded 18 grants totaling $255K. Net investment income was $311K.
Focus Areas
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Geographic Focus
Where this funder awards grants
Grant Distribution by State
States
Cities
Financial History
Multi-year comparison from IRS filings
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $4,223,674 | $4,178,599 | $4,539,556 |
| Revenue | $334,058 | $-66,733 | $62,798 |
| Expenses | $288,983 | $294,224 | $327,481 |
| Qualifying Distributions | $266,308 | $273,751 | $289,500 |
| Net Investment Income | $311,383 | $68,082 | $47,464 |
| Distributable Amount | $278,578 | $252,692 | $262,867 |
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
Grant Size Distribution
71 grants across all recorded years
Giving History
Grant recipients and amounts by year
Among its reported 2024 grants, the largest include Community Environmental Council ($25,000), Edc Charitable Trust ($25,000), Food Bank of Santa Barbara County ($25,000).
| Recipient | Purpose | Amount |
|---|---|---|
| AMERICAN BIRD CONSERVANCY MARSHALL, VA | GENERAL SUPPORT | $20,000 |
| AMERICAN CIVIL LIBERTIES UNION FOUNDATION NEW YORK, NY | GENERAL SUPPORT | $10,000 |
| BIG LIFE FOUNDATION USA RIDGEFIELD, WA | GENERAL SUPPORT | $5,000 |
| CLUB NOVA COMMUNITY INC CARRBORO, NC | GENERAL SUPPORT | $10,000 |
| COMMUNITY ENVIRONMENTAL COUNCIL SANTA BARBARA, CA | GENERAL SUPPORT | $25,000 |
| EARTHJUSTICE SAN FRANCISCO, CA | GENERAL SUPPORT | $20,000 |
| EDC CHARITABLE TRUST WALTHAM, MA | GENERAL SUPPORT | $25,000 |
| EQUAL JUSTICE INITIATIVE MONTGOMERY, AL | GENERAL SUPPORT | $20,000 |
| FOOD BANK OF SANTA BARBARA COUNTY SANTA BARBARA, CA | GENERAL SUPPORT | $25,000 |
| HOPE RENOVATIONS CHAPEL HILL, NC | GENERAL SUPPORT | $10,000 |
Leadership & Key People
Officers and directors from IRS filings
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| H SMITH RICHARDSON III | DIRECTOR | 1.5 | $6,920 |
| ANN PAGE RICHARDSON | DIRECTOR | 0.5 | — |
| CARY R PAYNTER | DIRECTOR | 0.5 | — |
Subject Areas
Focus areas based on grantmaking activity
Frequently Asked Questions
What is Challenge Fund?
Challenge Fund is a private foundation focused on Arts and culture, based in CHAPEL HILL, NC. It holds $4.2M in total assets as of 2024.
How large is Challenge Fund?
As of 2024, Challenge Fund holds $4.2M in total assets with $334K in annual revenue. It awarded 18 grants totaling $255K in 2024.
Where does Challenge Fund operate?
Challenge Fund has awarded grants in Alabama, California, District of Columbia, Massachusetts, Maryland, North Carolina, New York, Oregon, Virginia, Washington.
What size grants does Challenge Fund award?
In 2024, Challenge Fund awarded 18 grants totaling $255K — an average of about $14K per grant, based on its IRS Form 990 filings.
How much is Challenge Fund required to give away each year?
Private foundations must generally distribute about 5% of their assets annually. For 2024, Challenge Fund reported a distributable amount of $279K on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.
What is Challenge Fund's EIN?
Challenge Fund's EIN (Employer Identification Number) is 56-6059951. IRS Form 990 filing data is available on this page for 2020–2024.
Explore Open Grants
Browse active grant opportunities in Challenge Fund's focus areas in our free grants database
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Data last updated April 2026. Sourced from IRS Form 990-PF filings.
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