Challenge Fund
Challenge Fund is a private foundation based in Richmond, Virginia. It made 13 grants totaling $255,750 in filing year 2025, all reported for general support.
Challenge Fund at a glance
In short: Challenge Fund gave $256K across 13 grants in 2025 (avg $20K), top state North Carolina. 62% of 2025 grantees were new. Source: 2025 IRS Form 990-PF.
- Annual giving (2025)
- $255,750
- +0.3% vs 2024
- Grants made (2025)
- 13
- -27.8% vs 2024
- Average grant
- $19,673
- +38.9% vs 2024
- Median grant
- $20,000
- Total assets
- $4,809,509
- +13.9% vs 2024
- New grantees (estimate)
- 62% first-time grantees (8 of 13, 2025; small sample)
- Primary geography
- North Carolina (24% of itemized 2025 grant dollars)
- Latest 990 filing
- Form 990-PF, 2025 View filing
Data from IRS Form 990-PF, 2025; updated October 2026. New grantees are estimated by matching recipient names across years (methodology).
How to apply to Challenge Fund
- Accepts unsolicited proposals
- No
- How to Apply
-
The foundation states on its 2025 filing that it makes contributions only to preselected charitable organizations and does not accept unsolicited requests for funds.
- Contact
Mailing address: 424 Hull St Suite 301, Richmond, VA 23224
Phone: (804) 845-8726
Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Who Challenge Fund funds
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2025
The largest 2025 recipient was The University of North Carolina at Capel Hill Foundation Hill ($40K). Together the top 10 received $225K.
Grant Size Distribution
73 grants across all recorded years
The most common grant size was under $50K: 71 grants of 73 (97%).
Geographic Focus
Where this funder awards grants
In filing year 2025, the largest shares of grant dollars went to recipients in North Carolina (24%), Rhode Island (22%), and Washington, DC (18%), followed by New York (8%) and Arizona (8%). These figures describe the locations of recipients, not a stated geographic eligibility policy.
Grant Distribution by State
Share of 2025 grant dollars across all 13 itemized grants.
States
Cities
Is Challenge Fund open to new grantees?
62%
first-time grantees, 2025
In 2025, 8 of 13 grantees (62%) were first-time recipients. With only 13 grantees, that is a small sample: one grantee more or less moves the share by about 8 points. First grants averaged $20K; repeat grants $20K. How we count
Medians: $18K first-time, $21K repeat.
- 31% of 2025 grantees were also funded in 2024. Method
- Giving held roughly steady from 2022 to 2025 (−12%). Method
- In 2025 it paid out 95% of its IRS minimum distribution (the 5% rule). Foundations have until the end of the next year to meet it. Method
Estimate from itemized grant lists in IRS Form 990-PF filings (2019–2025). Recipient names are matched across years, so a renamed or misspelled grantee can look new; grants to individuals are left out. Methodology.
Giving History
Giving Over Time
Total grant dollars and number of grants per year
From 2019 to 2025, annual grant giving ranged from $187K (2019) to $290K (2022). In 2025 it made 13 grants totaling $256K.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| The University of North Carolina at Capel Hill Foundation Hill Chapel Hill, NC | General Support | $40,000 |
| Rhode Island Community Food Bank Association Providence, RI | General Support | $27,000 |
| Reproductive Freedom for All Foundation Washington, DC | General Support | $25,000 |
| American Civil Liberties Union Foundation New York, NY | General Support | $21,250 |
| The Haven Tucson, AZ | General Support | $21,250 |
| Equal Justice Initiative Montgomery, AL | General Support | $20,000 |
| Save the Children Federation Inc Fairfield, CT | General Support | $20,000 |
| Ukraine Crisis Relief Fund Washington, DC | General Support | $20,000 |
| Providence Athenaeum Providence, RI | General Support | $15,000 |
| Rhode Island School of Design Providence, RI | General Support | $15,000 |
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Financial History
Multi-year comparison from IRS filings
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Qualifying Distributions | Net Investment Income | Distributable Amount |
|---|---|---|---|---|---|---|---|---|
| 2025 | $4,809,509 | $876,692 | $290,857 | $255,750 | 13 | $267,932 | $853,938 | $282,074 |
| 2024 | $4,223,674 | $334,058 | $288,983 | $255,000 | 18 | $266,308 | $311,383 | $278,578 |
| 2023 | $4,178,599 | $-66,733 | $294,224 | $262,725 | 11 | $273,751 | $68,082 | $252,692 |
| 2022 | $4,539,556 | $62,798 | $327,481 | $289,500 | 16 | $289,500 | $47,464 | $262,867 |
| 2021 | $4,804,239 | $438,759 | $286,528 | $255,000 | 15 | $255,000 | $407,281 | $291,173 |
| 2020 | $4,652,008 | $105,988 | $274,210 | $241,290 | 11 | — | $73,693 | $253,185 |
| 2019 | $4,820,230 | $210,191 | $231,407 | $187,081 | 13 | — | $166,389 | $244,385 |
Under IRS private-foundation payout rules, Challenge Fund reported a distributable amount of $282K for 2025 — the minimum it must pay out in qualifying distributions.
Research compiled by Grantable AI from public sources. Last updated September 2026.
Mission & Focus Areas
No mission statement for the foundation is provided. Its 2025 grants went to organizations working in areas including reproductive rights, civil liberties, substance-use services for women, children’s relief and development, arts and design, library and cultural services, animal welfare, and feline health. These are descriptions of the grantees’ work, not a stated mission or focus-area list for the foundation.
For example, Reproductive Freedom for All Foundation describes its mission as building political support for reproductive choices. The ACLU Foundation describes its mission as promoting understanding of civil liberties and civil rights. The Haven says it provides substance-use prevention and treatment services for women who would otherwise be homeless and helpless. Other recipients describe work in children’s relief and development (Save the Children Federation), art and design education (Rhode Island School of Design), public library and cultural services (Providence Athenaeum), animal rescue and welfare education (Independent Animal Rescue), and feline health research and education (EveryCat Health Foundation).
Grantmaking
In filing year 2025, the foundation reported 13 grants totaling $255,750. Grant amounts ranged from $10,000 to $40,000, with a median of $20,000. Among the largest grants were $40,000 to The University of North Carolina at Chapel Hill Foundation; $27,000 to Rhode Island Community Food Bank Association; $25,000 to Reproductive Freedom for All Foundation; and $21,250 each to the American Civil Liberties Union Foundation and The Haven. All were reported for general support.
Leadership & Key People
Leadership team and compensation from IRS filings
The 2025 filing lists H Smith Richardson III, Ann Page Richardson, and Cary R Paynter as directors.
Challenge Fund's 2025 filing lists 3 officers; 1 of 3 officers listed in 2025 is compensated.
Officers on the 2025 filing
H. Smith Richardson III
Director
On filings since 2019
1.5 hrs/week
$5K (2019) → $7K (2025)
Ann Page Richardson
Director
On filings since 2019
0.5 hrs/week
No compensation reported
Cary R. Paynter
Director
On filings since 2019
0.5 hrs/week
No compensation reported
Data from IRS Form 990 filings, 2019–2025. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Compensation Overview
From 2025 IRS filing
The highest reported compensation on the 2025 filing was $7K, to H Smith Richardson III (Director).
Frequently asked questions about Challenge Fund
How much does Challenge Fund give each year?
Challenge Fund gave $256K across 13 grants in 2025, according to its 2025 IRS Form 990-PF. In 2024 it gave $255K across 18 grants.
What is Challenge Fund's typical grant size?
Challenge Fund's median grant in 2025 was $20,000, and its average grant was $19,673, across 13 grants on its 2025 IRS Form 990-PF. Organizations receiving their first grant from Challenge Fund that year got $20K on average.
Where does Challenge Fund give grants?
Challenge Fund's top state is North Carolina, with 24% of the grant dollars itemized on its 2025 IRS Form 990-PF. The next largest states were Rhode Island (22%) and District of Columbia (18%). The most frequent recipient cities were Providence, RI (3 grants), Chapel Hill, NC (2 grants) and Washington, DC (2 grants).
Does Challenge Fund give general operating support?
Yes: 100% of Challenge Fund's 2025 grants with a stated purpose (13 of 13) were for general or operating support, per its 2025 IRS Form 990-PF.
Who are Challenge Fund's largest grantees?
Challenge Fund's largest 2025 grantees include The University of North Carolina at Capel Hill Foundation Hill ($40,000), Rhode Island Community Food Bank Association ($27,000) and Reproductive Freedom for All Foundation ($25,000), according to its 2025 IRS Form 990-PF. Together they received 36% of its itemized 2025 grant dollars.
How large is Challenge Fund?
Challenge Fund reported $4.8M in total assets on its 2025 IRS Form 990-PF. It paid out $268K in qualifying distributions that year, against a required minimum of $282K (roughly 5% of its investment assets). Falling short in one year is not a violation: foundations have until the end of the next year to meet the minimum.
What does Challenge Fund fund?
No mission statement for the foundation is provided. See mission & focus areas ↑
How do I apply for a grant from Challenge Fund?
The foundation states on its 2025 filing that it makes contributions only to preselected charitable organizations and does not accept unsolicited requests for funds. Eligibility and process details are in the grantmaking section of this profile. See how to apply ↑
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 2019–2025.
Does Challenge Fund accept unsolicited proposals?
No, according to Grantable's research on the foundation's published guidelines. See how to apply ↑
Data last updated October 2026. Sourced from IRS Form 990-PF filings. Research dossier generated September 2026.
Data update history
(3)
When this profile's IRS filing data changed on Grantable
- Added Form 990-PF for fiscal year 2019 (received by the IRS August 12, 2020)
- Added Form 990-PF for fiscal year 2025 (received by the IRS May 13, 2026)
- IRS filings on file for fiscal years 2020–2024
Explore Open Grants
Browse active grant opportunities in Challenge Fund's focus areas in our free grants database
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Cite this profile
Grantable. (2026). Challenge Fund funder profile. GrantGraph. Retrieved October 14, 2026, from https://grantable.co/funders/challenge-fund-morg_65922243ad3b4609ad6d8d730d74e748
BibTeX
@misc{grantable_566059951_2026,
author = {{Grantable}},
title = {{Challenge Fund funder profile}},
howpublished = {GrantGraph},
year = {2026},
url = {https://grantable.co/funders/challenge-fund-morg_65922243ad3b4609ad6d8d730d74e748},
note = {Accessed 2026-10-14. Data licensed CC BY 4.0}
}The figures on this page are open data under CC BY 4.0: reuse them with credit to Grantable and a link. Download the data.
Figures come from Challenge Fund's IRS filings (methodology). AI-written summaries, news items and logos are not covered by the open licence. Spot an error? Email hello@grantable.co.
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