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Nonprofit · EIN 85-3827102

FRIENDS OF CHALLENGE PREP INC

Tax-exempt (reinstated) · FAR ROCKAWAY, NY 11691

Financials

$5.1M$5M2024
Revenue Expenses · by fiscal year end
Financials of FRIENDS OF CHALLENGE PREP INC by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
June 30, 2025990$5,076,329$4,996,123$80,206$83,139,904$82,808,723$331,181
Financial details: 990 for the year ended June 30, 2025

Revenue

Contributions, gifts and grants
$0
Program service revenue
$5,076,329
Investment income
$0
Other revenue
$0

Expenses

Grants and similar amounts paid
$0
Salaries, compensation and benefits (total)
$0
Professional fundraising fees
$0
Legal fees
$2,088
Accounting fees
$15,175
Occupancy
$4,973,487
Program services (functional)
$4,975,710
Management and general (functional)
$20,413

Balance sheet and other

Total assets, start of year
$83,585,845
Total assets, end of year
$83,139,904
Total liabilities, end of year
$82,808,723
Net assets, end of year
$331,181
Net assets without donor restrictions
$331,181
Gross receipts
$5,076,329
Employees
0
Volunteers
4
Year formed
2020
State of legal domicile
NY

From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.

Officers, directors and key employees

As listed on the 990 for the year ended June 30, 2025, highest compensation first.

NameTitleHours / weekCompensation
BEN WAXMANBOARD CHAIR
Trustee or director, Officer
1$0
AYANNA MAYSSECRETARY
Trustee or director, Officer
2$0
GERTRUDIS HERNANDEZTREASURER
Trustee or director, Officer
1$0
MAUREEN OBSBOURNEDIRECTOR
Trustee or director
0.5$0
DR LESLIE MULLINGSDIRECTOR
Officer
0$0

Address and contacts

Address (IRS master file)
1526 CENTRAL AVE, FAR ROCKAWAY, NY 11691-4011
In care of
% MICHAEL ESTEP
Principal officer (990 for 2024)
BEN WAXMAN, 15-26 CENTRAL AVENUE, FAR ROCKAWAY, NY 11691
Signed the 990
GERTRUDIS HERNANDEZ, TREASURER
Phone
(347) 585-6262
Return prepared by
PKF O'CONNOR DAVIES ADVISORY LLC

Mission

TO SUPPORT THE OPERATION OF CHALLENGE PREPARATORY CHARTER SCHOOL (THE "SCHOOL") BY PROVIDING ASSISTANCE WITH THE SCHOOL'S REAL ESTATE AND FACILITIES-RELATED NEEDS, AND BY RAISING FUNDS AND RESOURCES THAT WILL ENABLE THE ORGANIZATION TO PROVIDE SUPPORT TO THE SCHOOL TO ENHANCE THE EXPERIENCE OF THE SCHOOL'S STUDENTS.

990 for the year ended June 30, 2025

Program accomplishments

  • THE ORGANIZATION SUPPORTS THE OPERATIONS OF CHALLENGE PREPARATORY CHARTER SCHOOL, A NEW YORK STATE NOT-FOR-PROFIT EDUCATION CORPORATION THAT OPERATES A CHARTER SCHOOL IN NEW YORK. FRIENDS OF CHALLENGE PREP, INC. SUBLEASES FACILITIES TO THE SCHOOL. RENTAL INCOME UNDER THE SUBLEASE WAS $5,076,329 DURING THE FISCAL YEAR.
    Expenses $4,975,710 · revenue $5,076,329

What it must file and when

IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in June, so each return is due on the 15th day of the 5th month after that.

Tax yearYear endedDueIRS public records
2025June 30, 2026November 16, 2026Not due yet
2024June 30, 2025November 17, 2025990 on file
2023June 30, 2024November 15, 2024Check at the IRS

IRS record

EIN
85-3827102
Tax-exempt status
501(c)(3): Charitable, religious, educational or scientific organization
Foundation status
Publicly supported organization (509(a)(2))
Donations deductible (Pub 78)
Public charity, 50% deduction limit
Exempt since
2025
Accounting year ends
June
Files
Form 990 or 990-EZ
Category (NTEE)
Education (B12)
Assets (IRS master file)
$83,139,904
Income (IRS master file)
$5,076,329

Revocation and reinstatement

Exemption revoked
November 15, 2023
Posted by the IRS
March 11, 2024
Reinstated
Effective November 15, 2023

From the IRS automatic revocation list: organizations that did not file a required return or e-Postcard for three consecutive years.

Filing history

FormYear endedRevenueExpensesAssetsReturn
990June 2025$5,076,329$4,996,123$83,139,904IRS

990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 85-3827102).

Questions about FRIENDS OF CHALLENGE PREP INC

What is the EIN of FRIENDS OF CHALLENGE PREP INC?
The employer identification number (EIN) of FRIENDS OF CHALLENGE PREP INC is 85-3827102.
Is FRIENDS OF CHALLENGE PREP INC tax-exempt?
Yes. The IRS revoked its exemption on November 15, 2023 and reinstated it effective November 15, 2023.
Are donations to FRIENDS OF CHALLENGE PREP INC tax-deductible?
Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
Which annual return does FRIENDS OF CHALLENGE PREP INC file?
Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
When is the next return of FRIENDS OF CHALLENGE PREP INC due?
The return for tax year 2025 (the year ending June 30, 2026) is due November 16, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
When did FRIENDS OF CHALLENGE PREP INC last file with the IRS?
The latest return in the IRS public files is the 990 for the year ended June 2025.
Who is the principal officer of FRIENDS OF CHALLENGE PREP INC?
The 990 for the year ended June 30, 2025 names BEN WAXMAN.
Who are the officers and directors of FRIENDS OF CHALLENGE PREP INC?
The 990 for the year ended June 30, 2025 lists 5 people; 0 received compensation from the organization.
How much revenue does FRIENDS OF CHALLENGE PREP INC have?
On its 990 for the year ended June 30, 2025 it reported revenue of $5,076,329, expenses of $4,996,123 and total assets of $83,139,904 at year end.

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