Challenge Fund
Preselected recipients only
Challenge Fund is a private foundation in Richmond, Virginia. In tax year 2025 it gave $255,750 in 13 grants; the typical grant was $20,000 and the largest $40,000. It only gives to organizations it selects itself and does not accept unsolicited applications.
From its IRS Form 990-PF for tax year 2025.
- Grants paid, 2025$255,750
- Number of grants13
- Typical grant$20,000
- Largest grant$40,000
- Assets$6.1 million
- New grantees69%
Giving in 2025 was up from $255,000 the year before.
69% of its 2025 grantees had not received a grant from it the year before, a sign it is open to new organizations.
Giving by year
| Tax year | Grants paid | Number of grants | Assets |
|---|---|---|---|
| 2023 | $262,725 | 11 | $5.4 million |
| 2024 | $255,000 | 18 | $5.7 million |
| 2025 | $255,750 | 13 | $6.1 million |
How to apply
Challenge Fund says in its IRS filing that it only makes contributions to preselected organizations, so unsolicited applications are unlikely to be considered. Organizations it funds are usually invited.
What Challenge Fund funds
Where it gives
Its grants went to recipients in 8 states, the most to North Carolina.
| State | Grants | Amount |
|---|---|---|
| North Carolina | 3 | $60,625 |
| Rhode Island | 3 | $57,000 |
| District of Columbia | 2 | $45,000 |
| Arizona | 1 | $21,250 |
| New York | 1 | $21,250 |
| Alabama | 1 | $20,000 |
| Connecticut | 1 | $20,000 |
| New Jersey | 1 | $10,625 |
Grants paid in 2025
| Recipient | Purpose | Amount |
|---|---|---|
| The University of North Carolina at Capel Hill Foundation Hill | General support | $40,000 |
| Rhode Island Community Food Bank Association | General support | $27,000 |
| Reproductive Freedom for All Foundation | General support | $25,000 |
| American Civil Liberties Union Foundation | General support | $21,250 |
| The Haven | General support | $21,250 |
| Equal Justice Initiative | General support | $20,000 |
| Save the Children Federation Inc | General support | $20,000 |
| Ukraine Crisis Relief Fund | General support | $20,000 |
| Providence Athenaeum | General support | $15,000 |
| Rhode Island School of Design | General support | $15,000 |
| Everycat Health Foundation Inc | General support | $10,625 |
| Independent Animal Rescue Inc | General support | $10,625 |
| Hope Renovations | General support | $10,000 |
Officers and trustees
- H Smith Richardson III
- Ann Page Richardson
- Cary R Paynter
Questions people ask
Does Challenge Fund accept grant applications?
No. Its IRS filing says it only makes contributions to preselected organizations.
How much does Challenge Fund give?
$255,750 in tax year 2025, across 13 grants, with a typical grant of $20,000.
Who runs Challenge Fund?
Its 2025 filing lists H Smith Richardson III (Director), Ann Page Richardson (Director) and Cary R Paynter (Director).
What does Challenge Fund fund?
Based on its grants, mainly education.