Both organizations and coders often wonder about who owns the work that is completed at a Code Jam.
Code the Change doesn't own anything or provide any warranty, liability, or anything else for any code produced. Who has copyright is a question that the coders and the organization can answer together. If either party is strongly opinionated on the matter (ie, the organization needs the code to remain private), they can negotiate among themselves.
However, in general, we recommend the following, and if the organization and coders don't negotiate something separate:
The coders agree to give the organization an irrevocable license to do whatever it wants with the code. They don't agree to provide any liability or warranty for the code.
The organization agrees to let the coders retain the code for their own personal uses, including in a portfolio, for educational uses, to extract snippets from, etc, but the coders agree not to use that copy of the code for the purpose of commercially competing with the organization. This does not extend to granting the coders any patents, trademarks, or copyrights that the organization already had.
If you're looking for licenses to legally codify that, the organization would be the owner of the code, and the coders would own a non-commercial BSD license.