SER Development I Inc (4598-SO1)

EIN: 824464493

Raleigh, NC

Total Revenue
$881,175
Total Expenses
$1,759,791
Total Assets
$19,469,118
Net Assets
$-1,813,971
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2018
Legal Domicile
NC
Phone
9197199622
Tax Period
2023-10-01 to 2024-09-30

SER Development I Inc (4598-SO1), founded in 2018, is a small nonprofit that reported $881K in total revenue in fiscal year 2023. Expenses of $1.8M exceeded revenue, resulting in a 100% operating deficit.

Mission

SER Development I, Inc. was organized for the exclusive purpose of holding a title to a parcel of real property located at 1436 Rock Quarry Road, Raleigh, NC 27610, collecting income therefrom, and turning over the entire amount thereof, less expenses, to the Young Men's Christian Association of the Triangle Area, Inc. The organization developed, constructed, and equipped and leased the development project for use as a YMCA facility, which includes a wellness center, parking lot, gymnasium, outdoor swimming pool, exercise studios, and other athletic and recreational amenities.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $881,175
Investment Income $0
Other Revenue $0
TOTAL REVENUE $881,175

Expense Breakdown

Grants Paid $679,957
Salaries & Benefits $0
Fundraising Expenses $0
Program Expenses $0
Other Expenses $1,079,834
TOTAL EXPENSES $1,759,791

Year-over-Year Comparison

2023 2022 Change
Revenue $881,175 $881,175 N/A
Expenses $1,759,791 $1,755,752 +0.0%
Net Income $-878,616 $-874,577 +0.0%
Key Indicators
✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Governance

Voting Members
5
Independent Members
5
Employees
N/A
Volunteers
5

Governance Policies

✗ Conflict of Interest Policy
✗ Whistleblower Policy
✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
4
$0
Total Directors
5
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
JOHNNY TILLETT SECRETARY 2.0
Officer Director
$0 $0 $0
LISA MARTIN CHAIR & PRESIDENT 2.0
Officer Director
$0 $0 $0
PAGE ALLEN TREASURER 2.0
Officer Director
$0 $0 $0
RICHARD BOYETTE VICE CHAIR 2.0
Officer Director
$0 $0 $0
LACY PRESNELL MEMBER 2.0
Director
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 $881,175 $1,759,791 $19,469,118 $-878,616
2023 $881,175 $1,755,752 $20,188,385 $-874,577
2022 $881,175 $1,882,042 $20,932,104 $-1,000,867
2021 $938,478 $2,007,046 $21,797,369 $-1,068,568
2020 $960,948 $1,140,805 $22,747,158 $-179,857
2019 $222,366 $240,715 $23,782,881 $-18,349
2018 $2,310,413 $103,550 $24,081,901 $2,206,863
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