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Nonprofiteer
← SER DEVELOPMENT I INC

Form 990 for tax year 2024

Filed by SER DEVELOPMENT I INC.

Totals

Total revenue
$6,884,760
Total expenses
$1,338,241
Contributions and grants received
$0
Grants paid
$630,609
Program service revenue
$598,260
Investment income
$0
Other revenue
$6,286,500
Total assets, end of year
$0
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$0
Program services expenses (Part IX)
$630,609
Management and general expenses
$707,632
Fundraising expenses
$0
Program service expenses (Part III)
$630,609

Program services were 47.1% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: HEALTHY LIVING

    total $598,260 · related or exempt $598,260

  • 11a · Other revenue: GAIN ON DEBT FORGIVENE

    total $6,286,500 · related or exempt $6,286,500

  • 11e · Other revenue, total

    $6,286,500

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $630,609 · program services $630,609

  • 11c · Fees: accounting

    total $59,766 · management and general $59,766

  • 11f · Fees: investment management

    total $45,000 · management and general $45,000

  • 11g · Fees: other

    total $25,000 · management and general $25,000

  • 13 · Office expenses

    total $200 · management and general $200

  • 16 · Occupancy

    total $10,140 · management and general $10,140

  • 20 · Interest

    total $151,357 · management and general $151,357

  • 22 · Depreciation, depletion and amortization

    total $385,824 · management and general $385,824

  • 23 · Insurance

    total $30,345 · management and general $30,345

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $281,124 · end of year $0

  • 2 · Savings and temporary cash investments

    end of year $0

  • 3 · Pledges and grants receivable

    end of year $0

  • 4 · Accounts receivable

    beginning of year $885,141 · end of year $0

  • 5 · Loans and receivables from officers and key people

    end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

  • 7 · Other notes and loans receivable

    end of year $0

  • 8 · Inventories for sale or use

    end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,490,160 · end of year $0

  • 10a · Land, buildings and equipment: cost or other basis

    $0

  • 10b · Land, buildings and equipment: accumulated depreciation

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $16,812,693 · end of year $0

  • 11 · Investments: publicly traded securities

    end of year $0

  • 12 · Investments: other securities

    end of year $0

  • 13 · Investments: program-related

    end of year $0

  • 14 · Intangible assets

    end of year $0

  • 15 · Other assets

    end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $204,731 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $20,942,667 · end of year $0

  • 25 · Other liabilities

    beginning of year $135,691 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year -$3,294,017 · end of year $0

  • 28 · Net assets with donor restrictions

    beginning of year $1,480,046 · end of year $0

Mission and programs · 2024

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.

  • 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.

    Expenses $630,609 · Grants $630,609

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Lisa Martin

    CHAIR & PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • Richard Boyette

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Johnny Tillett

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Page Allen

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Lacy Presnell

    MEMBER

    Total calculated
    $0
    Hours/week
    2

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Assets distributed on this return

Schedule N, as filed: what the organization did with its assets when it liquidated or dissolved, or disposed of more than a quarter of them, and who received them. A recipient with an EIN is usually a successor organization; filers also list expenses such as legal fees here.

Provenance

Return type
form_990
Tax year
2024
Filed
8 June 2026
IRS schema version
2024v5.5
Source object
202602269349302950

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