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Nonprofiteer
← SE RALEIGH PROMISE INC

Form 990 for tax year 2024

Filed by SE RALEIGH PROMISE INC.

Totals

Total revenue
$1,479,848
Total expenses
$1,104,317
Contributions and grants received
$1,459,648
Grants paid
$0
Program service revenue
$0
Investment income
$14,739
Other revenue
$5,461
Total assets, end of year
$2,869,142
Total liabilities, end of year
$1,066,400
Net assets or fund balances, end of year
$1,802,742
Program services expenses (Part IX)
$598,693
Management and general expenses
$317,944
Fundraising expenses
$187,680
Program service expenses (Part III)
$598,693

Program services were 54.2% 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.

  • 1e · Government grants (contributions)

    $845,299

  • 1f · All other contributions, gifts and grants

    $614,349

  • 3 · Investment income

    total $14,739 · excluded $14,739

  • 11a · Other revenue: IMPUTED LOAN DISCOUNT

    total $5,461 · excluded $5,461

  • 11e · Other revenue, total

    $5,461

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $178,857 · program services $134,142 · management and general $8,943 · fundraising $35,772

  • 7 · Other salaries and wages

    total $478,658 · program services $213,421 · management and general $149,322 · fundraising $115,915

  • 9 · Other employee benefits

    total $45,422 · program services $11,743 · management and general $22,365 · fundraising $11,314

  • 10 · Payroll taxes

    total $52,561 · program services $27,590 · management and general $12,929 · fundraising $12,042

  • 11c · Fees: accounting

    total $19,871 · management and general $19,871

  • 11g · Fees: other

    total $29,195 · program services $5,190 · management and general $24,005

  • 12 · Advertising and promotion

    total $72,349 · program services $65,332 · management and general $7,007 · fundraising $10

  • 13 · Office expenses

    total $23,870 · program services $5,480 · management and general $17,259 · fundraising $1,131

  • 14 · Information technology

    total $13,755 · program services $367 · management and general $13,277 · fundraising $111

  • 16 · Occupancy

    total $24,858 · program services $5,358 · management and general $19,500

  • 19 · Conferences, conventions and meetings

    total $19,218 · program services $16,791 · management and general $2,352 · fundraising $75

  • 22 · Depreciation, depletion and amortization

    total $11,050 · program services $6,850 · management and general $3,425 · fundraising $775

  • 23 · Insurance

    total $3,112 · management and general $3,112

  • 24a · Other expenses: COMMUNITY SUPPORT

    total $70,812 · program services $70,812

  • 24b · Other expenses: FUNDRAISING

    total $18,681 · program services $6,546 · management and general $1,600 · fundraising $10,535

  • 24c · Other expenses: HEALTH AND WELLNESS

    total $10,629 · program services $10,629

  • 24d · Other expenses: STAFF DEVELOPMENT

    total $8,459 · program services $31 · management and general $8,428

  • 24e · All other expenses

    total $22,960 · program services $18,411 · management and general $4,549

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $753,248 · end of year $929,025

  • 2 · Savings and temporary cash investments

    beginning of year $402,688 · end of year $517,398

  • 3 · Pledges and grants receivable

    beginning of year $291,499 · end of year $346,770

  • 9 · Prepaid expenses and deferred charges

    beginning of year $16,714 · end of year $826

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

    $544,726

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

    $16,007

  • 10c · Land, buildings and equipment, net

    beginning of year $1,641 · end of year $528,719

  • 15 · Other assets

    beginning of year $123,941 · end of year $546,404

  • 17 · Accounts payable and accrued expenses

    beginning of year $57,586 · end of year $60,819

  • 24 · Unsecured notes and loans payable

    beginning of year $47,450 · end of year $570,969

  • 25 · Other liabilities

    beginning of year $57,484 · end of year $434,612

  • 27 · Net assets without donor restrictions

    beginning of year $1,381,368 · end of year $1,772,978

  • 28 · Net assets with donor restrictions

    beginning of year $45,843 · end of year $29,764

Mission and programs · 2024

Mission

SOUTHEAST RALEIGH PROMISE IS A LOCAL NONPROFIT WHOSE MISSION IS TO SERVE ALONGSIDE NEIGHBORS, STRATEGIC PARTNERS, AND FUNDERS TO ENSURE THAT SOUTHEAST RALEIGH RESIDENTS HAVE ACCESS TO EQUITABLE OPPORTUNITIES TO GROW, THRIVE, AND PROSPER. TO ADVANCE THIS MISSION, SOUTHEAST RALEIGH PROMISE SERVES AS A COMMUNITY QUARTERBACK LEADING RALEIGH/WAKE COUNTY'S FIRST PURPOSE BUILT COMMUNITIES MODEL, A NATIONAL PLACE-BASED INITIATIVE FOCUSED ON 4 KEY PILLARS: ECONOMIC VITALITY, MIXED-INCOME HOUSING, CRADLE TO CAREER EDUCATION, AND HEALTH AND COMMUNITY WELLNESS.

Activities or mission (Part I)

SE RALEIGH PROMISE, INC. WORKS ALONGSIDE NEIGHBORS, KEY PARTNERS, AND FUNDERS TO ENSURE THAT SOUTHEAST RALEIGH RESIDENTS HAVE ACCESS TO EQUITABLE OPPORTUNITIES TO GROW, THRIVE AND PROSPER.

  • IN 2024, SOUTHEAST RALEIGH PROMISE ACTIVITIES INCLUDED ADVANCING THE DEVELOPMENT OF 25 AFFORDABLE RENTAL UNITS ON 9 CITY-OWNED PARCELS LOCATED IN SOUTHEAST RALEIGH AND LEVERAGING RESOURCES AND PARTNERSHIPS TO PRESERVE WEALTH THROUGH HOMEOWNERSHIP OF LEGACY RESIDENTS WITHIN THE PROMISE ZONE. SE RALEIGH PROMISE ALSO PROVIDED ONGOING LEADERSHIP AND SUPPORT OF ITS FIRST PURPOSE BUILT COMMUNITIES COLLABORATION: THE BEACON SITE, IS A 32- ACRE CAMPUS HOME TO THE SER YMCA, SER ELEMENTARY SCHOOL, BEACON RIDGE APARTMENTS, AND BEACON POINT OFFICE BUILDING. ACTIVITIES INCLUDED PARTNERING TO SUPPORT CLUB ROAR AN AFTER-SCHOOL STEAM ENRICHMENT PROGRAM OFFERED TO 80+ SOUTHEAST RALEIGH ELEMENTARY STUDENTS; PROVIDED SERVICE COORDINATION TO CONNECT 120 BEACON RIDGE HOUSEHOLDS TO SERVICES, RESOURCES, PROGRAMS AND OPPORTUNITIES FOCUSED ON IMPROVING OUTCOMES ACROSS THE FOUR PILLARS; PARTNERED WITH THE SER YMCA TO SUPPORT AND PROMOTE COMMUNITY-WIDE HEALTH EVENTS, RACIAL AND CULTURAL AWARENESS, AND SOCIAL AND EMOTIONAL WELL-BEING AND LEARNING; SUPPORTING THE SUCCESSFUL LEASE-UP BEACON POINT. SE RALEIGH PROMISE ALSO CREATED EMPLOYMENT OPPORTUNITIES FOR HIGH SCHOOL AND COLLEGE STUDENTS; CREATED OPPORTUNITIES FOR HISTORICALLY UNDERUTILIZED BUSINESS, ENGAGED DEEPLY WITH THE COMMUNITY, LED CRITICAL CONVERSATIONS, AND LEVERAGED PARTNERSHIPS TO SPUR GREATER INVESTMENT IN SOUTHEAST RALEIGH.

    Expenses $598,693

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

Listed in Part VII

  • Yvette Holmes

    CEO

    Total calculated
    $178,857
    From this org
    $165,137
    From related orgs
    $0
    Other
    $13,720
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $165,137
    Bonus
    not reported
    Other
    not reported
    Deferred
    $13,720
    Nontaxable benefits
    not reported
    Filer's total
    $178,857

  • Ben Young

    CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Asa Fleming

    IMMEDIATE PA

    Total calculated
    $0
    Hours/week
    2

  • Sondra Collins

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Barry Malone

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Crawford Crenshaw

    VICE TREASUR

    Total calculated
    $0
    Hours/week
    2

  • Astrid Taylor

    VICE TREASUR

    Total calculated
    $0
    Hours/week
    2

  • Dr Elena Ashburn

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Mia Bailey

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Thomas Bradshaw Jr

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Evan Covington Chavez

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Taylor Dewberry

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Ebony Pittman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • SE RALEIGH PROMISE HOUSING LLC

    HOUSING · NC

    Directly controlled by SE RALEIGH PROMISE INC

Provenance

Return type
form_990
Tax year
2024
Filed
3 November 2025
IRS schema version
2024v5.0
Source object
202543159349305654

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