2024-08-28T19:58:49-04:00 2023-12-31 561053187 MADDISON & CAISON LLP 1111 OBERLIN RD RALEIGH NC 276051136 990 2023-01-01 820614057 SE RALEIGH PROMISE INC SERA 9199965697 900 S WILMINGTON STREET RALEIGH NC 27601 YVETTE HOLMES CEO 9194172223 2024-08-28 true false SUSAN GLENDENNING P00921817 9198215482 2024-08-28 2023 2024-08-08 14:25:15Z YVETTE HOLMES 900 S WILMINGTON STREET RALEIGH NC 27601 1636950 false X WWW.SERPROMISE.ORG X 2016 NC 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. 13 13 22 14 0 890217 1630598 8500 0 -963 2711 3641 897754 1636950 0 0 546255 604143 0 89833 282399 260764 828654 864907 69100 772043 778091 1589731 127559 162520 650532 1427211 X 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. false false 517681 IN 2023, SOUTHEAST RALEIGH PROMISE ACTIVITIES INCLUDED ADVANCING THE DEVELOPMENT OF 27 AFFORDABLE RENTAL UNITS ON 10 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, CURRENTLY UNDER CONSTRUCTION. 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, THE FINAL PHASE OF DEVELOPMENT AT THE BEACON SITE. SER 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. 517681 true true false false false false false false true false true false false true true false true false false false false false false false false false false false false true false false false false false false false false false false false false false false false false false true 13 0 22 true false false false false false false false false false false false false X 13 13 false false false false false false false true true false false true true true false false false true false false NC X X THE ORGANIZATION 9199965697 900 S WILMINGTON STREET RALEIGH NC 27601 YVETTE HOLMES CEO 50.00 X 156000 0 10305 ASA FLEMING BOARD CHAIR 2.00 X X 0 0 0 BEN YOUNG VICE CHAIR 2.00 X X 0 0 0 JON MILLS SECRETARY 2.00 X X 0 0 0 CRAWFORD CRENSHAW TREASURER 2.00 X X 0 0 0 MIA BAILEY DIRECTOR 1.00 X 0 0 0 THOMAS BRADSHAW JR DIRECTOR 1.00 X 0 0 0 EVAN COVINGTON CHAVEZ DIRECTOR 1.00 X 0 0 0 SONDRA COLLINS DIRECTOR 2.00 X 0 0 0 COURTNEY CROWDER DIRECTOR 2.00 X 0 0 0 BARRY MALONE DIRECTOR 1.00 X 0 0 0 CATTY MOORE DIRECTOR 1.00 X 0 0 0 MARIA SPAULDING DIRECTOR 1.00 X 0 0 0 ASTRID TAYLOR DIRECTOR 2.00 X 0 0 0 156000 10305 1 false true false 157024 1473574 1630598 2711 2711 IMPUTED LOAN DISCOUNT 3641 3641 3641 1636950 6352 X 155999 116999 7800 31200 366584 182646 139184 44754 2541 656 1885 37124 19387 15559 2178 41895 27534 11889 2472 20631 20631 120549 96905 20550 3094 14159 14159 20304 5923 13547 834 18639 2834 11493 4312 9888 5735 3560 593 16359 12287 3844 228 1733 1487 78 168 2636 2636 PARTNER SUPPORT 15699 15699 SCHOOL SUPPORT 11059 11059 STAFF DEVELOPMENT 3079 259 2820 AFFORDABLE HOUSING 3066 3066 2963 1046 1917 864907 517681 257393 89833 515750 753248 402688 170861 291499 5361 16714 9074 7433 3374 1641 82745 123941 778091 1589731 32683 57586 66250 47450 28626 57484 127559 162520 X 600354 1381368 50178 45843 650532 1427211 778091 1589731 X 772043 4636 X false true X true false X 2636620 409713 691375 890217 1630598 6258523 2636620 409713 691375 890217 1630598 6258523 415182 5843341 2711 2711 3641 3641 6264875 19500 0.93270 0.93440 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED true 66250 66250 true X 9074 7433 1641 1641 CONSTRUCTION IN PROGRESS 69941 LEASEHOLD IMPROVEMENTS 29000 RIGHT OF USE ASSET 15786 OTHER RECEIVABLES 9214 123941 PAYROLL LIABILITIES 26225 LEASE LIABILITY 15861 REFUNDABLE GRANT ADVANCES 15398 57484 1636950 1636950 1636950 864907 864907 864907 SCHEDULE D, PAGE 2, PART IV, LINE 1B AS A QUARTERBACK ORGANIZATION, SERP ACTED AS AGENT/SPONSOR FOR AN UNRELATED ORGANIZATION, AND IN THAT CAPACITY, SERP HELD CASH IN RESERVE FOR THAT ORGANIZATION UNTIL THE FINDS WERE DISBURSED IN FULL IN 2023. INCOME AND EXPENSES FOR THIS ORGANIZATION ARE NOT INCLUDED OR REPORTED WITH SERP'S INCOME AND EXPENSES. SCHEDULE D, PAGE 2, PART IV, LINE 2B SERP MAINTAINED CASH BALANCES FOR THE SOUTHEAST RALEIGH JOHN REX ENDOWMENT GRANT PROJECT DURING 2023. THESE FUNDS WERE DISBURSED IN FULL DURING 2023; THEREFORE, THE AGENCY LIABILITY ACCOUNT HAS BEEN REDUCED TO ZERO. X X X X X false false false false false false false false false YVETTE HOLMES CEO 150000 6000 10305 166305 FORM 990 - ORGANIZATION'S 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. FORM 990, PAGE 1, PART I, LINE 6 BOARD AND ADVISORY COMMITTEE MEMBERS DONATE THEIR TIME AND PROFESSIONAL SKILLS TO FURTHER THE PROGRAMS, ADMINISTRATION, AND FUNDRAISING EFFORTS OF SOUTHEAST RALEIGH PROMISE. FORM 990, PAGE 2, PART III, LINE 4A IN 2023, SOUTHEAST RALEIGH PROMISE ACTIVITIES INCLUDED ADVANCING THE DEVELOPMENT OF 27 AFFORDABLE RENTAL UNITS ON 10 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, CURRENTLY UNDER CONSTRUCTION. 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, THE FINAL PHASE OF DEVELOPMENT AT THE BEACON SITE. SER 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. FORM 990, PAGE 6, PART VI, LINE 11B PRIOR TO FILING THE 990, THE COMPLETED DOCUMENT IS FORWARDED TO MEMBERS OF THE BOARD FOR REVIEW AND COMMENT. FORM 990, PAGE 6, PART VI, LINE 15A CEO COMPENSATION IS INCLUDED IN THE ANNUAL BUDGET AND VOTED ON BY ALL BOARD MEMBERS. CEO COMPENSATION IS BASED ON INFORMATION FROM SIMILAR NON-PROFIT ORGANIZATIONS AND PROFESSIONAL EXECUTIVE SEARCH CONSULTANTS. IN ADDITION, CEO'S COMPENSATION IS BASED ON THE LEVEL OF SKILL AND EXPERIENCE REQUIRED TO LEAD, MANAGE, AND OPERATE A NON-PROFIT ORGANIZATION FOCUSED IN PART ON REAL ESTATE DEVELOPMENT ACTIVITIES. FORM 990, PAGE 6, PART VI, LINE 19 SERP'S GOVERNING DOCUMENTS ARE MADE AVAILABLE FOR VIEWING AT THE ORGANIZATION'S OFFICE WITH ADVANCE WRITTEN NOTICE. FORM 990, PART IX, LINE 11G EXECUTIVE SEARCHES 0 6,381 0 OTHER 96,905 14,169 3,094 TOTAL 96,905 20,550 3,094 FORM 990, PART XI, LINE 9 DEVELOPMENT COSTS (ARCHITECT FEES) INCURRED IN 2022 WERE CAPITALIZED.