Civic Intelligence

Ser Development I Inc (4598-So1)

990 • Fiscal year 2020 • EIN 82-4464493

Oct 01, 2019 to Sep 30, 2020 • Filed on Jun 02, 2021

Organization ProfileN/A
801 Corporate Center Dr SUITE 200Raleigh, NC 27607

(919) 719-9660

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

76th percentile

0.91x

Higher debt load relative to assets than 76% of similar nonprofits.

2020 filings • 501(c)2 • $10M-$25M nonprofits • Source year 2020

Liabilities / Revenue

74th percentile

21.58x

Higher debt load relative to revenue than 74% of similar nonprofits.

2020 filings • 501(c)2 • $10M-$25M nonprofits • Source year 2020

Net Margin

39th percentile

-19%

Higher net margin than 39% of similar nonprofits.

2020 filings • 501(c)2 • $10M-$25M nonprofits • Source year 2020

Top Officer Pay

32nd percentile

$0

Higher top officer pay than 32% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2020 filings • 501(c)2 • $10M-$25M nonprofits • Source year 2020

Asset Growth

14th percentile

-4.4%

Faster asset growth than 14% of similar nonprofits.

2020 filings • 501(c)2 • $10M-$25M nonprofits • Annualized from 2019 to 2020

Revenue Growth

94th percentile

332%

Faster revenue growth than 94% of similar nonprofits.

2020 filings • 501(c)2 • $10M-$25M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets76th percentile

Assets

Down

$22,747,158

Down $1,035,723 (-4.4%) from 2019

Net Assets

Down

$2,008,657

Down $179,857 (-8.2%) from 2019

Liabilities

Down

$20,738,501

Down $855,866 (-4.0%) from 2019

Revenue And Expenses
Liabilities / Revenue74th percentileNet Margin39th percentile

Revenue

Up

$960,948

Up $738,582 (+332%) from 2019

Expenses

Up

$1,140,805

Up $900,090 (+374%) from 2019

Net Income

Down

-$179,857

Down $161,508 (-880%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth14th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$30M$20M$10M$0-$10MAssets 2018: $24,081,901Liabilities 2018: $21,875,038Net Assets 2018: $2,206,8632018Assets 2019: $23,782,881Liabilities 2019: $21,594,367Net Assets 2019: $2,188,5142019Assets 2020: $22,747,158Liabilities 2020: $20,738,501Net Assets 2020: $2,008,6572020Assets 2021: $21,797,369Liabilities 2021: $20,857,280Net Assets 2021: $940,0892021Assets 2022: $20,932,104Liabilities 2022: $20,992,882Net Assets 2022: -$60,7782022Assets 2023: $20,188,385Liabilities 2023: $21,123,740Net Assets 2023: -$935,3552023Assets 2024: $19,469,118Liabilities 2024: $21,283,089Net Assets 2024: -$1,813,9712024

Highlighted filing

2020

Assets$22,747,158
Liabilities$20,738,501
Net Assets$2,008,657
Open 2020 Filing

Operations Trend

Revenue Growth94th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$3.0M$2.0M$1.0M$0-$1.0M-$2.0MRevenue 2018: $2,310,413Expenses 2018: $103,550Net Income 2018: $2,206,8632018Revenue 2019: $222,366Expenses 2019: $240,715Net Income 2019: -$18,3492019Revenue 2020: $960,948Expenses 2020: $1,140,805Net Income 2020: -$179,8572020Revenue 2021: $938,478Expenses 2021: $2,007,046Net Income 2021: -$1,068,5682021Revenue 2022: $881,175Expenses 2022: $1,882,042Net Income 2022: -$1,000,8672022Revenue 2023: $881,175Expenses 2023: $1,755,752Net Income 2023: -$874,5772023Revenue 2024: $881,175Expenses 2024: $1,759,791Net Income 2024: -$878,6162024

Highlighted filing

2020

Revenue$960,948
Expenses$1,140,805
Net Income-$179,857
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Oct 1, 2019 to Sep 30, 2020
Signed
Jun 2, 2021
Return Version
2019v5.0
Gross Receipts
$960,948
Mission and Program Overview

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 intends to develop, construct, equip and lease the development project for use as a YMCA facility, which will include a wellness center, parking lot, gymnasium, outdoor swimming pool, exercise studios, and other athletic and recreational amenities.

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 276o, 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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$18,345,654$19,217,397▲ $871,743
Savings and Temporary Cash Investments$2,873,551--
Prepaid Expenses and Deferred Charges$1,566,157$1,550,242▼ $15,915
Accounts Receivable$189,375$891,521▲ $702,146
Cash and Non-Interest-Bearing Accounts$174,985$852,728▲ $677,743
Pledges and Grants Receivable$633,159$235,270▼ $397,889
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0--
Investments Program Related$0--
Loans From Officers Directors$0$0→ $0
Total Assets$23,782,881$22,747,158▼ $1,035,723
Other Assets Total$0$0→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$20,387,827$20,498,795▲ $110,968
Accounts Payable and Accrued Expenses$204,868$206,199▲ $1,331
Other Liabilities$1,001,672$33,507▼ $968,165
Unsecured Notes Loans Payable$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$21,594,367$20,738,501▼ $855,866
Net Assets / Fund Balance
Net Assets With Donor Restrictions$2,192,776$1,778,973▼ $413,803
Net Assets Without Donor Restrictions$-4,262$229,684▲ $233,946
Total Net Assets Fund Balance$2,188,514$2,008,657▼ $179,857
Total Liabilities and Net Assets / Fund Balance$23,782,881$22,747,158▼ $1,035,723

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$18,623,293$559,831$19,183,124
Equipment$459,156$203,970$663,126
Other Land Buildings$134,948$16,310$151,258
Compensation and Service Providers
Top Officer Pay32nd percentile

Board Members and Trustees

NameTitle
-Chairman and President
-Vice Chairman
-Member
-Secretary
-Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$912,087
Investment Income
$0
Other Revenue
$48,861
All Other Contributions
$0
Change in Net Assets
$-179,857

Audited Revenue Reconciliation

Revenue per Audited Statements
$960,948
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$960,948
Total Revenue per Form 990
$960,948
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,140,805
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion-$722,320-$722,320
Interest-$258,136-$258,136
Fees for Services Accounting-$41,350-$41,350
Occupancy-$15,914-$15,914
Insurance-$13,080-$13,080
Other Expenses-$5-$5
Total Functional Expenses$0$1,140,805$0$1,140,805

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,140,805
Total Expenses per Audited Statements$1,140,805
Total Expenses per Form 990$1,140,805
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Other Expense Adjustments$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to YMCA of the Triangle$33,507
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 7A Members or stockholders electing members of governing body

“The Chairman of the Board of Directors of the YMCA of the Triangle shall nominate one director which shall be deemed elected by the Board of Directors at the annual meeting of the Board of Directors.”

Form 990, Part VI, Line 11B Review of form 990 by governing body

“The Board is responsible for the review of the 990. They will receive a copy before it is filed.”

Form 990, Part VI, Line 12C Conflict of interest policy

“The purpose of the Company is to hold real estate during the term of the New Market Tax Credits. There are a small number of transactions in the Company. The CFO of the YMCA of the Triangle monitors these transactions to ensure there are none with officers or Board Members.”

Form 990, Part VI, Line 19 Required documents available to the public

“The documents are on file at YMCA of the Triangle and available to the public.”

Form 990, Part VIII, Line 2F Other Program Service Revenue

“- Total Revenue: , Related or Exempt Function Revenue: , Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; - Total Revenue: , Related or Exempt Function Revenue: , Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ;”

Filing and Contact Details

Filer

Filer Name
SER Development I Inc (4598-SO1)
EIN
82-4464493
Phone
9197199660
Address
801 Corporate Center Dr SUITE 200, Raleigh, NC 27607

Signing Officer

Name
Lisa Martin
Title
Chairman & President
Signed
2021-06-02
Discuss with paid preparer
Yes

Organization Details

Formed
2018
Legal Domicile
Nc
Voting Board Members
5
Independent Board Members
5
Employees
0
Volunteers
5

Preparer

Firm
Cherry Bekaert LLP
Address
2626 Glenwood Avenue Suite 200, Raleigh, NC 27608
Preparer
Amanda Adams
Phone
9197821040
Supplemental Narrative

Financial Statement Notes

Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote

“FASB ASC 740, Income Taxes, requires the Organization to estimate the likelihood that a potential income tax liability, including penalties and interest, exists for any income tax position taken on a return that has a more likely than not chance that the position would fail under a federal or state revenue audit. This estimated liability is known as an uncertain tax position. Also required is the disclosure of all tax years that the Organization's federal or state information returns are open for potential examination. The Organization has evaluated their income tax positions and has determined that they have no uncertain tax positions that should be accounted for under ASC 740. The Organization is not currently under examination by the Internal Revenue Service or the state of North Carolina.”

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IRS990ScheduleD/EquipmentGrp/DepreciationAmt0203970
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IRS990ScheduleD/FootnoteTextInd0X
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IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt0559831
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IRS990ScheduleD/OtherExpensesIncludedAmt00
IRS990ScheduleD/OtherExpensesNotIncludedAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0134948
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt016310
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0151258
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt033507
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Due to YMCA of the Triangle
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0FASB ASC 740, Income Taxes, requires the Organization to estimate the likelihood that a potential income tax liability, including penalties and interest, exists for any income tax position taken on a return that has a more likely than not chance that the position would fail under a federal or state revenue audit. This estimated liability is known as an uncertain tax position. Also required is the disclosure of all tax years that the Organization's federal or state information returns are open for potential examination. The Organization has evaluated their income tax positions and has determined that they have no uncertain tax positions that should be accounted for under ASC 740. The Organization is not currently under examination by the Internal Revenue Service or the state of North Carolina.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote
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IRS990ScheduleD/TotalExpensesPerForm990Amt01140805
IRS990ScheduleD/TotalLiabilityAmt033507
IRS990ScheduleD/TotalRevenuePerForm990Amt0960948
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0960948
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01140805
IRS990/ScheduleJRequiredInd0false
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The Chairman of the Board of Directors of the YMCA of the Triangle shall nominate one director which shall be deemed elected by the Board of Directors at the annual meeting of the Board of Directors.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The Board is responsible for the review of the 990. They will receive a copy before it is filed.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The purpose of the Company is to hold real estate during the term of the New Market Tax Credits. There are a small number of transactions in the Company. The CFO of the YMCA of the Triangle monitors these transactions to ensure there are none with officers or Board Members.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The documents are on file at YMCA of the Triangle and available to the public.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4- Total Revenue: , Related or Exempt Function Revenue: , Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; - Total Revenue: , Related or Exempt Function Revenue: , Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ;
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 7a Members or stockholders electing members of governing body
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 11b Review of form 990 by governing body
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 12c Conflict of interest policy
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 19 Required documents available to the public
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VIII, Line 2f Other Program Service Revenue
IRS990ScheduleR/AssetExchangeInd0false
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd0false
IRS990ScheduleR/AssetSaleToOtherOrgInd0false
IRS990ScheduleR/DivRelatedOrganizationInd0false
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd0false
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0false
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd0false
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt0na
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0The Young Men's Christian Association of the Triangle Area Inc
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0560591307
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(c)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0NC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0Volunteer led public charity with mission to put Christian principles into practice
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt07
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt0801 Corporate Center Drive
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine2Txt0Suite 200
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0Raleigh
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0NC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd0276075073
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd0false
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd0false
IRS990ScheduleR/PaidEmployeesSharingInd0false
IRS990ScheduleR/PerformOfServicesByOtherOrgInd0false
IRS990ScheduleR/PerformOfServicesForOthOrgInd0false
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd0false
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd0false
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd0false
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd0true
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd0true
IRS990ScheduleR/SharingOfFacilitiesInd0false
IRS990ScheduleR/TransferFromOtherOrgInd0false
IRS990ScheduleR/TransferToOtherOrgInd0false
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IRS990/TaxablePartyNotificationInd0false
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IRS990/TaxExemptBondLiabilitiesGrp/EOYAmt00
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalVolunteersCnt05
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IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0801 Corporate Center Dr SUITE 200
IRS990/USAddress/CityNm0Raleigh
IRS990/USAddress/StateAbbreviationCd0NC
IRS990/USAddress/ZIPCd027607
IRS990/VotingMembersGoverningBodyCnt05
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ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0Lisa Martin
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Chairman & President
ReturnHeader/BusinessOfficerGrp/SignatureDt02021-06-02
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0SER Development I Inc (4598-SO1)
ReturnHeader/Filer/BusinessNameControlTxt0SERD
ReturnHeader/Filer/EIN0824464493
ReturnHeader/Filer/PhoneNum09197199660
ReturnHeader/Filer/USAddress/AddressLine1Txt0801 Corporate Center Dr SUITE 200
ReturnHeader/Filer/USAddress/CityNm0Raleigh
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NC
ReturnHeader/Filer/USAddress/ZIPCd027607
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0560574444

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$22,747,158
Liabilities
$20,738,501
Net assets
$2,008,657
Revenue
$960,948
Expenses
$1,140,805
Net income
-$179,857
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$19.5$21.3$1.81$0.88$1.76$0.88
2023Detailed filing. Detailed filing data is available for this year.$20.2$21.1$0.94$0.88$1.76$0.87
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$20.9$21.0$0.06$0.88$1.88$1.00
2021Detailed filing. Detailed filing data is available for this year.$21.8$20.9$0.94$0.94$2.01$1.07
2020Detailed filing. Detailed filing data is available for this year.$22.7$20.7$2.01$0.96$1.14$0.18
2019Detailed filing. Detailed filing data is available for this year.$23.8$21.6$2.19$0.22$0.24$0.02
2018Detailed filing. Detailed filing data is available for this year.$24.1$21.9$2.21$2.31$0.10$2.21