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Ser Development I INC

Raleigh, NCMutual-benefit / member-servingSince 2018EIN 82-4464493Revenue $6.9M in FY2025

On file with the IRS801 Corporate Center Dr Ste 200, 27607-5243 · Raleigh, NCTax-exempt since Aug 2018

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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.

47¢ of each $1 spent went to programs.
Run by 5 volunteers.
Mission: Form 990 Part I, line 1 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2025 · Form 990Independent: from IRS data, not the org
Download 990
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 6
filings with a surplus
Average surplus $257K a year · 14% of revenue · last 6 filings
Worth a look: a surplus in 1 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
47%
of spending
Concern: 47% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Liabilities
$0
total owed
No data yet: the filing does not give total assets.
Pt X · Ln 26
Independent board members
5
of 5 voting members
Looks good: 5 of 5 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$6.9M
+681% vs prior year
Spent
$1.3M
To programs
47%
Net assets
$0
By yearFY2020–FY2025
Revenue
$6.9M
FY2025▲ +681%
Tap a bar for its year
Revenue by fiscal year
FY2020$961K
FY2021$938K
FY2022$881K
FY2023$881K
FY2024$881K
FY2025$6.9M
Expenses
$1.3M
FY2025▼ -24%
Tap a bar for its year
Expenses by fiscal year
FY2020$1.1M
FY2021$2.0M
FY2022$1.9M
FY2023$1.8M
FY2024$1.8M
FY2025$1.3M
Net assets
$0
FY2025▲ +100%
Tap a bar for its year
Net assets by fiscal year
FY2020$2.0M
FY2021$940K
FY2022−$61K
FY2023−$935K
FY2024−$1.8M
FY2025$0

From the FY2025 Form 990 (year ending September 2025) · figures checked against the IRS filing · see the original

990 PDF Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Aug 2018.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

47 cents of each dollar spent went to programs.

Program services 47% · $631K Management & general 53% · $708K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

5 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII
Lisa Martin
Chair & President
$0Pt VII · Sec A
Richard Boyette
Vice Chair
$0Pt VII · Sec A
$0Pt VII · Sec A
Page Allen
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
See Ser Development I INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Develops and leases property for YMCA facilities, including a wellness center and athletic amenities.

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Provided by the organization

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1 program · $631K · in their own filed words · FY2024
01

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.

$631Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · this organization's grantmaking
Grants paid · 5 grants · $3.4M · 2020–2024
The Young Men's Christian Association of the Triangle Area INC (4598)NC · FY2024$630,609
The Young Men's Christian Association of the Triangle Area INC (4598)NC · FY2023$679,957
The Young Men's Christian Association of the Triangle Area INC (4598)NC · FY2022$677,248
The Young Men's Christian Association of the Triangle Area INC (4598)NC · FY2021$669,824
The Young Men's Christian Association of the Triangle Area INC (4598)NC · FY2020$735,333

By the numbers

The FY2025 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$6.9M
Ln 12
Other incomeLn 4–11$6.3M
Fees for servicesLn 2g$598K
Money outPt IX
$1.3M
Ln 25
Programscol B$631K
Managementcol C$708K
Owns and owesPt X
$0
net assets · Ln 32
LiabilitiesLn 26$0
PeoplePt VI, VII
5
listed · VII A
PaidVII A0
Voting boardVI 1a5
IndependentVI 1b5
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$598K
Other incomeLn 4–11$6.3M
Total revenueLn 12$6.9M
Assets in detailPt X, end of year
CashLn 1$0
SavingsLn 2$0
InvestmentsLn 11–13$0
Land, buildings, equipmentLn 10c$0
Other assetsLn 15$0
LiabilitiesLn 26$0
Net assetsLn 32$0
OperationsPt I, VI
EmployeesI 50
VolunteersI 65
Fiscal year endsHeaderSeptember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY25End FY25
Cash and savingsLn 1–2$281K$0
InvestmentsLn 11–13$0
Land, buildings, equipmentLn 10c$16.8M$0
Total assetsLn 16$19.5M$0
LiabilitiesLn 26$21.3M$0
Net assetsLn 32−$1.8M$0
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$631K$631K
Accounting feesLn 11c$60K$60K
Investment management feesLn 11f$45K$45K
Other fees for servicesLn 11g$25K$25K
Office expensesLn 13$200$200
OccupancyLn 16$10K$10K
InterestLn 20$151K$151K
Depreciation, depletion and amortizationLn 22$386K$386K
InsuranceLn 23$30K$30K
Total functional expensesLn 25$1.3M$631K$708K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $6.9M$1.3M$5.5M$0 990 PDF
FY2024 $881K$1.8M−$879K−$1.8M 990 PDF
FY2023 $881K$1.8M−$875K−$935K 990 PDF
FY2022 $881K$1.9M−$1.0M−$61K 990 PDF
FY2021 $938K$2.0M−$1.1M$940K 990 PDF
FY2020 $961K$1.1M−$180K$2.0M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2025 990 (6 parts)
Part I · Summary $6,884,760 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $881,175$598,260
I-10 Investment incomePrior year $0$0
I-11 Other revenuePrior year $0$6,286,500
I-12 Total revenuePrior year $881,175$6,884,760
I-13 Grants and similar amounts paidPrior year $679,957$630,609
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $1,079,834$707,632
I-18 Total expensesPrior year $1,759,791$1,338,241
I-19 Revenue less expensesPrior year −$878,616$5,546,519
Part VI · Governance 5 of 5 board members independent, 3 to look at
VI-1a Voting members of the governing body5
VI-1b Independent voting members5
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
Part VIII · Statement of revenue $6,884,760 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $598,260$598,260
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $6,286,500$6,286,500
VIII-12 Total revenueRelated to mission $6,884,760 · Unrelated business $0 · Excluded from tax $0$6,884,760
Part IX · Statement of functional expenses $1,338,241 across 9 lines filed
IX-1 Grants to domestic organizationsPrograms $630,609$630,609
IX-11c Accounting feesManagement $59,766$59,766
IX-11f Investment management feesManagement $45,000$45,000
IX-11g Other fees for servicesManagement $25,000$25,000
IX-13 Office expensesManagement $200$200
IX-16 OccupancyManagement $10,140$10,140
IX-20 InterestManagement $151,357$151,357
IX-22 Depreciation, depletion and amortizationManagement $385,824$385,824
IX-23 InsuranceManagement $30,345$30,345
IX-25 Total functional expensesPrograms $630,609 · Management $707,632 · Fundraising $0$1,338,241
Part X · Balance sheet $0 assets, 20 lines filed
X-1 Cash, non-interest-bearingStart of year $281,124$0
X-2 Savings and temporary cash investments$0
X-3 Pledges and grants receivable$0
X-4 Accounts receivableStart of year $885,141$0
X-8 Inventories for sale or use$0
X-9 Prepaid expenses and deferred chargesStart of year $1,490,160$0
X-10c Land, buildings and equipment, netStart of year $16,812,693$0
X-11 Publicly traded securities$0
X-12 Other securities$0
X-13 Program-related investments$0
X-14 Intangible assets$0
X-15 Other assets$0
X-16 Total assetsStart of year $19,469,118$0
X-17 Accounts payable and accrued expensesStart of year $204,731$0
X-25 Other liabilitiesStart of year $135,691$0
X-26 Total liabilitiesStart of year $21,283,089$0
X-27 Net assets without donor restrictionsStart of year −$3,294,017$0
X-28 Net assets with donor restrictionsStart of year $1,480,046$0
X-32 Total net assets or fund balancesStart of year −$1,813,971$0
X-33 Total liabilities and net assetsStart of year $19,469,118$0
Part XI · Reconciliation of net assets $0 net assets at year end
XI-1 Total revenue$6,884,760
XI-2 Total expenses$1,338,241
XI-3 Revenue less expenses$5,546,519
XI-4 Net assets at start of year−$1,813,971
XI-9 Other changes in net assets−$3,732,548
XI-10 Net assets at end of year$0

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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