Se Raleigh Promise Inc
- Assets
- $1.6m
- Revenue
- $1.6m
- Investments
- $0.0
- Employees
- 22
- Location
- Raleigh, NC
- Founding
- 06/2017
- Data as of
- 12/2023
- EIN
- 82-0614057
Organization Overview
Se Raleigh Promise Inc is located in Raleigh, NC. The organization was established in 2017. According to its NTEE Classification (P20) the organization is classified as: Human Service Organizations, under the broad grouping of Human Services and related organizations. As of 12/2023, Se Raleigh Promise Inc employed 22 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Se Raleigh Promise Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, Se Raleigh Promise Inc generated $1.6m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 43.4% each year . All expenses for the organization totaled $864.9k during the year ending 12/2023. While expenses have increased by 24.2% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
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.
Describe the Organization's Program Activity:
Part 3 - 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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Yvette Holmes CEO | Officer | 50 | $156,000 |
Asa Fleming Board Chair | OfficerTrustee | 2 | $0 |
Ben Young Vice Chair | OfficerTrustee | 2 | $0 |
Jon Mills Secretary | OfficerTrustee | 2 | $0 |
Crawford Crenshaw Treasurer | OfficerTrustee | 2 | $0 |
Mia Bailey Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $157,024 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,473,574 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,630,598 |
| Total Program Service Revenue | $0 |
| Investment income | $2,711 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,636,950 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $155,999 |
| Compensation of current officers, directors, key employees. | $7,800 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $366,584 |
| Pension plan accruals and contributions | $2,541 |
| Other employee benefits | $37,124 |
| Payroll taxes | $41,895 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $20,631 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $120,549 |
| Advertising and promotion | $14,159 |
| Office expenses | $20,304 |
| Information technology | $18,639 |
| Royalties | $0 |
| Occupancy | $9,888 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $16,359 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,733 |
| Insurance | $2,636 |
| All other expenses | $2,963 |
| Total functional expenses | $864,907 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $753,248 |
| Savings and temporary cash investments | $402,688 |
| Pledges and grants receivable | $291,499 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $16,714 |
| Net Land, buildings, and equipment | $1,641 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $123,941 |
| Total assets | $1,589,731 |
| Accounts payable and accrued expenses | $57,586 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $47,450 |
| Other liabilities | $57,484 |
| Total liabilities | $162,520 |
| Net assets without donor restrictions | $1,381,368 |
| Net assets with donor restrictions | $45,843 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,589,731 |