Official Documentation
Thank you for your support of FareStart! Please let us know if you have any questions or require any additional information: info@farestart.org or 206-443-1233.
FareStart’s EIN number is 91-1546757
990 Form
FareStart’s administrative costs, as defined by the 990 Form, are approximately 27%. This is the result of a New Market Tax Credit arrangement and the overhead cost of running a social enterprise:
In March 2006, FareStart financed the construction of a 33,000 sq foot facility. It was a 12.8M project that was paid for through the completion of an 8.5M capital campaign, new market tax credits, historic tax credits and state funding.
As part of the financing structure, FareStart established FareStart Properties, LLC and fully funded the operating losses of FareStart Properties, LLC for the next seven years in a reserve account. This will appear as a financial loss for FareStart from 2007 – 2012 (see line 11 of the 990 Form); however, this loss was funded upfront in 2006, and does not require FareStart Operations to finance a deficit.
The remaining overhead rate ties directly to the increased costs of operating a social enterprise. FareStart runs a restaurant, contract meal, catering and café business to provide a hands-on venue for our job training program, as well as generate revenue for the mission. Because of this, our administrative costs include higher utilities costs, licensing, daily accounting, and cash controls associated with maintaining a foodservice business.
FareStart’s Guidestar listing.