Farestart

“A draft copy of the form 990 is reviewed by the ceo, the cfo, and the finance committee prior to the tax return being completed by the outside cpa. A copy of the final form 990 is provided to the board of directors prior to filing the tax return.”

“The organization does not allow members of the board of directors who have conflicts of interest related to a specific issue to vote on that issue. Farestart annually reminds board members about conflict of interest policy and requests signed certifications that they have read and understand the policy.”

“The executive committee of the board completes a 360-degree performance review and uses an outside survey source (the united way of king county salary survey of non-profits) for the region. The committee then discusses the performance of the ceo and decides on the salary as a group. The ceo does not participate in these discussions or decisions. The executive committee then meets with the ceo to discuss the performance evaluation and the salary adjustment.”

“All other employees participate in an annual and mid-year review and calibration process. Feedback is sought from direct reports and peers and salary increases are based on merit and market analysis.”

“The organization makes its annual audited financial statements and form 990 available to the general public on its website. All other documents, such as: conflict of interest policy; organizational documents; form 1023; and interim financial information, are made available at the organization's administrative office upon request.”

“In 2017 farestart launched an expanded foodservice apprenticeship program and the opening, or expansion of, social enterprises designed to provide on-the-job training for apprentices. The apprenticeship program provides the training and support for foodservice workers to skill-up and advance their career toward a living wage job. Farestart couldn't have launched this new program and social enterprises without the material support of the landlord. In compliance with gaap, the donated use of approximately 30,000 square feet of built out and ready to operate space was recorded as an "in-kind" contribution in 2017, and the use of it is recorded over time pursuant to agreements executed between the parties. In 2018, farestart management, in conjunction with its landlord, determined that it needed to close operations at one of the social enterprise locations. As a result of the closure, the in-kind contribution receivable was reduced. This has caused a material reconciliation between form 990 and the audited financial statements, but operationally the organization has not changed significantly. The cash flows per the financial statements remain consistent with previous years and the need for the strong support of the community to fulfill the mission and serve farestart's students, apprentices and graduates remains critical.”