Farestart

Analysis

Farestart is a registered charity in United States, based in Seattle, WA. It received its IRS tax-exemption ruling in June 1992, 34 years ago. Its declared purposes cover employment, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Farestart reported income of $19.1m and spending of $18.2m, spending 96% of its income. Across the 5 years on record, from December 2019 to December 2023, income fell from $20.6m to $19.1m (-7.6%), an average of -2.0% a year. The sharpest change came in the year to December 2020, when income rose by 22%. Over the whole period it spent 96% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Farestart sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 97th percentile, and in the 98th percentile within WA. Charities of a similar size with the same main cause include Carpenters and Joiners Apprenticeship and Journeymen ($19.0m), Community Loan Fund of New Jersey Inc ($19.1m) and Hope Enterprise Corporation ($19.0m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 88% and program service revenue 1.2% of the total. Compensation of current officers, directors and key employees was $1.8m (10% of expenses). Other salaries and wages came to $8.1m. It paid $4,575 in professional fundraising fees. At year end it held assets of $20.4m against liabilities of $1.8m, net assets of $18.6m. It reported 222 employees.