Greyston’s Fiscal Structure
Greyston is a hybrid social-enterprise comprised of a purpose-driven for-profit commercial bakery and a system of not-for-profit organizations that provide service and support to our employees and their community. Greyston Foundation Inc. is a 501(c)( 3 ) not-for-profit public charity and the ultimate parent company and 100% owner of all of our related entities including the for-profit benefit corporation, Greyston Bakery Inc., and the not-for-profit Greyston Health Services Inc.
As a stand-alone entity, Greyston Foundation Inc. provides direct community services as well as supervision, oversight, human resources, accounting and finance, information technology, and administrative support for all of the related entities under the Greyston umbrella. Greyston Foundation Inc. conducts fundraising efforts throughout the year to support these activities as well as our global expansion efforts through The Center for Open Hiring at Greyston.
Greyston Bakery Inc. pays a management fee to Greyston Foundation Inc. to cover shared service expenses. Excess profits from bakery operations are either directed back into Greyston Foundation through dividends or reinvested into the Bakery to fuel business growth.
The financial results as presented in the Greyston Foundation Inc. 990s represent the activities of Greyston Foundation Inc. as a stand-alone legal entity rather than as a consolidated entity. Expenses related to centralized support and administration for the consolidated entity are included in the Greyston Foundation Inc. legal entity, while a large portion of program and earned revenue are contained in other legal entities. Accordingly, the financial condition of the organization is better evaluated using the consolidated audited financial statements, which present the organization on a consolidated basis.