The Women's Bakery Inc
Nonprofit profile at a glance
- EIN
- 474333365
- IRS 990 coverage
- 2015–2025
- Forms available
- Form 990 2025
- Location
- Denver, CO, USA
- Phone
- 3144066273
- Rating
- 55
- Verdict
- MIXED
- Rating confidence
- Moderate
- Sector
- International Economic Development
Reported finances
- Revenue
- $1,425,714
- Expenses
- $346,156
- Assets
- $5,971,206
- Liabilities
- $6,129
Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.
Leadership & pay
6 people listed
Executive titles in this filing
- JANE MARKEY CULVER (CEO)
Highest reported compensation
- JANE MARKEY CULVER (CEO): $121,000 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
The women's bakery empowers women and nourishes communities through a sustainable social enterprise.
What it reported doing in 2025
The women's bakery (twb) is a viable commitment to a vision for what the world can be: a world that elevates women for their inherent power and promotes business as a tool for lasting, positive social impact. At twb, we strive to empower women through vocational training, employment, and social programming, and we build bakeries that sell nutritious breads to rwandan communities. Our major key is women's empowerment and our minor key is our one bread project (obp), a school snack program that serves primary school students a daily piece of fortified bread, meeting the world food programme nutrition fortification standards. We launched opb in 2019, serving about 400 children a day; in 2025, we served, on average, over 20,000 children every school day. In 2025, twb directly employed 70 people, 68 of whom are east african and 55 of whom are women. All twb team members have access to mental health counseling, financial literacy lessons, on-site daycares, and ongoing professional development trainings. All team members have company health insurance, benefiting 98 dependents. 80% of our team members report twb as their primary source for income and, because of twb's programming, 100% of team members report actively managing their finances with a budget.
Operating model
- Revenue model
- Donor-supported. 98% of the money available for current operations came from contributions and gifts.
- Distribution model
- Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
The verdict
MIXED - Most voting board members are independent and program spending has grown recently. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.
Rating breakdown
- Financial Efficiency: 31
- Transparency & Controls: 55
- Accountability: 84
- Sustainability: 82
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 13.5%; rating input score 14
- Program expense ratio: 49.6%; rating input score 50
- Fundraising efficiency: $20.23 raised per $1 spent on fundraising; rating input score 56; 56th percentile among comparable filings
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
- Pay-setting controls: Limited
- Foreign activity oversight: Scored; rating input score 0
- Grant itemization coverage: Scored; rating input score 0
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
- Governance controls: 5 of 8 controls in place; rating input score 62
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Fail
- CEO compensation review process: Pass
- Other executive compensation review process: NotApplicable
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Missing
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: 75.7%; rating input score 96; 96th percentile among comparable filings
- Total-asset coverage ratio: 17.25; rating input score 95; 95th percentile among comparable filings
- Liabilities to assets ratio: 0; rating input score 73; 73rd percentile among comparable filings
- Officer compensation ratio: 35%; rating input score 5; 5th percentile among comparable filings
Growth
- Program expense growth: 8.9% per year; rating input score 100; 54th percentile among comparable filings
- Revenue growth: 15.1% per year; rating input score 100; 74th percentile among comparable filings
- Asset growth: 32.5% per year; rating input score 100; 90th percentile among comparable filings
Details
- Where the money goes: 13.5% of revenue deployed · 49.6% of spending went to programs
- Governance: 5 of 5 board members independent · 5 of 8 filing controls reported
- Programs: 1 filed program accomplishment · $172K in reported program spending
- Leadership: top reported pay $121K · 6 people listed
- Consistency: 25 of 25 current checks pass
- Schedules: 6 filed schedules · includes major donors and foreign activity
- Filing history: 11 filing years from 2015 to 2025
- Contacts: How to reach this organization
- Money network: 1 filed money-flow record
- Related organizations: Filed and resolved organization relationships.
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
- Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Financial Efficiency: Mission deployment rate scored 14/100.
- Review — Financial Efficiency: Program expense ratio scored 50/100.
- High — Transparency & Controls: Foreign activity oversight scored 0/100.
- High — Transparency & Controls: Grant itemization coverage scored 0/100.
- Review — Accountability: Governance controls: 2 of 7 not reported.
- Review — Financial Efficiency: Fundraising efficiency scored 56/100.
- High — Sustainability: Officer compensation ratio scored 5/100.