2026-09-18T10:17:20-05:00 2025-12-31 991856619 GRANT THORNTON ADVISORS LLC 171 N CLARK ST STE 200 CHICAGO IL 60601 990 2025-01-01 205080679 WORLD BICYCLE RELIEF NFP WORL 3126643604 1000 WEST FULTON MARKET CHICAGO IL 60607 JEFF BOSKEN EXEC DIR. OF FINANCE & ADMIN. 3126643604 2026-09-17 1 BRIDGET T ROCHE P00666837 9209686700 2025 DAVID H NEISWANDER 1000 WEST FULTON MARKET CHICAGO IL 60607 14706930 0 X WWW.WORLDBICYCLERELIEF.ORG X 2006 IL WORLD BICYCLE RELIEF MOBILIZES COMMUNITIES IN RURAL REGIONS AROUND THE (CONTINUED IN SCHEDULE O) WORLD TO THRIVE WITH LIFE CHANGING BICYCLES. 11 8 34 11 0 0 13895269 14169775 0 0 129174 110121 294336 266401 14318779 14546297 5817756 5715400 0 0 5257554 5968450 0 0 2768744 2561040 2984032 13636350 14667882 682429 -121585 10289972 10281250 2861571 2982982 7428401 7298268 X WORLD BICYCLE RELIEF MOBILIZES COMMUNITIES IN RURAL REGIONS AROUND THE WORLD TO THRIVE WITH LIFE CHANGING BICYCLES. (CONT'D IN SCHEDULE O) 0 0 7290372 5715400 0 PROGRAM ACTIVITIESWORLD BICYCLE RELIEF ADDRESSES MOBILITY POVERTY BY EXPANDING ACCESS TO RELIABLE, AFFORDABLE BUFFALO BICYCLES AND DEVELOPING SUSTAINABLE MOBILITY ECOSYSTEMS THROUGH MECHANIC TRAINING, SPARE PARTS, REPAIR SERVICES, AND LOCAL SALES AND SUPPORT NETWORKS. WBR WORKS WITH COMMUNITIES, GOVERNMENTS, NONPROFIT ORGANIZATIONS, DEVELOPMENT AGENCIES, AND OTHER PARTNERS TO INTEGRATE PURPOSE-BUILT BUFFALO BICYCLES INTO EDUCATION, HEALTHCARE, LIVELIHOOD, AND COMMUNITY DEVELOPMENT INITIATIVES. THESE EFFORTS HELP PEOPLE OVERCOME DISTANCE AND TRANSPORTATION BARRIERS AND EXPAND ACCESS TO ESSENTIAL SERVICES AND ECONOMIC OPPORTUNITY. (CONTINUED IN SCHEDULE O) 1478891 0 0 PRODUCT DEVELOPMENTWORLD BICYCLE RELIEF DESIGNS, TESTS, AND CONTINUOUSLY IMPROVES PURPOSE-BUILT BUFFALO BICYCLES TO MEET THE DEMANDS OF RURAL COMMUNITIES. PRODUCT DEVELOPMENT PRIORITIZES DURABILITY, SAFETY, AFFORDABILITY, LOAD-CARRYING CAPACITY, EASE OF MAINTENANCE, AND RELIABLE PERFORMANCE IN CHALLENGING TERRAIN. WBR DRAWS ON RESEARCH, FIELD TESTING, AND FEEDBACK FROM RIDERS, MECHANICS, COMMUNITIES, AND PARTNERS TO IMPROVE THE BUFFALO BICYCLE, SPARE PARTS, AND RELATED MOBILITY SOLUTIONS. (CONTINUED IN SCHEDULE O) 595912 0 0 MONITORING AND EVALUATIONWORLD BICYCLE RELIEF CONSISTENTLY MEASURES THE IMPACT OF BICYCLES IN BOTH WBR-LED AND PARTNER-LED MOBILITY SOLUTIONS. WE APPLY A RIGOROUS MONITORING AND EVALUATION FRAMEWORK TO ENSURE THAT OUR INTERVENTIONS ARE EVIDENCE-BASED, ADAPTIVE, AND RESPONSIVE TO THE NEEDS OF THE COMMUNITIES IN WHICH WE WORK. KEY METRICS INCLUDE CHANGES IN PARTICIPANT ACCESS TO HEALTHCARE, EDUCATION, AND ECONOMIC OPPORTUNITIES AND OVER THE LONG TERM, IMPROVEMENTS IN INCOME, EMPOWERMENT, AND HOUSEHOLD RESILIENCE.IN 2024, WBR AND RESEARCH PARTNER IDINSIGHT COMPLETED THE ORGANIZATION'S FIRST RANDOMIZED CONTROLLED TRIAL (RCT), FOCUSED SPECIFICALLY ON THE IMPACT OF BICYCLES ON ADULT LIVELIHOODS. CONDUCTED IN MUMBWA DISTRICT, ZAMBIA, THE STUDY FOUND THAT ACCESS TO A BUFFALO BICYCLE LED TO SIGNIFICANT IMPROVEMENTS IN INCOME-GENERATING ACTIVITY, TIME SAVINGS, AND ACCESS TO MARKETS AND ESSENTIAL SERVICES PARTICULARLY FOR WOMEN. THIS LANDMARK EVALUATION VALIDATES BICYCLES AS A HIGH-IMPACT, SCALABLE APPROACH TO ADDRESSING MOBILITY POVERTY IN RURAL REGIONS.BY LEVERAGING INSIGHTS FROM BOTH QUANTITATIVE RESEARCH AND ONGOING COMMUNITY FEEDBACK, WBR CONTINUOUSLY IMPROVES ITS APPROACH, PRODUCT DESIGN, AND IMPLEMENTATION STRATEGIES TO MAXIMIZE LONG-TERM IMPACT AND SUSTAINABILITY. 595912 0 0 9365175 1 1 0 0 0 0 0 0 0 0 1 0 1 0 1 1 0 1 0 1 1 1 0 0 1 0 0 0 0 1 0 0 0 0 0 1 0 1 1 0 0 0 0 1 1 0 0 0 1 X 17 0 1 34 1 0 1 ZA KE MP ZI MI CO SP GM UG TZ 0 0 0 0 0 0 0 0 0 0 X 11 8 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AL AR AZ CA CT FL GA HI IL KS KY MD MA MI MN MS NH NJ NM NY NC OH OK OR PA RI TN UT VA WV WI X X JEFF BOSKEN 3126643604 1000 WEST FULTON MARKET CHICAGO IL 60607 SYBIL CHIDIAC BOARD MEMBER (AS OF 02/25) 1.00 0.00 X 0 0 0 FREDERICK KW DAY BOARD MEMBER 1.00 0.00 X 0 0 0 STANLEY DAY BOARD MEMBER 1.00 0.00 X 0 0 0 LEAH MISSBACH DAY BOARD MEMBER 1.00 0.00 X 0 0 0 STAN GETUI BOARD MEMBER (AS OF 02/25) 1.00 0.00 X 0 0 0 JOHN GROVE BOARD MEMBER (AS OF 02/25) 1.00 0.00 X 0 0 0 ANNA-MARIE HARLING BOARD MEMBER 1.00 0.00 X 0 0 0 NATHANIEL HELLER BOARD MEMBER 1.00 0.00 X 0 0 0 MICHAEL ROBERT HERR BOARD MEMBER 1.00 0.00 X 0 0 0 LIZ KELLISON BOARD MEMBER (THRU 07/25) 1.00 0.00 X 0 0 0 ESTHER NDETI BOARD MEMBER 1.00 0.00 X 0 0 0 ROBERT PERKOWITZ BOARD MEMBER 1.00 0.00 X 0 0 0 DAVID NEISWANDER CEO 40.00 0.00 X 388973 0 43684 JEFFREY BOSKEN TREASURER & CORP SECRETARY 40.00 0.00 X 240587 0 44398 DAWN MOEN - ED DEVELOPMENT MKT. & COMMS. (THRU 10/25) 40.00 0.00 X 298749 0 22632 SEAN GRANVILLE ROSS ED OF PROGRAMS 40.00 0.00 X 284782 0 25698 ALISHA MYERS SII DIRECTOR 40.00 0.00 X 273396 0 14123 ANDREW BATCHELOR INSTITUTIONAL MARKETS LEAD 40.00 0.00 X 165223 0 38273 KELLY MARBURGER DIRECTOR OF MARCOMMS 40.00 0.00 X 156074 0 25001 ANDREW SAMWAYS VP OF PRODUCT DEV. (THRU 12/24) 40.00 0.00 X 0 336355 41660 1807784 336355 255469 17 1 1 0 GRANT THORNTON ADVISORS LLC 171 N CLARK ST SUITE 200 CHICAGO IL 60601 TAX, CONSULTING AND ADVISORY SERVICES 148402 GRANT THORNTON LLP 171 N CLARK ST SUITE 200 CHICAGO IL 60601 AUDIT SERVICES 115808 GREENBERG TRAURIG LLC 8400 NW 36TH STREET SUITE 400 DORAL FL 33166 LEGAL SERVICES 107124 FWD LLC 8115 SW 4TH AVE PORTLAND OR 97219 ORGANIZATION DESIGN STRATEGY 107000 4 478541 3023488 10667746 1527895 14169775 118576 118576 271216 271216 6773 1682 -6773 -1682 -8455 -8455 110527 478541 128971 -18444 -18444 18836 23207 -4371 -4371 REIMBURSEMENT 900099 18000 18000 18000 14546297 0 0 376522 5715400 5715400 629560 412023 198088 19449 4301051 2063683 741730 1495638 165027 84299 29020 51708 445937 217637 70159 158141 426875 258162 69480 99233 106519 106519 235084 1435 233649 643462 120354 321728 201380 274644 39220 79 235345 299160 49141 67026 182993 458289 37352 286939 133998 13785 13785 390762 140601 144794 105367 166890 48559 42854 75477 251295 125615 125616 64 31735 31735 58686 4963 44047 9676 I/C FUNDS & ADMIN EXP 52235 52235 BICYCLE FREIGHT 1486 1211 275 14667882 9365175 2533963 2768744 898643 1154327 596751 473082 0 203 149225 156762 476150 404956 107480 71194 0 0 8536218 8414714 1655 10968 10289972 10281250 517317 506468 0 0 2300000 2450000 44254 26514 2861571 2982982 X 7348401 7138268 80000 160000 7428401 7298268 10289972 10281250 X -121585 -443 -8105 X 0 1 X 1 0 X 12250988 12203140 15345619 13895269 14169775 67864791 12250988 12203140 15345619 13895269 14169775 67864791 21517658 46347133 119266 111219 135314 442316 389792 1197907 12426 12339 11650 142663 147363 326441 69389139 0.66790 0.65710 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: GROSS INCOME FROM INVENTORY - 2021 AMOUNT: $ 12,426. 2022 AMOUNT: $ 12,174. 2023 AMOUNT: $ 11,650. 2024 AMOUNT: $ 12,553. 2025 AMOUNT: $ 18,836. PHOTO USE FEE/FILM USE FEE - 2021 AMOUNT: $ 0. 2022 AMOUNT: $ 165. 2023 AMOUNT: $ 0. 2024 AMOUNT: $ 2,000. 2025 AMOUNT: $ 0. GROSS INCOME FROM FUNDRAISING - 2021 AMOUNT: $ 0. 2022 AMOUNT: $ 0. 2023 AMOUNT: $ 0. 2024 AMOUNT: $ 128,110. 2025 AMOUNT: $ 110,527. REIMBURSEMENT - 2021 AMOUNT: $ 0. 2022 AMOUNT: $ 0. 2023 AMOUNT: $ 0. 2024 AMOUNT: $ 0. 2025 AMOUNT: $ 18,000. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 309225 238031 71194 166925 166925 0 71194 PRI LOAN - MAURITIUS 3779957 F PRI LOAN - ZAMBIA 1507843 F PRI LOAN - KENYA 1355586 F PRI LOAN - SPAIN 850508 F PRI LOAN - PHILANTHROPIC 640418 F PRI LOAN - COLOMBIA 238628 F PRI LOAN - UGANDA 29117 F PRI LOAN - MALAWI 9819 F PRI LOAN - TANZANIA 2838 F 8414714 DUE TO WBR UK 19951 DUE TO BB ZIMBABWE 6563 26514 X 15760282 -443 1182323 1181880 14578402 -32105 -32105 14546297 15890415 1182323 40210 1222533 14667882 0 14667882 PART X, LINE 2: FIN 48 WBR NFP IS A NOT-FOR-PROFIT ENTITY, AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (THE IRC), AND WAS ORGANIZED AND INCORPORATED IN ILLINOIS AS A NOT-FOR-PROFIT ORGANIZATION IN 2006. WBR NFP HAS RECEIVED A FAVORABLE DETERMINATION LETTER FROM THE INTERNAL REVENUE SERVICE FOR ITS SECTION 501(C)(3) STATUS UNDER THE IRC OF 1986, AND IS EXEMPT FROM INCOME TAXES, EXCEPT TO THE EXTENT OF ANY UNRELATED BUSINESS INCOME. FOR THE PERIODS ENDED DECEMBER 31, 2025, AND 2024, THE ORGANIZATION DOES NOT HAVE UNRELATED BUSINESS INCOME. AS OF DECEMBER 31, 2025, AND 2024, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN POSITIONS THAT REQUIRE RECOGNITION IN THE CONSOLIDATED FINANCIAL STATEMENTS. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD -23,207. INVESTMENT RETURN -7,216. FOREIGN EXCHANGE LOSS -1,682. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 23,207. DONATION REFUND 8,105. INVESTMENT RETURN 7,216. FOREIGN EXCHANGE LOSS 1,682. 1 SUB-SAHARAN AFRICA 9 0 GRANT MAKING PROGRAM IMPLEMENTATION 4390348 EUROPE (INCLUDING ICELAND & GREENLAND) 5 0 GRANT MAKING PRODUCT DEVELOPMENT 759910 EAST ASIA AND THE PACIFIC 1 0 GRANT MAKING PROGRAM IMPLEMENTATION 344080 EAST ASIA AND THE PACIFIC 0 0 GRANT MAKING PRODUCT DEVELOPMENT 188346 SOUTH AMERICA 1 0 GRANT MAKING PROGRAM IMPLEMENTATION 8880 SOUTH AMERICA 0 0 GRANT MAKING BICYCLES 8716 16 0 0 0 16 0 5700280 0 5700280 SUB-SAHARAN AFRICA PROGRAM IMPLEMENTATION 4253418 WIRE 0 EUROPE (INCLUDING ICELAND & GREENLAND) PROGRAM IMPLEMENTATION 759910 WIRE 0 EAST ASIA AND THE PACIFIC PROGRAM IMPLEMENTATION 344080 WIRE 0 EAST ASIA AND THE PACIFIC PROGRAM IMPLEMENTATION 188346 WIRE 0 SUB-SAHARAN AFRICA PROGRAM IMPLEMENTATION 90435 WIRE 0 SOUTH AMERICA PROGRAM IMPLEMENTATION 9597 WIRE 0 SUB-SAHARAN AFRICA PROGRAM IMPLEMENTATION 54494 WIRE 0 7 1 0 1 0 0 0 PART I, LINE 2: WBR PROVIDED GRANTS TO AFFILIATED ENTITIES, INCLUDING WORLD BICYCLE RELIEF ZAMBIA LIMITED, WORLD BICYCLE RELIEF AFRICA FUNDING, BUFFALO BICYCLE LIMITED, BUFFALO BICYCLE SOUTH AFRICA, WORLD BICYCLE RELIEF (PRIVATE) LIMITED, BUFFALO BICYCLE MALAWI, BUFFALO BICYCLE UGANDA, BUFFALO BICYCLE COLOMBIA, AND WORLD BICYCLE RELIEF COLOMBIA. WBR REQUIRES EACH GRANTEE TO REPORT ON THE USE OF GRANT FUNDS AND RELATED PROGRAM ACTIVITIES. IN ADDITION, WBR PERSONNEL PROVIDE ONGOING OVERSIGHT OF GRANT-FUNDED ACTIVITIES AND EXPENDITURES THROUGH REGULAR FINANCIAL AND PROGRAMMATIC MONITORING. WBR ALSO MAINTAINS STAFF IN ZAMBIA, ZIMBABWE, MALAWI, COLOMBIA, TANZANIA, UGANDA, AND KENYA WHO SUPPORT PROGRAM IMPLEMENTATION AND MONITOR THE APPROPRIATE USE OF FUNDS. 0 COMMUNITIES ON THE MOVE 589068 478541 110527 2794 33193 945 43574 2713 45752 589068 478541 110527 2794 33193 945 43574 2713 45752 128971 -18444 X X X 1 1 X X X X X 1 0 0 0 0 0 0 0 0 DAVID NEISWANDER CEO 388973 0 0 0 0 0 10600 0 33084 0 432657 0 0 0 ANDREW SAMWAYS VP OF PRODUCT DEV. (THRU 12/24) 0 186115 0 0 0 150240 0 20830 20830 0 20830 357185 0 0 DAWN MOEN - ED DEVELOPMENT MKT. & COMMS. (THRU 10/25) 161805 0 0 0 136944 0 6757 0 15875 0 321381 0 0 0 SEAN GRANVILLE ROSS ED OF PROGRAMS 170045 0 0 0 114737 0 10498 0 15200 0 310480 0 0 0 ALISHA MYERS SII DIRECTOR 178122 0 0 0 95274 0 8357 0 5766 0 287519 0 0 0 JEFFREY BOSKEN TREASURER & CORP SECRETARY 240587 0 0 0 0 0 8764 0 35634 0 284985 0 0 0 ANDREW BATCHELOR INSTITUTIONAL MARKETS LEAD 165223 0 0 0 0 0 7044 0 31229 0 203496 0 0 0 KELLY MARBURGER DIRECTOR OF MARCOMMS 156074 0 0 0 0 0 6407 0 18594 0 181075 0 0 0 PART I, LINE 1A TAXABLE SERVICES DURING THE CALENDAR YEAR 2025, THE BELOW INDIVIDUALS RECEIVED THE FOLLOWING TAXABLE SERVICES: TAX SERVICES: ANDREW SAMWAYS - $2,325 ALISHA MYERS - $2,075 TAX GROSS-UP PAYMENTS DURING THE CALENDAR YEAR 2025, THE BELOW INDIVIDUALS WERE PROVIDED TAX GROSS-UP PAYMENTS: ANDREW SAMWAYS - $134,281 SEAN GRANVILLE ROSS - $114,737 ALISHA MYERS - $93,199 TAXABLE BENEFITS DURING THE CALENDAR YEAR 2025, ANDREW SAMWAYS RECEIVED THE FOLLOWING TAXABLE BENEFITS: VEHICLE: ANDREW SAMWAYS - $6,723 TRAVEL: ANDREW SAMWAYS - $3,589 HOUSING: ANDREW SAMWAYS - $3,322 PART I, LINE 4A DURING THE YEAR, THE ORGANIZATION PAID SEVERANCE PAYMENT TO DAWN MOEN OF $136,944. THE SEVERANCE PAYMENT IS TREATED AS TAXABLE INCOME AND IS REPORTABLE AS INCOME ON THE FORM W-2. SUBSTANTIAL CONTRIBUTOR TRUSTEES/OFFICERS 1961062 BUS. REL. 0 SRAM LLC TRUSTEES/OFFICERS 1090635 REIMBURSEMENT OF WBR EXPENSES 0 SUBSTANTIAL CONTRIBUTOR TRUSTEES/OFFICERS 790917 BUS. REL. 0 PART IV: F.K. DAY, STAN DAY, AND MICHAEL HERR, AS BOARD MEMBERS AND/OR OFFICERS HAVE A BUSINESS RELATIONSHIP WITH SRAM LLC. SRAM LLC PROVIDES IN-KIND RENTAL SPACE AND UTILITIES TO WORLD BICYCLE RELIEF. THIS AMOUNT WAS PAID AT FAIR MARKET VALUE. X 19 1494702 FMV X AUCTION ITEMS 5 33193 FMV 0 1 0 PART I, COLUMN (B): WORLD BICYCLE RELIEF, NFP IS REPORTING THE NUMBER OF CONTRIBUTIONS RECEIVED. FORM 990, PART III, LINE 1, DESCRIPTION OF ORGANIZATION MISSION:(CONTINUED) WORLD BICYCLE RELIEF ADDRESSES MOBILITY POVERTY-THE LACK OF RELIABLE, AFFORDABLE TRANSPORTATION THAT LIMITS PEOPLE'S ABILITY TO ACCESS ESSENTIAL SERVICES, OPPORTUNITIES, AND LIVELIHOODS-BY EXPANDING ACCESS TO PURPOSE-DESIGNED BICYCLES AND SUSTAINABLE MOBILITY SOLUTIONS IN UNDERSERVED COMMUNITIES. WE DESIGN AND DISTRIBUTE BUFFALO BICYCLES ENGINEERED FOR THE DEMANDS OF RURAL TERRAIN AND EVERYDAY USE. DURABLE, AFFORDABLE, AND LOCALLY ASSEMBLED, BUFFALO BICYCLES HELP STUDENTS, HEALTHCARE WORKERS, FARMERS, ENTREPRENEURS, AND OTHER COMMUNITY MEMBERS OVERCOME DISTANCE AND MORE RELIABLY ACCESS EDUCATION, HEALTHCARE, MARKETS, LIVELIHOODS, AND ECONOMIC OPPORTUNITY. BEYOND THE BICYCLE ITSELF, WE STRENGTHEN SUSTAINABLE MOBILITY ECOSYSTEMS BY TRAINING LOCAL MECHANICS, EXPANDING ACCESS TO SPARE PARTS AND REPAIR SERVICES, SUPPORTING LOCAL ASSEMBLY AND DISTRIBUTION, AND WORKING WITH COMMUNITIES AND PARTNERS TO DEVELOP SYSTEMS THAT KEEP BICYCLES IN PRODUCTIVE USE OVER TIME. SINCE 2005, WORLD BICYCLE RELIEF HAS DISTRIBUTED MORE THAN 950,000 PURPOSE-DESIGNED BICYCLES ACROSS 23 COUNTRIES, BENEFITING AN ESTIMATED 5 MILLION PEOPLE. WE CONTINUALLY IMPROVE OUR BICYCLES, PROGRAMS, AND MOBILITY SOLUTIONS THROUGH RESEARCH, MONITORING, EVIDENCE, AND FEEDBACK FROM RIDERS, COMMUNITIES, AND PARTNERS. ILLUSTRATIVE RESULTS EDUCATION: AN INDEPENDENT RANDOMIZED CONTROLLED TRIAL IN ZAMBIA FOUND THAT GIRLS WITH BUFFALO BICYCLES IMPROVED PUNCTUALITY BY 66%, REDUCED ABSENTEEISM BY 28%, AND CUT TRAVEL TIME TO SCHOOL BY 33%, WHILE ALSO IMPROVING MATH PERFORMANCE, SAFETY, AND MEASURES OF EMPOWERMENT. A FOLLOW-UP EVALUATION FOUND THAT GIRLS WITH BICYCLES FOR TWO YEARS WERE 19% LESS LIKELY TO DROP OUT OF SCHOOL. HEALTH: A RANDOMIZED CONTROLLED TRIAL IN ZAMBIA FOUND THAT BICYCLE RECIPIENTS WERE 36% MORE LIKELY TO ACCESS HEALTHCARE, WHILE COMMUNITY HEALTH WORKERS WITH BICYCLES SERVED 63% MORE HOUSEHOLDS. A SEPARATE ASSESSMENT FOUND THAT 97% OF PARTICIPATING HEALTH WORKERS REMAINED IN SERVICE AFTER TWO YEARS. LIVELIHOODS: A RANDOMIZED CONTROLLED TRIAL IN ZAMBIA FOUND THAT HOUSEHOLDS WITH BICYCLES HAD 43% HIGHER AVERAGE MONTHLY INCOME DURING A SEVERE DROUGHT, WHILE WOMEN EXPERIENCED A 54% INCREASE IN AVERAGE MONTHLY INCOME IN THE SECOND YEAR. RELATED ANALYSIS ESTIMATED A 14.7-TO-1 RETURN ON INVESTMENT, DEMONSTRATING THE SIGNIFICANT ECONOMIC AND SOCIAL VALUE OF IMPROVED MOBILITY, PLACING BICYCLES AMONG THE MOST IMPACTFUL DEVELOPMENT INTERVENTIONS. THE NEED AN ESTIMATED ONE BILLION PEOPLE WORLDWIDE FACE MOBILITY POVERTYTHE LACK OF RELIABLE, AFFORDABLE TRANSPORTATION NEEDED TO ACCESS ESSENTIAL SERVICES, MARKETS, AND ECONOMIC OPPORTUNITY. IN MANY RURAL COMMUNITIES, PEOPLE MUST TRAVEL LONG DISTANCES TO REACH SCHOOLS, HEALTH FACILITIES, EMPLOYMENT, AND MARKETS, OFTEN WITH FEW OR NO DEPENDABLE TRANSPORTATION OPTIONS. MOBILITY POVERTY IS DRIVEN NOT ONLY BY DISTANCE, BUT ALSO BY LIMITED ACCESS TO QUALITY TRANSPORTATION, FINANCING, REPAIR SERVICES, SPARE PARTS, AND TRAINED MECHANICS. THESE BARRIERS MAKE RELIABLE MOBILITY DIFFICULT TO OBTAIN AND SUSTAIN. THE CONSEQUENCES ARE SIGNIFICANT. LIMITED MOBILITY CAN REDUCE SCHOOL ATTENDANCE, CONSTRAIN ACCESS TO HEALTHCARE, RESTRICT ECONOMIC PARTICIPATION, AND LIMIT HOUSEHOLD RESILIENCE. WOMEN AND GIRLS ARE OFTEN DISPROPORTIONATELY AFFECTED BECAUSE OF SAFETY CONCERNS, HOUSEHOLD RESPONSIBILITIES, AND OTHER BARRIERS TO ACCESSING TRANSPORTATION. MEETING THE NEED AND MARKET DEMAND WORLD BICYCLE RELIEF ADDRESSES MOBILITY POVERTY THROUGH A NONPROFIT SOCIAL ENTERPRISE MODEL DESIGNED TO EXPAND ACCESS TO MOBILITY, DEVELOP SUSTAINABLE MOBILITY ECOSYSTEMS, AND SUPPORT SYSTEMS-LEVEL CHANGE. WORLD BICYCLE RELIEF, A 501(C)(3) ORGANIZATION, RAISES PHILANTHROPIC RESOURCES AND WORKS WITH COMMUNITIES, GOVERNMENTS, NONPROFIT ORGANIZATIONS, DEVELOPMENT AGENCIES, AND OTHER PARTNERS TO EXPAND EQUITABLE ACCESS TO MOBILITY. WORLD BICYCLE RELIEF IS ALSO THE SOLE OWNER OF BUFFALO BICYCLES LTD., A FOR-PROFIT SOCIAL ENTERPRISE THAT MANUFACTURES AND SELLS PURPOSE-DESIGNED BUFFALO BICYCLES, SPARE PARTS, AND RELATED SERVICES. PROFITS ARE REINVESTED TO ADVANCE WORLD BICYCLE RELIEF'S MISSION. TOGETHER, THESE ENTITIES COMBINE PHILANTHROPIC INVESTMENT, COMMERCIAL ACTIVITY, AND STRATEGIC PARTNERSHIPS TO INCREASE ACCESS TO RELIABLE MOBILITY. THIS MODEL SUPPORTS LOCAL ASSEMBLY AND DISTRIBUTION, ACCESS TO SPARE PARTS AND REPAIR SERVICES, MECHANIC TRAINING, AND OTHER ELEMENTS NEEDED TO DEVELOP SUSTAINABLE MOBILITY ECOSYSTEMS. WBR EXPANDS ACCESS TO BICYCLES THROUGH THREE PRIMARY CHANNELS: ORGANIZATIONAL PARTNERSHIPS AND SALES, INCLUDING GOVERNMENTS AND DEVELOPMENT ORGANIZATIONS; CONSUMER AND SMALL-BUSINESS SALES; AND PHILANTHROPICALLY SUPPORTED PROGRAMS FOR PEOPLE WHO FACE SIGNIFICANT ECONOMIC BARRIERS TO MOBILITY. ACROSS THESE CHANNELS, WBR EMPHASIZES EQUITABLE ACCESS, PARTICULARLY FOR WOMEN AND GIRLS. IN COLOMBIA, KENYA, MALAWI, ZAMBIA, UGANDA, TANZANIA, AND ZIMBABWE, WBR DEVELOPS SUSTAINABLE MOBILITY ECOSYSTEMS THROUGH LOCAL ASSEMBLY AND DISTRIBUTION, MECHANIC TRAINING, SPARE-PARTS SUPPLY CHAINS, FINANCING AND MARKET-DEVELOPMENT APPROACHES, AND COMMUNITY AND PARTNER ENGAGEMENT. RESEARCH, MONITORING, EVIDENCE, AND FEEDBACK FROM RIDERS, COMMUNITIES, AND PARTNERS INFORM CONTINUOUS IMPROVEMENT OF BUFFALO BICYCLES AND WBR'S BROADER MOBILITY SOLUTIONS. FORM 990, PART III, LINE 4A: (CONTINUED) IN ADDITION TO PROVIDING BICYCLES, WORLD BICYCLE RELIEF SUPPORTS SUSTAINABLE MOBILITY ECOSYSTEMS THROUGH LOCAL MECHANIC TRAINING, ACCESS TO SPARE PARTS AND REPAIR SERVICES, AND COMMUNITY-BASED BICYCLE MANAGEMENT STRUCTURES. THESE SYSTEMS HELP ENSURE THE LONG-TERM USE, MAINTENANCE, AND AVAILABILITY OF BICYCLES IN THE COMMUNITIES SERVED. WOMEN, YOUTH, AND OTHER POPULATIONS FACING MOBILITY BARRIERS ARE PRIORITIZED ACROSS MANY OF WORLD BICYCLE RELIEF'S INITIATIVES. THE ORGANIZATION ALSO CONDUCTS RESEARCH AND GENERATES EVIDENCE TO INFORM POLICY, PROGRAM DESIGN, AND INVESTMENT IN BICYCLE MOBILITY. WORLD BICYCLE RELIEF'S WORK IS LED BY THE BELIEF THAT WHEN PEOPLE HAVE ACCESS TO PURPOSE-DESIGNED BICYCLES AND SUSTAINABLE MOBILITY SUPPORT SYSTEMS, THEY CAN MORE RELIABLY REACH SCHOOLS, HEALTH FACILITIES, MARKETS, AND OTHER ESSENTIAL SERVICES. OVER TIME, IMPROVED MOBILITY CAN CONTRIBUTE TO GREATER ACCESS TO EDUCATION AND HEALTHCARE, INCREASED PRODUCTIVITY AND ECONOMIC OPPORTUNITY, AND IMPROVED SOCIAL INCLUSION. FORM 990, PART III, LINE 4B: (CONTINUED) THAT'S WHY WBR'S PRODUCT DEVELOPMENT TEAM CONSTANTLY WORKS TO IMPROVE THE BICYCLE AND ITS SPARE PARTS: TO HELP ENSURE THE SUSTAINABILITY AND ADVANCEMENT OF ALL PROGRAMS THAT USE THE BUFFALO BICYCLE. WBR'S GUIDING PRINCIPLE OF ALL ANSWERS ARE FOUND IN THE COMMUNITIES IN WHICH WE WORK, MEANS THAT DESIGN DECISIONS ARE FRAMED BY THE LANDSCAPE OF LOCALLY AVAILABLE SPARE PARTS, TOOLS AND REPAIR EXPERTISE, AS WELL AS CULTURAL CONSIDERATIONS ABOUT HOW BIKES ARE LIKELY TO BE USED AND MAINTAINED. THIS OFTEN RESULTS IN USING UNCONVENTIONAL COMPONENTS ON THE BIKES. IN 2024, WBR LAUNCHED THE BUFFALO BICYCLE UTILITY S2, A NEW MULTI-SPEED MODEL DEVELOPED IN PARTNERSHIP WITH LOCAL STAKEHOLDERS AND GLOBAL PRODUCT ENGINEERS TO MEET THE GROWING MOBILITY NEEDS OF ADULTS ENGAGED IN INCOME-GENERATING ACTIVITIES. THE UTILITY S2 FEATURES A DURABLE DRIVETRAIN, IMPROVED LOAD-BEARING CAPABILITIES, AND ENHANCED COMFORT OFFERING RIDERS MORE FLEXIBILITY OVER VARIED TERRAIN AND DISTANCES. IT REFLECTS WBR'S COMMITMENT TO RESPONSIVE DESIGN, ROOTED IN USER FEEDBACK AND RIGOROUS FIELD TESTING. WHERE THE AVAILABLE SPARE PARTS ARE INADEQUATE, WBR SEEKS TO MAKE BETTER PARTS AVAILABLE. WHERE AVAILABILITY IS LIMITED, WBR SEEKS TO IMPROVE DISTRIBUTION AND ACCESS THROUGH ITS NETWORK OF TRAINED MECHANICS AND GROWING NETWORK OF LOCAL SHOPS. THE DESIGN OF THE BICYCLE IS DYNAMIC. THE PROCESS IS ONGOING. AS THE ORGANIZATION GROWS, AND ANNUAL VOLUMES INCREASE, WBR REVISITS EARLIER DESIGN DECISIONS TO CONTINUOUSLY REFINE THE BICYCLE. FORM 990, PART VI, SECTION A, LINE 1A THE BOARD OF DIRECTORS SHALL HAVE POWER TO APPOINT COMMITTEES FOR THE PURPOSE OF CONDUCTING CERTAIN ASPECTS OF THE CORPORATE BUSINESS NOT OTHERWISE DELEGATED. COMMITTEES MAY NOT ACT ON BEHALF OF THE CORPORATION UNLESS SUCH AUTHORITY IS SPECIFICALLY DELEGATED TO THE COMMITTEE, AND IF SUCH CORPORATE AUTHORITY IS SO DELEGATED, IT SHALL BE VALID ONLY AS TO A SINGLE ISSUE AND NOT IN GENERAL TERMS. THE BOARD OF DIRECTORS MAY FROM TIME TO TIME APPOINT ADVISORY BOARDS OR SPECIAL COUNCILS FOR SPECIFIC PURPOSES THAT DO NOT REQUIRE CORPORATE ACTION. THE COMPOSITION OF SUCH ADVISORY GROUPS MAY INCLUDE PERSONS WITH PROFESSIONAL SKILLS OR SPECIAL EXPERIENCE NECESSARY TO ADVISE AND INFORM THE BOARD OF DIRECTORS. SUCH ADVISORY GROUPS SHALL NOT HAVE THE AUTHORITY TO COMMIT THE CORPORATION TO ANY LEGAL CONTRACTS OR AGREEMENTS WHETHER OR NOT RELATED TO THE BUSINESS OF THE CORPORATION. THE BOARD OF DIRECTORS SHALL NOT LEND APPARENT AUTHORITY TO SUCH ADVISORY GROUPS AND ALL RELATED CORPORATE RESOLUTIONS SHALL EXPRESSLY LIMIT THE GROUPS' AUTHORITY IN THIS RESPECT. FORM 990, PART VI, SECTION A, LINE 2 FAMILY AND BUSINESS RELATIONSHIPS BOARD MEMBERS STANLEY DAY AND CHAIRMAN FREDERICK K.W. DAY HAVE A FAMILY RELATIONSHIP AND A BUSINESS RELATIONSHIP. MICHAEL HERR, STANLEY DAY, AND AND FREDERICK K.W. DAY HAVE A BUSINESS RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11B THE CFO AND TREASURER REVIEWED A DRAFT OF FORM 990 THAT WAS PREPARED BY A THIRD-PARTY TAX PREPARER, GRANT THORNTON ADVISORS, LLC, BASED UPON INFORMATION WBR PROVIDED THE PREPARER. SUBSEQUENT TO THEIR REVIEW, MANAGEMENT AND THE FULL VOTING BOARD RECEIVED A COPY OF THE DRAFT RETURN ELECTRONICALLY. THE BOARD PROVIDED ANY QUESTIONS OR COMMENTS TO THE CEO AND TREASURER AND FORM 990 WAS REVISED, AS NECESSARY. THE FULL VOTING BOARD OF DIRECTORS RECEIVED A COPY OF THE FORM 990 PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY MONITORING & ENFORCEMENT THE RESPONSIBILITY FOR DISCLOSING ANY KNOWN OR REASONABLY FORESEEN ACTUAL OR POTENTIAL CONFLICTS OF INTEREST SHALL BE UPON THE INTERESTED PARTY WHOSE INTERESTS ARE OR MAY APPEAR TO BE IN CONFLICT. ALL INTERESTED PARTIES ARE REQUIRED TO FILE A DISCLOSURE STATEMENT WITH WBR PRIOR TO SUCH INDIVIDUAL COMMENCING HIS OR HER SERVICE WITH WBR AND THEREAFTER SHALL FILE WITH WBR AN UPDATED DISCLOSURE STATEMENT AS MAY BE REQUIRED FROM TIME TO TIME BY THE BOARD OF DIRECTORS OR ITS COMMITTEE DESIGNEE, AND IN NO EVENT LESS OFTEN THAN ANNUALLY. THE MINUTES SHALL REFLECT THAT THE CONFLICT OF INTEREST WAS DISCLOSED AND THE INTERESTED PERSON WAS NOT PRESENT DURING ANY DISCUSSION OF THE MATTER AND DID NOT VOTE ON THE MATTER IN PERSON OR BY PROXY. WHEN ANY SUCH CONFLICT OF INTEREST IS RELEVANT TO A MATTER REQUIRING ACTION BY THE BOARD OF DIRECTORS OR ANY COMMITTEE OF THE BOARD, THE INTERESTED PERSON SHALL DISCLOSE SUCH CONFLICT TO THE BOARD OF DIRECTORS OR SUCH COMMITTEE; AND SHALL NOT VOTE ON THE MATTER. FURTHER, THE INTERESTED PERSON HAVING A CONFLICT SHALL RETIRE FROM THE ROOM IN WHICH THE BOARD OR THE COMMITTEE IS MEETING AND SHALL NOT PARTICIPATE IN ANY DELIBERATION OR DECISION REGARDING THE MATTER UNDER CONSIDERATION. WHEN THERE IS A DOUBT AS TO WHETHER A CONFLICT OF INTEREST EXISTS, THE MATTER SHALL BE RESOLVED BY A VOTE OF THE BOARD OF DIRECTORS OR THE COMMITTEE, AS THE CASE MAY BE, EXCLUDING THE INTERESTED PERSON CONCERNING WHOM THE DOUBT HAS ARISEN. THE BOARD OF DIRECTORS, FROM TIME TO TIME, SHALL REPORT ON ITS IMPLEMENTATION OF THESE GUIDELINES AND THE STATUS OF ANY POLICY DEVELOPMENTS REGARDING COMPENSATION AND CONFLICTS OF INTEREST. FURTHER, THE BOARD OF DIRECTORS SHALL REPORT AFTER HAVING BEEN ALERTED TO SPECIFIC INSTANCES WHEN THESE GUIDELINES HAVE NOT BEEN FOLLOWED OR ANY OTHER ISSUE REGARDING COMPENSATION OR CONFLICT OF INTEREST IS DETERMINED TO EXIST. FORM 990, PART VI, SECTION B, LINE 15 WBR ESTABLISHES A REBUTTABLE PRESUMPTION THAT THE COMPENSATION PAID TO THE CEO AND OTHER EXECUTIVES IS REASONABLE. WBR ESTABLISHES A POSITION BY COMPARING THE COMPENSATION OF ITS CEO AND OTHER EXECUTIVES AGAINST 10 SIMILAR SIZE NONPROFITS IN WBR'S PEER GROUP AND THIRD-PARTY MARKET DATA PROVIDED BY GRANT THORNTON. THE DATA USED FOR THE COMPARISON IS TAKEN FROM THE 990, ANNUAL REPORT, AND AUDITED FINANCIAL STATEMENTS FROM THE 10 NONPROFITS AND THIRD-PARTY DATA BASES ACCESSED BY GRANT THORNTON. THE FINAL ANALYSIS IS PRESENTED TO THE BOARD OF DIRECTORS OF WBR AND SALARIES ARE APPROVED YEARLY AT THE FEBRUARY BOARD MEETING. COMPENSATION REVIEW BY INDEPENDENT PERSONS COMPENSATION IS ESTABLISHED FOR THE CEO AND TREASURER BY THE BOARD AFTER A THOROUGH SALARY/MARKET REVIEW BY A THIRD PARTY. THIS SALARY/MARKET REVIEW PROCESS WAS COMPLETED IN 2025 BY GRANT THORNTON. EACH YEAR THE BOARD EVALUATES THE CEO AND TREASURER'S PERFORMANCE THROUGH AN ASSESSMENT PROCESS. THE BOARD USES THIS DATA TO DETERMINE COMPENSATION. THE SENIOR STAFF HAS A COMPREHENSIVE PERFORMANCE EVALUATION AND COMPENSATION REVIEW DONE AT THE END OF EACH CALENDAR YEAR. SALARY IS BENCHMARKED REGULARLY VIS-A-VIS OTHER SIMILAR ORGANIZATIONS USING FORM 990 DATA. DOCUMENTATION OF THE COMPENSATION REVIEW IS CONTEMPORANEOUSLY DOCUMENTED IN THE HUMAN RESOURCES FILES. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS AVAILABLE TO PUBLIC THE FOLLOWING DOCUMENTS ARE POSTED ON THE ORGANIZATION'S WEBSITE AND AVAILABLE UPON REQUEST: ARTICLES OF INCORPORATION, BYLAWS, CONFLICT OF INTEREST POLICY, AND AUDITED FINANCIAL STATEMENTS. FORM 990, PART XI, LINE 9: DONATION REFUND -8,105. WORLD BICYCLE RELIEF - AUSTRALIA 6 MACRO COURT ROWVILLE AS AS VIC 317 BIKE RELIEF AS 501(C)(3) WBR 1 WORLD BICYCLE RELIEF - ZAMBIA P O BOX 38991 LUSAKA ZA BIKE RELIEF ZA 501(C)(3) WBR 1 WORLD BICYCLE RELIEF DEUTSCHLAND GMBH ROMSTRASSE 1 SCHWEINFURT GM GM D-97424 BIKE RELIEF GM 501(C)(3) WBR 1 WORLD BICYCLE RELIEF MALAWI PLOT 21/2/35 LILONGWE MI BIKE RELIEF MI 501(C)(3) WBR 1 WORLD BICYCLE RELIEF UK 1 ST GEORGES ROAD WIMBLEDON UK SW194DR BIKE RELIEF UK 501(C)(3) WBR 1 WORLD BICYCLE RELIEF CA 255 COURTNEYPARK DRIVE WEST MISSISSAUGA CA L5W 0A5 BIKE RELIEF CA 501(C)(3) WBR 1 WORLD BICYCLE RELIEF SWITZERLAND RUE 1 IMPACT HUB GENEVE SZ BIKE RELIEF SZ 501(C)(3) WBR 1 WORLD BICYCLE RELIEF COLOMBIA CALLE 73 VIA 40-150 BARRANQUILLA CO BIKE RELIEF CO 501(C)(3) WBR 1 WORLD BICYCLE RELIEF - AFRICA FUNDING L R NO 209/5417 1ST FLOOR NAIROBI KE BIKE RELIEF KE 501(C)(3) WBR 1 WORLD BICYCLE PRIVATE LIMITED 540 RORO CLOSE RUWA ZI BICYCLE SALES ZI WBR TRUST C 574877 1.00000 1 BUFFALO BICYCLE LIMITED SUITE 405 4TH FLOOR BARKLY WARF E PORT LOUIS MP BICYCLE SALES MP WBR NFP C 7770444 7715760 1.00000 1 BUFFALO BICYCLE KENYA LIMITED LUTHER PLZ 1 FL NO 209/5447 NAIROBI KE BICYCLE SALES KE WBR NFP C 2304709 1126144 0.01000 1 BUFFALO BICYCLE ZAMBIA LIMITED PLOT NO 2405 KABELNGA ROAD LUSAKA ZA BICYCLE SALES ZA WBR NFP C 5448706 2715990 0.01000 1 BUFFALO BICYCLE SOUTH AFRICA (PTY) LTD 1 SURREY PLACE TWO OCEANS HOUSE ST MOUILLE POINT SF BICYCLE SALES SF WBR NFP C 90435 4 0.01000 1 BUFFALO BICYCLE MALAWI LIMITED PLOT 21/2/35 NJEWA LILONGWE MI BICYCLE SALES MI WBR NFP C 2233033 1423568 0.50000 1 BUFFALO BICYCLE COLOMBIA CALLE 73 VIA 40 150 WHOUSE 1 BARRANQUILLA CO BICYCLE SALES CO WBR NFP C 1668256 1053788 0.01000 1 BUFFALO BICYCLE SPAIN SL PASEO DE LA CASTELLANA NUMBER 81 MADRID SP BICYCLE SALES SP WBR NFP C 10685 932089 0.01000 1 WORLD BICYCLE RELIEF SERVICES GMBH ROMSTRASSE 1 SCHWEINFURT GM BIKE RELIEF GM WBR NFP C 812146 80572 0.01000 1 BUFFALO BICYCLE UGANDA PO BOX 116993 KAMPALA UG BICYCLE SALES UG WBR NFP C 1016706 988981 1.00000 1 BUFFALO BICYCLE TANZANIA LIMITED MIKOCHENI LIGHT INDUSTRIAL AREA PL DAR ES SALAAM TZ BICYCLE SALES TZ WBR NFP C 1428978 491866 1.00000 1 0 1 1 1 1 0 0 0 0 0 0 1 1 0 1 1 1 1 1 WORLD BICYCLE RELIEF AFRICA FUNDING B 4913475 COST WORLD BICYCLE RELIEF SERVICES L 908012 COST BUFFALO BICYCLE LIMITED MAURITIUS D 473942 COST WORLD BICYCLE RELIEF AUSTRALIA B 344080 COST WORLD BICYCLE RELIEF UK L 85097 COST