FY 1998 Financial Report

You can read this report in its original form here.

MAPS IRS Form 990 for 1998 in PDF format

Fiscal Year June 1, 1997 — May 31, 1998 (FY 97-98) was a strong year for MAPS with a combination of important accomplishments and, not unexpectedly, some difficult struggles and set-backs. Financially, MAPS' budget grew 15% from FY 96-97, permitting it to support a wide variety of projects. Income was substantial but was less than half of what it was in FY 96-97, when MAPS received an extraordinary one-time donation of $329,000 from the estate of Eric Bass. After subtracting the value of Eric Bass' donation from FY 96- 97 income, income from FY 97-98 was almost exactly the same as in FY 96-97. Eric Bass' generosity has greatly expanded the capabilities of MAPS as an organization and will enable MAPS to be a catalyst of psychedelic and marijuana research for years to come. MAPS membership has also continued to grow gradually. The increased workload from projects and membership required the addition of a third full-time staff member, Carla Higdon, who had previously been working part-time. MAPS is quite fortunate to have someone of Carla's skills and dedication join the organization.MAPS' income in FY 97-98 was $227,637.

FY 97-98 was a year of gradual growth in membership and the start of exciting new projects, particularly the initiation of Dr. Abrams' study of the effects of marijuana in AIDS patients, and the opening of an effort to conduct MDMA research in Israel. Dr. Krupitsky's ketamine/heroin addiction study also continued to move forward and generate promising results. It was also a frustrating year since the MDMA/cancer patient study was still not approved by the FDA and MAPS' other medical marijuana project, by Dr. Ethan Russo, was rejected for the second time by the National Institutes of Health. MAPS' workload increased as did its staff. Educational efforts received more attention than ever before, and MAPS published its first book, The Secret Chief. Valuable lessons were learned from the failure of the direct mail membership campaign and another effort to increase membership is in process. All told, its was a satisfying year that has laid the groundwork for what we hope will be a new year of dramatic progress.

MAPS' expenditures in FY 97-98 amounted to $288,548. At the close of FY 97-98, MAPS had assets of $333,440. In addition, MAPS owned computer and office equipment worth $5,000. In FY 96-97, MAPS had assets of $370,494 plus computer equipment valued at $5,000. This compares to assets at the end of FY 95-96 of $67,367 plus computer equipment worth $2,000, and assets of $29,981 at the end of FY 94-95 plus computer equipment worth $1,500.