FY 2000 Financial Report

Normally, MAPS publishes a detailed report of its annual income and expenditures in the calendar year’s final issue of the Bulletin. Last December, in a departure from tradition, MAPS published a special issue of the Bulletin with the theme of Psychedelics and Creativity. We wanted to keep the special issue focused on that topic and decided to publish the annual financial report for FY 99-00 in the first issue of this year.

PDF version of this documentPDF version of IRS Form 990 for 2000

You can read this report in its original form here.

MAPS income in FY 99-00 was $555,292.MAPS had a successful and active year in FY 99-00, with a mix of educational and research projects. In terms of clinical research, much of what took place in FY 99-00 was laying the groundwork for research projects still to be approved.

Now that I have completed my dissertation, I feel a bit more wind in my sails. Simultaneously, the social breezes are shifting directions somewhat. With skill and patience, it’s possible to create increasingly greater opportunities to advance MAPS’ agenda. As the teamwork between MAPS’ staff and our membership continues to develop and expand, MAPS becomes more effective. I’m reminded yet again of Theodore Hertzl’s inspiring words, “If you will it, it is no dream.”

Total expenditures for FY 99-00 were $533,482. More than half of MAPS’ $533,482 in total expenditures in FY 99-00, $309,045, were devoted to various facets of its’ educational mission. A total of $75,200 was spent on research projects. Staff expenditures totaled $131,311, while office-related expenses amounted to $17,925. These expenditures will be discussed in detail below in the section explaining each line item in the expense spreadsheet that accompanies this report.MAPS’ net assets were $379,423 as of the close of FY 99-00 on May 31, 2000. As a non-profit organization, MAPS’ goal is to advance its mission, not to amass net assets. However, a reasonable amount of net assets empowers MAPS to achieve its goals. Net assets give a measure of stability to meet organizational expenses in the face of fluctuating contributions from membership. More importantly, net assets give MAPS the ability to commit to fund high-priority projects still in the development stages, should the projects be approved. As a result, researchers who work with MAPS are willing to invest their time and energy in the lengthy and time-consuming protocol development and approval process confident that if approval is eventually obtained, their research project will indeed be funded.

Of MAPS’ $379,423 in net assets at the close of FY 99-00, $40,000 is not available for use but represents the net present value of MAPS’ remainder interest in a home that MAPS will receive in its entirety in forty to fifty years. Roughly $200,000 will be needed for the MDMA/PTSD research project MAPS is seeking to initiate in the United States, should it be approved (which I expect it will be). About $100,000 will be needed for the medical marijuana production facility MAPS is trying to establish should lightening strike and DEA permission is actually granted for this project.

As a matter of fiscal strategy, MAPS will seek to raise new funds for all projects in development that do become approved. If new funds can be obtained for approved projects, MAPS can retain some net assets along with the ability to guarantee funding to additional pioneering studies in the development phase, should they also become approved. Of course, MAPS can only pledge to fund projects whose cost is lower than MAPS’ unallocated assets.

The major way I look at MAPS’ net assets is in comparison with the estimated cost of achieving MAPS’ primary goal, that being to obtain FDA approval for the medical use of MDMA as an adjunct to psychotherapy. Based on what I believe are reasonable financial assumptions, I’ve estimated that it will cost $5 million and take 5 years to conduct sufficient research to demonstrate to the satisfaction of the FDA the safety and efficacy of MDMA-assisted psychotherapy in the treatment of patients suffering from Post-Traumatic Stress Disorder (PTSD). (see the Clinical Plan at: /research-archive/mdmaplan.html.) From this perspective, MAPS’ current net assets are sufficient only for the first steps of this clinical plan. However, I’ve always believed, and so far have had that belief confirmed, that funding can and will be obtained for all the successive steps in the research process, once the protocols are fully approved and ready to be implemented.