At The Max Foundation, we have a deep commitment to good stewardship of every donated dollar and contributed medicines. We look forward to increasing our impact on behalf of patients everywhere.”
—Patricia M. Pearce, CPA, CGMA, Chief Financial Officer & VP, Administration
| 2017 Revenue | Amount | Percentage |
|---|---|---|
| Gifts-In-Kind · Pharmaceuticals | $190,595,434 | 96.6% |
| Corporate Services Agreements | $1,070,985 | 0.5% |
| Contributions, Grants & Sponsorships | $5,386,877 | 2.7% |
| Diagnostic Program Revenue | $312,689 | 0.2% |
| Other Income | $9,127 | 0% |
| Total | $197,375,112 | 100.0% |
| 2017 Expenses | Amount | Percentage |
|---|---|---|
| Program Services Expense | $54,727,479 | 97.8% |
| Management & General | $742,814 | 1.3% |
| Fundraising | $482,926 | 0.9% |
| Total | $55,953,219 | 100% |
The planned transition of the Glivec International Patient Assistance Program program to CMLPath to CareTM under the umbrella of the Max Access Solutions model, launched in July of 2017, required the organization to stock up its inventory to ensure a continuous supply of medicines to patients in the program.
While 50 out of the 67 countries to be transitioned did so in 2017, at year end, the organization was holding a substantial volume of inventory on hand while we sought import permits and other necessary regulatory documentation for distribution at the different sites.
Prior to 2017, The Max Foundation’s fair value of donated pharmaceuticals was based on prices from Thomas Reuters Red Book Actual Wholesale Price (AWP). During 2017, The Max Foundation obtained fair value data from a third-party source which reflects wholesale prices available in multiple relevant international markets. The gifts-in-kind are recorded, by drug, based on the estimated fair value in the relevant international market of highest volume.
The Max Foundation is committed to transparency, ethical accounting, and donor stewardship. The Max Foundation is a US registered 501(c)(3) non-profit organization. Donations to The Max Foundation are tax-deductible to the extent permitted by the law. Our fiscal year runs January through December and we post our audited financials and annual report during the summer of the following year.
