MAP International Reported $1.38 Billion in Revenue. Why Should You Read Its Cash and In-Kind Lines Separately?

An organization that accepts donated goods should read MAP International's latest filing for one reason: it shows, at very large scale, why cash gifts and in-kind gifts belong on separate lines. For the fiscal year ending September 30, 2025, MAP reported total revenue of $1,379.0M (FY2025 Form 990, Part I, line 12), up from $934.8M a year earlier (Part I, line 12, prior-year column). Of $1,375.4M in contributions, $1,362.5M were noncash (Part VIII, lines 1h and 1g), almost all of it donated medicine and health supplies. By our arithmetic, cash contributions were about $12.9M, compared with about $13.4M the year before (FY2024 Form 990, Part VIII). The headline revenue grew by 48% while cash giving stayed close to flat. This article explains why both facts are true and what a development director at a smaller organization can take from them.

What does the FY2025 filing show at a glance?

The table below collects the figures a careful reader would pull from the FY2025 Form 990 before interpreting any of them. The middle column is what the filing reports, with its part and line. The right column names the question each figure raises that only MAP's own records could answer.

What is MAP International doing well?

MAP International describes itself as "a Christ-centered global health organization" whose mission is "to provide medicine and health supplies to people in need around the world so they might experience life to the fullest" (MAP International, About). Its filing states the mission as a "global Christian health organization that works to save lives and promote health" (Part I, line 1). The model is simple to describe and hard to run. Pharmaceutical and health supply companies donate products, and MAP ships them to partners who deliver care. In August 2025, with two months of its fiscal year still to run, the organization announced that it had acquired over $1 billion in donated medicine and health supplies and distributed $1 billion worth that year, and called 2025 "the most impactful year in the organization's 70+ year history" (MAP International, August 2025).

The filing gives the reach in the organization's own program description. MAP reports working with 48 major partners to provide medicine and health supplies in 100 countries, reaching more than 1,654,000 children across 40 countries through a pediatric antibiotics initiative, and providing more than 346,000 treatments through 84 free and charitable clinic partners in the United States (Part III, line 4a). That work runs on a small staff: 74 employees and an estimated 1,200 volunteers (Part I, lines 5 and 6). The organization also tells cash donors plainly how their gifts relate to the product. Its financials page says that "every $1 delivers more than $65 in medicine and health supplies to people in need" (MAP International, Financials), an organization-reported figure that we have not recomputed. That sentence is the in-kind reporting lesson in the organization's own words: a cash gift is described by the product it moves, not blended into the product total.

What does the revenue path show?

Total revenue moved from about $1,018.9M to $934.8M to $1,379.0M over the three fiscal years shown (Part I, line 12, with FY2023 from the FY2024 filing). An organization whose revenue is mostly donated product will see swings like these, because the total depends on what product companies have available to donate in a given year. Our reading, which the filing cannot test, is that the year-to-year changes in the headline figure say more about product supply than about the number of people who support the organization.

The $34.6M by which FY2025 revenue exceeded expenses (Part I, line 19) needs the same care. Under the accounting policy in MAP's FY2025 audited statements, donated medicine is recorded as revenue when it is received, and the gifts are "recognized as expenses when they are shipped from the Organization's warehouse." Inventories rose from $303.8M to $337.1M during the year (Part X, line 8), an increase of about $33.3M. By our reading, most of the surplus is product received and not yet shipped, which is medicine on a shelf rather than cash in a bank account.

How different are the cash and in-kind stories?

Form 990 asks every organization to report total contributions on line 1h and to report, on line 1g, how much of that total was noncash. Subtracting line 1g from line 1h gives cash contributions. For MAP, that subtraction gives about $12.9M in FY2025 and about $13.4M in FY2024 (our arithmetic from the FY2025 filing and the FY2024 filing). Over a year when headline revenue rose by about $444M, cash contributions eased by about $0.5M.

The two lines can move independently. Donated medicine comes mainly from a small number of companies. MAP's FY2025 audited statements report that "approximately 50% ... of total noncash contribution revenue was sourced from the Organization's three largest donors," up from about 44% the year before, and that the three largest donors "generally vary among a group of approximately 20 donors." The filing does not break cash gifts out by type of donor. Cash is also what pays for the warehouse, the shipping coordination, the staff, and the fundraising itself. An organization that reads only the combined total would miss the fact that its cash base, the part that keeps the operation running, was about the same size in both years.