PATH maintains the highest standards for efficiency and transparency

The trust of our supporters is one of our most valuable resources—and a constant inspiration to use funds wisely and well.

For the ninth consecutive year, Charity Navigator (America’s largest independent evaluator of nonprofit organizations) has awarded us four stars for financial stewardship! And we remain on Forbes’ list of the top 200 charities, with high marks for keeping operating costs low and channeling supporters’ investments into the real work of improving global health.

The following financial summary is from our most recent (2012) annual independent audit.

Growth and focus

PATH continues to grow. We started in 1977 with a modest grant from the Ford Foundation. Since then, our revenue has increased from less than $20 million to more than $300 million.

This growth has occurred across all of PATH's areas of focus, from emerging and epidemic diseases (e.g., HIV, tuberculosis, and malaria) to new vaccines to innovative technologies for low-resource settings. The following chart shows our use of funds by focus area.

Diverse funding sources

In 2012, our total revenue was $312,819,000. Our funding comes from foundations; the US government; other governments, other nonprofit organizations, and multilateral agencies such as the World Health Organization; individuals; and interest from investments.

Efficiency

More than 85 percent of our expenses go toward our programs to improve the health of people around the world; only 0.5 percent is for fundraising.

More information

The following documents provide more detailed information about our finances.

• Consolidated financial statements for 2012 (129 KB PDF)
• Addendum to financial statements for 2012: functional expenses (26 KB PDF)
• Consolidated financial statements for 2011 (112 KB PDF)
• Addendum to financial statements for 2011: functional expenses (14 KB PDF)
• Consolidated financial statements for 2010 (114 KB PDF)
• Addendum to financial statements for 2010: functional expenses (11 KB PDF)
• Consolidated financial statements for 2009 (110 KB PDF)
• Addendum to financial statements for 2009: functional expenses (12 KB PDF)
• Report on our use of flexible funding in 2011
• Report on our use of flexible funding in 2010
• Report on our use of flexible funding in 2009
• Consolidated financial statements for 2008 (105 KB PDF)
• Addendum to financial statements for 2008: functional expenses (11 KB PDF)
• Letter of 501(c)3 tax-exempt status (81 KB PDF)
• The impact of the economic crisis: a message from our board treasurer
• IRS Form 990 informational return for 2011 (640 KB PDF)
• IRS Form 990 informational return for 2010 (462 KB PDF)
• IRS Form 990 informational return for 2009 (5.4 MB PDF)
• IRS Form 990 informational return for 2008 (2.3 MB PDF)
• IRS Form 990 informational return for 2007 (532 KB PDF)
• IRS Form 990 informational return for 2006 (245 KB PDF)
• IRS Form 990 informational return for 2005 (318 KB PDF)
• IRS Form 990 informational return for 2004 (2.9 MB PDF)
• IRS Form 990 informational return for PATH Vaccine Solutions, 2011 (504 KB PDF)
• IRS Form 990 informational return for PATH Vaccine Solutions, 2010 (369 KB PDF)
• IRS Form 990 informational return for PATH Vaccine Solutions, 2009 (6.5 MB PDF)
• IRS Form 990 informational return for PATH Vaccine Solutions, 2008 (1 MB PDF)
• IRS Form 990 informational return for PATH Vaccine Solutions, 2007 (296 KB PDF)
• IRS Form 990 informational return for PATH Vaccine Solutions, 2006 amended (284 KB PDF)
• IRS Form 990 informational return for PATH Vaccine Solutions, 2006 (550 KB PDF)

You may also email us at info@path.org.

Photo and illustrations: PATH/Dave Simpson.