By Hammad Kahlun
SNN News Finland
Financial disclosures filed in the United States show that the Malala Fund has consistently raised more than it spent, while critics question how much of the money raised in the name of Afghan girls’ education has reached Afghanistan.
SNN Finland has reviewed the charity’s own filings and audited accounts. The strongest allegations circulating about the fund remain unproven, and the fund says it funds Afghan-led education work.
What the US filings show
According to the fund’s annual returns to the US tax authorities the IRS Form 990 series, which large charities must file publicly the organisation’s income has exceeded its programme spending in every year for which filings are available.
In the year ending March 2018, Malala Fund reported total revenue of about 9.76 million dollars against total expenditure of 8.82 million dollars, leaving a surplus of roughly 930,000 dollars and year-end net assets of 11.72 million dollars.
By the year ending March 2021, revenue had risen to about 16.34 million dollars while expenditure stood at about 11.05 million dollars, and net assets had grown to roughly 20.86 million dollars. In the intervening two years, records show revenue of 13.24 million dollars against 10.17 million dollars of spending, and 11.47 million dollars against 10.51 million dollars.
The pattern is consistent: the fund has accumulated reserves, growing its net assets from about 11.7 million dollars in 2018 to nearly 21 million dollars in 2021.
What the audited accounts say
The fund’s later figures are larger. According to the organisation’s consolidated audited financial statements, the year ending 31 March 2023 was its strongest on record, with total revenue and support of about 55.14 million dollars, including 55.32 million dollars in contributions and grants. Total expenditure in that year was about 26.79 million dollars, and net assets increased by roughly 28.35 million dollars.
SNN Finland has been able to verify the earlier Form 990 figures directly from the filings. The 2023 figures come from the fund’s audited statements and have not been independently audited by this newsroom.
What critics allege
Critics of the fund, including researchers examining its financial record, allege that money raised for Afghanistan has not translated into schooling inside the country. Claims have also circulated that three people working on the fund’s Afghanistan Initiative team left their roles, and that the fund would seek to place responsibility for the programme’s difficulties on them.
SNN Finland has not been able to verify those claims. No regulator in the United States, Britain or the European Union has found Malala Fund to have committed fraud, and the fund’s published accounts describe spending on education programmes and advocacy rather than personal benefit.
What the Malala Fund says
Malala Fund says it works through Afghan-led organisations. In an announcement in August 2025 it said it had invested 3.26 million dollars in new and expanded grants to meet urgent education needs and to support what it calls the fight against gender apartheid.
The fund publishes annual reports and grant announcements, and has not addressed the specific staffing claims in any statement seen by this newsroom.
Key facts
- Malala Fund reported revenue of about 9.76 million dollars and spending of 8.82 million dollars in the year to March 2018.
- By the year to March 2021, revenue was about 16.34 million dollars against 11.05 million dollars of expenditure.
- Net assets grew from about 11.72 million dollars in 2018 to about 20.86 million dollars in 2021, according to the filings.
- The fund’s audited accounts show about 55.14 million dollars of revenue in the year to March 2023 and 26.79 million dollars of expenditure.
- No regulator has found the fund to have committed fraud; the allegations circulating remain unproven.
FAQs
Has Malala Fund been found to have misused money?
No. No regulator in the US, UK or EU has made such a finding. The allegations circulating are claims by critics and remain unproven.
Why does the fund hold large reserves?
The published accounts do not state a formal reserves policy. Charities often hold reserves for multi-year programmes and to cover running costs if income falls.
How much has the fund spent on Afghanistan?
Its public announcements describe multi-million-dollar grant rounds for Afghan-led education work, including 3.26 million dollars announced in August 2025. A full Afghanistan-only breakdown is not published.
Can these figures be checked independently?
The earlier figures come from public US tax filings. The later figures come from the fund’s audited statements. Neither reports classroom-level results inside Afghanistan.
Why the numbers matter
Large international charities are increasingly judged on how quickly donations turn into results. Where revenue outpaces spending over several years, donors reasonably ask what the reserves are held for and when the money will be deployed.
Independent verification is difficult in this case. Afghanistan’s Taliban authorities have barred girls from secondary school since 2021, and most funding flows through partner organisations, so classroom-level outcomes inside the country cannot easily be audited from outside.
Related SNN Finland reporting: earlier scrutiny of Malala Fund’s Afghanistan spending, and Malala Yousafzai’s response to criticism over Gaza.
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