2023-05-12T20:35:50+00:00 2022-06-30 990 2021-07-01 042103594 Massachusetts Institute of Technology MASS 6172532734 77 MASSACHUSETTS AVENUE NE49-3142 Cambridge MA 021394307 GLEN SHOR EXECUTIVE VP AND TREASURER 6172535614 2023-05-12 GLEN SHOR 999009999 2021 2023-04-26 12:10:37Z SALLY KORNBLUTH 77 MASSACHUSETTS AVENUE Cambridge MA 02139 13612872000 false X http://web.mit.edu X 1861 MA THE MISSION OF MIT IS TO ADVANCE KNOWLEDGE AND EDUCATE STUDENTS IN SCIENCE, TECHNOLOGY, AND OTHER AREAS OF SCHOLARSHIP THAT WILL BEST SERVE THE NATION AND THE WORLD IN THE 21ST CENTURY. 13 9 25671 18149 178007000 0 1003569000 1252909000 2410934000 2585121000 2101331000 2417553000 210324000 123067000 5726158000 6378650000 714280000 745549000 0 0 1946383000 2013657000 49000 253000 60554000 1620914000 1781161000 4281626000 4540620000 1444532000 1838030000 42473040000 39839201000 6064101000 6636362000 36408939000 33202839000 THE MISSION OF MIT IS TO ADVANCE KNOWLEDGE AND EDUCATE STUDENTS IN SCIENCE, TECHNOLOGY, AND OTHER AREAS OF SCHOLARSHIP THAT WILL BEST SERVE THE NATION AND THE WORLD IN THE 21ST CENTURY. false false 1674685000 90898000 1599430000 SPONSORED RESEARCH: MIT'S CAMBRIDGE, MA CAMPUS PROVIDES A FERTILE SETTING FOR RESEARCH THAT HAS SPAWNED A HOST OF SCIENTIFIC BREAKTHROUGHS AND TECHNOLOGICAL ADVANCES. PRIMARILY SPONSORED BY FEDERAL GRANTS AND CONTRACTS, RESEARCH AT MIT AIMS TO DEVELOP INNOVATIVE SOLUTIONS TO THE WORLD'S MOST DAUNTING CHALLENGES. FROM ADDRESSING THE ENERGY NEEDS OF TOMORROW TO IMPROVING CANCER THERAPIES AND MORE, MIT'S RESEARCH EFFORTS ARE ENHANCED THROUGH CREATIVE COLLABORATIONS IN INTERDISCIPLINARY LABS AND WITH LEADING RESEARCH INSTITUTES AND CONSORTIA AROUND THE WORLD. 1486137000 153589000 985691000 INSTRUCTION, UNSPONSORED RESEARCH, AND OTHER: MIT IS COMMITTED TO PROVIDING A WORLD-CLASS EDUCATION TO OUR APPROXIMATELY 4,600 UNDERGRADUATES AND APPROXIMATELY 7,300 GRADUATE STUDENTS. THE FOCUS OF INSTRUCTION IS NOT ONLY SCIENTIFIC AND TECHNICAL, BUT INCLUDES A STRONG HUMANITIES COMPONENT AND EMPHASIZES CREATIVE PROBLEM SOLVING. MIT'S SIX SCHOOLS AND COLLEGES (SCIENCE; ENGINEERING; HUMANITIES, ARTS & SOCIAL SCIENCES; ARCHITECTURE & PLANNING; MANAGEMENT; AND COMPUTING) CREATE THE FOUNDATION OF A RIGOROUS MIT EDUCATION, WHICH IS HEIGHTENED BY SERVICE TO COMMUNITIES AROUND THE WORLD. OTHER EXPENDITURES (INCLUDING GRANTS) INCURRED, AND REVENUES GENERATED IN CONNECTION WITH MIT'S OTHER PROGRAM SERVICES RELATED TO VARIOUS ACTIVITIES IN FURTHERANCE OF AND IN SUPPORT OF MIT'S EXEMPT MISSION INCLUDED BUT WERE NOT LIMITED TO SUCH THINGS AS FEES AND SERVICES (FOR EXAMPLE, MEDICAL DEPARTMENT, TECHNOLOGY LICENSING OFFICE), AUXILIARY ENTERPRISES (FOR EXAMPLE, HOUSING, DINING), AND OTHER MISCELLANEOUS PROGRAM SERVICE REVENUE. 501062000 501062000 0 SCHOLARSHIPS AND FELLOWSHIPS: MIT'S UNDERGRADUATE FINANCIAL AID PROGRAM ENSURES THAT AN MIT EDUCATION IS ACCESSIBLE TO ALL QUALIFIED CANDIDATES REGARDLESS OF THEIR FINANCIAL RESOURCES. MIT REMAINS DEDICATED TO PROVIDING FINANCIAL AID TO MEET THE FULL COST OF AN MIT EDUCATION, BASED ON THE NEEDS OF THE FAMILY. IN 2021-2022, APPROXIMATELY 58% OF ALL UNDERGRADUATES RECEIVED SOME TYPE OF NEED-BASED FINANCIAL AID FROM MIT. 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MIT'S EFFORTS REGARDING LEGISLATIVE AND RELATED ACTIVITIES IN FY 2022 FOCUSED ON THE AREAS OF LEGISLATION, POLICY AND FUNDING SUPPORT FOR SCIENCE, TECHNOLOGY, EDUCATION, LAND USE AND TAXATION. STAFF ACTIVITIES INCLUDED THE GATHERING AND DISSEMINATION OF INFORMATION TO THE MIT CAMPUS CONCERNING GOVERNMENT ACTIVITIES AND ACTIONS, AS WELL AS MEETINGS AND DISCUSSIONS WITH FEDERAL AND STATE OFFICIALS, ON THE ABOVE ISSUES. LINE 1I MIT PAYS DUES AND IS A MEMBER OF SEVERAL ASSOCIATIONS THAT PROVIDE INFORMATION TO THE HIGHER EDUCATION COMMUNITY AS WELL AS ADVOCATE FOR ISSUES THAT ARE IMPORTANT TO THE SECTOR. A PORTION OF THE DUES PAID TO THESE ORGANIZATIONS MAY BE USED TO LOBBY BY THE ASSOCIATIONS. 15 35343556 9075705 72001078 true true 200000 X X X false 27496309000 301237000 -2161602000 173381000 661164000 61537000 24739862000 18465010000 191772000 9643184000 153816000 595290000 54551000 27496309000 17545703000 120011000 1569985000 150283000 585969000 34437000 18465010000 16507029000 321260000 1454555000 138821000 558037000 40283000 17545703000 14958882000 137558000 2099040000 131796000 529127000 27528000 16507029000 0.2891 0.1627 0.5482 false false 107557000 107557000 6319402000 2164990000 4154412000 109590000 416000 109174000 464524000 149207000 315317000 4686460000 FIXED INCOME 1395229000 F EQUITIES 16215700000 F ABSOLUTE RETURN 5008840000 F REAL ESTATE & REAL ASSETS 5497982000 F SPLIT INTEREST AGREEMENTS 80970000 F OTHER 20907000 F DERIVATIVES 3323000 F 28222951000 OTHER CREDITS 215147000 GOVERNMENT ADVANCES 9299000 LIABILITIES DUE UNDER LIFE INCOME FUND AGREEMENTS 286241000 OPERATING LEASE OBLIGATION 246083000 756770000 X Schedule D, Part III, Line 1a FINANCIAL STATEMENT FOOTNOTE AS NOTED IN MIT'S AUDITED FINANCIAL STATEMENTS, MIT RECORDS ITEMS OF COLLECTIONS AS A GIFT AT NOMINAL VALUE. THEY ARE RECEIVED FOR EDUCATIONAL PURPOSES AND GENERALLY DISPLAYED THROUGHOUT MIT. IN GENERAL, COLLECTIONS ARE NOT DISPOSED OF FOR FINANCIAL GAIN OR OTHERWISE ENCUMBERED IN ANY MANNER. Schedule D, Part III, Line 4 Collections of art - description of collections MIT RECORDS ITEMS OF COLLECTIONS AS GIFTS AT NOMINAL VALUE. THEY ARE RECEIVED FOR EDUCATIONAL PURPOSES, AND MOST ARE DISPLAYED THROUGHOUT MIT. IN GENERAL, COLLECTIONS ARE NOT DISPOSED OF FOR FINANCIAL GAIN OR OTHERWISE ENCUMBERED IN ANY MANNER. Schedule D, Part V, Line 4 Intended uses of endowment funds MIT'S ENDOWMENT IS INTENDED TO PROVIDE FINANCIAL SUPPORT TO FURTHER MIT'S MISSION OF EDUCATION AND RESEARCH. SPECIFICALLY, MIT'S ENDOWMENT PROVIDES ONGOING SUPPORT FOR UNDERGRADUATE STUDENT SCHOLARSHIPS, GRADUATE FELLOWSHIPS, PROFESSORSHIPS, RESEARCH, THE MAINTENANCE OF MIT'S FACILITIES, AND ACADEMIC DEPARTMENT SUPPORT. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote US GAAP requires MIT to evaluate tax positions taken by the Institute to recognize a tax liability (or asset) if the Institute has taken an uncertain tax position that, more likely than not, would not be sustained upon examination by the IRS. MIT has analyzed the tax positions taken and has concluded that as of June 30, 2022, there are no significant uncertain positions taken or expected to be taken. true true true true true true true false false false false false false false false true false true Schedule E, Part I, Line 3 RACIALLY NONDISCRIMINATORY POLICY MIT'S PROSPECTIVE STUDENTS CAN FIND THE INSTITUTE'S RACIALLY NONDISCRIMINATORY POLICY AT ANY TIME DURING THE ADMISSION PROCESS AND THROUGHOUT THE ENTIRE ACADEMIC YEAR AT https://mitadmissions.org/policies/#nondiscrimination. MIT'S RACIALLY NONDISCRIMINATORY POLICY FOR THE GENERAL COMMUNITY CAN BE FOUND IN MIT'S POLICIES & PROCEDURES 7.1.1. AND 9.3 OR CAN BE FOUND ON THE INSTITUTE'S WEBSITE AT https://policies.mit.edu/policies-procedures/. THE INSTITUTE CUSTOMARILY DRAWS A SUBSTANTIAL PERCENTAGE OF ITS STUDENTS NATIONWIDE AND WORLDWIDE AND FOLLOWS A RACIALLY NONDISCRIMINATORY POLICY. THE INSTITUTE ENROLLS STUDENTS OF RACIAL MINORITY GROUPS IN SUBSTANTIAL NUMBERS. Schedule E, Part I, Line 6(a) FINANCIAL AID OR ASSISTANCE FROM A GOVERNMENT MIT RECEIVES PELL, FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY AND PERKINS LOANS. Schedule E, Part I, Line 2 RACIALLY NONDISCRIMINATORY POLICY MIT INCLUDES A STATEMENT OF ITS RACIALLY NONDISCRIMINATORY POLICY TOWARD STUDENTS IN VARIOUS BROCHURES AND CATALOGUES. WHILE THE STATEMENT IS NOT INCLUDED ON ALL WRITTEN COMMUNICATIONS WITH THE PUBLIC DEALING WITH STUDENT ADMISSIONS, PROGRAMS AND SCHOLARSHIPS, THE POLICY IS WELL PUBLICIZED AND WELL KNOWN. true Central America and the Caribbean Program Services Subrecipient Agreements 104471 East Asia and the Pacific Program Services Subrecipient Agreements 2003337 Europe (Including Iceland and Greenland) Program Services Subrecipient Agreements 2360870 Middle East and North Africa Program Services Subrecipient Agreements 262526 North America (Canada & Mexico only) Program Services Subrecipient Agreements 13174645 South America Program Services Subrecipient Agreements 90189 South Asia Program Services Subrecipient Agreements 1629983 Sub-Saharan Africa Program Services Subrecipient Agreements 2314968 Central America and the Caribbean Grantmaking 8000 East Asia and the Pacific Grantmaking 273801 Europe (Including Iceland and Greenland) Grantmaking 931804 Middle East and North Africa Grantmaking 209551 North America (Canada & Mexico only) Grantmaking 258841 Russia and Neighboring States Grantmaking 54815 South America Grantmaking 238711 South Asia Grantmaking 81131 Sub-Saharan Africa Grantmaking 235390 East Asia and the Pacific Fundraising 343757 Europe (Including Iceland and Greenland) Fundraising 516389 Middle East and North Africa Fundraising 30396 South America Fundraising 58467 South Asia Fundraising 10586 Sub-Saharan Africa Fundraising 3610 Central America and the Caribbean 1 Program Services Education/Research 27607 East Asia and the Pacific 1 24 Program Services Education/Research 3469203 Europe (Including Iceland and Greenland) 103 Program Services Education/Research 11728698 Middle East and North Africa 10 Program Services Education/Research 1103542 North America (Canada & Mexico only) 15 Program Services Education/Research 1310958 Russia and Neighboring States 1 Program Services Education/Research 78050 South America 1 2 Program Services Education/Research 218356 South Asia 2 Program Services Education/Research 227140 Sub-Saharan Africa 2 Program Services Education/Research 480952 Central America and the Caribbean Investments 3490357175 East Asia and the Pacific Investments 129204082 Europe (Including Iceland and Greenland) Investments 25857357 Sub-Saharan Africa Investments 8769147 South Asia Investments 938193766 0 0 2 160 2 160 23997643 4612224628 4636222271 North America (Canada & Mexico only) Grant 100000 Check 0 1 Public Service Center Grants Central America and the Caribbean 1 6000 Check Public Service Center Grants East Asia and the Pacific 2 13000 Check Public Service Center Grants Europe (Including Iceland and Greenland) 1 2500 Check Public Service Center Grants Middle East and North Africa 2 13700 Check Public Service Center Grants North America (Canada & Mexico only) 10 29400 Check Public Service Center Grants South America 4 46000 Check Public Service Center Grants South Asia 3 15200 Check Public Service Center Grants Sub-Saharan Africa 10 28400 Check MISTI Stipend East Asia and the Pacific 54 206717 Check MISTI Stipend Europe (Including Iceland and Greenland) 247 880150 Check MISTI Stipend Middle East and North Africa 45 182871 Check MISTI Stipend North America (Canada & Mexico only) 23 85672 Check MISTI Stipend Russia and Neighboring States 9 54665 Check MISTI Stipend South America 46 182436 Check MISTI Stipend South Asia 19 49054 Check MISTI Stipend Sub-Saharan Africa 41 200900 Check Fellowships East Asia and the Pacific 5 11000 Check Fellowships Europe (Including Iceland and Greenland) 1 8500 Check Fellowships North America (Canada & Mexico only) 3 3600 Check Prizes & Awards East Asia and the Pacific 34 16158 Check Prizes & Awards Europe (Including Iceland and Greenland) 18 11950 Check Prizes & Awards Middle East and North Africa 1 730 Check Prizes & Awards North America (Canada & Mexico only) 16 10509 Check Prizes & Awards Russia and Neighboring States 1 150 Check Prizes & Awards South America 4 2000 Check Prizes & Awards South Asia 5 4917 Check Honoraria Central America and the Caribbean 1 2000 Check Honoraria East Asia and the Pacific 11 26925 Check Honoraria Europe (Including Iceland and Greenland) 21 25703 Check Honoraria Middle East and North Africa 6 12250 Check Honoraria North America (Canada & Mexico only) 21 29660 Check Honoraria South America 5 8275 Check Honoraria South Asia 7 11960 Check Honoraria Sub-Saharan Africa 2 6090 Check true true true true true true Schedule F, Part I, Line 2 Procedures for monitoring use of grant funds MIT PROVIDES SEVERAL TYPES OF GRANTS AND ASSISTANCE TO FOREIGN INDIVIDUALS. FOR PRIZES AND AWARDS, THE INDIVIDUAL MUST HAVE MET THE SPECIFIC CRITERIA FOR THE PARTICULAR PRIZE OR AWARD TO BE SELECTED. IN THE CASE OF FELLOWSHIPS, THE INDIVIDUAL IS REQUIRED TO UTILIZE THE FUNDS FOR RESEARCH AND STUDY AT THE INSTITUTE. GRANTS ARE MADE IN THE CONTEXT OF ACADEMIC OR RESEARCH PROGRAMS: RECIPIENTS SPEND THEIR GRANT FUNDS UNDER THE SUPERVISION OF THE PROGRAM AND ARE ACCOUNTABLE THROUGH THE PROGRAM FOR THE USE OF THE FUNDS. Schedule F, Part I, Line 3 Method used to account for expenditures on org's financial statements CENTRAL AMERICA AND THE CARIBBEAN-Accrual; EAST ASIA AND THE PACIFIC-Accrual; EUROPE (INCLUDING ICELAND AND GREENLAND)-Accrual; MIDDLE EAST AND NORTH AFRICA-Accrual; NORTH AMERICA (CANADA & MEXICO ONLY)-Accrual; RUSSIA AND NEIGHBORING STATES-Accrual; SOUTH AMERICA-Accrual; SOUTH ASIA-Accrual; SUB-SAHARAN AFRICA-Accrual Schedule F, Part II, Line 1 Method used to account for expenditures on org's financial statements NORTH AMERICA (CANADA & MEXICO ONLY)-Accrual Schedule F, Part III Method used to account for expenditures on org's financial statements CENTRAL AMERICA AND THE CARIBBEAN -Accrual EAST ASIA AND THE PACIFIC -Accrual EUROPE (INCLUDING ICELAND AND GREENLAND) -Accrual MIDDLE EAST AND NORTH AFRICA -Accrual NORTH AMERICA (CANADA & MEXICO ONLY) -Accrual RUSSIA AND NEIGHBORING STATES -Accrual SOUTH AMERICA -Accrual SOUTH ASIA -Accrual SUB-SAHARAN AFRICA -Accrual X X X X X X true Helen 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501(c)(3) 749258 Contribution MIT Federal Credit Union 700 Technology Square Cambridge MA 02139 042128083 501(c)(1) 205000 Grant Landmark Bio PBLLC 300 N Beacon Street Suite 201 Watertown MA 02472 853191139 1000000 Contribution 33 43 Tuition Support 6817 501062000 MIT Student Fellowships & Stipends 3989 55219900 Non MIT Student Fellowships & Stipends 548 15156207 Honoraria 1948 1350638 Prizes and Awards 1200 1763277 Public Service Center Grants 175 563150 Student Wages 9189 149517000 External Grants 46 183582 HEERF Grants 8744 8729514 Schedule I, Part II DONOR ADVISED FUNDS PER SCHEDULE I INSTRUCTIONS, MIT HAS INCLUDED DONATIONS FROM DONOR ADVISED FUNDS (DAF) THAT EXCEEDED THE MINIMUM REPORTING THRESHOLD. IN TOTAL, MIT REPORTED 4 IRC 501(C)(3) CHARITABLE ORGANIZATIONS THAT RECEIVED DONATIONS FROM MIT THROUGH THESE DAF. AS WITH ANY DAF, DISTRIBUTIONS MADE FROM THE FUND ARE TYPICALLY MADE AT THE REQUEST OF THE DONOR ADVISOR AND MUST BE MADE TO AN IRC 501(C)(3) CHARITABLE ORGANIZATION. Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. MIT PROVIDES SEVERAL TYPES OF GRANTS AND ASSISTANCE TO INDIVIDUALS AND ORGANIZATIONS. FOR PRIZES AND AWARDS, THE INDIVIDUAL OR ORGANIZATION MUST HAVE MET THE SPECIFIC CRITERIA TO BE SELECTED FOR THE PRIZE OR AWARD. IN THE CASE OF FELLOWSHIPS AND SCHOLARSHIPS, THE INDIVIDUAL IS REQUIRED TO UTILIZE THE FUNDS FOR RESEARCH AND STUDY AT MIT. MIT MAKES GRANTS TO SEVERAL LOCAL CHAPTERS OF NATIONAL FRATERNITIES, SORORITIES AND INDEPENDENT LIVING GROUPS. THESE ORGANIZATIONS ARE COMPRISED OF MIT STUDENTS, AND HOUSE THESE STUDENTS. GRANTS ARE MADE TO SUPPORT THE OPERATIONAL COSTS OF THE EDUCATIONAL PURPOSES OF THE HOUSES (SO THAT THE HOUSES STAY CONSISTENT WITH MIT'S MISSION). IN ORDER FOR AN ORGANIZATION TO RECEIVE AN INDEPENDENT RESIDENCE DEVELOPMENT FUND (IRDF) GRANT, THEY MUST GO THROUGH A RIGOROUS APPLICATION PROCESS. PROCEDURES OF THE INSTITUTE WITH RESPECT TO ADMISSIONS, SCHOLARSHIPS, FELLOWSHIPS, AND STUDENT LOANS ARE PUBLICIZED IN THE INSTITUTE BULLETIN WHICH CONSTITUTES ITS CATALOGUE. FOR GRANTS THAT ARE MADE IN THE CONTEXT OF ACADEMIC OR RESEARCH PROGRAMS, RECIPIENTS SPEND THEIR GRANT FUNDS UNDER THE SUPERVISION OF THE PROGRAM AND ARE ACCOUNTABLE THROUGH THE PROGRAM FOR THE USE OF THE FUNDS. MIT MAY MAKE DISBURSEMENTS TO INDIVIDUALS OR ORGANIZATIONS FOR CHARITABLE PURPOSES INCLUDING SMALL GRANTS TO LOCALLY BASED CHARITABLE ORGANIZATIONS FOR THE PURPOSE OF FOSTERING BETTER COMMUNITY RELATIONS. IN ADDITION, MIT OFFERS OTHER ASSISTANCE FOR HARDSHIPS, INCLUDING COVID RELATED EXPENSES, TO INDIVIDUALS THAT MEET PRE-ESTABLISHED CRITERIA. X X X X true true X X X X X false true false false false false false true false L Rafael Reif President 1037436 0 0 0 83626 0 364500 0 141002 0 1626565 0 0 0 Glen Shor Executive VP and Treasurer 668731 0 0 0 21497 0 34174 0 31559 0 755961 0 0 0 Israel Ruiz Former Executive Committee Member 0 0 0 0 22925 0 0 0 0 0 22925 0 0 0 Diane B Greene Chair of the Corporation 225611 0 0 0 0 0 625 0 46 0 226282 0 0 0 Suzanne L Glassburn Vice President and Secretary 363757 0 0 0 6173 0 46400 0 31131 0 447460 0 0 0 Cynthia Barnhart Provost (Incoming) 517603 0 0 0 23208 0 14500 0 1528 0 556839 0 0 0 Martin Schmidt Provost (Outgoing) 702607 0 0 0 38471 0 52200 0 33745 0 827023 0 0 0 Seth Alexander President of MITIMCo 860135 0 1778631 0 58396 0 379757 0 31290 0 3108210 0 321803 0 Mark DiVincenzo VP and General Counsel 608274 0 0 0 29357 0 46400 0 30990 0 715021 0 0 0 Eric Evans Director of Lincoln Laboratory 588431 0 10000 0 29791 0 52200 0 30873 0 711295 0 0 0 Alfred Ironside VP for Communications 402626 0 0 0 5973 0 35267 0 30801 0 474668 0 0 0 Julie Lucas VP for Resource Development 569675 0 0 0 27528 0 34174 0 10650 0 642028 0 0 0 Melissa Nobles Chancellor 452871 0 0 0 24645 0 46400 0 22884 0 546800 0 0 0 Sanjay Sarma VP for Open Learning 446009 0 0 0 29656 0 37700 0 115201 0 628566 0 0 0 Maria Zuber VP for Research 498714 0 0 0 20257 0 14500 0 21980 0 555451 0 0 0 Ryan Akkina Global Investment Professional - MITIMCo 422413 0 1543616 0 15063 0 363850 0 35434 0 2380375 0 287500 0 Steven Marsh Senior VP - MITIMCo 600382 0 2023130 0 32233 0 463291 0 23107 0 3142143 0 400000 0 Emma Somers-Roy Global Investment Professional - MITIMCo 347675 0 1428070 0 7500 0 399645 0 33514 0 2216404 0 0 0 Vincent Tuohey Global Investment Professional - MITIMCo 400034 0 1332267 0 12810 0 363600 0 34388 0 2143099 0 0 0 Thomas Wieand Global Investment Professional - MITIMCo 450044 0 1548948 0 17400 0 400650 0 30393 0 2447434 0 287500 0 Schedule J, Part I, Line 1a First-class or charter travel MIT ALLOWS BUSINESS/FIRST CLASS TRAVEL AND COMPANION TRAVEL PURSUANT TO GUIDELINES INCLUDED IN A WRITTEN TRAVEL POLICY. ALL MIT EMPLOYEES, INCLUDING OFFICERS, TRUSTEES, KEY EMPLOYEES AND HIGHLY COMPENSATED INDIVIDUALS, ARE SUBJECT TO THE SAME WRITTEN TRAVEL POLICY. Schedule J, Part I, Line 1a Tax indemnification and gross-up payments ONE OF THE INDIVIDUALS DISCLOSED IN SCHEDULE J RECEIVES LIMITED TAX INDEMNIFICATION AND GROSS UP PAYMENTS. ALL TAX INDEMNIFICATION AND GROSS UP PAYMENTS ARE PURSUANT TO A WRITTEN EMPLOYMENT AGREEMENT. Schedule J, Part I, Line 1a Housing allowance or residence for personal use THE MIT PRESIDENT IS REQUIRED TO LIVE IN AN MIT OWNED CAMPUS RESIDENCE AS A CONDITION OF EMPLOYMENT AND AS A CONVENIENCE TO MIT. IRS RULES REQUIRE MIT TO ESTIMATE A VALUE FOR SUCH USE AND TO INCLUDE THE VALUE IN THE PRESIDENT'S TOTAL COMPENSATION AS A "NONTAXABLE BENEFIT" (SCHEDULE J, PART II, COLUMN (D)). AS CALCULATED PURSUANT TO IRS RULES, THE ESTIMATED VALUE IS $118,800 FOR PRESIDENT REIF IN CALENDAR YEAR 2021. Schedule J, Part I, Line 1a Personal services MIT PAYS FOR HOUSEKEEPING OF THE PUBLIC AREAS OF THE PRESIDENT'S HOUSE. FOR THE EXPENSES RELATED TO HOUSEKEEPING SERVICES FOR THE PORTION OF THE MIT OWNED RESIDENCE USED BY THE PRESIDENT'S FAMILY AS THEIR PRIVATE RESIDENCE, MIT INCLUDES THE AMOUNT IN THE PRESIDENT'S TAXABLE INCOME. Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan MIT maintains a deferred compensation account for President Reif. Under the terms of the plan, $350,000 was credited to the account in calendar year 2021. This amount is reflected in Schedule J, Part II, Column C. This amount is a credit only and is subject to vesting requirements. President Reif did not receive any payments from the account during the year. Employees of the MIT Investment Management Company are eligible for incentive compensation based on the performance of the Institute's investments. A portion of their incentive compensation is paid in an initial calendar year, and the remainder is deferred to being paid in the subsequent calendar year contingent on continued service to MITIMCo through specified dates. Incentive compensation actually paid in calendar year 2021 is reflected in Column B(ii). This includes incentive compensation from prior calendar years for which payment was deferred, contingent on continued service. That amount is listed in Column F. Calendar year 2021 incentive compensation for which payment has been deferred contingent on continued service is included in Column C. Schedule J, Part I, Line 7 Non-fixed payments THE MIT INVESTMENT MANAGEMENT COMPANY PAYS CERTAIN EMPLOYEES NON-FIXED AMOUNTS PURSUANT TO AN INCENTIVE COMPENSATION PROGRAM THAT BASES COMPENSATION PAYMENTS ON A NUMBER OF FACTORS. THE PRIMARY BASIS FOR INCENTIVE COMPENSATION PAYMENTS IS THE PERFORMANCE OF MIT'S ENDOWMENT RELATIVE TO PEER AND MARKET BENCHMARKS. THIS IS A COMMON PRACTICE IN HIGHER ED ENDOWMENT MANAGEMENT. IN OTHER INSTANCES, MIT MAY OFFER OTHER EMPLOYEES BONUS PAYMENTS FOR OUTSTANDING PERFORMANCE FROM TIME TO TIME. Schedule J, Part II FORM 990, PART VII THE INDIVIDUALS DISCLOSED IN PART VII OF FORM 990 OFTEN DEVOTE MORE HOURS TO THEIR POSITION THAN THE NUMBER OF HOURS LISTED, WHICH REPRESENT ESTIMATES OF AVERAGE HOURS. INDIVIDUALS WHO ARE ALSO ON THE BOARDS OF MIT'S SUBSIDIARIES AND RELATED ORGANIZATIONS WORK ADDITIONAL HOURS PER WEEK AS LISTED IN COLUMN (B) OF FORM 990, PART VII. A MASSACHUSETTS HEALTH & EDUCATIONAL FAC 042456011 57585K3G1 2003-05-07 204790814 CONSTRUCTION/RENOVATION/REFUNDING false false false B MASSACHUSETTS HEALTH & EDUCATIONAL FAC 042456011 57586CBP9 2004-04-02 150854243 CONSTRUCTION AND RENOVATION false false false C Massachusetts Development Finance Agency 043431814 57584YWJ4 2020-01-09 211028108 Construction and renovation false false false A 69190000 0 205361234 0 0 0 1040170 0 0 204321064 0 0 2005 true false true true B 62350000 0 151599210 0 0 0 854243 0 0 150744967 0 0 2005 false false true true C 0 0 211682982 0 0 0 998372 0 0 204017519 0 6667091 false false false A false false true true true true 0.0227 0.0 0.0227 false false true B false false true true true true 0.0268 0.0 0.0268 false false true C false false true true false 0.0387 0.0 0.0387 false false true A false true false false false false true B false true false false false false true C false true true false false false false true A true B true C true Schedule K, Part II LINE 3 TOTAL PROCEEDS ARE NOT IDENTICAL TO THE ISSUE PRICE LISTED IN PART I COLUMN (E) DUE TO INVESTMENT EARNINGS. Schedule K, Part III Line 4 PRIVATE BUSINESS USE ADDITIONAL INFORMATION IT IS MIT'S POLICY TO ENSURE THAT ITS MANAGEMENT CONTRACTS FALL WITHIN THE SAFE HARBORS SET FORTH IN REVENUE PROCEDURE 97-13, NOTICE 2014-67, AND REVENUE PROCEDURE 2017-13, AND THAT ITS PRIVATE SPONSORED RESEARCH CONTRACTS FALL WITHIN THE REVENUE PROCEDURE 2007-47'S SAFE HARBOR (TOGETHER, THESE TWO TYPES OF CONTRACTS ARE REFERRED TO IN THIS FORM 990 AS "OUTSIDE CONTRACTS"). THIS POLICY ENSURES THAT IN THE UNLIKELY EVENT THAT PRIVATE BUSINESS USE MIGHT ARISE THAT SUCH USE WILL BE MAINTAINED AT A LEVEL THAT IS BELOW THE 5% SAFE HARBOR OF EACH BOND ISSUE. MIT REGULARLY REVIEWS ITS PROCEDURES IN ORDER TO ENSURE COMPLIANCE WITH ITS PRIVATE BUSINESS USE POLICY. 152919 FELLOWSHIP EDUCATION PAMELA EVANS FAMILY MEMBER OF ERIC EVANS, KEY EMPLOYEE 332191 MIT EMPLOYMENT false Jordan Mizerak Family Member of Maria Zuber, Key Employee 17548 MIT Employment false X 21 NONE X NONE X NONE X 1 52000 Market value X 575 36953189 Market value X 1 3900000 Market value X 6 NONE X Equipment 8 235032 Market value X Archival Records 4 NONE X Digital Assets 5 6818347 Market value X Other 3 NONE 4 false true true Schedule M, Part I, Line 32b Third parties used to solicit, process, or sell noncash contributions MIT Real Estate Foundation, Inc.'s primary purpose is to hold and sell gifts of real estate and property for MIT. During fiscal year 2022, MIT used a third party to accept and sell cryptocurrency donations. Schedule M, Part I, Line 33 Noncash contribution amounts not reported MIT records items of collections as a gift at nominal value. They are received for educational purposes and generally displayed throughout MIT. They are not disposed of for financial gain or otherwise encumbered in any manner. Form 990, Part VI, Line 1a VOTING MEMBERS THE MIT BYLAWS VEST IN THE EXECUTIVE COMMITTEE OF THE MIT CORPORATION THE RESPONSIBILITY FOR OVERSEEING THE GENERAL ADMINISTRATION AND SUPERINTENDENCE OF ALL MATTERS RELATING TO MIT, INCLUDING ITS EDUCATIONAL AND RESEARCH PROGRAMS, ADMINISTRATION PERFORMANCE, FINANCIAL AFFAIRS, ENDOWMENT, REAL PROPERTY, POLICIES, SYSTEMS, CONTROLS, SPECIAL CONTRACT SERVICES, AND FACULTY TENURE DECISION APPROVAL. THE EXECUTIVE COMMITTEE MEETS NINE OR MORE TIMES EACH YEAR. THE MIT CORPORATION IS A BODY CURRENTLY COMPRISED OF 75 INDIVIDUALS (REFERRED TO AS MEMBERS OF THE CORPORATION), INCLUDING DISTINGUISHED LEADERS IN SCIENCE, ENGINEERING, INDUSTRY, EDUCATION AND PUBLIC SERVICE. CONSISTENT WITH THE MIT BYLAWS, THE CORPORATION MEMBERS ACT AS STEWARDS OF THE PUBLIC TRUST TO PRESERVE MIT'S MISSION. THE CORPORATION MEETS FOUR TIMES EACH YEAR. RECOGNIZING THE SPECIFIC OVERSIGHT RESPONSIBILITY OF THE EXECUTIVE COMMITTEE FOR MIT'S OPERATIONS, MIT TREATS THE EXECUTIVE COMMITTEE AS MIT'S GOVERNING BODY FOR PURPOSES OF RESPONDING TO THE FORM 990. Form 990, Part VI, Line 6 Classes of members or stockholders The MIT Corporation elects the members of MIT's governing body (the Executive Committee of the Corporation), with the exception of the Chair of the MIT Investment Management Company Board of Directors, who is appointed by the Executive Committee. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body The MIT Corporation elects the members of MIT's governing body (the Executive Committee of the Corporation), with the exception of the Chair of the MIT Investment Management Company Board of Directors, who is appointed by the Executive Committee. Form 990, Part VI, Line 11b Review of form 990 by governing body MIT'S OFFICERS RESPONSIBLE FOR MIT'S TAX MATTERS PREPARE MIT'S FORM 990 WITH EXTENSIVE ASSISTANCE FROM MIT'S ACADEMIC AND ADMINISTRATIVE UNITS. SENIOR MIT OFFICERS THEN REVIEW THE FORM 990. FOLLOWING THAT REVIEW AND BEFORE THE FORM 990 IS FILED, MIT'S RISK AND AUDIT COMMITTEE AND EXECUTIVE COMMITTEE (MIT'S GOVERNING BODY) ARE PROVIDED WITH THE FORM AND RELATED SCHEDULES FOR THEIR REVIEW AND COMMENT. Form 990, Part VI, Line 12c Conflict of interest policy MONITORING AND ENFORCING COMPLIANCE WITH CONFLICT OF INTEREST POLICIES DISCLOSURE: MIT HAS TWO PRIMARY CONFLICT OF INTEREST POLICIES - THE POLICY CONCERNING AVOIDANCE OF CONFLICTS OF INTEREST WHICH COVERS ALL INDIVIDUALS SERVING ON THE MIT EXECUTIVE COMMITTEE (MIT'S GOVERNING BODY) AND CORPORATION, AND THE SECTION OF MIT'S POLICIES AND PROCEDURES TITLED CONFLICT OF INTEREST, WHICH IS GENERALLY APPLICABLE TO ALL MEMBERS OF THE MIT COMMUNITY. ANNUAL DISCLOSURE BOTH POLICIES REQUIRE THAT COVERED INDIVIDUALS ANNUALLY ACKNOWLEDGE IN WRITING THAT THEY ARE AWARE OF THE POLICY AND IDENTIFY ANY RELATIONSHIPS OR RESPONSIBILITIES THAT HAVE THE POTENTIAL OF PRODUCING CONFLICTS OF INTEREST. EACH YEAR, DISCLOSURE FORMS ARE DISTRIBUTED TO THOSE COVERED BY THESE POLICIES. IF A RESPONSE REVEALS A CONFLICT OR POTENTIAL CONFLICT, SUCH CONFLICT IS REFERRED TO THE APPROPRIATE INDIVIDUAL OR BODY FOR CONSIDERATION AND MANAGEMENT. AD HOC DISCLOSURE IN ADDITION TO THE ANNUAL DISCLOSURE PROCESS, POTENTIAL CONFLICTS OF INTEREST OF INDIVIDUALS SERVING ON THE MIT EXECUTIVE COMMITTEE, ON THE CORPORATION OR AS OFFICERS, ARE RAISED, CONSIDERED AND ADDRESSED ON AN AD HOC BASIS. UNDER THE POLICY CONCERNING AVOIDANCE OF CONFLICTS OF INTEREST, IF A MATTER COMES BEFORE THE CORPORATION OR EXECUTIVE COMMITTEE THAT INVOLVES A PERSONAL OR BUSINESS OR OTHER FINANCIAL INTEREST OF A MEMBER OR OFFICER OF THE CORPORATION OR A MEMBER OF HIS OR HER IMMEDIATE FAMILY, THE INDIVIDUAL IS REQUIRED TO DISCLOSE THE INTEREST, REFRAIN FROM PARTICIPATING IN THE DISCUSSION OF THE MATTER (EXCEPT AS NECESSARY TO ANSWER QUESTIONS ASKED BY THE OTHER CORPORATION OR EXECUTIVE COMMITTEE MEMBERS) AND REFRAIN FROM VOTING AND BEING PRESENT WHEN THE VOTE IS TAKEN. IF THE MATTER INVOLVES ONGOING DECISION MAKING OR INVOLVEMENT, THE CORPORATION OR EXECUTIVE COMMITTEE CONTINUES TO MONITOR AND MANAGE THE CONFLICT. WITH RESPECT TO OFFICERS, MIT RELIES UPON A COMBINATION OF THE ANNUAL DISCLOSURES, THE OFFICERS' OBLIGATIONS TO DEVOTE THEIR FULL TIME AND EFFORT TO THE INSTITUTE, THE OFFICERS' FIDUCIARY OBLIGATION TO THE INSTITUTE AND THE OFFICERS' JUDGMENT TO ENSURE THAT CONFLICTS ARE IDENTIFIED. IF A CONFLICT IS IDENTIFIED, THE CONFLICT IS EITHER ELIMINATED OR MANAGED. Form 990, Part VI, Line 15a Process to establish compensation of top management official THE SALARY SUBCOMMITTEE, A COMMITTEE DESIGNATED BY THE EXECUTIVE COMMITTEE OF THE MIT CORPORATION, REVIEWS DATA ON AN ANNUAL BASIS REGARDING PAY COMPARISONS OF OTHER PEER INSTITUTIONS AND SURVEY DATA COLLECTED BY WILLIS TOWERS WATSON. UPON REVIEW AND DISCUSSION OF THE DATA AND PERFORMANCE FEEDBACK FOR THE INDIVIDUAL, THE SALARY SUBCOMMITTEE MAKES A COMPENSATION DECISION. THE COMMITTEE'S DELIBERATIONS ARE RECORDED IN A TIMELY MANNER IN THE MEETING MINUTES. Form 990, Part VI, Line 15b Process to establish compensation of other employees THE SALARY SUBCOMMITTEE, A COMMITTEE DESIGNATED BY THE EXECUTIVE COMMITTEE OF THE MIT CORPORATION, REVIEWS DATA ON AN ANNUAL BASIS REGARDING PAY COMPARISONS OF OTHER PEER INSTITUTIONS AND SURVEY DATA COLLECTED BY WILLIS TOWERS WATSON. UPON REVIEW AND DISCUSSION OF THE DATA AND PERFORMANCE FEEDBACK FOR THE INDIVIDUAL, THE SALARY SUBCOMMITTEE MAKES A COMPENSATION DECISION. THE COMMITTEE'S DELIBERATIONS ARE RECORDED IN A TIMELY MANNER IN THE MEETING MINUTES. Form 990, Part VI, Line 19 Required documents available to the public THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE ON MIT'S WEBSITE HTTP://WEB.MIT.EDU. Form 990, Part XI, Line 9 Other changes in net assets or fund balances NET CHANGE IN LIFE INCOME FUNDS - -21953000; POSTRETIREMENT PLAN CHANGES OTHER THAN NET PERIODIC BENEFIT COSTS - -XXX-XX-XXXX; OTHER CHANGES - 63424000; Schedule F, Part I, Line 3(a) Subrecipient Agreements A SUBRECIPIENT AGREEMENT IS A RESEARCH SUBCONTRACT WHERE MIT ENGAGES A THIRD PARTY TO PERFORM EXPERIMENTAL, DEVELOPMENTAL, OR RESEARCH WORK GENERALLY IN CONNECTION WITH A SPONSORED RESEARCH AGREEMENT. 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CLASS B SHAREHOLDERS HAVE THE RIGHT TO RECEIVE THE SAME DISTRIBUTIONS WITH RESPECT TO THEIR STOCK AS DO CLASS A SHAREHOLDERS. CLASS B SHAREHOLDERS HAVE NO VOTING POWER OVER BOARD MEMBERSHIP, CORPORATE GOVERNANCE OR OPERATIONAL MATTERS. CLASS B SHAREHOLDERS ARE NOT PERMITTED TO SELL THEIR STOCK WITHOUT THE APPROVAL OF THE BOSE BOARD. Schedule R, Part II AS A RESULT OF MIT'S CONTROL OF AN ORGANIZATION THAT CONTROLS ANOTHER ORGANIZATION WHICH SERVES AS THE CENTRAL ORGANIZATION UNDER A GROUP EXEMPTION, MIT HAS RELATED ORGANIZATIONS THAT ARE SUBORDINATE ORGANIZATIONS INCLUDED IN A GROUP EXEMPTION. PURSUANT TO IRS INSTRUCTIONS, THESE ORGANIZATIONS ARE NOT REQUIRED TO BE SEPARATELY LISTED ON SCHEDULE R.