2018-05-14T16:03:01-05:00 2017-06-30 990 2016-07-01 042103594 Massachusetts Institute of Technology MASS 6173248142 77 MASSACHUSETTS AVENUE NE49-3142 Cambridge MA 021394307 ISRAEL RUIZ EXECUTIVE VP & TREASURER 2018-05-14 2016 2022-09-23 18:48:47Z L RAFAEL REIF 77 MASSACHUSETTS AVENUE Cambridge MA 02139 35662981000 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. 10 7 24983 16865 25482000 -27200283 963130000 1028323000 2115709000 2170094000 740991000 801732000 141590000 137773000 3961420000 4137922000 541560000 578183000 0 1514886000 1609272000 575000 144000 54686000 1547373000 1564020000 3604394000 3751619000 357026000 386303000 22177032000 23727446000 5292256000 4721213000 16884776000 19006233000 X 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 1465110000 91857000 1435548000 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. 928448000 163701000 695727000 INSTRUCTION AND UNSPONSORED RESEARCH: MIT IS COMMITTED TO PROVIDING A WORLD-CLASS EDUCATION TO OUR APPROXIMATELY 4,500 UNDERGRADUATES AND APPROXIMATELY 6,800 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 FIVE SCHOOLS (SCIENCE; ENGINEERING; HUMANITIES, ARTS & SOCIAL SCIENCES; ARCHITECTURE & PLANNING; AND MANAGEMENT) CREATE THE FOUNDATION OF A RIGOROUS MIT EDUCATION, WHICH IS HEIGHTENED BY SERVICE TO COMMUNITIES AROUND THE WORLD. 318610000 318610000 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 2016-2017, APPROXIMATELY 56% 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 2017 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. 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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 OF ART 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 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 GRADUATE AND UNDERGRADUATE STUDENT SCHOLARSHIPS, FELLOWSHIPS AND STUDENT LOANS, PROFESSORSHIPS, 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 and recognize a tax liability (or asset) if the Institute has taken an uncertain 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, 2017, there are no significant uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. 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 HTTP://MITADMISSIONS.ORG/PAGES/POLICIES. MIT'S RACIALLY NONDISCRIMINATORY POLICY FOR THE GENERAL COMMUNITY CAN BE FOUND IN MIT'S POLICIES & PROCEDURES 7.1.1. AND 9.2 OR CAN BE FOUND ON THE INSTITUTE'S WEBSITE AT HTTP://WEB.MIT.EDU/POLICIES/. THE INSTITUTE CUSTOMARILY DRAWS A SUBSTANTIAL PERCENTAGE OF ITS STUDENTS NATIONWIDE AND WORLDWIDE AND MAKES ITS RACIALLY NONDISCRIMINATORY POLICY AS TO STUDENTS KNOWN TO ALL SEGMENTS OF THE GENERAL COMMUNITY IT SERVES BY INCLUDING A STATEMENT OF ITS RACIALLY NONDISCRIMINATORY POLICY AS TO STUDENTS IN ALL ITS BROCHURES AND CATALOGUES DEALING WITH STUDENT ADMISSIONS, PROGRAMS, AND SCHOLARSHIPS. THE INSTITUTE ENROLLS STUDENTS OF RACIAL MINORITY GROUPS IN MEANINGFUL 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. true East Asia and the Pacific Program Services Subrecipient Agreements 1462363 Europe (Including Iceland and Greenland) Program Services Subrecipient Agreements 2707219 Middle East and North Africa Program Services Subrecipient Agreements 471955 North America (Canada & Mexico only) Program Services Subrecipient Agreements 279564 South America Program Services Subrecipient Agreements 382603 South Asia Program Services Subrecipient Agreements 870012 Sub-Saharan Africa Program Services Subrecipient Agreements 722866 Central America and the Caribbean Grantmaking 8219 East Asia and the Pacific Grantmaking 671282 Europe (Including Iceland and Greenland) Grantmaking 966414 Middle East and North Africa Grantmaking 353270 North America (Canada & Mexico only) Grantmaking 292054 Russia and Neighboring States Grantmaking 126950 South 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Grants South Asia 10 31747 Check Public Service Center Grants Sub-Saharan Africa 18 69937 Check MISTI Stipend East Asia and the Pacific 151 496310 Check MISTI Stipend Europe (Including Iceland and Greenland) 403 683465 Check MISTI Stipend Middle East and North Africa 103 299319 Check MISTI Stipend North America (Canada & Mexico only) 61 96950 Check MISTI Stipend Russia and Neighboring States 29 109832 Check MISTI Stipend South America 121 375130 Check MISTI Stipend South Asia 92 268296 Check MISTI Stipend Sub-Saharan Africa 17 25000 Check Fellowships Central America and the Caribbean 6 5219 Check Fellowships East Asia and the Pacific 22 55083 Check Fellowships Europe (Including Iceland and Greenland) 25 76060 Check Fellowships Middle East and North Africa 13 26810 Check Fellowships North America (Canada & Mexico only) 13 22056 Check Fellowships Russia and Neighboring States 4 8000 Check Fellowships South America 14 26164 Check Fellowships South Asia 34 87522 Check Fellowships Sub-Saharan Africa 23 23116 Check Prizes & Awards Central America and the Caribbean 1 3000 Check Prizes & Awards East Asia and the Pacific 73 97524 Check Prizes & Awards Europe (Including Iceland and Greenland) 77 122833 Check Prizes & Awards Middle East and North Africa 13 17555 Check Prizes & Awards North America (Canada & Mexico only) 37 156231 Check Prizes & Awards Russia and Neighboring States 1 301 Check Prizes & Awards South America 16 44320 Check Prizes & Awards South Asia 34 57427 Check Prizes & Awards Sub-Saharan Africa 9 7114 Check Honoraria East Asia and the Pacific 17 7864 Check Honoraria Europe (Including Iceland and Greenland) 69 63542 Check Honoraria Middle East and North Africa 2 586 Check Honoraria North America (Canada & Mexico only) 19 11517 Check Honoraria Russia and Neighboring States 2 3817 Check Honoraria South America 8 2994 Check Honoraria South Asia 2 700 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 IN FURTHERANCE OF THEIR EDUCATION AT MIT. 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(a) LINE 3A 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. 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 IN FURTHERANCE OF THEIR EDUCATION AT MIT. 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. 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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 IN FURTHERANCE OF THEIR EDUCATION 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. MIT GENERALLY DOES NOT MAKE DISBURSEMENTS TO INDIVIDUALS OR ORGANIZATIONS FOR CHARITABLE PURPOSES, EXCEPT THROUGH THE MIT COMMUNITY SERVICE FUND. THIS FUND'S RESOURCES COME PRIMARILY FROM CONTRIBUTIONS FROM MEMBERS OF THE MIT COMMUNITY. MIT DISBURSES THESE FUNDS FOR CHARITABLE PURPOSES INCLUDING SMALL GRANTS, INSUBSTANTIAL IN THE AGGREGATE, TO LOCALLY BASED CHARITABLE ORGANIZATIONS FOR THE PURPOSE OF FOSTERING BETTER COMMUNITY RELATIONS. PROCEDURES OF THE INSTITUTE WITH RESPECT TO ADMISSIONS, SCHOLARSHIPS, FELLOWSHIPS, AND STUDENT LOANS ARE PUBLICIZED IN THE INSTITUTE BULLETIN WHICH CONSTITUTES ITS CATALOGUE. 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. X X X X X true true X X X X X false true false false false false false true false Robert B Millard Chairman of the Corporation 325232 0 0 0 5980 0 20575 0 26334 0 378121 0 0 0 L Rafael Reif President 908515 0 0 0 66259 0 13250 0 114453 0 1102476 0 0 0 Israel Ruiz Executive VP and Treasurer 670617 0 0 0 29690 0 29150 0 25856 0 755313 0 0 0 Susan Hockfield President Emerita and Professor 663943 0 0 0 43276 0 13250 0 29509 0 749978 0 0 0 R Gregory Morgan Senior VP and Secretary of the Corporation 595836 0 0 0 34660 0 50350 0 20532 0 701378 0 0 0 Claude Canizares (Former Vice President) Professor 350023 0 0 0 12054 0 13250 0 21615 0 396942 0 0 0 W Eric Grimson (Former Chancellor) Chancellor for Academic Advancement 374339 0 0 0 10635 0 13250 0 21226 0 419449 0 0 0 Chris Kaiser (Former Provost) Professor 362496 0 0 0 13210 0 39750 0 20746 0 436202 0 0 0 Seth Alexander President of MITIMCo 649208 0 1100721 0 36500 0 291206 0 27840 0 2105475 0 0 0 Cynthia Barnhart Chancellor 439671 0 0 0 11052 0 39750 0 26628 0 517100 0 0 0 Mark DiVincenzo VP and General Counsel 439738 0 0 0 10498 0 34450 0 27869 0 512555 0 0 0 Eric Evans Director of Lincoln Laboratory 486538 0 0 0 20190 0 39750 0 30360 0 576838 0 0 0 Kirk Kolenbrander Vice President 340960 0 0 0 7925 0 39750 0 32252 0 420886 0 0 0 Julie Lucas VP for Resource Development 446678 0 29700 0 21645 0 28681 0 9798 0 536502 0 0 0 Sanjay Sarma VP for Open Learning 393363 0 0 0 106932 0 29150 0 29633 0 559079 0 0 0 Martin Schmidt Provost 624031 0 0 0 26960 0 39750 0 78490 0 769231 0 0 0 Maria Zuber VP for Research 426184 0 0 0 11196 0 39750 0 20402 0 497532 0 0 0 Ryan Akkina Global Investment Professional - MITIMCO 292858 0 612629 0 0 0 180100 0 19522 0 1105109 0 0 0 Matthew Fisher Global Investment Professional - MITIMCO 297135 0 595517 0 0 0 180100 0 9798 0 1082549 0 0 0 Steven Marsh Managing Director - MITIMCo 529925 0 939624 0 26000 0 281000 0 27874 0 1804422 0 0 0 Ivan Werning Professor - Economics 664185 0 0 0 273912 0 23850 0 1387 0 963334 0 0 0 Thomas Wieand Global Investment Professional - MITIMCO 385782 0 631068 0 11000 0 188600 0 26266 0 1242716 0 0 0 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. 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 Travel for companions COMPANION TRAVEL IS ONLY REIMBURSED BY MIT IF THERE IS A BONA FIDE BUSINESS PURPOSE FOR THE COMPANION TO TRAVEL, CONSISTENT WITH MIT'S WRITTEN POLICY. DOCUMENTATION OF THE COMPANION'S BUSINESS PURPOSE IS REQUIRED. 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 $93,600 FOR PRESIDENT REIF IN CALENDAR YEAR 2016. Schedule J, Part I, Line 1a Personal services MIT PAYS FOR HOUSEKEEPING OF THE PUBLIC AREAS OF THE HOUSE AND MIT INCLUDES IN THE PRESIDENT'S TAXABLE INCOME AN AMOUNT OF EXPENSES RELATED TO HOUSEKEEPING SERVICES FOR THE PORTION OF THE MIT OWNED RESIDENCE USED BY THE PRESIDENT'S FAMILY AS THEIR PRIVATE RESIDENCE. Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan IN CALENDAR YEAR 2012 FORMER PRESIDENT HOCKFIELD VESTED IN A NONQUALIFIED DEFERRED ANNUITY ARRANGEMENT. SHE BEGAN TO RECEIVE PAYMENTS IN CALENDAR YEAR 2016. 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. 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 HEALTH & EDUCATIONAL FAC 042456011 57586ECM1 2009-01-08 274996289 CONSTRUCTION AND RENOVATION true false false A 43190000 0 205361234 0 0 0 1040170 0 0 204321064 0 0 2005 true false true true B 28785000 0 151599210 0 0 0 854243 0 0 150744967 0 0 2005 false false true true C 88000000 178460000 276649117 0 0 0 1558146 0 0 275090971 0 0 2010 false false true true A false false true false true false 0.0071 0.0 0.0071 false false true B false false true false true false 0.008 0.0 0.008 false false true C false false true false true false 0.0292 0.0 0.0292 false false true A false true false false false false true B false true false false false false true C false true false false false false true A true B true C true Schedule K, Part III Lines 3B & 3D MIT ROUTINELY REVIEWS RESEARCH AGREEMENTS RELATING TO ITS BOND-FINANCED PROPERTY FOR PRIVATE BUSINESS USE, USING EITHER IN-HOUSE COUNSEL, OUTSIDE COUNSEL, OR PROFESSIONAL CONTRACT REVIEWERS WHO HAVE EXTENSIVE EXPERIENCE WITH RESPECT TO THE PRIVATE BUSINESS USE RULES AND THE SAFE HARBORS SET FORTH IN REV. PROC. 2007-47 AND REV. PROC. 97-13. 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 SINCE THE IRS FIRST ISSUED ITS UNDERLYING REVENUE PROCEDURES 1997-13 AND 1997-14, IT HAS BEEN MIT'S POLICY TO ENSURE THAT ITS MANAGEMENT CONTRACTS FALL WITHIN REVENUE PROCEDURE 97-13'S SAFE HARBOR, 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. Schedule K, Part I, Column (a) Line A DETAILS OF REFUNDED BOND ISSUES: HEFA SERIES L BOND (ISSUED MAY 7, 2003) WAS USED FOR CONSTRUCTION AND RENOVATIONS AND TO REFUND HEFA SERIES H BOND ISSUED ON APRIL 6, 1993. HEFA SERIES H BOND WAS USED FOR CONSTRUCTION AND TO REFUND HEFA SERIES D BOND ISSUED MAY 14, 1980. SUSAN HOCKFIELD PRESIDENT EMERITA & PROFESSOR MORTGAGE X 500000 500000 false true true 500000 PAMELA EVANS FAMILY MEMBER OF ERIC EVANS, KEY EMPLOYEE 269473 MIT EMPLOYMENT false THOMAS BYRNE FAMILY MEMBER OF SUSAN HOCKFIELD, FORMER OFFICER 50000 MIT EMPLOYMENT false X 4 0 NONE X 2 0 NONE X 1 0 NONE X 0 NONE X 0 NONE X 1013 38069905 Market value X 22 1160462 Market value X 1 50637 Market value X 0 0 NONE X Equipment 12 41780 Market value X Archival Records 9 0 NONE X Other 1 0 NONE 3 true true true Schedule M, Part I LINE 33 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. Schedule M, Part I, Line 30b Property contributions that must be held for three years MIT received 30 year US Government Zero Coupon Bonds as a bequest gift, subject to the condition that MIT hold the bonds to maturity. 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 THE MASSACHUSETTS INSTITUTE OF TECHNOLOGY. Schedule M, Part I Explanations of reporting method for number of contributions Art - Works of art - NUMBER OF CONTRIBUTIONS Art - Fractional interests - NUMBER OF CONTRIBUTIONS Art - Historical treasures - NUMBER OF CONTRIBUTIONS Securities - Publicly traded - NUMBER OF ITEMS Securities - Closely held stock - NUMBER OF ITEMS Securities - Miscellaneous - NUMBER OF ITEMS Historical artifacts - NUMBER OF CONTRIBUTIONS Other - Equipment NUMBER OF CONTRIBUTIONS Other - Archival Records NUMBER OF CONTRIBUTIONS Other - Other NUMBER OF CONTRIBUTIONS Form 990, Part III, Line 4d Description of other program services (Expenses $ 131,195,000 including grants of $ 4,016,000)(Revenue $ 242,941,000) THIS ITEM CONSISTS OF 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 WHICH 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. 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 78 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 7a Members or stockholders electing members of governing body THE MIT CORPORATION ELECTS THE NON EX-OFFICIO MEMBERS OF MIT'S GOVERNING BODY (THE EXECUTIVE COMMITTEE OF THE CORPORATION). EX-OFFICIO MEMBERS OF THE EXECUTIVE COMMITTEE ARE THE CHAIR OF THE CORPORATION, THE PRESIDENT, THE EXECUTIVE VICE-PRESIDENT AND TREASURER, AND THE CHAIR OF THE INVESTMENT MANAGEMENT COMPANY BOARD OF DIRECTORS. 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 BY THE SALARY SUBCOMMITTEE, NO MEMBER OF WHICH HAS A CONFLICT OF INTEREST, A COMPENSATION DECISION IS MADE. 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 BY THE SALARY SUBCOMMITTEE, NO MEMBER OF WHICH HAS A CONFLICT OF INTEREST, A COMPENSATION DECISION IS MADE. 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 - 17704000; POSTRETIREMENT PLAN CHANGES OTHER THAN NET PERIODIC BENEFIT COSTS - XXX-XX-XXXX; OTHER CHANGES - -3494000; Form 990, Part VI, Line 2 - BUSINESS RELATIONSHIP ISRAEL RUIZ AND ALAN SPOON ARE MEMBERS OF THE BOARD AT FORTIVE CORPORATION. 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