2015-05-14T14:02:26-05:00 2014-06-30 990 2013-07-01 042103594 MASSACHUSETTS INSTITUTE OF TECHNOLOGY MASS 6172532777 77 MASSACHUSETTS AVENUE NE49-3142 Cambridge MA 021394307 ISRAEL RUIZ EXECUTIVE VP & TREASURER 2015-05-14 2013 2016-02-25 16:41:14Z L RAFAEL REIF 77 MASSACHUSETTS AVENUE Cambridge MA 02139 37461962000 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. 14 11 23471 14589 15664000 -23809643 817616000 956016000 1861711000 1817391000 731033000 969651000 587108000 327607000 3997468000 4070665000 479075000 500114000 0 0 1289034000 1352138000 193000 0 43002000 1354748000 1299487000 3123050000 3151739000 874418000 918926000 17675782000 20337912000 3767239000 4256964000 13908543000 16080948000 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 1251631000 80281000 1272290000 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. SEE SCHEDULE O. 777382000 145990000 642185000 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 & URBAN PLANNING; AND MANAGEMENT) CREATE THE FOUNDATION OF A RIGOROUS MIT EDUCATION, WHICH IS HEIGHTENED BY SERVICE TO COMMUNITIES AROUND THE WORLD. 271299000 271299000 0 SCHOLARSHIPS AND FELLOWSHIPS (TUITION DISCOUNT): 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 2013-2014, APPROXIMATELY 56% OF ALL UNDERGRADUATES RECEIVED SOME TYPE OF NEED-BASED FINANCIAL AID FROM MIT. FINANCIAL AID FOR GRADUATE STUDENTS INCLUDES FELLOWSHIPS, TRAINEESHIPS, TEACHING AND RESEARCH ASSISTANTSHIPS, AND LOANS. 114743000 2543000 212172000 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. 114743000 2543000 212172000 2415055000 true true false true false false true false true true true false false true true false true true true true true true false true false false true true true true false false false false false true true false true true true true false false true true true true true false true 24252 0 true 23471 true true true true AR BD BR CJ DA GR GK HU IN IS KS MY RP RO SN TW TH TU UK false false false true true true 1 false false false X 14 11 true false false false false true false true true false true false true true true true true true true true true true MA OK X BASIL A STEWART 6172532777 77 MASSACHUSETTS AVENUE NE49-3142 Cambridge MA 02139 ISRAEL RUIZ Executive VP & Treasurer 60.00 2.00 X X 523841 0 48742 JOHN S REED Chairman of the Corporation 30.00 2.00 X X 276557 0 3831 L RAFAEL REIF President 60.00 2.00 X X 783877 0 107197 A NEIL PAPPALARDO Executive Committee Member 5.00 0 X 0 0 0 ARTHUR J SAMBERG Executive Committee Member 5.00 0 X 0 0 0 BARRIE R ZESIGER Executive Committee Member 5.00 0 X 0 0 0 DENIS A BOVIN Executive Committee Member 5.00 1.00 X 0 0 0 DIANA CHAPMAN WALSH Executive Committee Member 5.00 0 X 0 0 0 HENRICUS A TERMEER Executive Committee Member 5.00 0 X 0 0 0 JAMES A CHAMPY Executive Committee Member 5.00 0 X 0 0 0 JOHN A THAIN Executive Committee Member 5.00 1.00 X 0 0 0 LAWRENCE K FISH Executive Committee Member 5.00 0 X 0 0 0 ROBERT B MILLARD Executive Committee Member 5.00 1.00 X 0 0 0 SUSAN E WHITEHEAD Executive Committee Member 5.00 0 X 0 0 0 KIRK KOLENBRANDER VP & Secretary of the Corporation 60.00 0 X 303601 0 62291 CHRIS KAISER Provost (Outgoing) 60.00 1.00 X 530429 0 58968 CLAUDE CANIZARES VP 60.00 0 X 349949 0 56210 CYNTHIA BARNHART Chancellor (Incoming) 60.00 1.00 X 277510 0 72667 ERIC EVANS Director of Lincoln Laboratory 60.00 0 X 438052 0 61346 JEFFREY NEWTON VP of Resource Development 60.00 0 X 413969 0 53086 MARIA ZUBER VP for Research 60.00 2.50 X 368470 0 109534 MARTIN SCHMIDT Provost (Incoming) 60.00 2.00 X 300277 0 106084 R GREGORY MORGAN VP & General Counsel 60.00 0 X 567535 0 65591 SETH ALEXANDER President of MITIMCo 60.00 2.00 X 1360610 0 50220 W ERIC GRIMSON Chancellor (Outgoing) 60.00 1.00 X 328789 0 70820 DANIEL STEELE Global Investment Professional 60.00 0 X 718778 0 64735 DAVID SCHMITTLEIN Dean Sloan School of Mgmt 60.00 0 X 725584 0 43872 NELSON REPENNING Professor Sloan School of Mgmt 60.00 0 X 705394 0 44748 STEVEN MARSH Managing Director - 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MIT'S EFFORTS REGARDING LEGISLATIVE AND RELATED ACTIVITIES IN FY 2014 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. X X X false 11005930000 192422000 1921163000 104323000 411108000 14308000 12589776000 10308273000 136980000 1075065000 98947000 400353000 15088000 11005930000 9853574000 180985000 754548000 93944000 374661000 12229000 10308273000 8463458000 313644000 1431852000 88414000 254932000 12034000 9853574000 8151805000 61779000 768418000 104997000 396737000 16810000 8463458000 0.29460 0.21530 0.49010 true true true 63308000 63308000 3448973000 1195950000 2253023000 64733000 375000 64358000 297851000 58752000 239099000 0 2619788000 0 0 INTEREST RATE SWAPS -26722000 F ABSOLUTE RETURN 1643868000 F OTHER 9221000 F SPLIT INTEREST AGREEMENTS 147182000 F EQUITIES 6939351000 F FIXED INCOME 285815000 F MINORITY INTERESTS 287825000 F REAL ESTATE & REAL ASSETS 3117448000 F 12403988000 0 ADVANCE PAYMENTS 386367000 NONCONTROLLING INTERESTS 287825000 ACCRUED BENEFITS 48830000 DEFERRED REVENUE AND OTHER CREDITS 16017000 GOVERNMENT ADVANCES 35037000 774076000 X SCHEDULE D, PART III, PART III, LINE 1A 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 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, 2014, 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 SEE NEXT PAGE SCHEDULE E, PART I, LINE 3, PART I, LINE 3 PART I, LINE 3 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. 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 NON-DISCRIMINATORY POLICY AS TO STUDENTS KNOWN TO ALL SEGMENTS OF THE GENERAL COMMUNITY IT SERVES BY INCLUDING A STATEMENT OF ITS RACIALLY NON-DISCRIMINATORY 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 6a, Financial aid or assistance from a governmental agency MIT RECEIVES PELL, FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY AND PERKINS LOANS. true EAST ASIA AND THE PACIFIC PROGRAM SERVICES SUBRECIPIENT AGREEMENTS 4253565 EUROPE (INCLUDING ICELAND AND GREENLAND) PROGRAM SERVICES SUBRECIPIENT AGREEMENTS 3769480 NORTH AMERICA (CANADA & MEXICO ONLY) PROGRAM SERVICES SUBRECIPIENT AGREEMENTS 284157 SOUTH ASIA PROGRAM SERVICES SUBRECIPIENT AGREEMENTS 400551 SUB-SAHARAN AFRICA PROGRAM SERVICES SUBRECIPIENT AGREEMENTS 340524 CENTRAL AMERICA AND THE CARIBBEAN GRANTMAKING 21729 EAST ASIA AND THE PACIFIC GRANTMAKING 342625 EUROPE (INCLUDING ICELAND AND GREENLAND) GRANTMAKING 742603 MIDDLE EAST AND NORTH AFRICA GRANTMAKING 300447 NORTH AMERICA (CANADA & MEXICO ONLY) GRANTMAKING 101396 RUSSIA AND NEIGHBORING STATES GRANTMAKING 57775 SOUTH ASIA GRANTMAKING 165150 SUB-SAHARAN AFRICA GRANTMAKING 72473 SOUTH AMERICA GRANTMAKING 237020 EAST ASIA AND THE PACIFIC 11 FUNDRAISING 1043270 EUROPE (INCLUDING ICELAND AND GREENLAND) 9 FUNDRAISING 819117 MIDDLE EAST AND NORTH AFRICA 1 FUNDRAISING 35072 NORTH AMERICA (CANADA & MEXICO ONLY) 4 FUNDRAISING 71734 RUSSIA AND NEIGHBORING STATES FUNDRAISING 2758 SOUTH AMERICA 3 FUNDRAISING 192648 SOUTH ASIA 1 FUNDRAISING 76719 SUB-SAHARAN AFRICA 1 FUNDRAISING 8083 CENTRAL AMERICA AND THE CARIBBEAN PROGRAM SERVICES 313306 EAST ASIA AND THE PACIFIC 1 44 PROGRAM SERVICES EDUCATION/RESEARCH 15659853 EUROPE (INCLUDING ICELAND AND GREENLAND) 12 PROGRAM SERVICES EDUCATION/RESEARCH 12304855 MIDDLE EAST AND NORTH AFRICA 1 PROGRAM SERVICES EDUCATION/RESEARCH 1971522 NORTH AMERICA (CANADA & MEXICO ONLY) PROGRAM SERVICES EDUCATION/RESEARCH 1221958 RUSSIA AND NEIGHBORING STATES PROGRAM SERVICES EDUCATION/RESEARCH 2197895 SOUTH AMERICA 1 3 PROGRAM SERVICES EDUCATION/RESEARCH 2290792 SOUTH ASIA PROGRAM SERVICES EDUCATION/RESEARCH 1742593 SUB-SAHARAN AFRICA PROGRAM SERVICES EDUCATION/RESEARCH 1139424 CENTRAL AMERICA AND THE CARIBBEAN INVESTMENTS 1249344146 EUROPE (INCLUDING ICELAND AND GREENLAND) INVESTMENTS 164279041 NORTH AMERICA (CANADA & MEXICO ONLY) INVESTMENTS 3156070 SUB-SAHARAN AFRICA INVESTMENTS 136551787 2 90 1605512138 EUROPE (INCLUDING ICELAND AND GREENLAND) HONORARIA 7200 CHECK EUROPE (INCLUDING ICELAND AND GREENLAND) HONORARIA 14857 CHECK 2 PSC EAST ASIA AND THE PACIFIC 4 16000 CHECK PSC NORTH AMERICA (CANADA & MEXICO ONLY) 1 6450 CHECK PSC SOUTH AMERICA 2 7831 CHECK PSC SOUTH ASIA 5 19050 CHECK MISTI CENTRAL AMERICA AND THE CARIBBEAN 1 5000 CHECK MISTI EAST ASIA AND THE PACIFIC 71 228114 CHECK MISTI EUROPE (INCLUDING ICELAND AND GREENLAND) 249 566811 CHECK MISTI MIDDLE EAST AND NORTH AFRICA 121 283625 CHECK MISTI NORTH AMERICA (CANADA & MEXICO ONLY) 22 24025 CHECK MISTI RUSSIA AND NEIGHBORING STATES 15 47400 CHECK MISTI SOUTH AMERICA 46 215353 CHECK HONORARIA CENTRAL AMERICA AND THE CARIBBEAN 1 1250 CHECK HONORARIA EAST ASIA AND THE PACIFIC 14 21693 CHECK HONORARIA EUROPE (INCLUDING ICELAND AND GREENLAND) 62 115727 CHECK HONORARIA MIDDLE EAST AND NORTH AFRICA 4 3107 CHECK HONORARIA NORTH AMERICA (CANADA & MEXICO ONLY) 14 18122 CHECK HONORARIA RUSSIA AND NEIGHBORING STATES 1 2000 CHECK HONORARIA SOUTH AMERICA 4 4600 CHECK HONORARIA SOUTH ASIA 3 2000 CHECK PRIZES & AWARDS CENTRAL AMERICA AND THE CARIBBEAN 3 9780 CHECK PRIZES & AWARDS EAST ASIA AND THE PACIFIC 60 72260 CHECK PRIZES & AWARDS EUROPE (INCLUDING ICELAND AND GREENLAND) 40 42112 CHECK PRIZES & AWARDS MIDDLE EAST AND NORTH AFRICA 14 10774 CHECK PRIZES & AWARDS NORTH AMERICA (CANADA & MEXICO ONLY) 33 41436 CHECK PRIZES & AWARDS RUSSIA AND NEIGHBORING STATES 3 3207 CHECK PRIZES & AWARDS SOUTH AMERICA 7 10000 CHECK PRIZES & AWARDS SOUTH ASIA 25 14966 CHECK FELLOWSHIPS CENTRAL AMERICA AND THE CARIBBEAN 4 7674 CHECK FELLOWSHIPS EAST ASIA AND THE PACIFIC 3 4558 CHECK FELLOWSHIPS EUROPE (INCLUDING ICELAND AND GREENLAND) 14 17953 CHECK FELLOWSHIPS MIDDLE EAST AND NORTH AFRICA 2 2941 CHECK FELLOWSHIPS NORTH AMERICA (CANADA & MEXICO ONLY) 6 11363 CHECK FELLOWSHIPS RUSSIA AND NEIGHBORING STATES 2 5168 CHECK FELLOWSHIPS SOUTH ASIA 2 7067 CHECK FELLOWSHIPS SOUTH ASIA 3 3941 CHECK PSC SUB-SAHARAN AFRICA 18 49833 CHECK MISTI SOUTH ASIA 96 125193 CHECK MISTI SUB-SAHARAN AFRICA 4 10500 CHECK PSC CENTRAL AMERICA AND THE CARIBBEAN 1 3025 CHECK PRIZES & AWARDS SUB-SAHARAN AFRICA 7 9271 CHECK FELLOWSHIPS SUB-SAHARAN AFRICA 6 13369 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. 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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 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 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 X true true X X X X X false true false false false false false true false JOHN S REED CHAIRMAN OF THE CORPORATION 274913 0 0 0 1644 0 0 0 3831 0 280388 0 0 0 L RAFAEL REIF PRESIDENT 737241 0 0 0 46636 0 12750 0 94447 0 891074 0 0 0 ISRAEL RUIZ EXECUTIVE VP & TREASURER 501816 0 0 0 22025 0 22950 0 25792 0 572583 0 0 0 KIRK KOLENBRANDER VP & SECRETARY OF THE CORPORATION 301347 0 0 0 2254 0 33150 0 29141 0 365892 0 0 0 PHILLIP CLAY PROFESSOR 329558 0 0 0 14493 0 12750 0 20266 0 377067 0 0 0 SETH ALEXANDER PRESIDENT OF MITIMCO 574774 0 754083 0 31753 0 22950 0 27270 0 1410830 0 0 0 CYNTHIA BARNHART CHANCELLOR (INCOMING) 272669 0 0 0 4840 0 33150 0 39517 0 350177 0 0 0 CLAUDE CANIZARES VP 341040 0 0 0 8908 0 12750 0 43460 0 406158 0 0 0 ERIC EVANS DIRECTOR OF LINCOLN LABORATORY 421492 0 0 0 16560 0 33150 0 28196 0 499398 0 0 0 W ERIC GRIMSON CHANCELLOR (OUTGOING) 324437 0 0 0 4352 0 43350 0 27470 0 399609 0 0 0 CHRIS KAISER PROVOST (OUTGOING) 515744 0 0 0 14684 0 38250 0 20718 0 589397 0 0 0 R GREGORY MORGAN VP & GENERAL COUNSEL 540845 0 0 0 26691 0 38250 0 27341 0 633126 0 0 0 JEFFREY NEWTON VP OF RESOURCE DEVELOPMENT 400137 0 0 0 13832 0 48450 0 4636 0 467055 0 0 0 MARTIN SCHMIDT PROVOST (INCOMING) 299714 0 0 0 563 0 33150 0 72934 0 406361 0 0 0 MARIA ZUBER VP FOR RESEARCH 338665 0 24155 0 5651 0 38250 0 71284 0 478004 0 0 0 STEVEN MARSH MANAGING DIRECTOR - MITIMCO 456051 0 518127 0 18300 0 38250 0 27437 0 1058165 0 0 0 NELSON REPENNING PROFESSOR SLOAN SCHOOL OF MGMT 236671 0 0 0 468723 0 26740 0 18008 0 750142 0 0 0 DAVID SCHMITTLEIN DEAN SLOAN SCHOOL OF MGMT 683961 0 0 0 41623 0 38250 0 5622 0 769456 0 0 0 DANIEL STEELE GLOBAL INVESTMENT PROFESSIONAL 332057 0 378284 0 8437 0 38250 0 26485 0 783513 0 0 0 SUSAN HOCKFIELD PRESIDENT EMERITA & PROFESSOR 658971 0 0 0 51044 0 48450 0 50474 0 808939 0 0 0 Schedule J, Part I, Line 1a, First-class or charter travel SCHEDULE J, PART I, LINES 1A AND B MIT FOLLOWS A WRITTEN POLICY OR WRITTEN EMPLOYMENT AGREEMENT WITH RESPECT TO THE PAYMENT OR REIMBURSEMENT OF ALL OF THE EXPENSES SPECIFIED IN PART I, LINE 1A THAT MIT PAYS OR REIMBURSES. 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. IN CALENDAR YEAR 2013, PRESIDENT REIF RESIDED ON THE MIT CAMPUS RESIDENCE FOR ELEVEN OUT OF TWELVE MONTHS OF THE YEAR. 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 $73,700 FOR PRESIDENT REIF IN CALENDAR YEAR 2013. MIT PAYS FOR HOUSEKEEPING OF THE PUBLIC AREAS OF THE HOUSE AND MIT INCLUDES IN THE PRESIDENT'S TAXABLE INCOME AN AMOUNT OF EXPENSES RELATING 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 1a, Health or social club dues or initiation fees MIT REIMBURSES SOME OFFICERS AND KEY EMPLOYEES FOR CERTAIN DUES AND FEES FOR ASSOCIATIONS THEY USE FOR BUSINESS. REIMBURSEMENT IS DEPENDENT UPON SUBSTANTIATION OF THE BONA FIDE BUSINESS REASON FOR THE EXPENSE. 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 AS MIT PREVIOUSLY REPORTED, MIT HAD PAID AN AMOUNT ANNUALLY INTO AN ACCOUNT FOR THE BENEFIT OF FORMER PRESIDENT SUSAN HOCKFIELD DURING HER TENURE AS MIT PRESIDENT. MIT DID NOT MAKE ANY PAYMENTS INTO THAT ACCOUNT IN CALENDAR YEAR 2013. IN ADDITION, IN CALENDAR YEAR 2012 FORMER PRESIDENT HOCKFIELD VESTED IN A DEFERRED ANNUITY, WITH RESPECT TO WHICH SHE WILL NOT BEGIN TO RECEIVE PAYMENTS UNTIL 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. 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 AN ADDITIONAL ESTIMATE OF 1 TO 3 HOURS PER WEEK AS LISTED IN COLUMN (B) OF FORM 990, PART VII. SCHEDULE J, PART II, COLUMN (B)(III), PART II, COLUMN B(III) SCHEDULE J, PART II, COLUMN B(III) - THE MIT SLOAN SCHOOL OF MANAGEMENT OFFERS A BROAD RANGE OF EXECUTIVE EDUCATION AND PROFESSIONAL DEVELOPMENT PROGRAMS DEVELOPED AND LED BY ITS FACULTY AND FOLLOWS MIT'S WRITTEN SUPPLEMENTAL COMPENSATION GUIDELINES FOR FACULTY WHO PARTICIPATE IN THESE PROGRAMS. SLOAN FACULTY INCLUDED IN THE FORM 990 ARE PROFESSORS REPENNING AND SCHMITTLEIN. A MASSACHUSETTS HEALTH & EDUCATIONAL FAC 042456011 57585K3G1 2003-05-07 204790814 CONSTRUCTION/RENOVATION/REFUND 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 57586C8G3 2008-08-13 334995460 CONSTRUCTION AND RENOVATION false false false D MASSACHUSETTS HEALTH & EDUCATIONAL FAC 042456011 57586ECM1 2009-01-08 274996289 CONSTRUCTION AND RENOVATION false false false A 43190000 0 205361235 0 0 0 1040170 0 0 204321064 0 0 2005 true false true true B 0 0 151599210 0 0 0 854243 0 0 150744967 0 0 2005 false false true true C 0 0 336035127 0 0 0 1575675 0 0 334459512 0 0 2010 false false true true D 0 0 276649117 0 0 0 1558146 0 0 275090971 0 0 2010 false false true true A false false true false true false 0.01900 0.00000 0.01900 false false true B false false true false true false 0.01900 0.01900 false false true C false false true false true false 0.01200 0.01200 false false true D false false true false true false 0.03300 0.00000 0.03300 false false true A false true false false false false true B false true false false false false true C false true false false 0.0 false 0.0 false true D false true false false false false true A true B true C true D true SCHEDULE K, PART I, COLUMN (A), SCHEDULE K, PART I, LINE A DETAILS OF REFUNDED BOND ISSUES HEFA SERIES L BOND (ISSUED MAY 7, 2003) REFUNDED 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." SCHEDULE K, PART II, LINE 3, 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 3B, SCHEDULE K, PART III, LINE 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 III, LINE 4, 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. SUSAN HOCKFIELD PRESIDENT EMERITA & PROFESSOR MORTGAGE X 500000 500000 false true true 500000 CHILDREN'S SCHOLARSHIP CHILDREN OF QUALIFIED FACULTY 155235 SCHOLARSHIP SCHOLARSHIP SCHEDULE L, PART III, LINE 1 - CHILDREN'S SCHOLARSHIPS ALTHOUGH THERE MAY BE RECIPIENTS WHO ARE RELATED TO PERSONS HAVING AN INTEREST IN THE INSTITUTE, SUCH RECIPIENTS ARE SELECTED ON THE BASIS OF ACADEMIC ACHIEVEMENT, FINANCIAL NEED, AND OTHER SIMILAR STANDARDS. SCHEDULE L, PART IV, PART IV THE FOLLOWING ARE ARM'S LENGTH TRANSACTIONS BETWEEN MIT AND 3RD PARTIES WHERE AN MIT OFFICER, DIRECTOR, TRUSTEE, KEY EMPLOYEE OR HIGHLY-COMPENSATED INDIVIDUAL SERVED ON THE BOARD OF DIRECTORS OF THE 3RD PARTY OR OWNED GREATER THAN 10% OF THE 3RD PARTY. CLAUDE CANIZARES IS A KEY EMPLOYEE AND ROBERT MILLARD IS A MEMBER OF THE EXECUTIVE COMMITTEE OF MIT. BOTH ARE ALSO ON THE BOARD OF L-3 COMMUNICATIONS. MIT PROCURED EQUIPMENT FROM L-3 COMMUNICATIONS IN THE AMOUNT OF $2,392,815. MIT ALSO RECEIVED SPONSORED RESEARCH REVENUE FROM L-3 COMMUNICATIONS IN THE AMOUNT OF $64,745. L. RAFAEL REIF IS THE PRESIDENT OF MIT AND A MEMBER OF THE BOARD OF SCHLUMBERGER LIMITED. MIT RECEIVED SPONSORED RESEARCH REVENUE FROM SCHLUMBERGER LIMITED IN THE AMOUNT OF $1,756,332. JAMES CHAMPY IS A MEMBER OF THE MIT EXECUTIVE COMMITTEE AND IS ALSO A MEMBER OF THE BOARD OF ANALOG DEVICES, INC. MIT RECEIVED SPONSORED RESEARCH REVENUE FROM ANALOG DEVICES, INC. IN THE AMOUNT OF $303,391. SUSAN HOCKFIELD IS THE PRESIDENT EMERITA AND PROFESSOR OF MIT AND A MEMBER OF THE BOARD AT GENERAL ELECTRIC. MIT RECEIVED SPONSORED RESEARCH REVENUE IN THE AMOUNT OF $455,216 FROM GENERAL ELECTRIC. MIT ALSO RECEIVED INDUSTRIAL LIASON PROGRAM MEMBERSHIP REVENUE FROM GENERAL ELECTRIC IN THE AMOUNT OF $75,000. MS. PAMELA EVANS IS A RESEARCH GROUP LEADER AT MIT LINCOLN LABORATORY. MS. EVANS IS A FAMILY MEMBER OF A MIT KEY EMPLOYEE. IN FY 2014, SHE RECEIVED COMPENSATION AND BENEFITS IN THE AMOUNT OF $235,508. X 14 0 X X X 734 29740582 MARKET VALUE X 3 42761 MARKET VALUE X 6 169259 MARKET VALUE X EQUIPMENT 11 1293286 MARKET VALUE X ARCHIVAL RECORDS 21 0 X OTHER 18 0 2 false true true Schedule M, Part I, Explanations of reporting method for number of contributions ART - WORKS OF ART: NUMBER OF CONTRIBUTIONS SECURITIES - PUBLICLY TRADED: NUMBER OF ITEMS SECURITIES - CLOSELY HELD STOCK: NUMBER OF ITEMS SECURITIES - MISCELLANEOUS: NUMBER OF ITEMS OTHER: NUMBER OF CONTRIBUTIONS OTHER: NUMBER OF CONTRIBUTIONS OTHER: NUMBER OF CONTRIBUTIONS 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 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, column (b), Line 1, Number of contributions or items contributed. NUMBER OF CONTRIBUTIONS Schedule M, part I, column (b), Line 4, Number of contributions or items contributed. FORM 990, PART VI, LINE 1A, PART VI, LINE 1A 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 CONSISTS OF 14 MEMBERS AND MEETS 10 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 4 TIMES EACH YEAR. RECOGNIZING THE SPECIFIC OVERSIGHT RESPONSIBLITIY 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 1B, PART VI, LINE 1B IN SCHEDULE L, PART IV, MIT REPORTS TRANSACTIONS WITH VARIOUS COMPANIES WHOSE BOARDS OF DIRECTORS INCLUDE MEMBERS OF MIT'S GOVERNING BODY. THE REPORTED TRANSACTIONS WERE ARM'S LENGTH, COMMERCIAL TRANSACTIONS OCCURRING IN THE ORDINARY COURSE OF BUSINESS FOR BOTH MIT AND THE VARIOUS COMPANIES AND WERE IMMATERIAL TO THE INDEPENDENCE OF THOSE INDIVIDUALS. FORM 990, PART VI, LINE 2, PART VI, LINE 2 CLAUDE CANIZARES AND ROBERT MILLARD ARE BOARD MEMBERS OF L-3 COMMUNICATIONS, INC. SETH ALEXANDER AND R. GREGORY MORGAN ARE MEMBERS OF THE INVESTMENT COMMITTEE AND UNDERWRITING COMMITTEE, RESPECTIVELY, OF CRICO. Form 990, Part VI, Sec A, 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, Sec B, Line 10b, Monitoring compliance of local unit's activities THE WRITTEN POLICIES AND PROCEDURES OF THE INSTITUTE APPLY TO ITS SUBSIDIARIES. THE ORGANIZATIONAL DOCUMENTS OF OTHER ORGANIZATIONS OVER WHICH MIT EXERCISES SUPERVISION AND CONTROL INCLUDE PROVISIONS THAT ALIGN THEIR MISSIONS WITH MIT'S MISSION. Form 990, Part VI, Sec B, 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, Sec B, 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 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 ADHOC 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 WAS 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, Sec B, Line 15a, Process to establish compensation of top management official THE SALARY SUBCOMMITTEE, A SUBCOMMITTEE OF THE EXECUTIVE COMMITTEE OF THE MIT CORPORATION, REVIEWS DATA REGARDING PAY COMPARISONS OF OTHER PEER INSTITUTIONS. THE DATA ARE COLLECTED AND PRESENTED TO MIT BY TOWERS WATSON AND ANALYZED BY THE COMPENSATION DEPARTMENT OF MIT'S HUMAN RESOURCES DEPARTMENT AND MIT'S VICE PRESIDENT FOR HUMAN RESOURCES. RECOMMENDATIONS FOR SALARY INCREASES ARE PRESENTED TO THE SALARY SUBCOMMITTEE BASED ON PERFORMANCE FEEDBACK COLLECTED. THE DATA AND PERFORMANCE FEEDBACK ARE DISCUSSED AND A FINAL RECOMMENDATION IS APPROVED. NOTIFICATION IS MADE TO THE COMPENSATION DEPARTMENT AND FORMS ARE CREATED TO BE SIGNED BY ONE MEMBER OF THE SALARY SUBCOMMITTEE. Form 990, Part VI, Sec B, Line 15b, Process to establish compensation of other employees THE SALARY SUBCOMMITTEE, A SUBCOMMITTEE OF THE EXECUTIVE COMMITTEE OF THE MIT CORPORATION, REVIEWS DATA REGARDING PAY COMPARISONS OF OTHER PEER INSTITUTIONS. THE DATA ARE COLLECTED AND PRESENTED TO MIT BY TOWERS WATSON AND ANALYZED BY THE COMPENSATION DEPARTMENT OF MIT'S HUMAN RESOURCES DEPARTMENT AND MIT'S VICE PRESIDENT FOR HUMAN RESOURCES. RECOMMENDATIONS FOR SALARY INCREASES ARE PRESENTED TO THE SALARY SUBCOMMITTEE BASED ON PERFORMANCE FEEDBACK COLLECTED. THE DATA AND PERFORMANCE FEEDBACK ARE DISCUSSED AND A FINAL RECOMMENDATION IS APPROVED. NOTIFICATION IS MADE TO THE COMPENSATION DEPARTMENT AND FORMS ARE CREATED TO BE SIGNED BY ONE MEMBER OF THE SALARY SUBCOMMITTEE. Form 990, Part VI, Sec C, 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. SCHEDULE J, PART II, COLUMN (C), PART II, COLUMN (C) SCHEDULE J, PART II, COLUMN (C) DOES NOT INCLUDE $253,385 OF INCENTIVE COMPENSATION FOR MR. ALEXANDER, $188,967 OF INCENTIVE COMPENSATION FOR MR. MARSH AND $83,399 OF INCENTIVE COMPENSATION FOR MR. STEELE AWARDED IN JANUARY 2013. THESE AMOUNTS CAN INCREASE OR DECREASE DEPENDING ON THE PERFORMANCE OF THE ENDOWMENT AND ARE CONTINGENT ON CONTINUED EMPLOYMENT BY MIT. Schedule M, part I, column (b), Line 9, Number of contributions or items contributed. NUMBER OF ITEMS Schedule M, part I, column (b), Line 10, Number of contributions or items contributed. NUMBER OF ITEMS Schedule M, part I, column (b), Line 12, Number of contributions or items contributed. NUMBER OF ITEMS Schedule M, part I, column (b), Line other, Number of contributions or items contributed. OTHER=EQUIPMENT : NUMBER OF CONTRIBUTIONS Schedule M, part I, column (b), Line other, Number of contributions or items contributed. OTHER=ARCHIVAL RECORDS : NUMBER OF CONTRIBUTIONS Schedule M, part I, column (b), Line other, Number of contributions or items contributed. OTHER=OTHER : NUMBER OF CONTRIBUTIONS Schedule M, part I, column (b), Line 1, Number of contributions or items contributed. NUMBER OF CONTRIBUTIONS Schedule M, part I, column (b), Line 9, Number of contributions or items contributed. NUMBER OF ITEMS Schedule M, part I, column (b), Line 10, Number of contributions or items contributed. NUMBER OF ITEMS Schedule M, part I, column (b), Line 12, Number of contributions or items contributed. NUMBER OF ITEMS Schedule M, part I, column (b), Line other, Number of contributions or items contributed. OTHER=EQUIPMENT : NUMBER OF CONTRIBUTIONS Schedule M, part I, column (b), Line other, Number of contributions or items contributed. OTHER=ARCHIVAL RECORDS : NUMBER OF CONTRIBUTIONS Schedule M, part I, column (b), Line other, Number of contributions or items contributed. 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THIS INTEREST IS ENTIRELY PASSIVE AND PURELY ECONOMIC AS MIT POSSESSES ONLY THE RIGHT TO RECEIVE DIVIDENDS WHICH MAY BE DISTRIBUTED ON THE SHARES. THE CLASS B SHARES HAVE NO VOTING POWER OVER BOARD MEMBERSHIP, CORPORATE LIQUIDATION OR SALE, OR OTHER CORPORATE GOVERNANCE AND OPERATIONS ISSUES. AS A CLASS B SHAREHOLDER, MIT IS NOT PERMITTED TO SELL ITS STOCK WITHOUT THE EXPRESS APPROVAL OF BOSE'S BOARD. PUBLIC DISCLOSURE OF CERTAIN DETAILS ABOUT THE GIFT COULD PUT BOSE CORPORATION AT A COMPETITIVE DISADVANTAGE.* * SEVERAL IRS PRONOUNCEMENTS HAVE MADE IT CLEAR THAT THE FORM 990 IS NOT INTENDED TO PUT A DISCLOSED DONOR AT A POTENTIAL COMPETITIVE DISADVANTAGE.