2012-05-11T11:14:00-04:00 2011-06-30 990 2010-07-01 042103594 Massachusetts Institute of Technology MASS 6172532777 77 MASSACHUSETTS AVENUE NE49-3142 Cambridge MA 021394307 ISRAEL RUIZ 2012-05-09 2010 2016-02-24 21:20:13Z SUSAN HOCKFIELD 77 MASSACHUSETTS AVENUE Cambridge MA 02139 43695290000 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. 11 7 20665 8478 -3929000 -6111466 688550000 970793000 1541222000 1656130000 256015000 494038000 241278000 371350000 2727065000 3492311000 398521000 426813000 0 0 1141615000 1134414000 245000 449000 25220000 1386448000 1236251000 2926829000 2797927000 -199764000 694384000 13371065000 15997478000 3021352000 3865395000 10349713000 12132083000 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 659839000 95006000 534883000 INSTRUCTION AND UNSPONSORED RESEARCH: MIT IS COMMITTED TO PROVIDING A WORLD-CLASS EDUCATION TO OUR APPROXIMATELY 4,300 UNDERGRADUATES AND APPROXIMATELY 6,300 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 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. 1242491000 1227087000 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. 240299000 240299000 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 2011, APPROXIMATELY 65% 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 2011 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. SCHEDULE C, PART II-B, 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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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 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. X X X X X X true MARTS LUNDY INC FUNDRAISING CONSULTING false 205667 KATHLEEN L RYDAR FUNDRAISING CONSULTING false 31870 MOR ASSOCIATES FUNDRAISING CONSULTING false 39000 276537 MA SCHEDULE G, PART I NO FUNDRAISING EVENTS WERE CONDUCTED IN RELATION TO THE AMOUNTS PAID TO THE PROFESSIONAL FUNDRAISERS. 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SMALL SATELLITE CLINIC FOR PRIMARY CARE PART III, LINE 4 MIT MEDICAL DOES NOT KEEP SEPARATE FINANCIAL STATEMENTS FROM MIT. THE BAD DEBT EXPENSE IS DETERMINED AS THE UNPAID PORTION OF MEDICAL CLAIMS FILED TO INSURANCE COMPANIES OR AS SELF-PAY BILLS TO PATIENTS. AFTER ALL EFFORTS AT COLLECTION BY MIT, THE CHARGES ARE WRITTEN OFF AND, IF POSSIBLE, SENT TO A COLLECTION AGENCY. LINE 2 IS THE VALUE OF THE WRITTEN OFF CHARGES FOR THE YEAR. CHARGES FOR SERVICES WHICH ARE DETERMINED TO BE COMMUNITY BENEFIT SERVICES ARE NOT BILLED OUT TO INSURERS OR TO INDIVIDUALS AND DO NOT CONTRIBUTE TO THE AMOUNTS REPORTED AS BAD DEBT. PART III, LINE 9B MIT MEDICAL DOES NOT PROVIDE PATIENTS WITH EDUCATION ABOUT ELIGIBILITY FOR ASSISTANCE. MOST PATIENTS ARE COVERED BY MIT SPONSORED EMPLOYEE AND STUDENT PLANS, SPOUSE'S INSURANCE OR MEDICARE. THE ORGANIZATION'S COLLECTION POLICY IS AVAILABLE ONLINE AT HTTP://VPF.MIT.EDU/SITE/ACCOUNTS_RECEIVABLE/POLICIES_PROCEDURES. PART VI 1. MIT MEDICAL IS A LICENSED SCHOOL INFIRMARY THAT PROVIDES OUTPATIENT MEDICAL SERVICES TO THE MIT COMMUNITY. THE COMMUNITY INCLUDES MIT STUDENTS, EMPLOYEES, RETIREES, AFFILIATES, AND EACH OF THEIR RESPECTIVE DEPENDANTS. IT IS NOT OPEN TO THE PUBLIC. SERVICES INCLUDE URGENT CARE AND PROMOTION OF WELLNESS PROGRAMS. 2. COMMUNITY HEALTH ASSESSMENT IS BASED ON THREE WELL-ESTABLISHED DOMAINS: PUBLIC HEALTH, EMPLOYEE HEALTH AND COLLEGE HEALTH, AS WELL AS A "SOCIAL DETERMINANTS TO HEALTH" APPROACH. 3. MIT MEDICAL DOES NOT PROVIDE PATIENTS WITH EDUCATION ABOUT ELIGIBILITY FOR ASSISTANCE. MOST PATIENTS ARE COVERED BY MIT SPONSORED EMPLOYEE AND STUDENT PLANS, SPOUSE'S INSURANCE OR MEDICARE. THE ORGANIZATION'S COLLECTION POLICY IS AVAILABLE ONLINE AT HTTP://VPF.MIT.EDU/SITE/ACCOUNTS_RECEIVABLE/POLICIES_PROCEDURES. 4. THE COMMUNITY IS COMPRISED OF MIT EMPLOYEES, RETIREES, STUDENTS, AFFILIATES AND THE DEPENDENTS OF EACH. 5. MIT MEDICAL IS ACTIVE WITHIN THE MIT COMMUNITY WELL BEYOND ITS SCOPE OF DIRECT PATIENT CARE. THERE IS A SIGNIFICANT FOCUS ON PROMOTION OF HEALTH WITHIN THE COMMUNITY THROUGH COMMITTEES, SUPPORT GROUPS, TRAINING SESSIONS, PROGRAMS ON SPECIFIC TOPICS, HEALTH FAIRS, FITNESS CHALLENGES, AND MENTAL HEALTH SUPPORT SERVICES. THE ENTIRE SCOPE OF MIT MEDICAL'S SERVICES IS LISTED ON ITS WEBSITE. 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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 DANA MEAD FORMER CHAIRMAN 122685 0 0 0 136 0 0 0 0 0 122821 0 0 0 JOHN REED 142783 0 0 0 0 0 30185 0 3665 0 176633 0 0 SUSAN HOCKFIELD 652129 0 0 0 180500 0 53655 0 120685 0 1006969 0 0 THERESA STONE 493102 0 0 0 49553 0 63945 0 65 0 606665 0 0 KIRK KOLENBRANDER 231784 0 0 0 0 0 30618 0 29743 0 292145 0 0 SETH ALEXANDER 522426 0 709001 0 29000 0 26950 0 29086 0 1316463 0 0 PHILLIP CLAY OUTGOING CHANCELLOR 275307 0 0 0 31411 0 63945 0 26054 0 396717 0 0 R GREGORY MORGAN 466801 0 0 0 62800 0 39935 0 27588 0 597124 0 0 JEFFREY NEWTON 367502 0 0 0 11963 0 53655 0 12394 0 445514 0 0 L RAFAEL REIF 487168 0 0 0 69746 0 53655 0 27958 0 638527 0 0 CLAUDE CANIZARES 291114 0 0 0 32642 0 63945 0 15377 0 403078 0 0 ERIC EVANS 364032 0 0 0 11440 0 30870 0 26300 0 432642 0 0 DAVID SCHMITTLEIN 578317 0 0 0 138125 0 39935 0 5244 0 761621 0 0 NELSON REPENNING 103127 0 0 0 567753 0 13036 0 30368 0 714284 0 0 STEVEN MARSH 303320 0 317177 0 6550 0 30870 0 30476 0 688393 0 0 DANIEL STEELE 304629 0 317177 0 6550 0 30870 0 31599 0 690825 0 0 WILLIAM E GRIMSON INC CHANCELLO 229029 0 0 0 20798 0 39935 0 30081 0 319843 0 0 DONALD LESSARD 261185 0 0 0 345251 0 63945 0 24956 0 695337 0 0 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. 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. 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. 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. THE MIT PRESIDENT IS REQUIRED TO LIVE IN AN MIT OWNED RESIDENCE, ON MIT'S CAMPUS, AS A CONDITION OF HER EMPLOYMENT AND AS A CONVENIENCE TO MIT. 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 7 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 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, LESSARD AND SCHMITTLEIN. SCHEDULE J, PART II, COLUMN (C) DOES NOT INCLUDE $141,327 OF INCENTIVE COMPENSATION FOR MR. ALEXANDER; $59,713 OF INCENTIVE COMPENSATION FOR MR. MARSH; $59,713 OF INCENTIVE COMPENSATION FOR MR. STEELE AWARDED IN JANUARY 2010. THESE AMOUNTS CAN INCREASE OR DECREASE DEPENDING ON THE PERFORMANCE OF THE ENDOWMENT AND ARE CONTINGENT ON CONTINUED EMPLOYMENT BY MIT. 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 ON AVERAGE 1-2 HOURS PER WEEK IN ADDITION TO THE HOURS LISTED IN COLUMN (B) OF FORM 990, PART VII. SCHEDULE J, PART III; FORM 990, PART VII, LINE 5 AS A RESULT OF THEIR EMPLOYMENT AT MIT, MR. STEELE RECEIVED THE RIGHT TO PURCHASE AN ECONOMIC INTEREST IN FOUR SEPARATE LIMITED LIABILITY COMPANIES (THE "GENERAL PARTNER LLCS") AND AN ECONOMIC INTEREST IN FOUR OTHER SEPARATE LIMITED LIABILITY COMPANIES (THE "MANAGEMENT COMPANY LLCS"). EACH OF THE GENERAL PARTNER LLCS IS THE GENERAL PARTNER OF A PRIVATE EQUITY FUND OF FUNDS (COLLECTIVELY, THE "FUNDS"). EACH OF THE MANAGEMENT COMPANY LLCS MANAGES ONE OF THE FUNDS. THE INVESTORS IN THE FUNDS ARE PRINCIPALLY TAX-EXEMPT INSTITUTIONS SEEKING TO POOL THEIR INVESTMENTS. MIT IS AN INVESTOR IN EACH OF THE FUNDS, BUT DOES NOT PAY ANY MANAGEMENT OR OTHER FEE TO ANY OF THE FUNDS, GENERAL PARTNER LLCS, OR MANAGEMENT COMPANY LLCS. NONE OF THE FUNDS, GENERAL PARTNER LLCS, OR MANAGEMENT COMPANY LLCS IS A "RELATED ORGANIZATION" WITHIN THE DEFINITION SET FORTH IN THE FORM 990 INSTRUCTIONS FOR SCHEDULE R. MR. MARSH RECEIVED A PAYMENT OF $50,000 FROM MIT PRIVATE EQUITY MANAGEMENT COMPANY III, LLC ("MANAGEMENT LLC") FOR SERVICES TO MIT FOR THE CALENDAR YEAR ENDING DECEMBER 31, 2010. MANAGEMENT LLC MANAGES A PRIVATE EQUITY FUND OF FUNDS WHOSE INVESTORS ARE PRINCIPALLY TAX-EXEMPT INSTITUTIONS, INCLUDING MIT. PRESIDENT SUSAN HOCKFIELD AS MIT HAS REPORTED IN PRIOR YEARS, MIT PAYS $125,000 ANNUALLY INTO AN ACCOUNT FOR THE BENEFIT OF THE PRESIDENT. SHE CANNOT ACCESS THAT ACCOUNT BEFORE SHE CEASES SERVING AS MIT'S PRESIDENT OR HAS SERVED FOR 10 YEARS. IN THIS FORM 990, THAT AMOUNT IS INCLUDED AS "OTHER REPORTABLE COMPENSATION" (SCHEDULE J, PART II, COLUMN (B)(III)) AS REQUIRED BY IRS REGULATION. MIT REQUIRES THE PRESIDENT TO LIVE IN AN MIT-OWNED HOME IN CAMBRIDGE, ON THE MIT CAMPUS, AS A CONDITION OF EMPLOYMENT FOR THE CONVENIENCE OF THE UNIVERSITY. 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 $68,250. 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. Massachusetts Health & Educational Fac Authority 042456011 57585K3G1 2003-05-07 204790814 CONSTRUCTION/RENOVATION/REFUND false false false Massachusetts Health & Educational Fac Authority 042456011 57586CBP9 2004-04-02 150854243 CONSTRUCTION AND RENOVATION false false false Massachusetts Health & Educational Fac Authority 042456011 57586C8G3 2008-08-13 334995460 CONSTRUCTION AND RENOVATION false false false Massachusetts Health & Educational Fac Authority 042456011 57586ECM1 2008-12-10 274996289 CONSTRUCTION AND RENOVATION false false false 14700000 205361235 1040170 204321065 2005 true false true true 151599210 854243 150744967 2005 false false true true 336083427 1623912 334459512 2010 false false true true 276669245 1588274 275080971 2010 false false true true false false true true true 0.03000 0.00000 0.03000 true false false true true true 0.03000 0.00000 0.03000 true false false true true true 0.03000 0.00000 0.03000 true false false true true true 0.03000 0.00000 0.03000 true false false false false false true false false false false false true false false false false false true false false false false true R GREGORY MORGAN MORTGAGE X 200000 80000 false true true DAVID SCHMITTLEIN MORTGAGE X 250000 100000 false true true Donald Lessard Educational X 89857 38329 false false true 218329 Children's Scholarship Children of Qualified Faculty 27590 Scholarship SEE PART V false PART III 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. 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 AND ROBERT MILLARD ARE A KEY EMPLOYEE AND MEMBER OF THE EXECUTIVE COMMITTEE, RESPECTIVELY, OF MIT. BOTH ARE ALSO ON THE BOARD OF L-3 COMMUNICATIONS. MIT PROCURED EQUIPMENT FROM L-3 COMMUNICATIONS IN THE AMOUNT OF $9,389,257. MIT ALSO RECEIVED SPONSORED RESEARCH REVENUE PAYMENT FROM L-3 COMMUNICATIONS IN THE AMOUNTS OF $287,118. L RAFAEL REIF IS THE PROVOST OF MIT AND A MEMBER OF THE BOARD OF SCHLUMBERGER LIMITED. MIT RECEIVED INDUSTRIAL LIASION PROGRAM MEMBERSHIP PAYMENT FROM SCHLUMBERGER LIMITED IN THE AMOUNT OF $60,000. MIT ALSO RECEIVED SPONSORED RESEARCH REVENUE FROM SCHLUMBERGER LIMITED IN THE AMOUNT OF $978,398. JAMES CHAMPY IS A MEMBER OF THE MIT EXECUTIVE COMMITTEE AND IS ALSO A MEMBER OF THE BOARD OF ANALOG DEVICES, INC. MIT PROCURED EQUIPMENT FROM ANALOG DEVICES IN THE AMOUNT OF $157,775. MIT ALSO LEASED PROPERTY TO ANALOG DEVICES, INC. THE LEASE WAS NEGOTIATED AT ARM'S LENGTH. SUSAN HOCKFIELD IS THE PRESIDENT OF MIT AND A MEMBER OF THE BOARD AT GENERAL ELECTRIC. MIT PROCURED GOODS FROM GENERAL ELECTRIC IN THE AMOUNT OF $10,420. MIT ALSO RECEIVED SPONSORED RESEARCH REVENUE, INDUSTRIAL LIASON PROGRAM MEMBERSHIP REVENUE AND LICENSING REVENUE FROM GENERAL ELECTRIC IN THE AMOUNTS OF $45,749, $75,000 AND $23,979 RESPECTIVELY. DR.THOMAS BYRNE IS AN MIT FACULTY MEMBER, MS. PAMELA EVANS IS A RESEARCH GROUP LEADER AT MIT LINCOLN LABORATORY AND MR. MATIAS SACERDOTE IS A SENIOR INVESTMENT ASSOCIATE AT MITIMCO. EACH IS A FAMILY MEMBER OF A MIT DIRECTOR, OFFICER OR KEY EMPLOYEE. IN FY 2011, THEY RECEIVED COMPENSATION AND BENEFITS IN THE AMOUNTS OF $148,669, $169,051 AND $163,961 RESPECTIVELY. X 16 0 N/A X 0 N/A X 0 N/A X 671 28919000 SELLING PRICE X 12 267587000 SELL PRICE/APPRAISAL X 2 440000 SELL PRICE/APPRAISAL X 9 0 N/A X 2 0 N/A X EQUIPMENT 8 362138 FAIR MARKET VALUE X Archival Records 15 0 N/A X OTHER 6 0 N/A 3 false true true PART I, LINES 1 - 28 The number listed in Part I, column (b) for applicable lines 1 through 28 represent the number of contributions. PART I, LINE 32B 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. 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. PART III, LINE 4B (CONTINUED) MIT LINCOLN LABORATORY IS A FEDERALLY FUNDED RESEARCH AND DEVELOPMENT CENTER OPERATED BY MIT IN LEXINGTON, MASSACHUSETTS, UNDER SPONSORSHIP OF THE DEPARTMENT OF DEFENSE, FOR THE PURPOSE OF APPLYING ADVANCED TECHNOLOGY TO PROBLEMS OF NATIONAL SECURITY. IN THE FISCAL YEAR ENDED JUNE 30, 2011, MIT LINCOLN LABORATORY EXPENDED RESEARCH FUNDING OF APPROXIMATELY $800 MILLION. PART III, LINE 4D 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. PART V, LINE 4B NAMES OF FOREIGN COUNTRIES: BERMUDA, UNITED KINGDOM, ARGENTINA, BRAZIL, INDIA, REPUBLIC OF KOREA, PHILIPPINES, TAIWAN, SINGAPORE, ISRAEL, GUERNSEY, CAYMAN ISLANDS PART VI, LINE 1A THE MIT BYLAWS VEST IN THE EXECUTIVE COMMITTEE OF THE MIT CORPORATION THE RESPONSIBILITY FOR THE GENERAL ADMINISTRATION AND SUPERINTENDENCE OF ALL MATTERS RELATING TO MIT, INCLUDING ITS ORGANIZATIONAL STRUCTURE, ANNUAL BUDGETS, TUITION, THE SCOPE OF ITS EDUCATIONAL AND RESEARCH PROGRAMS, NEW PLANT AND FACILITIES NEEDS, AND THE BROAD CONSIDERATIONS CONCERNED WITH PROVIDING NEW FUNDS FOR MIT PURPOSES. THE EXECUTIVE COMMITTEE CONSISTS OF 11 MEMBERS AND MEETS 10 TIMES EACH YEAR. THE MIT CORPORATION IS A BODY CURRENTLY COMPRISED OF 74 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 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. 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. PART VI, LINE 2 CLAUDE R. 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. SETH ALEXANDER, STEVEN MARSH AND DANIEL STEELE ARE TREASURER AND MEMBERS, RESPECTIVELY, OF THE MIT PRIVATE EQUITY FUNDS. PART VI, LINE 7A 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. PART VI, LINE 10B 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. PART VI, LINE 11 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 AUDIT COMMITTEE AND EXECUTIVE COMMITTEE (MIT'S GOVERNING BODY) ARE PROVIDED WITH THE FORM AND RELATED SCHEDULES FOR THEIR REVIEW AND COMMENT. PART VI, LINE 12C 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 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 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. PART VI, LINE 15 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. PART VI, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE ON MIT'S WEBSITE HTTP://WEB.MIT.EDU. PART XI, LINE 5 THE OTHER CHANGES IN NET ASSETS INCLUDES INVESTMENT GAINS NOT DISTRIBUTED. 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 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 ALL OF ITS MANAGEMENT CONTRACTS FALL WITHIN REVENUE PROCEDURE 97-13'S SAFE HARBOR, AND THAT ALL OF ITS PRIVATE SPONSORED RESEARCH CONTRACTS FALL WITHIN THE REVENUE PROCEDURES 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. 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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. ** Please note that e-file software does not allow for certain explanations at Schedule B and Schedule R. These explanations are inserted here at Schedule R Part VII.