2011-05-10T11:46:43-05:00 2010-06-30 990 2009-07-01 042103594 Massachusetts Institute of Technology MASS 6172532777 77 MASSACHUSETTS AVENUE NE49-3142 Cambridge MA 021394307 Theresa M Stone 6172533928 2011-05-09 2009 2016-02-24 21:20:13Z SUSAN HOCKFIELD 77 MASSACHUSETTS AVENUE Cambridge MA 02139 40916968000 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 21780 9640 -32366000 791392000 688550000 1474741000 1541222000 32575000 256015000 -651010000 241278000 1647698000 2727065000 310272000 398521000 0 0 1136101000 1141615000 313000 245000 24009000 1211521000 1386448000 2658207000 2926829000 -1010509000 -199764000 12898453000 13371065000 2950534000 3021352000 9947919000 10349713000 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 629746000 162161000 494127000 INSTRUCTION AND UNSPONSORED RESEARCH: MIT IS COMMITTED TO PROVIDING A WORLD-CLASS EDUCATION TO OUR APPROXIMATELY 4,200 UNDERGRADUATES AND APPROXIMATELY 6,100 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. 1170922000 1151494000 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. 230269000 230269000 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 2010, APPROXIMATELY 62% 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 2010 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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PART V, LINE 4 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. PART X, FIN 48 REGARDING REQUIRED "FIN 48" FINANCIAL STATEMENT DISCLOSURE, ANY UNCERTAIN TAX POSITIONS IN THE FISCAL YEAR ENDED JUNE 30, 2010 WERE IMMATERIAL AND THEREFORE DID NOT REQUIRE A FOOTNOTE. true true true 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://WWW.MITADMISSION.ORG/POLICIES.SHTML. 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. 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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 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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77 MASSACHUSETTS AVENUE E23-395 CAMBRIDGE MA 02139

X 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. 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. 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 HAVE MIT STUDENTS AS MEMBERS AND HOUSE THE 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 OUTGOING CHAIRMAN 245516 0 0 0 2148 0 51695 0 3211 0 302570 0 0 SUSAN HOCKFIELD 630203 0 0 0 161056 0 39935 0 100409 0 931603 0 0 THERESA STONE 472191 0 0 0 34089 0 63945 0 507 0 570732 0 0 KIRK KOLENBRANDER 228270 0 0 0 0 0 30130 0 27051 0 285451 0 0 SETH ALEXANDER 522905 0 495647 0 28750 0 26950 0 27417 0 1101669 0 0 PHILLIP CLAY 272129 0 0 0 34699 0 53655 0 27196 0 387679 0 0 R GREGORY MORGAN 461191 0 0 0 62750 0 39935 0 26655 0 590531 0 0 JEFFREY NEWTON 362823 0 0 13080 0 53655 0 11814 0 441372 0 0 L RAFAEL REIF 461398 0 0 0 68167 0 53655 0 31577 0 614797 0 0 CLAUDE CANIZARES 285227 0 0 0 33287 0 63945 0 18656 0 401115 0 0 ERIC EVANS 352240 0 0 0 11560 0 26950 0 25285 0 416035 0 0 DAVID SCHMITTLEIN 571386 0 0 0 147387 0 39935 0 5194 0 763902 0 0 NELSON REPENNING 15567 0 0 0 712392 0 3553 0 21683 0 753195 0 0 STEVEN MARSH 301859 0 363294 0 10774 0 30870 0 25611 0 732408 0 0 PHILIP ROTNER 299927 0 363076 0 7524 0 26950 0 26919 0 724396 0 0 DANIEL STEELE 298708 0 363038 0 7525 0 30870 0 30772 0 730913 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 RECEIVED 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. 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 IS PROFESSOR REPENNING. SCHEDULE J, PART II, COLUMN (C) DOES NOT INCLUDE $285,020 OF INCENTIVE COMPENSATION FOR MR. ALEXANDER; $138,039 OF INCENTIVE COMPENSATION FOR MR. MARSH; $131,966 OF INCENTIVE COMPENSATION FOR MR. STEELE; AND $135,000 OF INCENTIVE COMPENSATION FOR MR. ROTNER AS THESE AMOUNTS COULD HAVE INCREASED OR DECREASED DEPENDING ON THE PERFORMANCE OF THE ENDOWMENT AND WERE CONTINGENT ON CONTINUED EMPLOYMENT BY MIT. MR. ROTNER SUBSEQUENTLY LEFT MIT THEREBY FORFEITING THE AMOUNT ABOVE AND ANY OTHER FUTURE INCENTIVE PAYMENT. 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. ROTNER AND MR. STEELE EACH 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 2009. 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 $100,000 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/REFUNDING false false MASSACHUSETTS HEALTH & EDUCATIONAL FAC AUTHORITY 042456011 57586CBP9 2004-04-02 150854243 CONSTRUCTION AND RENOVATION false false MASSACHUSETTS HEALTH & EDUCATIONAL FAC AUTHORITY 042456011 57586C8G3 2008-08-13 334995460 CONSTRUCTION AND RENOVATION false false MASSACHUSETTS HEALTH & EDUCATIONAL FAC AUTHORITY 042456011 57586ECM1 2008-12-10 274996289 CONSTRUCTION AND RENOVATION false false 205361235 0 0 0 1040170 0 204321064 2005 true false true true 151599210 0 0 0 854243 0 150744967 2005 false false true true 336029309 0 0 5507929 1623912 0 328896251 false false false true 276608132 0 0 47330985 1588274 0 227673496 false false false true false false true true true 0.03960 0.00000 0.03960 true false false true true true 0.03530 0.00000 0.03530 true false false true true true 0.02870 0.00000 0.02870 true false false true true true 0.03890 0.00000 0.03890 true false false false false false true false false false false false true false false false false false true false false false false false true R GREGORY MORGAN MORTGAGE X 200000 120000 false true true DAVID SCHMITTLEIN MORTGAGE X 550000 150000 false true true 270000 SEE SCHEDULE O X 6 0 N/A X 0 N/A X 0 N/A X 695 39336000 SELLING PRICE X 26 0 N/A X 2 0 N/A X EQUIPMENT 15 621000 FAIR MARKET VALUE X OTHER 12 0 APPRAISED VALUE 4 false true true 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 IV, LINE 12A AND PART XI, LINE 2B MIT'S FINANCIAL STATEMENTS ARE PREPARED AND AUDITED ON A CONSOLIDATED BASIS. MIT IS THE PARENT ORGANIZATION AND SUBSTANTIALLY ALL OF THE ACTIVITY AND FINANCIAL DATA UNDER AUDIT BELONGS TO MIT. PART V, LINE 4B NAMES OF FOREIGN COUNTRIES: BERMUDA UNITED KINGDOM ARGENTINA BRAZIL CHINA CZECH REPUBLIC EGYPT GREECE HUNGARY INDIA INDONESIA JORDAN KOREA MALAYSIA PAKISTAN PHILIPPINES POLAND SCOTLAND TAIWAN THAILAND TURKEY SINGAPORE CAYMAN ISLANDS GUERNSEY JERSEY FRANCE BRITISH VIRGIN ISLANDS CANADA PART V, LINE 5A MIT HAS NOT COMPLETED FORM 8886-T, HOWEVER FORMS 8886 HAVE BEEN FILED STATING A PROTECTIVE DISCLOSURE BASED ON INVESTMENTS IN L.P.'S. 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, DANIEL STEELE, AND PHILIP ROTNER 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 ACADEMIC AND ADMINISTRATIVE UNITS. SENIOR MIT OFFICERS THEN REVIEW THE FORM 990. FOLLOWING THAT REVIEW AND BEFORE THE FORM 990 IS FILED, BOTH THE AUDIT COMMITTEE AND THE EXECUTIVE COMMITTEE OF THE MIT CORPORATION ARE PROVIDED THE FORM 990 AND DISCUSS IT AT MEETINGS THAT INCLUDE PRESENTATIONS BY MIT'S OFFICERS AND A QUESTION AND ANSWER PERIOD. 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 13 WHISTLEBLOWER POLICIES THE INSTITUTE'S WHISTLEBLOWER POLICY IS EMBODIED IN TWO POLICIES; SECTION 9.6 OF MIT POLICIES AND PROCEDURES, COMPLAINT AND GRIEVANCE PROCEDURES, AND SECTION 10.1 OF MIT POLICIES AND PROCEDURES, PROCEDURES FOR DEALING WITH ACADEMIC MISCONDUCT IN RESEARCH AND SCHOLARSHIP. 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 IX, LINE 8 THE NEGATIVE AMOUNT REPORTED ON LINE 8 REFLECTS A PENSION CREDIT GENERATED AS A RESULT OF THE OVERFUNDED STATUS OF MIT'S DEFINED BENEFIT PENSION PLAN. SCHEDULE G, PART I NO FUNDRAISING EVENTS WERE CONDUCTED IN RELATION TO THE AMOUNTS PAID TO THE PROFESSIONAL FUNDRAISERS. ADDITIONALLY, MIT DID NOT CONDUCT FUNDRAISING EVENTS PER IRS DEFINITIONS. SCHEDULE L, 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. SCHEDULE L, 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 $8,598,801. MIT ALSO RECEIVED SPONSORED RESEARCH REVENUE AND INDUSTRIAL LIASION PROGRAM PAYMENT FROM L-3 COMMUNICATIONS IN THE AMOUNTS OF $627,494 AND 60,000, RESPECTIVELY. 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 $423,648. JAMES CHAMPY IS A MEMBER OF THE MIT EXECUTIVE COMMITTEE AND IS ALSO A MEMBER OF THE BOARD OF ANALOG DEVICES, INC. MIT LEASES PROPERTY TO ANALOG DEVICES, INC. THE LEASE IS NEGOTIATED AT ARM'S LENGTH. DANA MEAD IS THE CHAIRMAN OF THE MIT CORPORATION AND IS A MEMBER OF THE BOARD OF PFIZER. MIT LEASES PROPERTY TO PFIZER AND THE LEASE IS NEGOTIATED AT ARM'S LENGTH. MIT ALSO RECEIVED SPONSORED RESEARCH AND INDUSTRIAL LIASION PROGRAM MEMBERSHIP PAYMENT FROM PFIZER, INC. IN THE AMOUNTS OF $2,312,275 AND $15,000, RESPECTIVELY. DR. THOMAS BYRNE IS AN MIT FACULTY MEMBER AND MS. PAMELA EVANS IS A RESEARCH GROUP LEADER AT MIT LINCOLN LABORATORY. EACH IS A FAMILY MEMBER OF AN MIT OFFICER OR KEY EMPLOYEE. IN FY 2010, THEY RECEIVED COMPENSATION AND BENEFITS IN THE AMOUNTS OF $146,240 AND $152,937, RESPECTIVELY. ANITA JONES IS A MEMBER OF THE EXECUTIVE COMMITTEE OF MIT AND A MEMBER OF THE BOARD OF DIRECTORS OF SAIC, INC. MIT RECEIVED SPONSORED RESEARCH REVENUE FROM SAIC, INC. IN THE AMOUNT OF $135,845. 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, 2010, MIT LINCOLN LABORATORY EXPENDED RESEARCH FUNDING OF APPROXIMATELY $750 MILLION. 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 (MIT'S "PRIVATE BUSINESS USE POLICY") ENSURES THAT THERE IS NO PRIVATE BUSINESS USE OF MIT'S BOND-FINANCED FACILITIES AND THAT, IN THE UNLIKELY EVENT THAT PRIVATE BUSINESS USE MIGHT ARISE, THAT SUCH USE 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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