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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. 1221347000 91254000 808724000 INSTRUCTION AND UNSPONSORED RESEARCH: MIT IS COMMITTED TO PROVIDING A WORLD-CLASS EDUCATION TO OUR APPROXIMATELY 4,600 UNDERGRADUATES AND APPROXIMATELY 7,000 GRADUATE STUDENTS. THE FOCUS OF INSTRUCTION IS NOT ONLY SCIENTIFIC AND TECHNICAL, BUT INCLUDES A STRONG HUMANITIES COMPONENT AND EMPHASIZES CREATIVE PROBLEM SOLVING. MIT'S SIX SCHOOLS AND COLLEGES (SCIENCE; ENGINEERING; HUMANITIES, ARTS & SOCIAL SCIENCES; ARCHITECTURE & PLANNING; MANAGEMENT; AND COMPUTING) CREATE THE FOUNDATION OF A RIGOROUS MIT EDUCATION, WHICH IS HEIGHTENED BY SERVICE TO COMMUNITIES AROUND THE WORLD. 469804000 469804000 SCHOLARSHIPS AND FELLOWSHIPS: MIT'S UNDERGRADUATE FINANCIAL AID PROGRAM ENSURES THAT AN MIT EDUCATION IS ACCESSIBLE TO ALL QUALIFIED CANDIDATES REGARDLESS OF THEIR FINANCIAL RESOURCES. MIT REMAINS DEDICATED TO PROVIDING FINANCIAL AID TO MEET THE FULL COST OF AN MIT EDUCATION, BASED ON THE NEEDS OF THE FAMILY. IN 2019-2020, APPROXIMATELY 60% 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 2020 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. 10 10209666 1197048 24373741 true true 200000 X X X false 17545703000 120011000 1569985000 150283000 585969000 34437000 18465010000 16507029000 321260000 1454555000 138821000 558037000 40283000 17545703000 14958882000 137558000 2099040000 131796000 529127000 27528000 16507029000 13436025000 264521000 1904418000 125405000 501264000 19413000 14958882000 13687939000 253951000 101323000 117845000 468943000 20400000 13436025000 0.2885 0.1961 0.5154 false false 107557000 107557000 5697241000 1900419000 3796822000 84414000 1936000 82478000 445605000 125693000 319912000 4306769000 FIXED INCOME 753144000 F EQUITIES 12318612000 F ABSOLUTE RETURN 3829785000 F REAL ESTATE & REAL ASSETS 3974415000 F SPLIT INTEREST AGREEMENTS 78322000 F OTHER 2507000 F DERIVATIVES 3015000 F 20959800000 Other Credits 143883000 Government Advances 15075000 Accrued Benefits 551868000 Liabilities Due Under Life Income Fund Agreements 232921000 Advance Payments 943747000 X Schedule D, Part III, Line 1a FINANCIAL STATEMENT FOOTNOTE AS NOTED IN MIT'S AUDITED FINANCIAL STATEMENTS, MIT RECORDS ITEMS OF COLLECTIONS AS A GIFT AT NOMINAL VALUE. THEY ARE RECEIVED FOR EDUCATIONAL PURPOSES AND GENERALLY DISPLAYED THROUGHOUT MIT. IN GENERAL, COLLECTIONS ARE NOT DISPOSED OF FOR FINANCIAL GAIN OR OTHERWISE ENCUMBERED IN ANY MANNER. Schedule D, Part III, Line 4 Collections of art - description of collections MIT RECORDS ITEMS OF COLLECTIONS 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 to recognize a tax liability (or asset) if the Institute has taken an uncertain tax position that, more likely than not, would not be sustained upon examination by the IRS. MIT has analyzed the tax positions taken and has concluded that as of June 30, 2020, there are no significant uncertain tax positions taken or expected to be taken. true true true true true true true false false false false false false false false true false true Schedule E, Part I, Line 3 RACIALLY NONDISCRIMINATORY POLICY MIT'S PROSPECTIVE STUDENTS CAN FIND THE INSTITUTE'S RACIALLY NONDISCRIMINATORY POLICY AT ANY TIME DURING THE ADMISSION PROCESS AND THROUGHOUT THE ENTIRE ACADEMIC YEAR AT https://mitadmissions.org/policies/#nondiscrimination. MIT'S RACIALLY NONDISCRIMINATORY POLICY FOR THE GENERAL COMMUNITY CAN BE FOUND IN MIT'S POLICIES & PROCEDURES 7.1.1. AND 9.2 OR CAN BE FOUND ON THE INSTITUTE'S WEBSITE AT https://policies.mit.edu/policies-procedures/. THE INSTITUTE CUSTOMARILY DRAWS A SUBSTANTIAL PERCENTAGE OF ITS STUDENTS NATIONWIDE AND WORLDWIDE AND FOLLOWS A RACIALLY NONDISCRIMINATORY POLICY. THE INSTITUTE ENROLLS STUDENTS OF RACIAL MINORITY GROUPS IN SUBSTANTIAL NUMBERS. Schedule E, Part I, Line 6(a) FINANCIAL AID OR ASSISTANCE FROM A GOVERNMENT MIT RECEIVES PELL, FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY AND PERKINS LOANS. Schedule E, Part I, Line 2 RACIALLY NONDISCRIMINATORY POLICY MIT INCLUDES A STATEMENT OF ITS RACIALLY NONDISCRIMINATORY POLICY TOWARD STUDENTS IN VARIOUS BROCHURES AND CATALOGUES. WHILE THE STATEMENT IS NOT INCLUDED ON ALL WRITTEN COMMUNICATIONS WITH THE PUBLIC DEALING WITH STUDENT ADMISSIONS, PROGRAMS AND SCHOLARSHIPS, THE POLICY IS WELL PUBLICIZED AND WELL KNOWN. true East Asia and the Pacific Program Services Subrecipient Agreements 4047830 Europe (Including Iceland and Greenland) Program Services Subrecipient Agreements 2368651 Middle East and North Africa Program Services Subrecipient Agreements 421195 North America (Canada & Mexico only) Program Services Subrecipient Agreements 648275 South America Program Services Subrecipient Agreements 95995 South Asia Program Services Subrecipient Agreements 1115734 Sub-Saharan Africa Program Services Subrecipient Agreements 87940 Central America and the Caribbean Grantmaking 14358 East Asia and the Pacific Grantmaking 572627 Europe (Including Iceland and Greenland) Grantmaking 559192 Middle East and North Africa Grantmaking 130857 North America (Canada & Mexico only) Grantmaking 116122 Russia and Neighboring States 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Education/Research 1207053 South Asia 3 Program Services Education/Research 724994 Sub-Saharan Africa 9 Program Services Education/Research 916723 Antarctica Program Services Education/Research 2111 Central America and the Caribbean Investments 1631221151 East Asia and the Pacific Investments 15604160 Europe (Including Iceland and Greenland) Investments 23318920 Middle East and North Africa Investments 4688826 Sub-Saharan Africa Investments 9647075 North America (Canada & Mexico only) Investments 270522 South Asia Investments 560069887 0 1 2 235 2 236 10931133 2276941904 2287873037 Public Service Center Grants East Asia and the Pacific 7 32000 Check Public Service Center Grants Europe (Including Iceland and Greenland) 2 5000 Check Public Service Center Grants Middle East and North Africa 2 1000 Check Public Service Center Grants North America (Canada & Mexico only) 3 8000 Check Public Service Center Grants South America 4 10000 Check Public Service Center Grants South Asia 3 20500 Check Public Service Center Grants Sub-Saharan Africa 5 44500 Check MISTI Stipend East Asia and the Pacific 162 415827 Check MISTI Stipend Europe (Including Iceland and Greenland) 333 399198 Check MISTI Stipend Middle East and North Africa 99 103625 Check MISTI Stipend North America (Canada & Mexico only) 31 31260 Check MISTI Stipend Russia and Neighboring States 9 23158 Check MISTI Stipend South America 89 324865 Check MISTI Stipend South Asia 64 171906 Check MISTI Stipend Sub-Saharan Africa 39 5497 Check Fellowships Central America and the Caribbean 12 11558 Check Fellowships East Asia and the Pacific 17 49821 Check Fellowships Europe (Including Iceland and Greenland) 26 72691 Check Fellowships Middle East and North Africa 9 8644 Check Fellowships North America (Canada & Mexico only) 1 2000 Check Fellowships Russia and Neighboring States 4 23600 Check Fellowships South America 26 46208 Check Fellowships South Asia 7 8135 Check Fellowships Sub-Saharan Africa 14 13483 Check Prizes & Awards Central America and the Caribbean 6 2800 Check Prizes & Awards East Asia and the Pacific 98 57231 Check Prizes & Awards Europe (Including Iceland and Greenland) 42 56752 Check Prizes & Awards Middle East and North Africa 18 17588 Check Prizes & Awards North America (Canada & Mexico only) 30 63480 Check Prizes & Awards Russia and Neighboring States 6 1625 Check Prizes & Awards South America 5 10904 Check Prizes & Awards South Asia 30 38499 Check Prizes & Awards Sub-Saharan Africa 1 150 Check Honoraria East Asia and the Pacific 10 17748 Check Honoraria Europe (Including Iceland and Greenland) 22 25551 Check Honoraria North America (Canada & Mexico only) 18 11382 Check Honoraria Russia and Neighboring States 1 2857 Check Honoraria South America 1 3000 Check Honoraria South Asia 4 1700 Check Honoraria Sub-Saharan Africa 7 1770 Check true true true true true true Schedule F, Part I, Line 2 Procedures for monitoring use of grant funds MIT PROVIDES SEVERAL TYPES OF GRANTS AND ASSISTANCE TO FOREIGN INDIVIDUALS. FOR PRIZES AND AWARDS, THE INDIVIDUAL MUST HAVE MET THE SPECIFIC CRITERIA FOR THE PARTICULAR PRIZE OR AWARD TO BE SELECTED. IN THE CASE OF FELLOWSHIPS, THE INDIVIDUAL IS REQUIRED TO UTILIZE THE FUNDS FOR RESEARCH AND STUDY AT THE INSTITUTE. GRANTS ARE MADE IN THE CONTEXT OF ACADEMIC OR RESEARCH PROGRAMS: RECIPIENTS SPEND THEIR GRANT FUNDS UNDER THE SUPERVISION OF THE PROGRAM AND ARE ACCOUNTABLE THROUGH THE PROGRAM FOR THE USE OF THE FUNDS. Schedule F, Part I, Line 3(a) A SUBRECIPIENT AGREEMENT IS A RESEARCH SUBCONTRACT WHERE MIT ENGAGES A THIRD PARTY TO PERFORM EXPERIMENTAL, DEVELOPMENTAL, OR RESEARCH WORK GENERALLY IN CONNECTION WITH A SPONSORED RESEARCH AGREEMENT. Schedule F, Part I, Line 2 PROCEDURES FOR MONITORING USE OF GRANT FUNDS MIT PROVIDES SEVERAL TYPES OF GRANTS AND ASSISTANCE TO FOREIGN INDIVIDUALS. FOR PRIZES AND AWARDS, THE INDIVIDUAL MUST HAVE MET THE SPECIFIC CRITERIA FOR THE PARTICULAR PRIZE OR AWARD TO BE SELECTED. IN THE CASE OF FELLOWSHIPS, THE INDIVIDUAL IS REQUIRED TO UTILIZE THE FUNDS FOR RESEARCH AND STUDY AT THE INSTITUTE. GRANTS ARE MADE IN THE CONTEXT OF ACADEMIC OR RESEARCH PROGRAMS: RECIPIENTS SPEND THEIR GRANT FUNDS UNDER THE SUPERVISION OF THE PROGRAM AND ARE ACCOUNTABLE THROUGH THE PROGRAM FOR THE USE OF THE FUNDS. 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501(c)(3) 150000 Contribution Cooperative for Assistance and Relief Everywhere Inc (CARE) 151 Ellis Street NE Atlanta GA 30303 131685039 501(c)(3) 200000 Contribution Mayo Clinic 200 First Street SW Rochester MN 55905 416011702 501(c)(3) 22774 Contribution Boston Area Rape Crisis Center Inc 99 Bishop Allen Drive Cambridge MA 02139 042974983 501(c)(3) 250000 Contribution Casa Myrna Vasquez Inc 451 Blue Hill Avenue Boston MA 02121 042625710 501(c)(3) 250000 Contribution Justice Resource Institute Inc 160 Gould Street Ste 300 Needham MA 02494 042526357 501(c)(3) 250000 Contribution Urban League of Eastern Massachusetts Inc 88 Warren Street Roxbury MA 02119 237349132 501(c)(3) 100000 Contribution TECHNOLOGY REVIEW INC ONE MAIN STREET 13TH FLOOR CAMBRIDGE MA 02142 954893200 501(c)(3) 4512964 CONTRIBUTION MIT INTERNATIONAL INC 77 MASSACHUSETTS AVENUE NE49-3142 CAMBRIDGE MA 02139 812731492 501(C)(3) 600000 CONTRIBUTION 23 35 TUITION SUPPORT 6888 469804000 FMV APPLIED TO STUDENTS' TUITION OBLIGATION HONORARIA 1277 1202400 PRIZES AND AWARDS 1044 1529042 PUBLIC SERVICE CENTER GRANTS 61 151390 MIT STUDENT FELLOWSHIPS & STIPENDS 3107 44843860 NON-MIT STUDENT FELLOWSHIPS & STIPENDS 388 14614182 STUDENT WAGES 8913 136927000 EXTERNAL GRANTS 45 56000 COVID EMERGENCY RELIEF 5 5000 Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. MIT PROVIDES SEVERAL TYPES OF GRANTS AND ASSISTANCE TO INDIVIDUALS AND ORGANIZATIONS. FOR PRIZES AND AWARDS, THE INDIVIDUAL OR ORGANIZATION MUST HAVE MET THE SPECIFIC CRITERIA TO BE SELECTED FOR THE PRIZE OR AWARD. IN THE CASE OF FELLOWSHIPS AND SCHOLARSHIPS, THE INDIVIDUAL IS REQUIRED TO UTILIZE THE FUNDS FOR RESEARCH AND STUDY AT MIT. MIT MAKES GRANTS TO SEVERAL LOCAL CHAPTERS OF NATIONAL FRATERNITIES, SORORITIES AND INDEPENDENT LIVING GROUPS. THESE ORGANIZATIONS ARE COMPRISED OF MIT STUDENTS, AND HOUSE THESE STUDENTS. GRANTS ARE MADE TO SUPPORT THE OPERATIONAL COSTS OF THE EDUCATIONAL PURPOSES OF THE HOUSES (SO THAT THE HOUSES STAY CONSISTENT WITH MIT'S MISSION). IN ORDER FOR AN ORGANIZATION TO RECEIVE AN INDEPENDENT RESIDENCE DEVELOPMENT FUND (IRDF) GRANT, THEY MUST GO THROUGH A RIGOROUS APPLICATION PROCESS. MIT GENERALLY DOES NOT MAKE DISBURSEMENTS TO INDIVIDUALS OR ORGANIZATIONS FOR CHARITABLE PURPOSES, EXCEPT THROUGH THE MIT COMMUNITY SERVICE FUND. THIS FUND'S RESOURCES COME PRIMARILY FROM CONTRIBUTIONS FROM MEMBERS OF THE MIT COMMUNITY. MIT DISBURSES THESE FUNDS FOR CHARITABLE PURPOSES INCLUDING SMALL GRANTS, INSUBSTANTIAL IN THE AGGREGATE, TO LOCALLY BASED CHARITABLE ORGANIZATIONS FOR THE PURPOSE OF FOSTERING BETTER COMMUNITY RELATIONS. PROCEDURES OF THE INSTITUTE WITH RESPECT TO ADMISSIONS, SCHOLARSHIPS, FELLOWSHIPS, AND STUDENT LOANS ARE PUBLICIZED IN THE INSTITUTE BULLETIN WHICH CONSTITUTES ITS CATALOGUE. GRANTS THAT ARE MADE IN THE CONTEXT OF ACADEMIC OR RESEARCH PROGRAMS: RECIPIENTS SPEND THEIR GRANT FUNDS UNDER THE SUPERVISION OF THE PROGRAM AND ARE ACCOUNTABLE THROUGH THE PROGRAM FOR THE USE OF THE FUNDS. X X X X X true true X X X X X true true false false false false false true false Robert Millard Chair of the Corporation 356327 0 0 0 7992 0 21355 0 28064 0 413737 0 0 0 L Rafael Reif President 1095611 0 0 0 87304 0 364000 0 128346 0 1675260 0 0 0 Israel Ruiz Executive VP and Treasurer 757114 0 0 0 111463 0 30800 0 27216 0 926593 0 0 0 Suzanne Glassburn Vice President and Secretary 329121 0 0 0 123 0 36400 0 29689 0 395332 0 0 0 Claude Canizares (Former VP) Professor 361117 0 0 0 8542 0 14000 0 49201 0 432859 0 0 0 Kirk Kolenbrander Former VP 61497 0 0 0 67864 0 19781 0 10207 0 159350 0 0 0 Seth Alexander President of MITIMCo 731219 0 1383607 0 46798 0 354229 0 29708 0 2545561 0 311850 0 Cynthia Barnhart Chancellor 488712 0 0 0 17921 0 50400 0 1351 0 558384 0 0 0 Mark DiVincenzo VP and General Counsel 497462 0 0 0 20580 0 44800 0 30106 0 592948 0 0 0 Eric Evans Director of Lincoln Laboratory 553060 0 0 0 26920 0 44800 0 28087 0 652867 0 0 0 Julie Lucas VP for Resource Development 543800 0 10000 0 23847 0 33220 0 9905 0 620771 0 0 0 Sanjay Sarma VP for Open Learning 423858 0 0 0 87197 0 36400 0 31772 0 579226 0 0 0 Martin Schmidt Provost 714920 0 0 0 40550 0 44800 0 31669 0 831938 0 0 0 Maria Zuber VP for Research 471649 0 0 0 18880 0 50400 0 20912 0 561841 0 0 0 Matthew Fisher Global Investment Professional - MITIMCO 420599 0 1009635 0 4945 0 254238 0 13426 0 1702843 0 245000 0 Steven Marsh Senior VP - MITIMCo 578824 0 1475088 0 29747 0 408193 0 28767 0 2520619 0 300000 0 Thomas Wieand Global Investment Professional - MITIMCO 439440 0 1040406 0 14406 0 270200 0 28507 0 1792959 0 230000 0 Ryan Akkina Global Investment Professional - MITIMCO 410640 0 1008261 0 4945 0 254238 0 32828 0 1710911 0 243888 0 Joel Cohen Global Investment Professional - MITIMCO 393772 0 892509 0 3400 0 225200 0 28899 0 1543780 0 222750 0 Schedule J, Part II FORM 990, PART VII THE INDIVIDUALS DISCLOSED IN PART VII OF FORM 990 OFTEN DEVOTE MORE HOURS TO THEIR POSITION THAN THE NUMBER OF HOURS LISTED, WHICH REPRESENT ESTIMATES OF AVERAGE HOURS. INDIVIDUALS WHO ARE ALSO ON THE BOARDS OF MIT'S SUBSIDIARIES AND RELATED ORGANIZATIONS WORK ADDITIONAL HOURS PER WEEK AS LISTED IN COLUMN (B) OF FORM 990, PART VII. Schedule J, Part I, Line 1a First-class or charter travel MIT ALLOWS BUSINESS/FIRST CLASS TRAVEL AND COMPANION TRAVEL PURSUANT TO GUIDELINES INCLUDED IN A WRITTEN TRAVEL POLICY. ALL MIT EMPLOYEES, INCLUDING OFFICERS, TRUSTEES, KEY EMPLOYEES AND HIGHLY COMPENSATED INDIVIDUALS, ARE SUBJECT TO THE SAME WRITTEN TRAVEL POLICY. Schedule J, Part I, Line 1a Travel for companions COMPANION TRAVEL IS ONLY REIMBURSED BY MIT IF THERE IS A BONA FIDE BUSINESS PURPOSE FOR THE COMPANION TO TRAVEL, CONSISTENT WITH MIT'S WRITTEN TRAVEL POLICY. DOCUMENTATION OF THE COMPANION'S BUSINESS PURPOSE IS REQUIRED. Schedule J, Part I, Line 1a Tax indemnification and gross-up payments ONE OF THE INDIVIDUALS DISCLOSED IN SCHEDULE J RECEIVES LIMITED TAX INDEMNIFICATION AND GROSS UP PAYMENTS. ALL TAX INDEMNIFICATION AND GROSS UP PAYMENTS ARE PURSUANT TO A WRITTEN EMPLOYMENT AGREEMENT. Schedule J, Part I, Line 1a Housing allowance or residence for personal use THE MIT PRESIDENT IS REQUIRED TO LIVE IN AN MIT OWNED CAMPUS RESIDENCE AS A CONDITION OF EMPLOYMENT AND AS A CONVENIENCE TO MIT. IRS RULES REQUIRE MIT TO ESTIMATE A VALUE FOR SUCH USE AND TO INCLUDE THE VALUE IN THE PRESIDENT'S TOTAL COMPENSATION AS A "NONTAXABLE BENEFIT" (SCHEDULE J, PART II, COLUMN (D)). AS CALCULATED PURSUANT TO IRS RULES, THE ESTIMATED VALUE IS $108,048 FOR PRESIDENT REIF IN CALENDAR YEAR 2019. Schedule J, Part I, Line 1a Personal services MIT PAYS FOR HOUSEKEEPING OF THE PUBLIC AREAS OF THE PRESIDENT'S HOUSE. FOR THE EXPENSES RELATED TO HOUSEKEEPING SERVICES FOR THE PORTION OF THE MIT OWNED RESIDENCE USED BY THE PRESIDENT'S FAMILY AS THEIR PRIVATE RESIDENCE, MIT INCLUDES THE AMOUNT IN THE PRESIDENT'S TAXABLE INCOME. Schedule J, Part I, Line 4a Severance or change-of-control payment One employee listed in Part VII, Section A, line 1A received a payment of $65,422 during calendar year 2019. Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan MIT maintains a deferred compensation account for President Reif. Under the terms of the plan, $350,000 was credited to the account in calendar year 2019. This amount is reflected in Schedule J, Part II, Column C. This amount is a credit only and is subject to vesting requirements. President Reif has not yet received any payments from the account. Employees of the MIT Investment Management Company are eligible for incentive compensation based on the performance of the Institute's investments. A portion of their incentive compensation is paid in an initial calendar year, and the remainder is deferred to being paid in the subsequent calendar year contingent on continued service to MITIMCo through specified dates. Incentive compensation actually paid in calendar year 2019 is reflected in Column B(ii). This includes incentive compensation from prior calendar years for which payment was deferred, contingent on continued service. That amount is listed in Column F. Calendar year 2019 incentive compensation for which payment has been deferred contingent on continued service is included in Column C. Schedule J, Part I, Line 7 Non-fixed payments THE MIT INVESTMENT MANAGEMENT COMPANY PAYS CERTAIN EMPLOYEES NON-FIXED AMOUNTS PURSUANT TO AN INCENTIVE COMPENSATION PROGRAM THAT BASES COMPENSATION PAYMENTS ON A NUMBER OF FACTORS. THE PRIMARY BASIS FOR INCENTIVE COMPENSATION PAYMENTS IS THE PERFORMANCE OF MIT'S ENDOWMENT RELATIVE TO PEER AND MARKET BENCHMARKS. THIS IS A COMMON PRACTICE IN HIGHER ED ENDOWMENT MANAGEMENT. IN OTHER INSTANCES, MIT MAY OFFER OTHER EMPLOYEES BONUS PAYMENTS FOR OUTSTANDING PERFORMANCE FROM TIME TO TIME. A MASSACHUSETTS HEALTH & EDUCATIONAL FAC 042456011 57585K3G1 2003-05-07 204790814 CONSTRUCTION/RENOVATION/REFUNDING false false false B MASSACHUSETTS HEALTH & EDUCATIONAL FAC 042456011 57586CBP9 2004-04-02 150854243 CONSTRUCTION AND RENOVATION false false false C Massachusetts Development Finance Agency 043431814 57584YWJ4 2020-01-09 221028108 Construction and renovation false false false A 69190000 0 205361234 0 0 0 1040170 0 0 204321064 0 0 2005 true false true true B 39405000 0 151599210 0 0 0 854243 0 0 150744967 0 0 2005 false false true true C 0 0 211478520 0 0 0 812768 0 0 97652425 0 113013327 false false false A false false true false true false 0.0148 0.0 0.0148 false false true B false false true false true false 0.0196 0.0 0.0196 false false true C false false true false false 0.0 0.0 0.0 false false true A false true false false false false true B false true false false false false true C false true true false false false false true A true B true C true Schedule K, Part III Lines 3B & 3D MIT ROUTINELY REVIEWS MANAGEMENT AND SERVICES CONTRACTS AND 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, REV. PROC. 97-13, NOTICE 2014-67, AND REV. PROC. 2017-13. Schedule K, Part II LINE 3 TOTAL PROCEEDS ARE NOT IDENTICAL TO THE ISSUE PRICE LISTED IN PART I COLUMN (E) DUE TO INVESTMENT EARNINGS. Schedule K, Part III Line 4 PRIVATE BUSINESS USE ADDITIONAL INFORMATION IT IS MIT'S POLICY TO ENSURE THAT ITS MANAGEMENT CONTRACTS FALL WITHIN THE SAFE HARBORS SET FORTH IN REVENUE PROCEDURE 97-13, NOTICE 2014-67, AND REVENUE PROCEDURE 2017-13, AND THAT ITS PRIVATE SPONSORED RESEARCH CONTRACTS FALL WITHIN THE REVENUE PROCEDURE 2007-47'S SAFE HARBOR (TOGETHER, THESE TWO TYPES OF CONTRACTS ARE REFERRED TO IN THIS FORM 990 AS "OUTSIDE CONTRACTS"). THIS POLICY ENSURES THAT IN THE UNLIKELY EVENT THAT PRIVATE BUSINESS USE MIGHT ARISE THAT SUCH USE WILL BE MAINTAINED AT A LEVEL THAT IS BELOW THE 5% SAFE HARBOR OF EACH BOND ISSUE. MIT REGULARLY REVIEWS ITS PROCEDURES IN ORDER TO ENSURE COMPLIANCE WITH ITS PRIVATE BUSINESS USE POLICY. PAMELA EVANS FAMILY MEMBER OF ERIC EVANS, KEY EMPLOYEE 308565 MIT EMPLOYMENT false Substantial Contributor Substantial Contributor 1243942 Software License and Membership Fees false X 6 0 NONE X 0 NONE X 0 NONE X 969 54119179 Market value X 2 449001 Market value X 1 1 Market value X 1 1000000 Market value X 2 2315000 Market value X 3 0 NONE X 14 0 NONE X Equipment 15 10854650 Market value X Archival Records 8 0 NONE X Other 3 0 NONE 5 false true true Schedule M, Part I LINE 33 MIT RECORDS ITEMS OF COLLECTIONS AND OTHER PROPERTY AS A GIFT AT NOMINAL VALUE. THEY ARE RECEIVED FOR EDUCATIONAL PURPOSES AND/OR 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 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 Real estate - Other - NUMBER OF CONTRIBUTIONS Collectibles - NUMBER OF CONTRIBUTIONS Drugs and medical supplies - NUMBER OF CONTRIBUTIONS Other - Equipment NUMBER OF CONTRIBUTIONS Other - Archival Records NUMBER OF CONTRIBUTIONS Form 990, Part III, Line 4d Description of other program services (Expenses $ 104,939,000 including grants of $ 11,858,000)(Revenue $ 270,047,000) THIS ITEM CONSISTS OF OTHER EXPENDITURES (INCLUDING GRANTS) INCURRED, AND REVENUES GENERATED IN CONNECTION WITH MIT'S OTHER PROGRAM SERVICES RELATED TO VARIOUS ACTIVITIES IN FURTHERANCE OF AND IN SUPPORT OF MIT'S EXEMPT MISSION WHICH INCLUDED BUT WERE NOT LIMITED TO SUCH THINGS AS FEES AND SERVICES (FOR EXAMPLE, MEDICAL DEPARTMENT, TECHNOLOGY LICENSING OFFICE), AUXILIARY ENTERPRISES (FOR EXAMPLE, HOUSING, DINING), AND OTHER MISCELLANEOUS PROGRAM SERVICE REVENUE. Form 990, Part VI, Line 1a VOTING MEMBERS THE MIT BYLAWS VEST IN THE EXECUTIVE COMMITTEE OF THE MIT CORPORATION THE RESPONSIBILITY FOR OVERSEEING THE GENERAL ADMINISTRATION AND SUPERINTENDENCE OF ALL MATTERS RELATING TO MIT, INCLUDING ITS EDUCATIONAL AND RESEARCH PROGRAMS, ADMINISTRATION PERFORMANCE, FINANCIAL AFFAIRS, ENDOWMENT, REAL PROPERTY, POLICIES, SYSTEMS, CONTROLS, SPECIAL CONTRACT SERVICES, AND FACULTY TENURE DECISION APPROVAL. THE EXECUTIVE COMMITTEE MEETS NINE OR MORE TIMES EACH YEAR. THE MIT CORPORATION IS A BODY CURRENTLY COMPRISED OF 75 INDIVIDUALS (REFERRED TO AS MEMBERS OF THE CORPORATION), INCLUDING DISTINGUISHED LEADERS IN SCIENCE, ENGINEERING, INDUSTRY, EDUCATION AND PUBLIC SERVICE. CONSISTENT WITH THE MIT BYLAWS, THE CORPORATION MEMBERS ACT AS STEWARDS OF THE PUBLIC TRUST TO PRESERVE MIT'S MISSION. THE CORPORATION MEETS FOUR TIMES EACH YEAR. RECOGNIZING THE SPECIFIC OVERSIGHT RESPONSIBILITY OF THE EXECUTIVE COMMITTEE FOR MIT'S OPERATIONS, MIT TREATS THE EXECUTIVE COMMITTEE AS MIT'S GOVERNING BODY FOR PURPOSES OF RESPONDING TO THE FORM 990. Form 990, Part VI, Line 4 Significant changes to organizational documents MIT'S BYLAWS WERE AMENDED ON MAY 28, 2020. THE AMENDMENTS REFLECT CHANGES IN THE AUTHORITY OF MIT'S OFFICERS AND THE GOVERNING BODY'S VOTING MEMBERS. Form 990, Part VI, Line 6 Classes of members or stockholders THE MIT CORPORATION ELECTS THE NON EX-OFFICIO MEMBERS OF MIT'S GOVERNING BODY (THE EXECUTIVE COMMITTEE OF THE CORPORATION). Form 990, Part VI, Line 7a Members or stockholders electing members of governing body THE MIT CORPORATION ELECTS THE NON EX-OFFICIO MEMBERS OF MIT'S GOVERNING BODY (THE EXECUTIVE COMMITTEE OF THE CORPORATION). EX-OFFICIO MEMBERS OF THE EXECUTIVE COMMITTEE ARE THE CHAIR OF THE CORPORATION, THE PRESIDENT, THE EXECUTIVE VICE-PRESIDENT AND TREASURER, AND THE CHAIR OF THE INVESTMENT MANAGEMENT COMPANY BOARD OF DIRECTORS. Form 990, Part VI, Line 11b Review of form 990 by governing body MIT'S OFFICERS RESPONSIBLE FOR MIT'S TAX MATTERS PREPARE MIT'S FORM 990 WITH EXTENSIVE ASSISTANCE FROM MIT'S ACADEMIC AND ADMINISTRATIVE UNITS. SENIOR MIT OFFICERS THEN REVIEW THE FORM 990. FOLLOWING THAT REVIEW AND BEFORE THE FORM 990 IS FILED, MIT'S RISK AND AUDIT COMMITTEE AND EXECUTIVE COMMITTEE (MIT'S GOVERNING BODY) ARE PROVIDED WITH THE FORM AND RELATED SCHEDULES FOR THEIR REVIEW AND COMMENT. Form 990, Part VI, Line 12c Conflict of interest policy MONITORING AND ENFORCING COMPLIANCE WITH CONFLICT OF INTEREST POLICIES DISCLOSURE: MIT HAS TWO PRIMARY CONFLICT OF INTEREST POLICIES - THE POLICY CONCERNING AVOIDANCE OF CONFLICTS OF INTEREST WHICH COVERS ALL INDIVIDUALS SERVING ON THE MIT EXECUTIVE COMMITTEE (MIT'S GOVERNING BODY) AND CORPORATION, AND THE SECTION OF MIT'S POLICIES AND PROCEDURES TITLED CONFLICT OF INTEREST, WHICH IS GENERALLY APPLICABLE TO ALL MEMBERS OF THE MIT COMMUNITY. ANNUAL DISCLOSURE BOTH POLICIES REQUIRE THAT COVERED INDIVIDUALS ANNUALLY ACKNOWLEDGE IN WRITING THAT THEY ARE AWARE OF THE POLICY AND IDENTIFY ANY RELATIONSHIPS OR RESPONSIBILITIES THAT HAVE THE POTENTIAL OF PRODUCING CONFLICTS OF INTEREST. EACH YEAR, DISCLOSURE FORMS ARE DISTRIBUTED TO THOSE COVERED BY THESE POLICIES. IF A RESPONSE REVEALS A CONFLICT OR POTENTIAL CONFLICT, SUCH CONFLICT IS REFERRED TO THE APPROPRIATE INDIVIDUAL OR BODY FOR CONSIDERATION AND MANAGEMENT. AD HOC DISCLOSURE IN ADDITION TO THE ANNUAL DISCLOSURE PROCESS, POTENTIAL CONFLICTS OF INTEREST OF INDIVIDUALS SERVING ON THE MIT EXECUTIVE COMMITTEE, ON THE CORPORATION OR AS OFFICERS, ARE RAISED, CONSIDERED AND ADDRESSED ON AN AD HOC BASIS. UNDER THE POLICY CONCERNING AVOIDANCE OF CONFLICTS OF INTEREST, IF A MATTER COMES BEFORE THE CORPORATION OR EXECUTIVE COMMITTEE THAT INVOLVES A PERSONAL OR BUSINESS OR OTHER FINANCIAL INTEREST OF A MEMBER OR OFFICER OF THE CORPORATION OR A MEMBER OF HIS OR HER IMMEDIATE FAMILY, THE INDIVIDUAL IS REQUIRED TO DISCLOSE THE INTEREST, REFRAIN FROM PARTICIPATING IN THE DISCUSSION OF THE MATTER (EXCEPT AS NECESSARY TO ANSWER QUESTIONS ASKED BY THE OTHER CORPORATION OR EXECUTIVE COMMITTEE MEMBERS) AND REFRAIN FROM VOTING AND BEING PRESENT WHEN THE VOTE IS TAKEN. IF THE MATTER INVOLVES ONGOING DECISION MAKING OR INVOLVEMENT, THE CORPORATION OR EXECUTIVE COMMITTEE CONTINUES TO MONITOR AND MANAGE THE CONFLICT. WITH RESPECT TO OFFICERS, MIT RELIES UPON A COMBINATION OF THE ANNUAL DISCLOSURES, THE OFFICERS' OBLIGATIONS TO DEVOTE THEIR FULL TIME AND EFFORT TO THE INSTITUTE, THE OFFICERS' FIDUCIARY OBLIGATION TO THE INSTITUTE AND THE OFFICERS' JUDGMENT TO ENSURE THAT CONFLICTS ARE IDENTIFIED. IF A CONFLICT IS IDENTIFIED, THE CONFLICT IS EITHER ELIMINATED OR MANAGED. Form 990, Part VI, Line 15a Process to establish compensation of top management official THE SALARY SUBCOMMITTEE, A COMMITTEE DESIGNATED BY THE EXECUTIVE COMMITTEE OF THE MIT CORPORATION, REVIEWS DATA ON AN ANNUAL BASIS REGARDING PAY COMPARISONS OF OTHER PEER INSTITUTIONS AND SURVEY DATA COLLECTED BY WILLIS TOWERS WATSON. UPON REVIEW AND DISCUSSION OF THE DATA AND PERFORMANCE FEEDBACK FOR THE INDIVIDUAL, THE SALARY SUBCOMMITTEE MAKES A COMPENSATION DECISION. THE COMMITTEE'S DELIBERATIONS ARE RECORDED IN A TIMELY MANNER IN THE MEETING MINUTES. Form 990, Part VI, Line 15b Process to establish compensation of other employees THE SALARY SUBCOMMITTEE, A COMMITTEE DESIGNATED BY THE EXECUTIVE COMMITTEE OF THE MIT CORPORATION, REVIEWS DATA ON AN ANNUAL BASIS REGARDING PAY COMPARISONS OF OTHER PEER INSTITUTIONS AND SURVEY DATA COLLECTED BY WILLIS TOWERS WATSON. UPON REVIEW AND DISCUSSION OF THE DATA AND PERFORMANCE FEEDBACK FOR THE INDIVIDUAL, THE SALARY SUBCOMMITTEE MAKES A COMPENSATION DECISION. THE COMMITTEE'S DELIBERATIONS ARE RECORDED IN A TIMELY MANNER IN THE MEETING MINUTES. Form 990, Part VI, Line 19 Required documents available to the public THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE ON MIT'S WEBSITE HTTP://WEB.MIT.EDU. Form 990, Part XI, Line 9 Other changes in net assets or fund balances NET CHANGE IN LIFE INCOME FUNDS - -5148000; POSTRETIREMENT PLAN CHANGES OTHER THAN NET PERIODIC BENEFIT COSTS - -XXX-XX-XXXX; OTHER CHANGES - 12111000; Form 990, Part VI, Line 2 - BUSINESS RELATIONSHIP ISRAEL RUIZ AND ALAN SPOON WERE MEMBERS OF THE BOARD OF FORTIVE CORPORATION DURING FISCAL YEAR 2020. 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CLASS B SHAREHOLDERS HAVE THE RIGHT TO RECEIVE THE SAME DISTRIBUTIONS WITH RESPECT TO THEIR STOCK AS DO CLASS A SHAREHOLDERS. CLASS B SHAREHOLDERS HAVE NO VOTING POWER OVER BOARD MEMBERSHIP, CORPORATE GOVERNANCE OR OPERATIONAL MATTERS. CLASS B SHAREHOLDERS ARE NOT PERMITTED TO SELL THEIR STOCK WITHOUT THE APPROVAL OF THE BOSE BOARD. Schedule R, Part II AS A RESULT OF MIT'S CONTROL OF AN ORGANIZATION THAT CONTROLS ANOTHER ORGANIZATION WHICH SERVES AS THE CENTRAL ORGANIZATION UNDER A GROUP EXEMPTION, MIT HAS RELATED ORGANIZATIONS THAT ARE SUBORDINATE ORGANIZATIONS INCLUDED IN A GROUP EXEMPTION. PURSUANT TO IRS INSTRUCTIONS, THESE ORGANIZATIONS ARE NOT REQUIRED TO BE SEPARATELY LISTED ON SCHEDULE R.